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Newmark Knight Frank Arranges $21M Sale of Two Urban Birmingham Apartment Properties

by Alex Tostado January 15, 2020

BIRMINGHAM, ALA. — The Newmark Knight Frank (NKF) Multifamily group has brokered the sale of two Birmingham multifamily assets: Pawnee Square, a 72-unit community located in the city’s Highland Park neighborhood; and Jemison Flats, a 59-unit community located downtown. The Jemison Flats sale also included more than 23,000 square feet of commercial space. Bo Flurry and Justin Uffinger of NKF’s Birmingham office represented the sellers in both transactions. San Diego-based Verada Properties sold Pawnee Square, located at 2912 Pawnee Ave., to Birmingham-based Welden Field Development. The apartment building was 92 percent occupied at the time of sale. Constructed in 1979, Pawnee Square offers one- and two-bedroom floorplans, including loft-style units. The community features a pool and is situated near both the University of Alabama at Birmingham and the central business district. Jemison Flats, located at 1827 1st Ave. in Birmingham’s Theater District, was sold by Birmingham-based LIV. JLL worked on behalf of the borrower, Highland Real Estate Capital, to secure a three-year, floating-rate acquisition loan through Bridge Investment Group. The apartment building was 93 percent occupied at the time of sale and offers studios, one- and two-bedroom loft-style floorplans, as well as an outdoor green space area, fitness center, grilling station …

January 15, 2020

Acquisitions Florida Retail Southeast

SRS Negotiates $10.9M Sale of Retail Center Near Daytona International Speedway

by Alex Tostado January 15, 2020

DAYTONA BEACH, FLA. — SRS Real Estate Partners has negotiated the $10.9 million sale of Speedway Village, a three-building, 28,075-square-foot retail center located directly across the street from Daytona International Speedway. The center was fully occupied at the time of sale to tenants including Verizon Wireless, Jimmy John’s, FedEx Office, The Vitamin Shoppe, Eyeglass World and Smashburger. The seller, Evans Speedway LLC, developed the property in 2008. The buyers, Ty and Tovah Lohman, represented themselves. Kevin Yaryan, Patrick Luther and Matthew Mousavi of SRS represented the seller in the transaction.

January 15, 2020

Acquisitions Office Texas

Ricchi Group Acquires 200,000 SF Optima Business Park in Dallas

by Taylor Williams January 15, 2020

DALLAS — Locally based investment firm Ricchi Group has acquired Optima Business Park, a 200,000-square-foot office park located at 8777 N. Stemmons Freeway in northwest Dallas. The property, which previously served as the headquarters for cosmetics firm Mary Kay, consists of an eight-story building that was constructed in 1976 and a five-story building that was added in 1985. Len Wood of American Group LLC represented Ricchi Group in the transaction. Jay Lucas of Cushman & Wakefield represented the seller, Optima Stemmons LLC.

January 15, 2020

Acquisitions Massachusetts Northeast Office

Blackstone Acquires 221,474 SF Office Asset in Boston Leather District

by Alex Patton January 15, 2020

BOSTON — Blackstone Real Estate has acquired 179 Lincoln Street, a 221,474-square-foot office asset in the Boston Leather District. Completed in 1899, the building recently underwent a $20 million redevelopment and now offers amenities such as a café, fitness center and a parking garage. At the time of sale, the building was 88 percent leased to tenants including project management software providers Smartsheet and PowerAdvocate, as well as advertising company Outfront Media. Edward Maher, Matthew Pullen and James Tribble led a Newmark Knight Frank team that represented the seller, Invesco Real Estate, in the transaction. The sales price was undisclosed.

January 15, 2020

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Arranges $40M Sale of Grocery-Anchored Retail Center in Blue Bell, Pennsylvania

by Alex Patton January 15, 2020

BLUE BELL, PA. — Marcus & Millichap has arranged the $40 million sale of Centre Square Commons, an 88,598-square-foot retail center in Blue Bell, a northern suburb of Philadelphia. A 22,450-square-foot Aldi Supermarket anchors the shopping center, which was 96 percent occupied at the time of sale. Other tenants include Pennsylvania Fine Wine & Spirits Signature Premium Store, Starbucks and Anthony’s Coal Fired Pizza. Brad Nathanson of Institutional Property Advisors represented the seller, Kinsley Properties, in the transaction. Nathanson also procured the buyer, Medipower Overseas Co.

January 15, 2020

Acquisitions California Multifamily Western

IPA Negotiates $26.2M Sale of Multifamily Asset on Hollywood Boulevard in Los Angeles

by Amy Works January 15, 2020

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Guardian Arms Apartments, a multifamily community located at 5217 Hollywood Blvd. in Los Angeles. A joint venture between MWest Holdings and Pacific Reach sold the property to ROM Investments for $26.2 million, or $259,405 per unit. Built in 1928, Guardian Arms Apartments features 101 residential units and 9,207 square feet of ground-floor retail space. Joe Grabiec, Kevin Green and Greg Harris of IPA represented the seller in the deal.

January 15, 2020

Acquisitions Connecticut Northeast

CBRE Brokers Sale of 250-Unit Avalon Shelton Multifamily Community in Shelton, Connecticut

by Alex Patton January 15, 2020

SHELTON, CONN. — CBRE has brokered the sale of Avalon Shelton, a 250-unit multifamily community located in Shelton, a western suburb of New Haven. Built in 2013, Avalon Shelton offers one- and two-bedroom units with amenities including a fitness center, pool, resident lounge and covered structured parking with direct access to each residential floor. The property is located along the bank of the Housatonic River. Jeffrey Dunne, Gene Pride and Stuart MacKenzie of CBRE represented the owner, AvalonBay Communities, in the transaction. The team also procured the buyer, Merion Realty Partners.

January 15, 2020

Acquisitions Illinois Midwest Multifamily

33 Realty Brokers $54.2M Sale of Apartment Complex in Wheeling, Illinois

by Kristin Harlow January 15, 2020

WHEELING, ILL. — Foxboro Apartments in Wheeling has traded hands for $54.2 million. The 402-unit apartment property is located at 470 Foxboro Drive. Built in two phases in the late 1970s, Foxboro Apartments is a five-building complex offering one- and two-bedroom units. Amenities include a coffee bar, resident lounge, business center, pool, picnic area, sand volleyball court and three-acre lake. Sean Connelly of 33 Realty represented the buyer, Marquette Cos. Tara Mathew, a Chicago-based independent broker, assisted Connelly in the transaction. Partnership Concepts was the seller.

January 15, 2020

Acquisitions Multifamily Texas

NKF Negotiates Sale of 302-Unit Rivera Apartment Community in San Antonio

by Taylor Williams January 14, 2020

SAN ANTONIO — Newmark Knight Frank (NFK) has negotiated the sale of Rivera, a 302-unit apartment community located along San Antonio’s Broadway Corridor between downtown and the Pearl District. Built in 2017, the property features a pool, fitness center, rooftop lounge, business center, a dog park and ground-floor retail space. Patton Jones and Matt Michelson of NKF represented the seller, Austin-based Cypress Real Estate Advisors. The buyer was Houston-based investment and management firm Barvin.

January 14, 2020

Acquisitions Arizona Office Western

ViaWest, Taconic Capital Acquire Two-Building Office Complex in Phoenix for $27M

by Amy Works January 14, 2020

PHOENIX — A joint venture between ViaWest Group and New York-based Taconic Capital Advisors has purchased Canyon Corporate Plaza, a core-plus office campus in Phoenix. An undisclosed seller sold the asset for $27 million. The property consists of a five-story building and a six-story building, each offering a parking garage, plus 6.4 acres of developable land. Constructed in 1989 and 2000, the 313,000-square-foot asset is located at 2510 and 2512 W. Dunlap Ave. in Northwest Phoenix. At the time of sale, the property was 66 percent occupied. The buyers plan to renovate the asset with upgrades including new lobbies, elevator modernizations, a food truck plaza, tenant lounge and more. Dennis Desmond, Tivon Moffitt and Peter Baumann of JLL’s Phoenix office and Lynn LaChapelle of JLL’s San Diego office represented the buyer and seller in the deal. John Bonnell, Brett Abramson, Chris Latvaaho and Chris Beall of JLL will handle leasing for the property.

January 14, 2020

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