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PaulsCorp Buys 464-Unit Morgan Apartments Near Fort Worth

by Taylor Williams January 29, 2020

BEDFORD, TEXAS — Denver-based investment firm PaulsCorp LLC has purchased The Morgan, a 464-unit multifamily community in Bedford, a northeastern suburb of Fort Worth. The seller, a partnership between Transwestern Investment Group and S2 Capital LLC, acquired the property in 2018 and upgraded roughly half the units with stainless steel appliances, quartz countertops and custom cabinetry. The partnership also upgraded the clubhouse, leasing office and fitness center. The Morgan was 91 percent occupied at the time of sale.

January 29, 2020

Acquisitions Midwest Office Wisconsin

CG Schmidt Purchases 34,255 SF Office Building in Madison, Wisconsin, Plans Modernization

by Kristin Harlow January 29, 2020

MADISON, WIS. — CG Schmidt, a Milwaukee-based construction management and general contracting firm, has purchased an office building located at 433 W. Washington Ave. in Madison. The building will serve as CG Schmidt’s Madison office, replacing the current office at 10 W. Mifflin St. Keller Real Estate Group sold the five-story, 34,255-square-foot building. CG Schmidt plans to remodel the building and update it for efficiency and sustainability. Kahler Slater Architects designed the modernization. Construction has begun with completion slated for this July. CG Schmidt will occupy three floors, with the two remaining floors available for commercial and retail lease.

January 29, 2020

Acquisitions Indiana Midwest Retail

Hanley Investment Group Arranges $3.8M Sale of Aldi-Occupied Property in Northern Indiana

by Kristin Harlow January 29, 2020

MISHAWAKA, IND. — Hanley Investment Group Real Estate Advisors has arranged the $3.8 million sale of a single-tenant property net leased to Aldi in northern Indiana’s Mishawaka. Originally built in 2007 and remodeled in 2019, the 20,000-square-foot building is located at 210 W. Douglas Road. Jeff Lefko, Bill Asher and Dylan Mallory of Hanley, in association with Midland Atlantic Properties Inc., represented the California-based 1031 exchange buyer. A Florida-based private investor sold the asset. The sales price represents a cap rate of 4.5 percent.

January 29, 2020

Acquisitions Arizona Multifamily Student Housing Western

Nelson Partners Acquires 977-Bed Student Housing Community Near University of Arizona for $200M

by Amy Works January 29, 2020

TUCSON, ARIZ. — Nelson Partners Student Housing has acquired Sol y Luna, a 977-bed student housing community serving the University of Arizona in Tucson, for $200 million. The 14-story property was developed in 2013, and features 341 units alongside 9,140 square feet of retail space. The community offers one-, two-, three-, four- and five-bedroom, fully furnished apartments. Shared amenities include an outdoor television lounge, rooftop pool, hot tub, steam room, fitness center, yoga and dance studio, outdoor study area, computer lounge and private study spaces. TSB Realty brokered the acquisition of the community. The seller in the transaction was undisclosed.

January 29, 2020

Acquisitions Georgia Mixed-Use Southeast

Midtown West Associates Sells Brickworks Mixed-Use Portfolio in Atlanta for $80M

by John Nelson January 28, 2020

ATLANTA — Midtown West Associates LLC, a real estate development and management firm based in Atlanta, has sold Brickworks, a portfolio of retail and office buildings in Atlanta’s West Midtown district. Charlotte-based Asana Partners purchased the portfolio for an undisclosed price, but Atlanta Business Chronicle reports Brickworks traded for nearly $80 million. Patterson Real Estate Advisory Group marketed the 194,000-square-foot portfolio for sale. Richard Martin, managing director of Midtown West Associates, previously redeveloped his family’s obsolete brick warehouses in the city’s former industrial district into an adaptive reuse campus that is now leased to tenants such as Octane Coffee, Hop City, Food Terminal, Earl’s Bike Shop, Five Seasons Brewing, Snap Fitness, Nouvelle Nail Spa, Lola West Salon, Bocado, and Carvana. Brickworks also features several art galleries and workspaces, home décor and apparel stores and offices, including a regional office for Facebook. Brickworks and Jamestown’s Westside Provisions District are widely considered the catalysts behind Atlanta’s West Midtown’s boom, attracting best in class restaurants, shops and offices, as well as spurring new development. Asana Partners has made several investments in Atlanta’s prime neighborhoods recently, including Krog Street Market, a food hall in Inman Park; the Plaza Theatre and Majestic Diner in Poncey-Highland; …

January 28, 2020

Acquisitions Industrial North Carolina Southeast

JLL Brokers $63.8M Sale of Distribution Center in Charlotte

by John Nelson January 28, 2020

CHARLOTTE, N.C. — JLL has brokered the $63.8 million sale of Premier Distribution Center, a 1.4 million-square-foot distribution center located at 1900 Continental Blvd. in Charlotte’s Southwest industrial submarket. Chris Norvell, Patrick Nally, Pete Pittroff and David Andrews of JLL represented the seller, a partnership between New York Life Insurance Co. and LRC Properties, in the transaction. A partnership between Somerset Properties and Waterfall Asset Management acquired the 95-acre property. Originally constructed as the North American headquarters for Continental Tire, Premier Distribution Center was rebranded and transformed into a modern distribution complex that features 24-foot clear heights, ESFR sprinkler systems, motion-sensor LED lighting, 110 loading positions, abundant parking and onsite trailer storage. The sale includes a 25.9-acre development parcel adjacent to the existing loading area that can accommodate a 333,000-square-foot cross-dock facility.

January 28, 2020

Acquisitions Georgia Multifamily Southeast

Nicol Investment Sells Multifamily Community in Atlanta’s Buckhead District for $46M

by John Nelson January 28, 2020

ATLANTA — Nicol Investment Co. has sold Evergreen Lenox Park, a 206-unit multifamily community in Atlanta’s Buckhead district, for $46 million. The Nashville-based company acquired the property in 2013 and invested $2.5 million to renovate unit interiors, exteriors, clubhouse and communal amenities. The property, which was originally built in 1995, is located at 100 Lenox Park Circle, 10 miles north of downtown Atlanta. The property offers one-, two- and three-bedroom floor plans, as well as a clubhouse, business center, car wash area, pet washing station, fitness center, pool and a tennis court. An undisclosed pension fund based in New York City acquired the asset in an off-market transaction.

January 28, 2020

Acquisitions Illinois Midwest Retail

Baum Arranges $4.6M Sale of Multi-Tenant Retail Property in Wheaton, Illinois

by Kristin Harlow January 28, 2020

WHEATON, ILL. — Baum Realty Group LLC has arranged the sale of a net-lease retail property spanning 12,996 square feet in Wheaton for $4.6 million. Tenants include Starbucks, Qdoba, AT&T, Supercuts and UPS. The building is situated near a 116,000-square-foot Jewel-Osco. Patrick Forkin of Baum represented both the undisclosed seller and the buyer, a regional real estate investor.

January 28, 2020

Acquisitions Multifamily Texas

Berkadia Brokers Sale of 288-Unit Vantage at Boerne Apartment Community Near San Antonio

by Taylor Williams January 28, 2020

BOERNE, TEXAS — Berkadia has brokered the sale of Vantage at Boerne, a 288-unit apartment community located on the northwestern outskirts of San Antonio in Boerne. The property features one-, two- and three-bedroom units with individual washers and dryers and digital thermostats. Amenities include a fitness center, pool, business center, clubhouse, a pet park and outdoor grilling stations. Michael Miller, Will Caruth and Cody Courtney of Berkadia represented the seller, Texas-based American Opportunity for Housing. The buyer was not disclosed.

January 28, 2020

Acquisitions California Industrial Western

NKF Negotiates $10.5M Sale of Fully Occupied Industrial Building in Los Angeles

by Amy Works January 28, 2020

LOS ANGELES — Newmark Knight Frank (NKF) has brokered the sale of an industrial property located within Northridge Business Centre at 19851-19853 Nordhoff St. in the Northridge submarket of Los Angeles. GUR Nordhoff sold the asset to Century Park Partners for $10.5 million. Built in 2007 by Overton Moore Properties, the 22,237-square-foot asset features 18-foot clear heights, five grade-level doors and a secure, fenced yard. The U.S. General Services Administration occupies the entire building on a long-term lease. Sean Fulp, Ryan Plummer and Mark Schuessler of NKF’s Private Capital group, along with Kevin Shannon and Ken White of NKF’s Capital Markets, represented the seller, while the buyer was self-represented in the deal.

January 28, 2020

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