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EverWest Acquires Two-Building Industrial Portfolio in Aurora, Colorado for $66.4M

by Amy Works February 25, 2021

AURORA, COLO. — EverWest Real Estate Investors has purchased Tower Business Center, a 422,961-square-foot industrial portfolio in Aurora, from a joint venture between United Properties and Artis REIT for $66.4 million. Delivered in 2019, Tower Business Center features a 289,113-square-foot building and a 133,848-square-foot building located at 18701 and 18901 E. 38th Ave. The facilities offer 32-foot clear heights, a combined 73 dock-high and five drive-in doors, 130-foot truck courts with secured yards, LED lighting and ESFR sprinkler systems. In total, the campus offers parking for 417 cars and 73 trailers. The 18701 cross-dock building is fully leased to Tempur Sealy, and the 18901 building, with cooler, dry storage and riping capabilities, is fully occupied by Sprouts Farmers Market. Jim Bolt, Jeremy Ballenger, Tyler Carner and Jessica Ostermick of CBRE’s Denver office represented the seller in the transaction.

February 25, 2021

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Negotiates $12.6M Sale of Two Multifamily Assets in Suburban Minneapolis

by Kristin Harlow February 25, 2021

BROOKLYN CENTER AND BROOKLYN PARK, MINN. — Marcus & Millichap has negotiated the sale of two multifamily properties in suburban Minneapolis for $12.6 million. Built in the late 1960s, West Broadway Apartments in Brooklyn Park includes 59 units. Monthly rents range from $850 to $1,673. Sterling Square Apartments in Brooklyn Center features 54 units across four buildings. Units average 820 square feet and monthly rents range from $860 to $1,665. Abe Roberts of Marcus & Millichap marketed the properties on behalf of the seller and procured the buyer, a national investor.

February 25, 2021

Acquisitions Office Texas

JLL Arranges Sale of 20-Story Pier 1 Imports Tower to City of Fort Worth

by Taylor Williams February 24, 2021

FORT WORTH, TEXAS — JLL has arranged the sale of the 20-story, 409,997-square-foot Pier 1 Imports office tower to the City of Fort Worth. The city plans to occupy about 260,000 square feet of space by 2022 at the building, which is located at 100 Energy Way in the downtown area, including the relocation of Fort Worth City Hall. Amenities include a fitness center and a cafeteria. Todd Burnette, Pat McDowell, David Berzina and John Davidson of JLL brokered the deal. According to the Fort Worth Business Press, Pier 1 sold the building in 2008 to Chesapeake. Hines acquired the property in 2014 and sold it to Hertz Investment Group in 2018. Pier 1 Imports filed for Chapter 11 bankruptcy in February 2020 and subsequently announced a full liquidation plan in May.

February 24, 2021

Acquisitions Arizona Retail Western

Starwood Property Trust Divests of 106,571 SF Moon Valley Towne Center in Phoenix

by Amy Works February 24, 2021

PHOENIX — Miami-based Starwood Property Trust has completed the sale of Moon Valley Towne Center in Phoenix. An entity formed by Moore, Oklahoma-based BP National City LLC acquired the neighborhood shopping center for an undisclosed price. Situated on 11.4 acres at the southeast corner of 7th Street and Bell Road, Moon Valley Towne Center features 106,571 square feet of retail space. Hobby Lobby is an anchor tenant at the center, which is home to more than 92 percent national tenants. Michael Hackett and Ryan Schubert of Cushman & Wakefield Phoenix represented the seller in the deal.

February 24, 2021

Acquisitions California Mixed-Use Office Retail Western

4S Bay Partners Acquires Redevelopment Site in Baldwin Hills Crenshaw Corridor of Los Angeles for $24M

by Amy Works February 23, 2021

LOS ANGELES — Chicago-based 4S Bay Partners has purchased a 1.8-acre land parcel at 3701 W. Stocker St. in the Baldwin Hills Crenshaw Corridor of Los Angeles. Sticks Holdings LLC and an affiliate of Optimus Properties sold the asset for $24 million. James Daughrity of Daughrity Real Estate represented the buyer and seller in the deal. The property is located in a designed Opportunity Zone with a transit-oriented development designation, which allows for pedestrian-friendly and community-serving uses. The parcel currently contains a 45,000-square-foot, four-story office structure, which was built in 1954. Additionally, the site is in proximity to the planned Metro Crenshaw/LAX light rail transit line. The buyer previously purchased 3731, 3741, 3751 and 3761 W. Stocker St. all within the Baldwin Hills Crenshaw Corridor. Los Angeles-based Pantheon Business Consulting will manage the development of the sites. Potential development plans include a multi-use film studio, entertainment campus and business incubator redevelopment project in line with 4S Bay Partners’ social impact and community development mission to increase economic development within underserved and urban communities. According to 4S Bay, the project’s vision is to partner with creatives, thought-leaders and non-profits surrounding South Los Angeles to create economic opportunities and amplify storytelling about …

February 23, 2021

Acquisitions Multifamily Texas

Newmark Brokers Sale of 305-Unit Heritage Apartments in San Antonio

by Taylor Williams February 23, 2021

SAN ANTONIO — Newmark has brokered the sale of The Heritage, a 305-unit apartment community in San Antonio. Built in 2005, The Heritage features one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park and an indoor basketball court. Patton Jones and Matt Michelson of Newmark represented the seller, Austin-based CFH Investment Partners, in the transaction. Terrain Capital Partners, also based in Austin, purchased the asset for an undisclosed price. The Heritage was 93 percent occupied at the time of sale.

February 23, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 240-Unit Coventry Apartments in Denton, Texas

by Taylor Williams February 22, 2021

DENTON, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Coventry Apartments, a 240-unit multifamily community in the North Texas city of Denton. The property was built on eight acres in 2001 and features one-, two- and three-bedroom floor plans. Amenities include a pool, clubhouse, fitness center, business center, coffee bar, volleyball court and a dog park. Drew Kile, Joey Tumminello, Will Balthrope, Asher Hall and Grant Raymond of IPA represented the seller, SPI Advisory, in the transaction. Additional terms of sale were not disclosed.

February 22, 2021

Acquisitions Multifamily Texas

Momentum Multifamily Buys 228-Unit Henry at Liberty Hills Community in East Houston

by Taylor Williams February 22, 2021

HOUSTON — Dallas-based investment firm Momentum Multifamily has purchased The Henry at Liberty Hills, a 228-unit apartment community in East Houston. The property was built in 2012 as SYNC at Liberty Hills and offers one-, two- and three-bedroom units with built-in workspaces, entertainment bars and private balconies or patios. Amenities include a pool, fitness center, a dog park, game/media room and a business center. Cutt Ableson and Colin Marusak of Berkadia arranged Freddie Mac acquisition financing and preferred equity on behalf of Momentum Multifamily for the transaction.

February 22, 2021

Acquisitions Indiana Industrial Lee & Associates Midwest

Lee & Associates Brokers $34.5M Sale of Food Processing Facility in Marion, Indiana

by Kristin Harlow February 22, 2021

MARION, IND. — Lee & Associates has brokered the $34.5 million sale of a food processing and cold storage facility in Marion, located about halfway between Indianapolis and Fort Wayne. The 291,262-square-foot, Class A property is situated on a 19.4-acre site at 3701 S. Adams St. Completed in 2013, the building features a clear height of 30 feet. It is fully leased to Café Valley Bakery, an independent wholesale bakery. Ross Sanzari, Greg Guglielmino, Marcus Muirhead and Steve Gonzalez of Lee & Associates represented the undisclosed seller. SomeraRoad was the buyer.

February 22, 2021

Acquisitions Industrial New York Northeast

SomeraRoad Acquires Industrial Portfolio for $137M

by Taylor Williams February 22, 2021

NEW YORK CITY AND NASVHILLE — SomeraRoad, a development and investment firm with offices in New York City and Nashville, has acquired a portfolio of eight industrial assets totaling 1.5 million square feet $137 million. Each of the properties, which are located in the Southeast and Midwest regions, was fully leased to a single tenant at the time of sale. The roster includes users such as FedEx, McFarling Foods and Black Gold Farms. Ian Ross, Fergus Campbell, Amit Patel and Blake Toline negotiated the transaction for SomeraRoad on an internal basis. The seller was not disclosed. Dustin Stolly and Jordan Roeschlaub of Newmark arranged a $91 million acquisition loan through Capital One on behalf of SomeraRoad.

February 22, 2021

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