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Avison Young Negotiates Sale of 10,438 SF Office Condominium in Manhattan

by Alex Patton January 8, 2020

NEW YORK CITY — Avison Young has arranged the sale of a 10,438-square-foot office condominium in Manhattan to education union Local 372 for $9.2 million. The space is located on the 8th floor of a 13-story office building at 20 W. 33rd St. between Fifth Avenue and Broadway, walking distance from Penn Station, Herald Square and the Port Authority Grand Central Tunnel. Local 372 will use the office as its headquarters. James Nelson, David Lawrence and Carter Lovejoy represented the sellers, which included 60 Guilders.

January 8, 2020

Acquisitions Office Southeast Virginia

NKF Brokers $19.2M Sale of Office Portfolio in Stafford, Virginia

by Alex Tostado January 8, 2020

STAFFORD, VA. — Newmark Knight Frank (NKF) has arranged the $19.2 million sale of Stafford Commerce Center and Stafford Commerce Park in Stafford, 11 miles southeast of Quantico. The six-building portfolio totals 272,000 square feet of office space, as well as 18 acres of land. NKF’s Larry FitzGerald and Cole Spalding represented the seller, Hudson Advisors LP, in the transaction. The buyer is Next Tier Real Estate Investors. Built between 2001 and 2006, the portfolio is situated near Interstate 95 and Jefferson Davis Highway.

January 8, 2020

Acquisitions Office Oklahoma Texas

Gardner Tanenbaum Holdings Sells Boeing Campus in Oklahoma City for $124.7M

by John Nelson January 8, 2020

OKLAHOMA CITY — Gardner Tanenbaum Holdings (GTH), a development and construction management firm, has sold the Boeing Oklahoma City office campus. The California-based buyer, OKC Aerospace 1 LLC, purchased the property for $124.7 million. Located at 6001 S. Air Depot Road, the campus is situated directly west of Tinker Air Force Base and 10 miles southeast of downtown Oklahoma City. GTH developed the three build-to-suit office buildings for Boeing in 2007, 2011 and 2012. The campus houses about 3,155 Boeing personnel who work with the Tinker Air Force Base for U.S. defense aircraft. Mark Beffort and Brett Price of Newmark Grubb Levy Strange Beffort represented both the buyer and seller in the transaction. Oklahoma City-based GTH manages more than 1 million square feet of multifamily properties, 6 million square feet of industrial and office space and has an inventory of over 250 acres of land holdings for future development in the region.

January 8, 2020

Acquisitions Midwest Office Ohio

Alterra Acquires 86,524 SF Office Building in Columbus, Ohio for $6.5M

by Kristin Harlow January 8, 2020

COLUMBUS, OHIO — Brad Kitchen of Alterra Real Estate Advisors has acquired a five-story, 86,524-square-foot office building known as 3 Easton Oval in Columbus for $6.5 million. M/I Homes sold the property and had owned and operated it since 1995. M/I plans to vacate the building this spring. Alterra plans to undertake a renovation of the property that will include an update of the lobby and tenant spaces. Kevin Serna of Liberty National Bank originated acquisition financing.

January 8, 2020

Acquisitions Midwest Missouri Multifamily

Newmark Grubb Zimmer Arranges Sale of 36-Unit Multifamily Property in Suburban Kansas City

by Kristin Harlow January 8, 2020

GRAIN VALLEY, MO. — Newmark Grubb Zimmer has arranged the sale of a 36-unit multifamily property in Grain Valley, an eastern suburb of Kansas City. The sales price was undisclosed. The property, located on Barr Road, was fully occupied at the time of sale. Chris Robertson and Trenton Wahl of Newmark Grubb Zimmer brokered the transaction. T&T Real Estate LLC sold the asset to a Utah-based investor.

January 8, 2020

Acquisitions Arizona Multifamily Western

Private Investor Sells Revival on Thomas Apartment Complex in Phoenix for $21M

by Amy Works January 8, 2020

PHOENIX — A local private investor has completed the disposition of Revival on Thomas, a multifamily property located in Phoenix. An out-of-state buyer acquired the property for $21 million, or $135,484 per unit. Located at 5008 E. Thomas Road, Revival on Thomas features 155 units in a mix of studio, one- and two-bedroom layouts with updated electric kitchens, individual water heaters, air conditioning, ceiling fans and walk-in closets. Built in 1979, the property was renovated in 2018. Community amenities include a new security gate, covered parking, a leasing office with adjoining fitness center and a resort-style pool and spa. Rich Butler of Marcus & Millichap’s Phoenix office represented the seller in the transaction.

January 8, 2020

Acquisitions Retail Texas

JLL Brokers Sale of Gold’s Gym-Anchored Shopping Center in San Antonio

by John Nelson January 7, 2020

SAN ANTONIO — JLL has arranged the sale of Shops at Walzem, a 55,526-square-foot shopping center in San Antonio anchored by Gold’s Gym. The retail property is located at 7650 FM 78, three miles from Randolph Air Force Base on the east side of San Antonio. The tenant roster at Shops of Walzem includes Beauty Supply, Iglesia Pentecostal and Sun Sews Alterations. Aaron Johnson, John Taylor, Chris Murphy and Ross Crawford of JLL represented the seller, Gold’s Gym, in the transaction. Mark Sher of KW Commercial represented the undisclosed buyer.

January 7, 2020

Acquisitions Multifamily Seniors Housing Washington Western

NHI, LCS Form Joint Venture to Acquire Timber Ridge CCRC in Washington for $133M

by Amy Works January 7, 2020

ISSAQUAH, WASH. — National Health Investors (NHI) has formed a joint venture with an affiliate of Life Care Services (LCS) to acquire and operate Timber Ridge at Talus, a continuing care retirement community (CCRC) in Issaquah. The buyers will acquire Timber Ridge from a joint venture between Westminster Capital and LCS for $133 million, exclusive of closing costs that are estimated to be approximately $2 million. Originally built in 2008 and expanded in 2017, the property features 401 units, including 330 independent living apartments, 14 assisted living apartments, 12 memory care apartments and 45 skilled nursing beds. At the time of sale, the property was more than 95 percent occupied. The joint venture consists of two parts: the property company and an operating company. The operating company will be capitalized with $3.2 million initially. NHI will own an 80 percent ownership interest in the property company and LCS will own the remaining 20 percent; NHI will own a 25 percent interest in the operating company and LCS will own 75 percent. Additionally, NHI is contributing $43.2 million to the property company and $800,000 to the operating company for working capital. NHI has also agreed to provide financing to the property …

January 7, 2020

Acquisitions Indiana Midwest Multifamily Seniors Housing

ESI Negotiates $9M Sale of Skilled Nursing Facility in Lawrenceburg, Indiana

by Kristin Harlow January 7, 2020

LAWRENCEBURG, IND. — Evans Senior Investments (ESI) has negotiated the sale of Shady Nook Care Center, a 94-bed skilled nursing facility in Lawrenceburg, located along the Ohio River near the Kentucky and Ohio borders. An independent owner-operator was the seller. A national owner-operator group bought the property for $9 million, or $96,000 per bed. Built in 1983, Shady Nook Care Center is located in a tertiary submarket of Cincinnati. The facility was 79 percent occupied at the time of sale.

January 7, 2020

Acquisitions Connecticut Multifamily Northeast

AJH Management Acquires 242-Apartment High-Rise in Stamford, Connecticut

by Alex Patton January 6, 2020

STAMFORD, CT. — AJH Management has acquired Infinity Harbor Point, a 242-unit high-rise apartment building in Stamford, for $90 million. Completed in 2012, the building features one- and two-bedroom floor plans with amenities including a fitness center with Peloton cycles and an outdoor area with a fire pit and barbecue grills. Jeffrey Dunne, Gene Pride, Jeremy Neuer led a CBRE team that procured AJH Management as the buyer. The CBRE team also represented the seller, an undisclosed institutional owner.

January 6, 2020

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