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37th Parallel Properties Acquires 344-Unit Apartment Portfolio in Austin, San Antonio

by Taylor Williams May 6, 2020

AUSTIN AND SAN ANTONIO — 37th Parallel Properties has acquired a portfolio of three apartment communities totaling 344 units in Austin and San Antonio. The properties include the 128-unit Bridgehead Apartments in Austin, the 132-unit Melrose Place Apartments in Austin and the 84-unit Tradewinds Apartments in San Antonio. The properties were built in the 1980s and had a collective occupancy of 97.6 percent at the time of sale. Cutt Ableson and Colin Marusak of Berkadia arranged an undisclosed amount of agency financing for the acquisition. Charles Cirar, Michael Wardlaw and Colin Cannata of CBRE represented the undisclosed seller in the transaction.

May 6, 2020

Acquisitions Illinois Industrial Midwest

JLL Arranges Sale of 539,109 SF Industrial Portfolio in Suburban Chicago

by Kristin Harlow May 6, 2020

TINLEY PARK, ILL. — JLL Capital Markets has arranged the sale of a five-property industrial portfolio totaling 539,109 square feet in the Chicago suburb of Tinley Park. The sales price was undisclosed. A sixth building within the portfolio is set to close later this month. The properties are located within the I-80 industrial corridor and in the northeast portion of Will County. Kurt Sarbaugh, Robin Stolberg, John Hugenard, Ed Halaburt and Sean Devaney of JLL represented the undisclosed seller. High Street Logistics Properties purchased the portfolio via High Street Real Estate Fund VI, the Boston-based company’s sixth investment vehicle.

May 6, 2020

Acquisitions Midwest Ohio Retail

Konover South Acquires Retail Center in Cleveland for $3M

by Kristin Harlow May 6, 2020

CLEVELAND — Konover South LLC has acquired the University Corners retail center, which is situated in Cleveland’s University Heights neighborhood. The purchase price was $3 million. The seller was undisclosed. Family Dollar anchors the 43,000-square-foot retail center. Other tenants include Anytime Fitness, Sherwin-Williams, Boost Mobile and Nationwide Insurance. KS Lending Corp. provided a $2.3 million loan for the acquisition, which was completed through Ten-X Commercial. Konover South Development Corp. will manage the property. Tori Nook and Ben McMillon of Anchor Cleveland will serve as leasing agents. Deerfield Beach, Fla.-based Konover South is a fully integrated acquisition, development and management company operating thought the Southeast and Midwest regions.

May 6, 2020

Acquisitions California Healthcare Office Western

Pain Management Group Buys Richley Medical Plaza in San Diego for $6M

by Amy Works May 6, 2020

SAN DIEGO — An Orange County, Calif.-based pain management group has purchased Richley Medical Plaza, a medical office building in San Diego’s Midway District, for $6 million. Dan Henry and Lars Eisenhauer of CBRE represented the seller, a private investor, in the deal. Located at 3434 Midway Drive, the 25,600-square-foot building was originally built in 1991. The two-story property includes a 6,475-square-foot surgery center that features three operating rooms, a recovery area, waiting room, reception room and two restrooms. At the time of sale, the building was 85 percent vacant.

May 6, 2020

Acquisitions Industrial New Jersey Northeast

Sitex Acquires 172,000 Industrial Warehouse in Lyndhurst, New Jersey

by Alex Patton May 5, 2020

LYNDHURST, N.J.— Sitex Group, a New Jersey-based developer, has acquired a 172,000-square-foot industrial warehouse in Lyndhurst, a northwestern suburb of New York City. Located at 1201 Valley Brook Ave., the warehouse features a 26-foot clear height, 11 loading docks, trailer parking and more than 165 parking spaces. Tom Monahan, Brian Fiumara, Larry Schiffenhaus and Steve D’Amato of CBRE brokered the transaction. The seller was a private investor. The sales price was undisclosed.

May 5, 2020

Acquisitions California Multifamily Western

Marcus & Millichap Negotiates $26.8M Sale of The Lakes Multifamily Asset in Bay Area

by Amy Works May 5, 2020

CONCORD, CALIF. — Marcus & Millichap’s Levin Johnston team has negotiated the sale of The Lakes, a three-story apartment property located in Concord’s Ellis Lake neighborhood. A real estate investment company sold the community to a Bay Area family trust for $26.8 million. Constructed between 1967 and 1968 on 3.6 acres, The Lakes features 102 garden-style apartments spread across three buildings. The complex is a 10-minute walk from Diablo Valley College and the Concord Bay Area Rapid Transit station. Adam Levin and Robert Johnston of Marcus & Millichap’s Levin Johnston team represented the seller and procured the buyer in the transaction.

May 5, 2020

Acquisitions Indiana Midwest Retail

Jameson Commercial Arranges $1.1M Sale of Single-Tenant Retail Asset in Indiana

by Kristin Harlow May 5, 2020

MERRILLVILLE, IND. — Jameson Commercial has arranged the $1.1 million sale of a roughly 7,000-square-foot retail building occupied by Advance Auto Parts in Merrillville in Northwest Indiana. The property sits on 1.3 acres at 5790 Broadway St. Rick Gardella and Michele Coleman of Jameson represented the undisclosed buyer. Tammy Saia and Tami Andrew of Marcus & Millichap marketed the property on behalf of the seller, a private investor.

May 5, 2020

Acquisitions Industrial New Jersey Northeast

Endurance, PCCP Acquire Industrial Portfolio in Southern New Jersey for $43M

by Alex Patton May 4, 2020

DELRAN, MOUNT LAUREL AND SWEDESBORO, N.J. — A partnership between Pennsylvania-based developer Endurance Real Estate Group LLC and New York-based investor Pacific Coast Capital Partners LLC (PCCP) has acquired the Southern New Jersey Core Infill Portfolio for $43 million. The 553,548-square-foot industrial portfolio is located in the southeastern suburbs of metro Philadelphia, and includes seven properties located in Delran, Mount Laurel and Swedesboro. These assets were 88.7 percent leased at the time of sale to warehouse and distribution tenants such as Food Sciences Inc., Carnegie Pharmaceuticals LLC and The Jewelry Group Inc. Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki of CBRE represented the seller, Foxfield Industrial, a joint venture of Novaya Real Estate Ventures and Foxfield Ventures, in the transaction.

May 4, 2020

Acquisitions Retail Texas

NewQuest Arranges Sale of 23,217 SF Chimney Rock Bellaire Shopping Center in Houston

by Taylor Williams May 4, 2020

HOUSTON — NewQuest Properties has arranged the sale of Chimney Rock Bellaire Shopping Center, a 23,217-square-foot retail center in southwest Houston. The property was developed in phases in 1990 and 2012 and was 99 percent leased at the time of sale to tenants such as The Mays School, Green Restaurant and Speedy Cash. Kelley Workman of NewQuest represented the seller, F6 Properties, in the transaction. Tony Luk of LYT Realty Inc. represented the buyer, JCV Capital Inc.

May 4, 2020

Acquisitions Colorado Multifamily Western

CBRE Brokers $90.7M Sale of Caliber at Flatirons Apartments in Broomfield, Colorado

by Amy Works May 4, 2020

BROOMFIELD, COLO. — CBRE has facilitated the $90.7 million sale of Caliber at Flatirons, an apartment property located at 13892 Del Corso Way in Broomfield. Greenwood, Indiana-based The Garrett Cos. sold the community to Oakmont Properties for $90.7 million. Dan Woodward, David Potarf and Matt Barnett of CBRE’s Denver office represented the seller, while Marc Ross and CBRE’s Sacramento multifamily team represented the buyer in the deal. Andrew Behrens of CBRE Capital Markets Debt & Structured Finance arranged financing for the transaction. Completed in 2019, Caliber at Flatirons offers 288 units in a mix of one-, two- and three-bedroom layouts. Situated on 16 acres, the property features 308,478 rentable square feet, a swimming pool, grilling locations, an outdoor fireplace with seating areas, a fitness center and yoga studio.

May 4, 2020

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