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Interra Realty Arranges Sales of Two Chicago-Area Multifamily Buildings for $14.1M

by Kristin Harlow January 18, 2021

CHICAGO — Interra Realty has arranged the sales of two Chicago-area multifamily buildings for a total of $14.1 million. Craig Martin and Brian DiBasilio of Interra represented the buyers and sellers in both transactions. The duo arranged the $9 million sale of Vine Place Apartments in Park Ridge. The newly constructed property, located at 400 Talcott Road, features 22 units and one commercial space that is leased to STEM Studio, a daycare and preschool. Vine Place LLC sold the asset to DAG Vine Place LLC, which completed a 1031 exchange. Vine Place Apartments was 82 percent leased at the time of sale. In the second transaction, the Wrightwood Lamon Building sold for $5.1 million. Located at 4848 W. Wrightwood Ave. in Chicago, the property consists of 44 units. It was originally built in 1926. The buyer, an affiliate of Chicago Metropolitan Housing Development Corp., plans to renovate the building, which was 95 percent occupied at the time of sale. John Scorte was the seller.

January 18, 2021

Acquisitions Indiana Industrial Midwest

Two-Building Industrial Property Trades Hands in Indianapolis

by Kristin Harlow January 18, 2021

INDIANAPOLIS — A two-building, 52,336-square-foot industrial property located on the southeast side of Indianapolis has traded hands for an undisclosed price. The temperature-controlled facility, located at 2301 Churchman Ave., is fully leased to Shenandoah Growers, a producer of organic culinary herbs. The property was extensively renovated in 2018 to serve as the Midwest regional hub for Shenandoah Growers, which operates 12 indoor growing facilities across the country. Alex Cantu and Alex Davenport of Colliers International represented the seller, Patterson Holdings. A California-based private investor purchased the asset.

January 18, 2021

Acquisitions Industrial Texas

MAG Capital Partners Sells 206,341 SF Manufacturing, Distribution Facility in Miami, Oklahoma

by Taylor Williams January 18, 2021

MIAMI, OKLA. — Fort Worth-based investment firm MAG Capital Partners has sold a 206,341-square-foot manufacturing and distribution facility in Miami, located in the northeastern corner of Oklahoma. Built in 1971, the 27.7-acre site comprises four buildings with 30-foot clear heights, four drive-in doors and six loading docks. Automotive parts supplier Hopkins Manufacturing Corp. occupies the property on a long-term basis. The facility was renovated in 2015, with an 85,000-square-foot addition built onsite. The site has remaining acreage for potential future development. Peter Bauman and Tivon Moffitt of Institutional Property Advisors, a division of Marcus & Millichap, represented both MAG Capital Partners and the Wisconsin-based private buyer in the transaction.

January 18, 2021

Acquisitions California Multifamily Western

TMG Negotiates $49.8M Sale of Portico Villas Apartment Community in Fullerton, California

by Amy Works January 18, 2021

FULLERTON, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Portico Villas, an apartment property located at 140 West Hills Ave. in Fullerton. A Southern California-based investment group sold the asset to a Southern California-based private investment group for $49.8 million. Built in 1987, Portico Villas features 128 one- and two-bedroom apartments spread across nine two-story buildings, totaling 114,656 rentable square feet. Situated on 3.5 acres, the community features a swimming pool, clubhouse, pet playground, fitness center, laundry facility and ground-floor covered parking. Alex Mogharebi and Otto Ozen of TMG represented the seller in the deal.

January 18, 2021

Gaslight-Commons-South-Orange-New-Jersey

Acquisitions Multifamily New Jersey Northeast

CBRE Negotiates $84.2M Sale of Gaslight Commons Apartments in South Orange, New Jersey

by Taylor Williams January 18, 2021

SOUTH ORANGE, N.J. — CBRE has negotiated the $84.2 million sale of Gaslight Commons, a 200-unit apartment community in South Orange, about 20 miles west of New York City. The sales price equates to $421,000 per unit. Built in 2002, the property features one- and two-bedroom units that are furnished with stainless steel appliances, tile backsplashes, granite countertops and walk-in closets. Amenities include a pool, business center, fitness center and a resident clubhouse. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Travis Langer of CBRE represented the undisclosed seller in the transaction and procured Pacific Urban Residential as the buyer.

January 18, 2021

Acquisitions Florida Mixed-Use Office Restaurant Retail Southeast Top Stories

Midtown Opportunities Acquires Shops at Sunset Place in South Miami for $65.5M

by John Nelson January 18, 2021

SOUTH MIAMI, FLA. — Midtown Opportunities, a real estate investment fund based in Miami, has purchased The Shops at Sunset Place in South Miami for $65.5 million. The open-air lifestyle property features nearly 515,000 square feet of retail and office space leased to tenants such as AMC Theatres and LA Fitness. A partnership between Federal Realty Investment Trust (NYSE: FRT), Grass River Property Co. and Comras Co. sold the mixed-used development after more than five years of ownership. Midtown Opportunities has retained Grass River to manage the asset. Federal Realty, Grass River and Comras sold Sunset Place at a significant loss, according to the Miami Herald. The newspaper reported in 2015 that the buyers purchased a majority interest of the once-popular mall from Simon Property Group for $110 million. The Shops at Sunset Place is located on nearly 10 acres at 5701 Sunset Drive. The development is situated near the South Miami Metrorail Station, South Miami Hospital and the University of Miami. No details were disclosed about Midtown Opportunities’ plans related to Sunset Place. The property was 78 percent leased at the time of sale. Other tenants include Barnes & Noble, Gametime and Splitsville, as well as the Yumbrella Food …

January 18, 2021

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges $20.4M Sale of Industrial Property in Metro Orlando

by Alex Tostado January 15, 2021

ALTAMONTE SPRINGS, FLA. — Cushman & Wakefield has arranged the $20.4 million sale of Altamonte Commerce Center, an eight-building, 185,600-square-foot industrial property in Altamonte Springs. The buildings are situated on 13.2 acres, one half-mile from Interstate 4 and 11 miles north of downtown Orlando. The portfolio was 96 percent leased at the time of sale. The buildings offer 1,000- to 14,800-square-foot spaces. Mike Davis, Rick Colon, Rick Brugge and Dominic Montazemi, with support from Jared Bonshire, David Perez, Zachary Eicholtz, Ryan Jenkins and Jordan Stenholm of Cushman & Wakefield represented the seller, SunCap Opportunity Fund LLC. Longpoint Realty Partners acquired the property for $110 per square foot.

January 15, 2021

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 296-Unit Lincoln Oaks Apartments in North Austin

by Taylor Williams January 15, 2021

AUSTIN, TEXAS — Berkadia has arranged the sale of Lincoln Oaks, a 296-unit apartment community located near The Domain in North Austin. The garden-style property features one- and two-bedroom floor plans and amenities such as a pool, fitness center, outdoor grilling areas, volleyball courts and onsite laundry facilities. Kelly Witherspoon, Michael Gonzalez and Justin Cole of Berkadia represented the seller, California-based Glen Una Management, in the transaction. Locally based investment firm Wildhorn Capital purchased the asset for an undisclosed price.

January 15, 2021

Acquisitions Midwest Minnesota Office

Upland Brokers $6.4M Sale of Two-Story Office Building in Edina, Minnesota

by Kristin Harlow January 15, 2021

EDINA, MINN. — Upland Real Estate Group Inc. has brokered the sale of a two-story office building in Edina for $6.4 million. The 70,400-square-foot property is located at 5350 W. 78th St. Upland represented the seller, W78th 5350 LLC. Merrie Sjogren and Nick Peterson of Assembly MN LLC represented the buyer, ISLA Affiliated Building Co. The buyer, a nonprofit Spanish immersion charter school, currently operates out of a 30,000-square-foot facility in Minnetonka. That site is under contract to local developer Doran Cos., which plans to redevelop it into multifamily housing.

January 15, 2021

Acquisitions California Healthcare Office Western

Medical Office REIT Buys Torrey Hills Medical Plaza in San Diego for $37.3M

by Amy Works January 15, 2021

SAN DIEGO — A publicly traded REIT has acquired Torrey Hills Medical Plaza, a Class A medical office building and attached parking garage in San Diego. Virtus Real Estate Capital and Coast Income Properties sold the property for $37.3 million. Situated on 2.6 acres at 4765 Carmel Mountain Road, the 47,596-square-foot asset features a connected, two-level parking garage. Fresenius Medical Care anchors the two-story building, which is 91 percent leased. Andrew Milne, Evan Kovac, Trent Jemmett, Paul Braun, Chris Ross and Kelly Moriarty of JLL Healthcare Capital Markets represented the seller in the transaction.

January 15, 2021

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