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Marcus & Millichap Arranges $10.4M Sale of Multifamily Property Near Minneapolis

by Kristin Harlow February 1, 2021

NEW HOPE, MINN. — Marcus & Millichap has arranged the $10.4 million sale of Wincrest Apartments in New Hope, just north of Minneapolis. The 108-unit multifamily property, located on Winnetka Avenue, is comprised of three buildings. Units range in size from 750 to 1,050 square feet. Monthly rents average $912. The community was built in the late 1960s and recently received upgrades. Abe Roberts of Marcus & Millichap marketed the property on behalf of the undisclosed seller and procured the buyer, a local investor.

February 1, 2021

Acquisitions Office Texas

Stanton Road Capital Acquires 176,700 SF Office Complex in Irving

by Taylor Williams January 29, 2021

IRVING, TEXAS — California-based investment firm Stanton Road Capital has acquired Esters 114 Business Center, a 176,700-square-foot office complex in Irving’s Las Colinas District. The two-building property was 91 percent leased at the time of sale. Chris Murphy, Robert Hill, Gary Carr and John Alvarado of Newmark represented the undisclosed seller in the transaction. Cushman & Wakefield will handle leasing of the property for the new ownership.

January 29, 2021

Acquisitions Hospitality New York Northeast

JLL Negotiates Sale of 443-Unit New York LaGuardia Airport Marriott Hotel

by Taylor Williams January 29, 2021

NEW YORK CITY — JLL has negotiated the sale of the 443-room New York LaGuardia Airport Marriott hotel in Queens. The building spans 224,620 square feet and houses the Ditmars Bar & Grill restaurant, a fitness center and 13,000 square feet of meeting and event space. The property received $30 million in renovations in 2018, including reconfigurations of public spaces and meeting areas, as well as remodeling of guest rooms and upgrading of parking lots. K.C. Patel, Kevin Davis and Nikhil Chuchra of JLL represented the seller, Rubicon Cos., in the transaction. California-based ASAP Holdings purchased the asset for an undisclosed price.

January 29, 2021

Acquisitions Indiana Industrial Midwest

JLL Brokers Sale of 660,384 SF Industrial Facility in Suburban Indianapolis

by Kristin Harlow January 29, 2021

GREENFIELD, IND. — JLL Capital Markets has brokered the sale of Building I at Mount Comfort Logistics Center in Greenfield, a suburb of Indianapolis. The 660,384-square-foot industrial facility, built in 2020, is fully leased to an e-commerce tenant. Building I features include a clear height of 36 feet, 178 dock-high doors, two drive-in doors, LED lighting and both trailer and car parking. John Huguenard, Ed Halaburt and Jake Sturman of JLL represented the seller, Indianapolis-based Ambrose Property Group. The buyer information and sales price were undisclosed. Ambrose is underway on Building II at the industrial park, which is expected to span 2.2 million square feet upon completion.

January 29, 2021

Acquisitions Multifamily Washington Western

Bell Partners Acquires 160-Unit Modera Jackson Apartments in Seattle from Mill Creek Residential

by Amy Works January 29, 2021

SEATTLE — Bell Partners has purchased Modera Jackson, an apartment community located in Seattle. Acquired on the behalf of the firm’s Fund VII investors, the property will be renamed Bell Jackson Street. Boca Raton, Fla.-based Mill Creek Residential sold the asset for an undisclosed price. Situated in Seattle’s Central District, Bell Jackson Street features 160 apartments in a mix of studio, one- and two-bedroom layouts. Units offer keyless entries, programmable thermostats, stainless steel appliances, quartz countertops and vinyl plank flooring. Select apartments feature direct patio access, Juliet balconies and foyers for added privacy. Community amenities include a rooftop clubhouse with an adjustable deck, media and conference rooms, a fitness center, electric vehicle stalls and bike storage. Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the transaction.

January 29, 2021

Acquisitions North Carolina Office Southeast

CBRE Facilitates $201M Sale of Wells Fargo-Anchored Office Building in Uptown Charlotte

by John Nelson January 28, 2021

CHARLOTTE, N.C. — CBRE has facilitated the sale of a 358,414-square-foot office building in Uptown Charlotte on behalf of the seller, Stream Realty Partners. Stream sold the property to Hana Alternative Asset Management for a purchase price of $201 million. Wells Fargo anchors the office building, which was fully leased at the time of sale. The 15-story property is located at 300 South Brevard St, within a half-mile from the Charlotte Convention Center. Middle C Jazz Club and the Public House restaurant take up retail space in the building facing Brevard Street. In 2020, Stream completed a full-scale renovation, including a full elevator modernization, roof replacement, electrical upgrade, common area renovations, and facade improvements. CBRE’s Patrick Gildea, Matt Smith, Brandon McMenomy, Grayson Hawkins, and Will Pike brokered the sale. Greg Greene and Harris Ralston of CBRE’s Debt & Structured Finance team secured financing on behalf of the buyer. Stream is a commercial real estate services and ownership firm based in Dallas. Hana Alternative Asset Management is an alternative investment asset company based in South Korea. The company is a subsidiary of Hana Financial Group.

January 28, 2021

Acquisitions Kentucky Multifamily Southeast

Lauth Communities Acquires Three Multifamily Properties in Bowling Green and Lexington, Kentucky

by John Nelson January 28, 2021

BOWLING GREEN AND LEXINGTON, K.Y. — Lauth Communities, a subsidiary of Carmel, Ind.-based Lauth Group Inc., has acquired three multifamily properties located in Bowling Green and Lexington. The three properties, known as The Drake, The Stables at Waveland Farm and The Woods at 1850, will add 360 additional units to Lauth’s portfolio. The sales price was not disclosed. The Drake, located at 726 Cumberland Trace Road in Bowling Green, is a 288-unit complex completed in 2019. The property resides on 30 acres and consists of one-, two- and three- bedroom units. The community’s amenities include a clubhouse, pool, onsite dog parks, fire pits, game center and 30 freestanding garages. The Drake features 22 three-story buildings. The Stables at Waveland Farm is located at 3765 Winthrop Drive and The Woods at 1850 is located at 1850 Old Higbee Mill Road, both in Lexington. The Stables at Waveland Farm was built in 2019. The Woods at 1850 feature one-, two-, and three-bedroom floorplan options. The communities will be rebranded as the Stables at Palomar and Stables at the Woods, respectively. The properties are located within 3.5 miles of each other. Together, they will add 72 units to Lauth’s portfolio. The Lexington-based Silvestri …

January 28, 2021

Acquisitions Industrial Texas

Exan Capital Acquires 1 MSF Amazon Fulfillment Center in Metro Houston

by Taylor Williams January 28, 2021

BROOKSHIRE, TEXAS — Miami-based Exan Capital has acquired a 1 million-square-foot fulfillment center in the western Houston suburb of Brookshire that is fully leased to an investment-grade e-commerce user. Multiple news outlets, including the Houston Business Journal, report that the tenant is Amazon. The property was built on 84 acres in 2018 and features 36-foot clear heights, 100 dock-high doors, an ESFR sprinkler system and ample parking for trailers and the facility’s 1,600 employees. Trent Agnew, Rusty Tamlyn, Charles Strauss, Tom Weber and Jack Britton of JLL represented the seller, a publicly traded REIT, in the transaction. Colby Mueck, Michael Johnson and Molly Leinsdorf of JLL arranged a five-year, fixed-rate acquisition loan through New York Life on behalf of the new owner.

January 28, 2021

Acquisitions Kansas Midwest Office

Credit Union of America Purchases New Corporate Office in Wichita

by Kristin Harlow January 28, 2021

WICHITA, KAN. — Credit Union of America (CUA) has purchased a new corporate office in Wichita for an undisclosed price. The three-story building, formerly known as the IMA building, spans 55,000 square feet and is situated on 3.2 acres. CUA plans to move all staff from its current office at 650 S. Westdale Drive to the new building in June. Craig Ablah of Classic Real Estate represented the seller, 8200 LLC. Randy Johnston of J.P. Weigand & Sons Inc. represented CUA.

January 28, 2021

Acquisitions California Net Lease Retail Western

Hanley Investment Group Arranges $11.3M Sale of 30,476 SF Retail Property in Orange County

by Amy Works January 28, 2021

STANTON, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $11.3 million sale of a 30,476-square-foot, single-tenant retail building in the Orange County community of Stanton. The property is net leased to Smart & Final Extra! and was remodeled in 2008. Eric Wohl, Ed Hanley and CJ Kiehler of Hanley represented the seller, 7050 Katella Avenue LLC, in the transaction. Oliver Wang of RE/MAX Premier Properties represented the buyer, a private investor from Los Angeles.

January 28, 2021

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