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MC Real Estate Partners Purchases D.C. Office Building for $106M

by Alex Tostado December 17, 2020

WASHINGTON, D.C. — MC Real Estate Partners has purchased a 95,000-square-foot office building located at 1000 F St. in Washington, D.C.’s Penn Quarter district. The developer, Douglas Development, sold the property for $106 million. Eastdil Secured represented the seller in the transaction. The 11-story property features a two-story historic building at its base and was fully leased at the time of sale. Delivered in 2017, 1000 F features 7,000 square feet of retail space, two levels of below-grade parking, private terraces on five floors and access to public transportation. The asset is situated three blocks from Washington Metropolitan Area Transit Authority’s (WMATA) Metro Center, which services the Blue, Orange and Red lines.

December 17, 2020

Acquisitions Industrial Midwest Minnesota

JLL Brokers $14.5M Sale of Distribution Center in Suburban Minneapolis

by Kristin Harlow December 17, 2020

MAPLE GROVE, MINN. — JLL Capital Markets has brokered the $14.5 million sale of a 102,994-square-foot distribution center located at 8175 Jefferson Highway in the suburban Minneapolis community of Maple Grove. The single-tenant property is triple net leased to GAF Materials LLC, a roofing manufacturer. David Berglund and Colin Ryan of JLL represented the seller, a partnership between PCCP and Capital Partners. An affiliate of Boston-based STAG Industrial Inc. purchased the asset.

December 17, 2020

Acquisitions Indiana Midwest Minnesota Retail

SRS Negotiates $7.2M Sale-Leaseback of Two-Property Retail Portfolio in Indiana, Minnesota

by Kristin Harlow December 17, 2020

INDIANAPOLIS AND MAPLE GROVE, MINN. — SRS Real Estate Partners has negotiated the sale-leaseback of a two-property retail portfolio in the Midwest for $7.2 million. Christian Brothers Automotive sold both buildings and then signed 15-year leases. The first property is located at 3985 W. Smith Valley Road in Indianapolis. The 5,264-square-foot building sits on nearly two acres. The second asset is located at 9565 Zachary Lane in Maple Grove, a suburb of Minneapolis. The building spans 5,561 square feet on 1.4 acres. Frank Rogers and Michael Carter of SRS represented the all-cash buyer, a Midwest-based private investor that completed a 1031 tax-deferred exchange.

December 17, 2020

Acquisitions Office Utah Western

Kennedy Wilson Buys 247,000 SF Office Campus in Salt Lake City for $55M

by Amy Works December 17, 2020

SALT LAKE CITY, UTAH — Kennedy Wilson Fund VI, a commingled fund managed by Kennedy Wilson (NYSE: KW), has acquired three two-story office buildings and two development sites totaling 247,000 square feet in Salt Lake City. An undisclosed seller sold the assets for $55 million. Situated on 24.2 acres within Parkway Center, the campus is fully occupied by five tenants, including Amazon and Verizon, with both occupying single-tenant buildings. The acquisition expands Kennedy Wilson’s presence in the Mountain States. Currently, the Fund VI portfolio includes 15 multifamily and commercial assets in markets including San Jose, Los Angeles, Salt Lake City, Denver and Seattle. The portfolio has an aggregate purchase price of $1.2 billion.

December 17, 2020

Acquisitions Arizona Multifamily Western

IPA Negotiates $122.5M Sale of Maxwell on 66th Apartments in Phoenix

by Amy Works December 16, 2020

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Maxwell on 66th, a multifamily property located at 6611 E. Mayo Blvd. in Phoenix’s North Scottsdale corridor. The property traded hands for $122.5 million, or $351,003 per unit. The names of the buyer and seller were not released. Built in 2020 on 15 acres, Maxwell on 66th features 349 apartments, averaging 940 square feet per unit, spread across 11 buildings. Units offer at least nine-foot ceilings, ultra-modern gourmet kitchens and hand-scraped oak hardwood floors. Select units feature integrated decks and bookshelves, built-in wine racks, oversize soaking tubs and mountain views. Community amenities include a central courtyard, swimming pool, tanning pool, yoga lawn, putting green and electric car charging stations. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

December 16, 2020

Acquisitions Multifamily Texas

IPA Negotiates Sale of 422-Unit Hanover Midtown Park Apartments in Dallas

by Taylor Williams December 16, 2020

DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Hanover Midtown Park, a 422-unit multifamily community located in the Preston Hollow area of Dallas. The property was built on 11 acres in 2018 and features one-, two- and three-bedroom units with an average size of 895 square feet. Amenities include a pool, media center, clubhouse, conference room and a bocce ball court. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA represented the seller, Houston-based Hanover Co., in the transaction. The IPA team also procured the buyer, Florida-based Waypoint Real Estate Investments.

December 16, 2020

Acquisitions California Retail Western

Private Developer Divests of Grocery-Anchored Shopping Center in Los Angeles’ Koreatown for $57.5M

by Amy Works December 15, 2020

LOS ANGELES — A private developer has completed the sale of California Marketplace, a shopping center located at 450 S. Western Ave. in the Koreatown neighborhood of Los Angeles. A private investment company acquired the asset for $57.5 million. A Korean grocery store occupies the three-story retail property, which features an adjacent, four-level parking structure. At the time of sale, the property was 86 percent leased to 25 tenants, including Gaju Market, Pacific City Bank, Myungrang Hot Dog and BMB Medical. Michael Shustak, Derrick Moore, Chris Caras and Phillip Sample of CBRE’s downtown Los Angeles office represented the seller in the deal.

December 15, 2020

Acquisitions Multifamily Southeast Virginia

Investment Partnership Acquires Multifamily Community in Northern Virginia for $84M

by Alex Tostado December 14, 2020

ANNANDALE, VA. — A partnership between The Donaldson Group, Declaration Partners and DRA Advisors has acquired Fairmont Garden Apartments, a 388-unit property in Annandale, for $84 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a barbecue area, pool and a playground. The asset is located at 4137 Wadsworth Court, 18 miles west of downtown Washington, D.C. The buyers plan to upgrade the HVAC units in each apartment. Jonathan Greenberg of CBRE represented the seller, Capital Investment Advisors, in the transaction. Maxi Leachmann of CBRE originated a Fannie Mae acquisition loan on behalf of the buyers. The loan amount was not disclosed.

December 14, 2020

Acquisitions Colorado Multifamily Western

Watermark Residential Sells Apartment Community in Denver to Borello Asset Management for $74.6M

by Amy Works December 14, 2020

DENVER — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has completed the disposition of Watermark at First Creek, a multifamily property located in Denver. California-based Borello Asset Management bought the property for $74.6 million. Completed in 2018, Watermark at First Creek features an urban design that is 30 percent more efficient and utilizes 30 percent less materials than traditional design. The 264 one-, two- and three-bedroom residences feature gourmet bar-kitchens with custom cabinetry, granite countertops, nine-foot ceilings and in-unit washers/dryers. Community amenities include a resort-style swimming pool with cabanas and poolside hammocks, a fully equipped clubhouse, gas grilling stations and a 24-hour fitness center. Dan Woodward, David Potarf and Mathew Barnett of CBRE brokered the transaction.

December 14, 2020

Acquisitions Illinois Industrial Midwest

Entre Commercial Realty Brokers Sale of 21,460 SF Industrial Building in Mundelein, Illinois

by Kristin Harlow December 14, 2020

MUNDELEIN, ILL. — Entre Commercial Realty has brokered the sale of a 21,460-square-foot industrial building in Mundelein, a northern suburb of Chicago. The sales price was undisclosed. Located at 300 Townline Road, the property features a clear height of 18 feet, one exterior dock, two drive-in doors and parking for 100 cars. Brian Bocci of Entre represented the buyer, a private investor that plans to convert the building into a baseball training facility. John Coleman of MK Asset Brokerage represented the undisclosed seller.

December 14, 2020

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