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CBRE Brokers $34.7M Sale of Multifamily Asset in Wilton, Connecticut

by Taylor Williams January 5, 2021

WILTON, CONN. — CBRE has brokered the $34.7 million sale of Avalon Wilton on Danbury Road, a multifamily asset in Wilton, located in the southern part of the state. Built in 2011, the Class A property features 100 units with granite countertops and stainless steel appliances. Amenities include a pool, fitness center, outdoor grilling stations and a playground. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Stuart MacKenzie of CBRE represented the seller, AvalonBay Communities, in the transaction. The team also procured Clarion Partners as the buyer.

January 5, 2021

Acquisitions Colorado Multifamily Western

Bell Partners Sells Summit at Flatirons Apartments Near Denver to Treeline Multifamily for $154M

by Amy Works January 5, 2021

BROOMFIELD, COLO. — Bell Partners has completed the sale of Summit at Flatirons Apartments, a multifamily property located at 210 Summit Blvd. in Broomfield, a suburb of Denver. An affiliate of Treeline Multifamily Partners acquired the asset for $154 million. Jordan Robbins and Pamela Koster of JLL represented the seller in the deal. Additionally, Josh Simon and Rob Bova of JLL secured a seven-year, $103 million Freddie Mac acquisition loan for the buyer. JLL Real Estate Capital, a Freddie Mac Optigo lender, will service the loan. Built in 2004, Summit at Flatirons features 500 one- and two-bedroom apartments. In 2016, the property underwent more than $13 million in unit and common-area renovations, including upgrading units with stainless steel appliances, new vinyl plank flooring, quartz countertops, new lighting, repainted hallways, relocation of the fitness center and yoga studio, upgraded equipment and bike storage. Additional community amenities include a business lounge, swimming pool, hot tub, barbecue areas, resident lounge and courtyard.

January 5, 2021

Acquisitions Industrial Midwest Office Wisconsin

Bascom Group, Capital Trust Group Acquire Two-Building Headquarters Property Near Milwaukee for $100.2M

by Kristin Harlow January 5, 2021

MENOMONEE FALLS, WIS. — California-based Bascom Group and London-based Capital Trust Group have acquired a two-building headquarters property located in Woodland Prime Corporate Park in Menomonee Falls, a northwest suburb of Milwaukee. The purchase price was $100.2 million. The buildings, located on Flint Drive, are home to the naval division of Leonardo DRS. The portfolio includes a recently completed, 372,856-square-foot research and development facility as well as an adjacent 118,620-square-foot office building, which serves as the corporate headquarters for the division. Leonardo DRS is a defense technology company. Workers at the Menomonee Falls facility design, test and produce equipment for the U.S. Navy as well as commercial and international customers. Andy Hess, Bob Flood and Kemp Collings of Founders 3 Real Estate Services represented entities controlled by Weas Development in the disposition of the portfolio. Claudio Sgobba and Christopher Knight of JLL arranged the joint venture partnership and secured a $63.7 million CMBS loan through Citigroup for the acquisition.

January 5, 2021

Acquisitions Indiana Midwest Retail

JLL Brokers Sale of 138,571 SF Shopping Center in Indiana

by Kristin Harlow January 5, 2021

SCHERERVILLE, IND. — JLL Capital Markets has brokered the sale of Town Square, a 138,571-square-foot, regional shopping center in Schererville in Northwest Indiana. The sales price was undisclosed. Bed Bath & Beyond, T.J. Maxx, Old Navy and Shoe Carnival are among the tenants. The property was built in 2001. Clinton Mitchell and Amy Sands of JLL represented the seller, Walton Street Capital. Albanese Cormier Holdings purchased the asset.

January 5, 2021

Acquisitions Michigan Midwest Office

L. Mason Capitani Arranges Sale of 60,200 SF Office Building in Farmington Hills, Michigan

by Kristin Harlow January 5, 2021

FARMINGTON HILLS, MICH. — L. Mason Capitani CORFAC International has arranged the sale of the Woodcreek Office Center in Farmington Hills. Located at 31275 Northwestern Highway, the office building spans 60,200 square feet and rises two stories. Built in 1968, it was approximately 85 percent leased at the time of sale. Mason L. Capitani represented the buyer, LREH Michigan LLC. The seller and sales price were undisclosed.

January 5, 2021

Acquisitions Florida Multifamily Southeast

Ytech Sells Multifamily Community in Metro Miami for $78M

by Alex Tostado January 5, 2021

MIAMI GARDENS, FLA. — Ytech has sold Lake House Apartments, a 491-unit multifamily community in Miami Gardens, to New York-based Greenstone Property Group for $78 million. The property offers one-, two- and three-bedroom floor plans averaging 668 square feet. Communal amenities include a pool, playground, basketball court, tennis court and a picnic area. Lake House Apartments is situated at 2601 NW 207th St., less than one mile from Hard Rock Stadium, home of the NFL’s Miami Dolphins and the Miami Hurricanes. The community was originally built in 1970 and spans 33 acres. Tal Frydman, Hampton Beebe, Avery Klann, Jonathan Senn and Tyler Minix of Newmark represented the seller in the transaction.

January 5, 2021

Acquisitions Development Mixed-Use North Carolina Office Retail Southeast Top Stories

Epic Games Acquires Metro Raleigh Mall for $95M, Plans New Headquarters Campus

by John Nelson January 5, 2021

CARY, N.C. — Epic Games Inc., a global gaming company whose products include the hit video game “Fortnite,” has purchased a distressed mall in Cary for its new headquarters campus. The property, Cary Towne Center, spans 980,000 square feet and in recent years lost three of its five anchor tenants, with only Dave & Buster’s and Belk remaining. Epic purchased the 87-acre site from Turnbridge Equities and Denali Properties for $95 million. Stephen Porterfield of Capital Associates represented Epic in the transaction. Founded in 1991, Epic has had its headquarters in Cary for more than 20 years and will continue to operate from its offices at 620 Crossroads Blvd. until completion of the redevelopment, which is estimated to be in 2024. Epic plans to break ground on the adaptive reuse project this year, thanks in part to Turnbridge and Denali getting Cary Towne Center rezoned in late 2019. The developers purchased the distressed mall in January 2019 for $31 million, according to Triangle Business Journal. Turnbridge and Denali had planned to transform the mall into a 4 million-square-foot project dubbed Carolina Yards, but ultimately decided to sell the property to Epic. “Epic shares our vision for transforming Cary Towne Center …

January 5, 2021

Acquisitions Multifamily New Jersey Northeast

JLL Brokers Sale of 384-Unit Avalon Somerset Apartments in New Jersey

by Taylor Williams January 4, 2021

SOMERSET, N.J. — JLL has brokered the sale of Avalon Somerset, a 384-unit apartment community in the Northern New Jersey community of Somerset. Built in 2013, the property features one-, two- and three-bedroom units with an average size of 1,016 square feet. Amenities include a pool, fitness center, resident lounge and a playground. Jose Cruz, Michael Oliver, Steve Simonelli, Kevin O’Hearn and Nicholas Stefans of JLL represented the seller, AvalonBay Communities Inc., in the transaction. The buyer was a joint venture between Harbor Group International and Azure Partners. Jamie Leachman, Matthew Pizzolato, Amit Kakar and Thomas Didio Jr. of JLL arranged the financing on behalf of the new ownership. The loan was structured with a 10-year term and a floating interest rate.

January 4, 2021

Acquisitions California Office Retail Western

Blox Ventures, Angelo Gordon Divest of First Republic Center in Palo Alto for $103.9M

by Amy Works January 4, 2021

PALO ALTO, CALIF. — Silicon Valley, Calif.-based Blox Ventures and New York-based Angelo Gordon & Co. have completed the disposition of First Republic Center, a retail and office property located at 2100 El Camino Real in Palo Alto’s College Terrace neighborhood. According to Santa Clara County records, an affiliate of KKR and Drawbridge Real Estate acquired the building for $103.9 million. First Republic’s regional office occupies 76 percent of the 58,000-square-foot building. Other tenants include a 11,000-square-foot Real Produce International Market, a music group and other local businesses.

January 4, 2021

Acquisitions Indiana Industrial Midwest

Sansone Sells 424,849 SF Industrial Facility in Indianapolis

by Kristin Harlow January 4, 2021

INDIANAPOLIS — Sansone Group and its joint venture partner Centersquare Investment Management have sold a 424,849-square-foot industrial facility in Indianapolis for an undisclosed price. Conrad Jacobs and Matt Kiger of Newmark assisted in the lease-up of the previously vacant property. Located at 7520 Georgetown Road, the property is now fully leased to Blue Marble Productions and DXL. The buyer was not disclosed.

January 4, 2021

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