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Amplify Development Acquires Vista Apartments Near University of Denver for $41.3M

by Amy Works January 19, 2023

DENVER — Amplify Development Co. has acquired Vista Apartments, a multifamily asset near the University of Denver, for $41.3 million. The community was developed in 2008 and offers 284 beds across 84 units. Located at 1920 S. University Blvd. in Denver, the off-campus, student-focused apartment community features fully furnished two-, three- and four-bedroom units with private bathrooms, flat-screen TVs in the living room and floor-to-ceiling windows. Onsite amenities include a business center, study rooms, computer lab, Wi-Fi, TV lounge, 24-hour maintenance and laundry facilities on each floor. The pet-friendly property also offers two outdoor terraces, an outdoor TV lounge, fireplace, grilling stations, secured covered parking and bike parking. Amplify plans to begin an extensive renovation at the property, which will include unit updates, common area upgrades and the addition of utility infrastructure. Denver-based Capstone Management Partners will manage the asset. Jack Brett with Newmark’s student housing group represented the undisclosed seller, while Nick Steele and Tyler King with Berkadia Denver represented the buyer in the deal.

January 19, 2023

Acquisitions Arizona Industrial Western

Opus Group Sells 197,000 SF Warner Commerce Center in Tempe, Arizona to Barings for $42.4M

by Amy Works January 18, 2023

TEMPE, ARIZ. — The Opus Group has completed the disposition of Warner Commerce Center, a newly built industrial project situated on an 18-acre infill site in Tempe. Barings acquired the asset for $42.4 million. Located at 1300 and 1330 W. Warner Road, the site was formerly an office building. Opus completed a speculative redevelopment of the property, transforming it into a 197,000-square-foot manufacturing, distribution or last-mile distribution facility. Warner Commerce Center consists of two 98,500-square-foot buildings each suitable for multiple tenants. The buildings feature 32-foot clear heights and a combined total of 40 rear-load dock doors, four drive-in doors, 64 dedicated trailer parking stalls and 392 vehicle parking stalls. Will Strong, Phil Haenel, Kirk Kuller, Molly Hunt, Cal Conway, Stephanie Saccente, Micki Strain and Foster Bundy of Cushman & Wakefield’s Industrial Advisory Group – Mountain West team represented the seller in the transaction.

January 18, 2023

Acquisitions California Industrial Western

DAUM Brokers $40M Sale of Two-Building Industrial Property Near Los Angeles

by Amy Works January 18, 2023

IRWINDALE, CALIF. — DAUM Commercial Real Estate Services has arranged the sale of an eight-acre parcel, including two industrial buildings, located at 4510 Azusa Canyon Road in Irwindale. Rexford Industrial acquired the asset from DS Services of America, a water bottling and distribution company, for $40 million. The sale-leaseback deal includes a five-year lease with an option to extend. Dennis Sandoval, Kevin Sandoval and Bryan Sandoval of DAUM represented the seller, Dennis Sandoval also represented the buyer in the transaction. Constructed in 1950, the property features a 52,780-square-foot Class C industrial building and a 14,728-square-foot building. The buildings offer 24-foot clear heights, ample parking and a fully fenced and secured lot.

January 18, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $13M Sale of Multifamily Property in Suburban Chicago

by Kristin Harlow January 18, 2023

OAK LAWN, ILL. — Interra Realty has brokered the $13 million sale of reVerb Oak Lawn, an 84-unit multifamily property in the Chicago suburb of Oak Lawn. Located on South Harlem Avenue, the community was originally built in 1971 and renovated in 2017. The property was 97 percent occupied at the time of sale. Joe Smazal, Patrick Kennelly and Paul Waterloo of Interra represented the private seller and the undisclosed buyer.

January 18, 2023

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Acquisitions Office Texas

SkyWalker Property Partners Sells 119,121 SF Office Building in Grand Prairie, Texas

by Taylor Williams January 17, 2023

GRAND PRAIRIE, TEXAS — SkyWalker Property Partners has sold Brookhollow Riverside, a 119,121-square-foot office building in the central metroplex city of Grand Prairie. Tom Strohbehn and Scott Farber of Younger Partners represented the seller in the transaction. Houston-based Silver Creek Realty Advisors purchased the building for an undisclosed price via a 1031 exchange. SkyWalker Property Partners originally purchased the building, which was 90 percent leased at the time of sale, in 2006.

January 17, 2023

Acquisitions Midwest Missouri Multifamily Northmarq

Northmarq Brokers $23.8M Sale of Apartment Complex in Kansas City

by Kristin Harlow January 17, 2023

KANSAS CITY, MO. — Northmarq has brokered the sale of Province at Briarcliff in Kansas City for $23.8 million. The 120-unit multifamily property, built in 2002, is located at 1282 Northwest Vivion Road within the Briarcliff West neighborhood. Amenities include a business center, clubhouse, fitness center, pool and sundeck. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, Forum Real Estate Group, and the buyer, Peak Capital Partners.

January 17, 2023

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Acquisitions California Industrial Western

Dalfen Industrial Acquires 95,922 SF Moreno Valley Logistics Center in California

by Amy Works January 17, 2023

MORENO VALLEY, CALIF. — Dalfen Industrial has purchased Moreno Valley Logistics Center, an industrial property situated less than three miles from Interstate 215 in Moreno Valley. Terms of the transaction were not released. Moreno Valley Logistics Center features 95,922 square feet of industrial space. The asset is in close proximity to State Route 60 and State Route 91, enabling east-west connectivity including to the Port of Long Beach and Port of Los Angeles.

January 17, 2023

Acquisitions Industrial Washington Western

Formost Fuji Acquires Industrial Building in Everett, Washington for $20M

by Amy Works January 16, 2023

EVERETT, WASH. — Woodinville, Wash.-based Formost Fuji, a manufacturer in the packaging industry, has purchased a manufacturing and industrial building located at 905 80th St. SW in Everett. MTorres America sold the asset for $20 million. Situated on 14.9 acres, the property features a 65,344-square-foot building with capacity for warehouse expansion of up to 32,000 square feet. MTorres America, an aerospace manufacturing company, previously occupied the building. Zach Vall-Spinosa and James Leptich of Kidder Mathews represented the buyer in the deal.

January 16, 2023

Acquisitions Illinois Loans Midwest Multifamily

Bayshore Properties Acquires 586-Unit Multifamily Property in Arlington Heights, Illinois

by Kristin Harlow January 16, 2023

ARLINGTON HEIGHTS, ILL. — Bayshore Properties has acquired Stonebridge of Arlington Heights, a 586-unit multifamily property in the Chicago suburb of Arlington Heights. The Conor Group sold the asset for $131 million. Built in 1973, Stonebridge of Arlington Heights features a mix of one- and two-bedroom floor plans averaging 1,075 square feet. Amenities include a pool, fitness center, dog park, basketball courts and bike storage rooms. Steve LaMotte Jr., John Jaeger, Dane Wilson, Justin Puppi and Ross Wettersten of CBRE represented the seller. Dan Sacks and Eric Rosenstock of Greystone originated a $94.4 million Fannie Mae loan for the acquisition. The fixed-rate loan features a 10-year term and amortization schedule.

January 16, 2023

Acquisitions Georgia Office Southeast

Spear Street Capital Acquires Atlanta Office Complex for $247.5M

by John Nelson January 13, 2023

ATLANTA — San Francisco-based Spear Street Capital has purchased three office buildings in Atlanta for $247.5 million. Situated within the Perimeter Summit development, the properties are located at 1001, 2002 and 4004 Summit Blvd. Perimeter Summit was leased to 12 tenants at the time of sale and features amenities including fitness centers, conferencing centers, common area workspaces, underground parking and jogging trails and green space. Richard Reid, Ed Coco, Ryan Clutter, Ralph Smalley and Huston Green of JLL Capital Markets represented the undisclosed seller in the transaction.

January 13, 2023

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