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Lucas Unlimited Sells Haven Pointe at Carolina Forest Apartments in Myrtle Beach for $54.5M

by Julia Sanders March 15, 2021

MYRTLE BEACH, S.C. — Lucas Unlimited has sold Haven Pointe at Carolina Forest in Myrtle Beach for $54.5 million. Located at 1001 Scotney Lane, the Class A apartment community comprises 13 three-story apartment buildings and 304 units. Austin Green, Alex McDermott, Caleb Troop and Rhodes Marley of Capstone Apartment Partners represented the seller in the transaction. The buyer is Long Beach, Calif.-based RK Properties. Newly built in 2020, Haven Pointe’s unit mix includes one-, two- and three-bedroom apartment homes with the largest floorplans in the Myrtle Beach market, according to Capstone. Each unit features wood-style flooring, modern espresso cabinetry, granite countertops, stainless steel appliances, walk-in closets and washer/dryer connections. Community amenities include a resort-style pool, dog park, fitness center, business center, playground, grilling area, car wash station, laundry facilities and detached garages.

March 15, 2021

Acquisitions Multifamily Texas

Sterling Equities Buys 364-Unit Flatiron | Domain Apartments in Austin

by Taylor Williams March 15, 2021

AUSTIN, TEXAS — New York-based Sterling Equities has purchased Flatiron | Domain, a 364-unit luxury apartment building located within the 300-acre Domain mixed-use development on Austin’s north side. Built in 2019, the community offers studio, one-, two- and three-bedroom units. Amenities include a pool, fitness center and a coffee shop with workspaces. Patton Jones of Newmark represented the seller, Texas-based Stonelake Capital Partners, in the off-market transaction. The property was 93 percent occupied at the time of sale.

March 15, 2021

Acquisitions Massachusetts Northeast Office

MC Real Estate Buys 76,000 SF Historic Office Building in Downtown Boston

by Taylor Williams March 15, 2021

BOSTON — MC Real Estate Partners LLC, in partnership with an undisclosed capital source, has purchased a 76,000-square-foot historic office building located at 110 Chauncy St. in downtown Boston. The property was originally built in the 1890s and will serve as the new headquarters for global design firm Sasaki, which has signed a 64,000-square-foot lease. MC Real Estate will work with Sasaki to redesign and renovate the space, which will house approximately 250 employees.

March 15, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers Pair of Illinois Multifamily Transactions Totaling $13.6M

by Kristin Harlow March 15, 2021

CHICAGO AND EVANSTON, ILL. — Interra Realty has brokered a pair of multifamily sales totaling $13.6 billion. The first property is located in Chicago’s Logan Square at 1944 N. Spaulding Ave. Brad Feldman of Interra represented both the seller, Maven Real Estate Partners, and the buyer, Lauber Property Management. The 37-unit building sold for $7.2 million. It was built in 1929 and renovated in 2014. The buyer plans to spend $1 million on renovations. The second asset is located at 909 Washington St. in Evanston. The 37-unit building sold for $6.4 million. Feldman represented the seller, Robinson Rentals, as well as the private buyer. Robinson had owned the property for 43 years and completed renovations on about half of the units. The new owner plans to repair the roof and continue unit upgrades.

March 15, 2021

Acquisitions Industrial Iowa Midwest Office

CellSite Solutions Purchases 190,000 SF Industrial Flex Building in Cedar Rapids

by Kristin Harlow March 12, 2021

CEDAR RAPIDS, IOWA — CellSite Solutions has purchased a 190,000-square-foot industrial flex building in Cedar Rapids for its new headquarters. The property, situated on 22 acres at 4150 C. St., features a mix of office, light manufacturing, warehouse and distribution space. CellSite, a provider of telecommunications equipment and services for secondary markets, began operations in 2010 in West Des Moines. Angie Glick-Martin of GLD Commercial represented CellSite in the acquisition. The seller and sales price were undisclosed.

March 12, 2021

Acquisitions Multifamily Texas

MLG Capital Acquires 384-Unit Pecos Flats Apartments in San Antonio

by Taylor Williams March 12, 2021

SAN ANTONIO — Wisconsin-based investment firm MLG Capital has acquired Pecos Flats, a 384-unit apartment community in the Westover Hills area of San Antonio. The property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, resident clubhouse, coffee bar, dog park and a pet washing station. The transaction marks MLG Capital’s first investment in San Antonio and 40th residential acquisition in Texas. The seller was not disclosed.

March 12, 2021

Acquisitions Industrial Washington Western

CBRE Global Investors Purchases Portside 55 Industrial Park in Tacoma, Washington

by Amy Works March 12, 2021

TACOMA, WASH. — A fund sponsored by CBRE Global Investors has purchased Portside 55, three industrial buildings located 30 miles south of downtown Seattle in the Port of Tacoma. Terms of the sale were not released. Totaling 428,010 square feet, the park was 100 percent leased at the time of sale. The property comprises the 155,100-square-foot Building A and the 51,900-square-foot Building B, both located at 1514 Taylor Way, and the 221,010-square-foot Building C located at 3401 Lincoln Ave. The buildings feature 30-foot to 32-foot clear heights, 50-foot by 50-foot column spacing, large truck courts, a total of 91 dock doors, 289 parking stalls, an ESFR fire suppression system, heavy power and LED lighting. Additionally, the site offers the potential for railcar service. Portside 55 sits on nearly 20 acres that is under a ground lease with the Port of Tacoma through 2067, with an extension through July 2092.

March 12, 2021

Acquisitions Georgia Multifamily Southeast

Elevation Financial Group Sells Multifamily Property in Columbus, Georgia for $13M

by Julia Sanders March 11, 2021

COLUMBUS, GA. — Elevation Financial Group has sold Serenity Apartments, a 211-unit multifamily community in Columbus, for $13 million. The buyer was not disclosed. Elevation purchased Serenity in July 2018 for $7.6 million, when it was 72 percent occupied. Since then the Orlando-based firm has made several enhancements, including the revitalization of over 50 apartment units, a complete rehabilitation of the leasing office, new carpet in all exterior breezeways, exterior painting of the townhome buildings and parking lot paving. At the time of sale, the property was 96 percent occupied. Serenity is situated within eight miles of Fort Benning Army Base and three miles from Columbus State University. The property marks the sixth disposition for Elevation Real Property Fund VI. Properties remaining in the portfolio include a multifamily community in Alabama, one in Mississippi, two seniors housing properties in Virginia and one seniors housing community in Illinois.

March 11, 2021

Acquisitions Arizona Industrial Leasing Activity Western

Reich Brothers Acquires 620,000 SF Warehouse in Arizona, Leases 250,000 SF to Dynarex

by Amy Works March 11, 2021

GLENDALE, ARIZ. — Reich Brothers has purchased a 620,000-square-foot distribution facility located on 30 acres in Glendale. Terms of the acquisition were not released. The undisclosed seller made interior and exterior improvements to the site, including the addition of a 3.5-acre trailer lot adjacent the property, and completed lease-up of the facility. Reich Brothers plans to continue to upgrade and maintain the facility for distribution and logistics tenants. Dynarex, an Orangeburg, N.Y.-based medical supplies company, has signed a lease to occupy 250,000 square feet at the property. Thyssenkrupp’s 3PL division occupies the remainder of the asset. Located at 7811 N. Glen Harbor Blvd., the 620,000-square-foot building features clear heights ranging from 32 feet to 40 feet and 43 dock-high doors. Additionally, the site offers access to Loop 101 and Interstate 10.

March 11, 2021

Acquisitions Midwest Ohio Retail

Stan Johnson Co. Brokers $3M Sale of Cincinnati Retail Center

by Kristin Harlow March 11, 2021

CINCINNATI — Stan Johnson Co. has brokered the sale of a 25,600-square-foot retail center located at 7074 Harrison Ave. in Cincinnati for $3 million. The property was 94 percent leased at the time of sale to seven tenants. Constructed in 2006, the two-story building sits on 2.3 acres. Patrick Metz of Stan Johnson represented the seller, a California-based private investor. MAGNA Properties, an Ohio-based individual investor, purchased the asset as part of a 1031 exchange. The sale reflects a cap rate of 9.1 percent.

March 11, 2021

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