sale1

American Landmark Acquires 300-Unit View at Fort Worth Apartments

by Taylor Williams November 3, 2020

FORT WORTH, TEXAS — Tampa-based multifamily investment firm American Landmark has acquired The View at Fort Worth, a 300-unit apartment community located just north of the city’s downtown area. Built in 2018, the property features studio, one- and two-bedroom units ranging in size from 594 to 1,169 square feet that are furnished with stainless steel appliances, tile backsplashes, quartz countertops, in-unit washers and dryers and private patios/balconies. Amenities include a pool with a sundeck, clubhouse with a lounge, coffee bar, business center, fitness center and two outdoor courtyards. The new ownership will add luxury lighting fixtures and electronic smart locks, as well as upgrade the landscaping and several amenity spaces. American Landmark, which now owns 18 apartment communities in the metroplex, has rebranded the property as The Shelby at Northside.

November 3, 2020

Acquisitions California Healthcare Office Restaurant Retail Western

ValueRock Realty Buys Mel’s Drive-In Restaurant Building in Santa Monica for $6.2M

by Amy Works November 3, 2020

SANTA MONICA, CALIF. — ValueRock Realty has purchased Mel’s Drive-In, an iconic restaurant building in Santa Monica, for $6.2 million. The name of the seller was not released. Situated on a 22,344-square-foot land parcel on Lincoln Boulevard, the 4,717-square-foot building offers on-site parking and is considered a historic landmark within the Santa Monica community. Restaurant and dental office tenants have occupied the property since 1959.

November 3, 2020

Acquisitions Multifamily Southeast Tennessee

Cushman & Wakefield Arranges $47M Sale of Multifamily Community in Knoxville

by John Nelson November 2, 2020

KNOXVILLE, TENN. — Cushman & Wakefield has arranged the $47 million sale of The Village at Westland Cove, a 240-unit multifamily community in Knoxville. The property offers one-, two- and three-bedroom floor plans ranging from 717 square feet to 1,521 square feet. Communal amenities include a business center, pool, clubhouse, fitness center, car washing area, dog park, pet washing area and storage space. Jimmy Adams and Robert Stickel of Cushman & Wakefield represented the seller, StoneRiver Co., in the transaction. H3 Real Estate Advisors acquired the property.

November 2, 2020

Acquisitions Industrial New Jersey Northeast

HGI, Turnbridge Sell 550,000 SF Warehouse in Parsippany, New Jersey, for $85.2M

by Taylor Williams November 2, 2020

PARSIPPANY, N.J. — A partnership between Harbor Group International (HGI) and Turnbridge Equities has sold a 550,000-square-foot warehouse located at 100 Jefferson Road in the Northern New Jersey city of Parsippany for $85.2 million. The building’s primary tenants are electronics manufacturer PNY Technologies and dietary supplement provider Vitaquest. The partnership acquired the property from PNY Technologies in 2018 in a $60.3 million sale-leaseback deal and implemented a value-add program that brought the occupancy rate from 28 percent to its current mark of 64 percent. The buyer was not disclosed.

November 2, 2020

Acquisitions Multifamily Texas

IPA Arranges Sale of 192-Unit Destino Apartments in Grand Prairie, Texas

by Taylor Williams November 2, 2020

GRAND PRAIRIE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Destino, a 192-unit apartment community located in the central metroplex city of Grand Prairie. Built on 11 acres in 2000, the garden-style property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, playground and a dog park. Drew Kile, Will Balthrope, Joey Tumminello, Grant Raymond and Asher Hall of IPA, along with Al Silva of Marcus & Millichap, represented the seller, MBP Capital, in the transaction. The team also procured Capital Vision Management LLC as the buyer.

November 2, 2020

Acquisitions Illinois Midwest Office

Sterling Bay Sells McDonald’s Headquarters in Chicago for $412.5M

by Kristin Harlow November 2, 2020

CHICAGO — Chicago-based developer Sterling Bay has sold the 575,000-square-foot corporate headquarters for McDonald’s in Chicago’s Fulton Market. Pittsburgh-based investment firm Normandy Properties purchased the asset for $412.5 million, according to the Chicago Sun Times. The building, located at 110 N. Carpenter St., features a 700-person conference center, fitness center, onsite parking, collaboration space and outdoor terraces. It was completed in 2018. Ground-floor retail tenants include Walgreens and Federal Express. Jaime Fink, Jeffrey Bramson, Bruce Miller, Patrick Shields and Sam DiFrancesca of JLL represented Sterling Bay. Keith Largay and Tim Joyce of JLL arranged acquisition financing. McDonald’s previously was headquartered in the suburbs in Oak Brook.

November 2, 2020

Acquisitions Michigan Midwest Office

Moceri Cos., 400 Monroe Associates Acquire 420,000 SF Office Campus in Detroit

by Kristin Harlow November 2, 2020

DETROIT — Moceri Cos. and 400 Monroe Associates have acquired the UAW-GM Center for Human Resources in Detroit for an undisclosed price. The 420,000-square-foot office campus is located at 200 Walker St. along the Detroit River Walk. Built in the early 2000s, the property features 900 underground parking spaces, a full-service kitchen, 375-person auditorium, conference center, fitness center and an eighth-floor outdoor terrace. Brendan George and Jasper Hanifi of CBRE represented the seller, a joint venture between the United Auto Workers and General Motors. Lino and Michael Scamardella of Lino Realty represented the buyer. Red Oak Financial provided a $21.7 million bridge loan for the acquisition.

November 2, 2020

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges $5.8M Sale of Luxury Apartment Building in Chicago’s Lincoln Park

by Kristin Harlow November 2, 2020

CHICAGO — Interra Realty has arranged the sale of a 12-unit luxury apartment building in Chicago’s Lincoln Park neighborhood for $5.8 million. The price per unit of $481,250 is the highest in the submarket in four years, according to CoStar. The asset was built in 2017 as condos but has always operated as a rental property. It is located at 1513-17 W. Diversey Parkway. Jeremy Morton and Ted Stratman of Interra represented the seller, a local real estate developer. A California-based private investor purchased the property while completing a 1031 exchange. The building was fully leased at the time of sale.

November 2, 2020

Acquisitions Arizona Multifamily Western

Thayer Manca Residential Acquires Entrada Apartments in Tucson for $65.5M

by Amy Works November 2, 2020

TUCSON, ARIZ. — Thayer Manca Residential (TMR) has purchased Entrada Apartments, a multifamily property located at 4545 N. Via Entrada in Tucson. An undisclosed seller sold the asset for $65.5 million. Built in 1983 and 1985 on 19.8 acres, Entrada Apartments features 424 residential units spread across 28 buildings, a clubhouse and office building. TMR plans to implement a $4.9 million renovation and repositioning program including a full marketing rebrand; a high-end renovation scope for the remaining classic units; the addition of washers and dryers to units without them; a modernization of the 24-hour fitness center; enhancement of the pet park and sports court; the addition of package lockers; and the completion of a variety of capital upgrades.

November 2, 2020

Acquisitions Retail Southeast Tennessee

Stan Johnson Co. Arranges $18.5M Sale of Retail Property in Metro Memphis Leased to Whole Foods Market

by Alex Tostado October 30, 2020

GERMANTOWN, TENN. — Stan Johnson Co. has arranged the $18.5 million sale of a retail property in Germantown leased to Whole Foods Market. An undisclosed private investor acquired the asset at a 4.6 percent cap rate. The 36,570-square-foot freestanding grocery store is located at 7811 Poplar Ave., 15 miles east of downtown Memphis and near other retailers such as Hobby Lobby, T.J. Maxx, Starbucks and Kroger. The location was delivered in 2015 and is situated on 5.2 acres. Pat Weibel of Stan Johnson Co. represented the seller, a private equity group based in Memphis, in the transaction.

October 30, 2020

Newer Posts

Older Posts