sale1

Joint Venture Acquires Office Property in White Plains, New York, for $42.5M

by Alex Patton March 3, 2020

WHITE PLAINS, N.Y. — A joint venture between Jack Sitt Real Estate LLC and GII LLC, a UAE-based financial service firm, has acquired Grand Street Plaza, an office property located northeast of New York City in White Plains. The sales price for the 217,628-square-foot, two-building property was $42.5 million. Located at 140 and 150 Grand St., the Class A property was 90 percent leased at the time of sale, primarily to government- and law-related tenants. Jeffrey Dunne, Steven Bardsley and Jeremy Neuer led a CBRE team that represented the seller, an a fund managed by Westport Capital Partners LLC, in the transaction. The team also procured the the joint venture as the buyer.

March 3, 2020

Acquisitions Healthcare Midwest Wisconsin

SRS Arranges $2.1M Sale of Fresenius-Occupied Property in Monroe, Wisconsin

by Kristin Harlow March 3, 2020

MONROE, WIS. — SRS Real Estate Partners has arranged the $2.1 million sale of a 6,804-square-foot property occupied by Fresenius Kidney Care in Monroe in southern Wisconsin. The facility is located at 120 W. 7th St. Fresenius is a national provider of dialysis treatment and resources. Frank Rogers and Michael Carter of SRS represented the seller, a Midwest-based developer. The team also represented the buyer, a California-based investor completing a 1031 tax-deferred exchange.

March 3, 2020

Acquisitions Industrial New Jersey Northeast

Colliers Negotiates $16M Sale of Industrial Portfolio in West Berlin, New Jersey

by Alex Patton March 3, 2020

WEST BERLIN, N.J. — Colliers International has negotiated the $16 million sale of a 21-building industrial portfolio in West Berlin, a southeastern suburb of Philadelphia. The portfolio totals 241,410 square feet and includes the 16-building Bloomfield Business Park and five buildings in Commerce Lane Business Park. The Bloom Organization developed Bloomfield Business Park in the late 1980s and early 90s in several phases. The portfolio housed 55 tenants and was 98 percent leased at the time of sale. Tenants included United Refrigeration, Cooper Electric and Ewing Irrigation & Landscape Supply. Ian Richman and Marc Isdaner of Colliers represented the undisclosed seller(s) in the transaction. Michael Brown Sr. represented the buyer, Industrial Investments Inc., on an internal basis.

March 3, 2020

Acquisitions Florida Multifamily Southeast Top Stories

CBRE Global Investors Buys Two Central Florida Apartment Communities Totaling 604 Units

by John Nelson March 3, 2020

WINDERMERE AND ORLANDO, FLA. — CBRE Global Investors, a global real estate assets management based in Los Angeles, has purchased two recently built apartment communities in Central Florida totaling 604 units. Unicorp National Developments Inc., a mixed-use and multifamily developer based in Orlando, sold both properties to a fund sponsored by CBRE Global. The price was not disclosed, but Orlando Business Journal reported last fall that Unicorp was in advanced discussions about selling the communities for a combined $160 million. The properties include the 346-unit Venetian Isle in Windermere and the 258-unit Zen in Orlando, which are situated about four miles apart in southwest Orlando. The communities were both 95 percent occupied at the time of sale. Steve Gullo, senior managing director of multifamily acquisitions for CBRE Global Investors, says the firm pursued Venetian Isle and Zen because of the growth prospects in Orlando. “Orlando continues to have one of the fastest growing economies with population and employment growth outpacing the nation,” says Gullo. “Accordingly, it is forecasted to be one of the highest ranked markets for future rent growth.” Currently, rental rates range from $1,340 to $1,885 per month at Venetian Isle, while two-bedroom apartments average about $1,590 per …

March 3, 2020

Acquisitions Florida Multifamily Southeast

NKF Arranges $44.1M Sale of Multifamily Community in Orlando

by Alex Tostado March 2, 2020

ORLANDO, FLA. — Newmark Knight Frank (NKF) has arranged the $44.1 million sale of Parke East, a 272-unit multifamily community in Orlando. Built in 1987, the property offers one-, two- and three-bedroom floor plans and was 94 percent occupied at the time of sale. The seller, Insula Cos., recently renovated Parke East. Community amenities include a clubhouse, cyber café, fitness center, two pools, dog park and a basketball court. Scott Ramsey and Patrick Dufour of NKF represented the seller in the transaction. Mitch Clarfield and Ryan Greer, also with NKF, originated a Freddie Mac acquisition loan on behalf of the undisclosed borrower.

March 2, 2020

Development Multifamily New York Northeast Seniors Housing

Renaissance Management Acquires Long Island Multifamily Property for $232.5M

by Alex Patton March 2, 2020

PATCHOGUE, N.Y. — Renaissance Management, a New York-based investment firm, has acquired La Bonne Vie, a 915-apartment community on Long Island for $232.5 million. The property features 626 market-rate apartments and 289 age-restricted (55-plus) apartments and amenities such as indoor and outdoor pools, a gym, libraries and tennis courts. The buildings were completed in the mid-1970s and 1980s and have been preserved in their original conditions. Jeffrey Dunne, Jeremy Neuer and Gene Pride led a CBRE team that represented the building owners, an undisclosed consortium of partnerships, in the transaction. Shawn Rosenthal, Jason Gaccione and Thomas Didio of the Midtown Manhattan Debt & Structure Finance group arranged the financing for Renaissance Management’s acquisition and future planned renovations of La Bonne Vie. The team secured a $200.7 million senior loan from TPG Real Estate Finance. The three-year loan includes the option for three one-year extensions.

March 2, 2020

Acquisitions California Industrial Western

Stos Partners, Long Wharf Capital Acquire 55,000 SF Industrial Asset in San Diego

by Amy Works March 2, 2020

SAN DIEGO — Stos Partners, in a joint venture with Boston-based Long Wharf Capital, has purchased an industrial property located in San Diego’s Miramar submarket. A private seller sold the asset for $11 million. Located at 9431 Dowdy Drive, the property features 55,000 square feet of industrial space. The property was 100 occupied the time of sale. Current tenants include a print and sign company and Maketory, a manufacturing co-working facility that offers membership-based, multi-discipline manufacturing workspace. Marc Lipschitz of Compass represented Stos Partners in the deal.

March 2, 2020

Acquisitions Florida Multifamily Southeast

Newmark Knight Frank Arranges $58M Sale of Multifamily Community in Fort Lauderdale

by Alex Tostado February 28, 2020

FORT LAUDERDALE, FLA. — Newmark Knight Frank (NKF) has arranged the $58 million sale of Serramar Apartments, a 302-unit multifamily community in Fort Lauderdale. The property, which was 95 percent occupied at the time of sale, was built in 1986. The property comprises 23 two-story buildings offering one- and two-bedroom floor plans. Communal amenities include a recently renovated clubhouse, business center, basketball court, two swimming pools and a fitness center. The seller, Bar Invest Group, acquired the property in 2016 and invested $44 million in upgrades and renovated 25 percent of the units. Hampton Beebe and Avery Klann of NKF represented the seller in the transaction. Milbrook Properties purchased the asset.

February 28, 2020

Acquisitions Multifamily Texas

Bellaire Partners Buys 216-Unit OakRidge Apartment Homes in San Antonio

by Taylor Williams February 28, 2020

SAN ANTONIO — Bellaire Partners, a California-based investment firm, has purchased OakRidge Apartment Homes, a 216-unit community in northeast San Antonio. The property features one- and two-bedroom units averaging 692 square feet and amenities such as a pool, fitness center, business center, resident clubhouse and a playground. Moses Siller and Zar Haro of JLL represented the seller, Regional Investment & Management, in the transaction. Mark Brandenburg of JLL arranged an undisclosed amount of acquisition financing through NexBank on behalf of the buyer. The loan was structured with a five-year term and a fixed interest rate.

February 28, 2020

Acquisitions Colorado Industrial Office Western

NavPoint Real Estate Arranges $11.2M Sale of Flex Building in Broomfield, Colorado

by Amy Works February 28, 2020

BROOMFIELD, COLO. — NavPoint Real Estate Group has negotiated the sale of a multi-tenant office, flex and R&D investment asset in Broomfield. Silverwood Investments sold the property to 295 Interlocken Boulevard LLC for $11.2 million. Built 1965 on 5.5 acres, the single-story building features 65,000 square feet of multi-tenant flex space. At the time of sale, the property was leased to a variety of tenants in the technology, food and transportation industries. The property is located at 295 Interlocken Blvd. Matt Call of NavPoint Real Estate Group represented the seller, while Eric Rutherford of WK Real Estate represented the buyer in the transaction.

February 28, 2020

Newer Posts

Older Posts