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Trion, PCCP Acquires Two Multifamily Properties in Colorado Springs for $80M

by Amy Works April 7, 2021

COLORADO SPRINGS, COLO. — Trion Properties, along with its equity partner PCCP, has purchased a two-property apartment portfolio in Colorado Springs for a combined total of $80 million. Trion acquired both properties from one seller that held legacy ownership over each. Totaling 406 units, the portfolio includes the 200-unit Quail Cove at 3308 Quail Lake Road and the 206-unit Highland Park at 4815 Garden Ranch Drive. Built in 1983, Quail Cove features a mix of one- and two-bedroom units with washer/dryer hookups, wood-burning fireplaces, central heat and air, walk-in closets and private balconies or patios. Additionally, the property underwent $5 million in capital improvements within the past five years, including new roofs, landscaping and clubhouse upgrades. Highland Park features a mix of one- and two-bedroom units with spacious floorplans, washer/dryer hookups, wood-burning fireplaces, central heat and air, walk-in closets and private balconies and patios. The property underwent nearly $2 million in improvements within the last five years. Winston Black and Frank Farrell of Berkadia represented both parties in the transaction. Continental Partners arranged financing for both deals from Freddie Mac, through Andrew Kwok of Capital One.

April 7, 2021

Acquisitions Multifamily Texas

CDC Houston Acquires 268-Unit Mark at CityPlace Apartments in Houston

by Taylor Williams April 7, 2021

HOUSTON — An entity managed by CDC Houston, which is an affiliate of New York-based Coventry Development Corp., has acquired Mark at CityPlace Springwoods Village, a 268-unit apartment community in Houston. Designed by WGW Architects, the property features one-, two- and three-bedroom units ranging in size from 572 to 1,599 square feet. Residences are furnished with stone countertops, tile backsplashes, stainless steel appliances and full-sized washers and dryers. Amenities include a pool, outdoor kitchen, fitness center, demonstration kitchen, library, conference rooms and a club area. The seller, a subsidiary of Houston-based Martin Fein Interests Ltd., will continue to manage the property, which it originally opened in 2017.

April 7, 2021

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges Sale of 710,962 SF Distribution Center in Lakeland, Florida

by Julia Sanders April 7, 2021

LAKELAND, FLA. — Cushman & Wakefield has arranged the sale of Dragstrip Logistics Center, a 710,962-square-foot, Class A distribution center located in Lakeland. Amazon is a tenant at the facility, according to the Tampa Bay Business Journal. Mike Davis, Rick Brugge, Stewart Calhoun, Rick Colon, Casey Masters, Dominic Montazemi and Zachary Eicholtz of Cushman & Wakefield represented the seller, Atlanta-based Ackerman & Co., in the transaction. Led by Steve Centrella, Intercontinental Real Estate Corp. acquired the property on behalf of one of its managed funds. The purchase price was not disclosed. Located at 8100 State-Road 33, Dragstrip Logistics Center is located between Tampa and Orlando and is situated along the Interstate 4 corridor. The building features a cross-dock design with 146 dock-high doors, 40-foot clear heights, 185-foot truck court depths plus 60-foot concrete aprons, 183 trailer drops, 858 van stalls and ESFR fire protection.

April 7, 2021

1099-Wall-Street-West-Lyndhurst-New-Jersey

Acquisitions New Jersey Northeast Office

Colliers Negotiates Sale of 118,465 SF Office Building in Lyndhurst, New Jersey

by Taylor Williams April 7, 2021

LYNDHURST, N.J. — Colliers International has negotiated the sale of 1099 Wall Street West, a 118,465-square-foot office building in Lyndhurst, located outside of New York City. Originally built in 1971, the property recently received $1.2 million in capital improvements, including the upgrading of amenities such as a café, game room and lounge and a conference center. Locally based investment and management firm Bergman Real Estate Group sold the property to BHN Associates for an undisclosed price. Jackelene Chesler, Matthew Brown and Patrick Norris of Colliers brokered the deal.

April 7, 2021

Acquisitions Georgia Multifamily Southeast

Berkadia Brokers $75M Sale of East Ponce Village Multifamily Property in Tucker, Georgia

by Julia Sanders April 6, 2021

TUCKER, GA. — Berkadia has brokered the $75 million sale of East Ponce Village, a 977-unit, garden-style multifamily property in Tucker. Judy MacManus, Matt White, Paul Vetter and Andrew Mays of Berkadia’s Atlanta office completed the sale on behalf of the buyer, Pennsylvania-based Adams Investor Group. The seller was Toronto-based Medallion Corp. Formerly known as 13Ten, East Ponce Village spans 100 acres at 1310 Wood Bend Drive. The community features one- and two-bedroom floor plans with walk-in closets and washer and dryer connections. Community amenities include a clubhouse, business center, swimming pools, an outdoor area with grilling stations, fitness center and racquetball and tennis courts. The property is located near U.S. Route 78, Eagle Rock Studios, Stone Mountain Industrial Park and Amazon’s Robotic Distribution Facility.

April 6, 2021

Acquisitions Arizona Retail Western

Macerich Sells Paradise Valley Mall in Phoenix for $100M, Plans Redevelopment

by Amy Works April 6, 2021

PHOENIX — Macerich (NYSE: MAC) has completed the disposition of Paradise Valley Mall in Phoenix. A newly formed joint venture with an affiliate of RED Development acquired the property for $100 million. The buyer plans to redevelop the property as a 92-acre mixed-use project. The 1970s-era Paradise Valley Mall has been rezoned to allow for a mix of offerings, including high-end grocery, restaurants, multifamily residences, offices, retail space and other elements. The redevelopment will feature approximately 3.25 million square feet of non-residential uses and 3.25 million square feet of residential uses, totaling nearly 2,500 units, for a total of 6.5 million square feet of occupied building area. While the majority of the center will be closed in the next few months ahead of the renovation, Costco, JC Penney, The Phoenix Public Library – Mesquite Branch and the mass transit station will remain open. The transaction, which closed on March 29, generated approximately $95 million in net proceeds for Macerich, and the company will retain 5 percent joint venture interest in the redevelopment project.

April 6, 2021

Acquisitions Multifamily Student Housing Texas

Centurion Property Group Acquires 737-Bed Student Housing Community in Lubbock

by Taylor Williams April 6, 2021

LUBBOCK, TEXAS — Miami-based private equity firm Centurion Property Group has acquired The Ranch at Lubbock, a 737-bed student housing community serving Texas Tech University. The property features 243 units in one-, two- three- and four-bedroom floor plans. Amenities include two pools, a volleyball court, basketball court, fitness center, study lounge and pet park. The new ownership plans to renovate the property and rebrand it as The ONE at Lubbock. Ryan Lang, Jack Brett and Ben Harkrider of Newmark brokered the deal, the seller and sales price in which were not disclosed.

April 6, 2021

Acquisitions Midwest Minnesota Office

Monarch Alternative Capital, Crestlight Capital Purchase Three-Building Office Portfolio in Minneapolis

by Kristin Harlow April 6, 2021

MINNEAPOLIS — Monarch Alternative Capital LP and Crestlight Capital have acquired a portfolio of three office buildings in the North Loop submarket of Minneapolis for an undisclosed price. The properties are located at 241 N. 5th Ave., 411 Washington Ave. and 500 N. 3rd St. Swervo Development Corp. was the seller and developer for all three buildings. The new owners plan to invest in branding and amenities for the properties. Monarch is an investment firm with approximately $9 billion of assets under management, and Crestlight is a Detroit-based private equity real estate investment firm with roughly $500 million in assets under management.

April 6, 2021

Acquisitions Multifamily Southeast Virginia

NorthMarq Arranges $67.3M Sale of Streets of Greenbrier Apartments in Chesapeake, Virginia

by Julia Sanders April 5, 2021

CHESAPEAKE, VA. — NorthMarq’s Wink Ewing and Mike Marshall, along with the firm’s Ryan Rilee, has arranged the $67.3 million sale of the Streets of Greenbrier apartment community in Chesapeake. The NorthMarq team represented the Richmond-based seller, GrayCo Inc., which sold the property to Capital Square, a DST (Delaware Statutory Trust) platform based in Richmond. Built in 2013, the Streets of Greenbrier is a 280-unit property located at 929 Wintercress Way. A joint venture with Wood Partners & GrayCo Inc. originally developed the property. The market conditions were extremely favorable due to Chesapeake reporting some of the highest annual rent growth in the area at more than 6 percent. The property is located close to the Greenbrier and Summit Pointe business districts. Greenbrier is the largest business district in Hampton Roads, containing 19 million square feet of commercial space. The property includes one-, two- and three-bedroom floorplans. The apartment features include 9- to 10-foot ceilings, attached/detached garages, ceramic tile flooring and tub surrounds in bathrooms, custom lighting package, espresso cabinetry with nickel hardware, LVP flooring in entries and kitchen, open kitchens with granite countertops/islands, stainless steel Whirlpool appliances, oversized bedrooms, patio/sunroom options, soaking tubs in master bathrooms, tile backsplash in …

April 5, 2021

Acquisitions Healthcare Massachusetts Northeast

Newmark Arranges Sale of 52,337 SF Medical Office Building in Downtown Boston

by Taylor Williams April 5, 2021

BOSTON — Newmark has arranged the sale of a 52,337-square-foot medical office building located at 147 Milk St. in downtown Boston. The 10-story property was fully leased at the time of sale to Atrius Health/Harvard Vanguard Medical Associates, the largest independent physicians’ group in New England. Robert Griffin, Frank Nelson and Michael Greeley of Newmark represented the seller, New York City-based institutional investment firm BentallGreenOak, in the transaction. The trio also procured the buyer, KanAm Grund, an investment firm based in Frankfurt, Germany.

April 5, 2021

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