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Mid-America Brokers Sale of 74,182 SF Shopping Center in Eagan, Minnesota

by Kristin Harlow March 3, 2023

EAGAN, MINN. — Mid-America Real Estate Corp. has brokered the sale of Cliff Lake Centre in the Minneapolis suburb of Eagan for an undisclosed price. The 74,182-square-foot shopping center is home to Dollar Tree, Davanni’s, Great Clips, The UPS Store, Snap Fitness and H&R Block. Target and Cub Foods shadow anchor the property. Joe Girardi and Amy Senn of Mid-America represented the seller, IRC Retail Centers/DRA Advisors. The asset sold to MVK Capital and True North Investments. Pine Tree was the property manager.

March 3, 2023

Acquisitions California Industrial Western

Colliers Negotiates $26M Acquisition of Gifford Business Park in San Bernardino, California

by Amy Works March 3, 2023

SAN BERNARDINO, CALIF. — Colliers has arranged the sale of Gifford Business Park, a seven-building industrial business park in the Inland Empire submarket of San Bernardino. MIG acquired the asset from Positive Investments for $26 million. Christopher Smith and Andrey Mindirgasov of Colliers represented the buyer, while Alan Pekarcik of Kidder Mathews represented the seller in the deal. Located at 750-760 E. Central Ave. and 765-791 S. Gifford Ave., Gifford Business Park features 156,717 square feet of industrial space. The park offers 78 units, ranging from 910 square feet to 19,302 square feet, across seven buildings.

March 3, 2023

Acquisitions Industrial Texas

Cold Creek Solutions Sells 374,560 SF Cold Storage Facility in Denton, Texas

by Taylor Williams March 3, 2023

DENTON, TEXAS — Cold Creek Solutions, a cold storage developer based in the Dallas-Fort Worth area, has sold a 374,560-square-foot speculative facility in the North Texas city of Denton. The facility sits on a 23-acre site just northwest of I-35 and Barthold Road. Building features include 45-foot clear heights, more than 60,000 pallet positions, multiple tenant suites with convertible temperature functionality, 65 trailer parking spaces and ample car parking. ARCO National Construction served as the general contractor for the project, construction of which began in late summer 2021. The buyer was not disclosed.

March 3, 2023

Acquisitions Connecticut Northeast Retail

IPA Brokers Sale of 196,802 SF Shopping Center in Groton, Connecticut

by Taylor Williams March 3, 2023

GROTON, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Groton Square, a 196,802-square-foot shopping center in southeastern Connecticut. Grocer Stop & Shop, along with Kohl’s, anchors the center, which was built in phases on 18 acres between 1983 and 1989. Other tenants include Panera, Xfinity, PhysicianOne Urgent Care, CosmoProf, Verizon and Moe’s Southwest Grill. Jim Koury of IPA represented the buyer and seller, both of which requested anonymity, in the transaction.

March 3, 2023

Acquisitions Multifamily Washington Western

Mill Creek Residential Buys 228-Unit Modera Broadway Apartments in Seattle

by Amy Works March 2, 2023

SEATTLE — Mill Creek Residential Trust has bought out AEW Capital Management’s stake in Modera Broadway, a multifamily property located in Seattle’s Capitol Hill neighborhood. The partnership completed the community in 2021. Terms of the transaction were not released. Located at 1732 and 1812 Broadway, Modera Broadway features two seven-story buildings featuring a total of 228 apartments in a mix of studio, one- and two-bedroom layouts. The property also features ground-floor retail space, two club rooms, a fitness center/yoga studio, coworking space, a dog run and three rooftop decks with views of downtown Seattle, Cal Anderson Park and the Olympic Mountains. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE’s Pacific Northwest multifamily team advised Mill Creek and AEW on the transaction.

March 2, 2023

Acquisitions California Hospitality Loans Western

iBorrow, Reuben Brothers Provide $86.7M Acquisition Loan for Standard Hotel in West Hollywood

by Amy Works February 28, 2023

WEST HOLLYWOOD, CALIF. — iBorrow and Reuben Brothers, through a co-lending partnership, have funded a $86.7 million loan for the acquisition of a hotel asset in West Hollywood. The borrowers, Ian Schrager and Ed Scheetz, will use the loan to purchase 139-room property formerly known as the Standard Hotel. The buyers plan to renovate the asset and rebrand the hotel to the PUBLIC Hotel flag. The hotel is located at 8300 Sunset Blvd.

February 28, 2023

Acquisitions Arizona Multifamily Western

IPA Negotiates Sale of 240-Unit Mountain Park Apartments in Phoenix

by Amy Works February 28, 2023

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Mountain Park, an apartment community located in the Ahwatukee Foothills Village neighborhood of Phoenix. Sares Regis Multifamily Value-Add Fund III sold the asset to LaSalle Investment Management for an undisclosed price. Built in 1994 on 12.5 acres, Mountain Park features 240 apartments in a mix of one-, two- and three-bedroom layouts with open-concept floor plans, in-unit washers/dryers and a patio or balcony with additional outside storage. Select apartments have wood-burning fireplaces and private stairwell entrances. Community amenities include a clubhouse, fitness center, two pools, a spa and access to Mountain Park Ranch Homeowners Association’s recreational facilities. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal.

February 28, 2023

Acquisitions Arizona Multifamily Western

IPA Negotiates Sale of 240-Unit Mountain Park Apartments in Phoenix

by Amy Works February 28, 2023

February 28, 2023

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 309-Unit Metro Greenway Apartments in Houston

by Taylor Williams February 27, 2023

HOUSTON — Berkadia has arranged the sale of Metro Greenway, a 309-unit apartment community in Houston’s Greenway/Upper Kirby neighborhood. Developed in 2008 by The Dinerstein Cos., Metro Greenway is a four-story building that sits on a two-level parking garage. Units come in one- and two-bedroom floor plans and range in size from 709 to 1,272 square feet. Amenities include a pool, fitness center, outdoor kitchen, pet park, coffee bar and a resident lounge. Todd Marix, Chris Curry, Jeffrey Skipworth, Chris Young, Joey Rippel and Kyle Whitney of Berkadia represented the seller, Denver-based Simpson Housing, in the transaction. Dallas-based investment firm Westdale acquired the asset for an undisclosed price.

February 27, 2023

EnVue-Autograph-Collection-Port-Imperial-Weehawken-New-Jerseyl

Acquisitions Hospitality New Jersey Northeast

JLL Arranges Sale of 372-Room, Marriott-Branded Hotel Portfolio in Weehawken, New Jersey

by Taylor Williams February 27, 2023

WEEHAWKEN, N.J. — JLL has arranged the sale of a 372-room, Marriott-branded hotel portfolio in the Northern New Jersey community of Weehawken. The portfolio comprises the 208-key EnVue Autograph Collection Port Imperial and the 164-key Residence Inn Port Imperial. Both hotels opened within the last five years and are situated along the Hudson River, offering guests ferry access to Manhattan. JLL represented the seller, Veris Residential, in the transaction. Navika Capital Group purchased the portfolio for an undisclosed price.

February 27, 2023

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