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ROCK Commercial Brokers Sale of 17,500 SF Retail Property in Quarryville, Pennsylvania

by Alex Patton January 6, 2020

QUARRYVILLE, PA — ROCK Commercial has brokered the sale of a 17,500-square-foot retail property in Quarryville, located approximately 65 miles west of Philadelphia. Located at 1007 Lancaster Pike, the property includes a main retail building sized at approximately 15,000 square feet and a small warehouse sized at approximately 2,500 square feet. Jason Turnbull and Heather Kreiger of ROCK represented the seller, CCC Real Estate Holding Co. LLC, in the transaction. Drumore Holdings LLC was the buyer. The sales price was undisclosed.

January 6, 2020

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Brokers $51M Sale of Multifamily Community Near Augusta

by Alex Tostado January 6, 2020

GROVETOWN, GA. — Cushman & Wakefield has brokered the $51 million sale of Riverstone Apartment Homes, a 328-unit multifamily community located in Grovetown. NorthRock Cos. acquired the complex located 101 Halton Drive, 11 miles from downtown Augusta. Cushman & Wakefield’s Taylor Bird, Robert Stickel and Nelson Abels represented the seller, Mesa Capital Partners, in the transaction. Built in 2014, Riverstone Apartment Homes is located near Interstate 20 and Ga. State Route 388 and includes a dog park, clubhouse, car care center, fitness center, playground and pool.

January 6, 2020

Acquisitions Office Southeast Tennessee

Crescent Communities Sells Office Building in Nashville’s Cool Springs Submarket for $43.5M

by Alex Tostado January 6, 2020

FRANKLIN, TENN. — Charlotte-based Crescent Communities has sold Two Greenway Centre, a five-story office building in Franklin, 16 miles south of Nashville in the market’s Cool Springs district. The 155,000-square-foot property is located at 302 Innovation Drive on a 16-acre parcel. Nashville Business Journal reports that TA Realty LLC purchased the building from Crescent for $43.5 million. Cushman & Wakefield brokered the sale on behalf of Crescent. Two Greenway is situated near Interstate 65, with access via two interchanges. The LEED Silver-certified building offers open floor plates, a fitness center, parking and nearby walking trails. Construction on Two Greenway began in 2015, and the first office tenants occupied the building in 2017. Little Diversified Architectural Consulting served as the project architect, and Barrett, Woodyard & Associates served as engineer. Whiting-Turner was the general contractor.

January 6, 2020

Acquisitions Alabama Multifamily Southeast

NKF Arranges Sales of Suburban Multifamily Assets Across Alabama Totaling $23.5M

by Alex Tostado January 6, 2020

BIRMINGHAM, ALA. — Newmark Knight Frank (NKF) Multifamily Capital Markets has arranged the sales of three Alabama multifamily communities totaling $23.5 million. Bo Flurry and Justin Uffinger in NKF’s Birmingham office, along with the firm’s National Affordable Housing group, represented the sellers in all three transactions. The deals include Birmingham-based The Gateway Cos. selling Liberty Square, a 168-unit apartment community in Montgomery, to Missouri-based Zimmerman Properties for $9.3 million. Built in 2003, the property was 90 percent occupied at the time of sale. The other deals include Birmingham-based Durham & Associates selling the Carondolet apartment complex in Mobile to an entity managed by Birmingham-based Dobbins Group for $11.6 million. Built in the mid-1970s, Carondolet was 92 percent occupied at the time of sale. Lastly, Birmingham-based Oak Manor Partners sold the Williamsburg Townhomes apartment complex in Gadsden to an undisclosed investor based in California. Constructed in 1973, the community was 95 percent occupied when it sold for $2.6 million.

January 6, 2020

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Negotiates $1.7M Sale of Apartment Building in Suburban Minneapolis

by Kristin Harlow January 6, 2020

SAINT LOUIS PARK, MINN. — Marcus & Millichap has negotiated the sale of Idaho Flats in Saint Louis Park for $1.7 million. The 12-unit apartment building is located at 1328 Idaho Ave. in the Eliot neighborhood of Saint Louis Park, a western suburb of Minneapolis. Built in 1964, the asset was remodeled in 2019. It includes 11 one-bedroom units totaling 750 square feet each and one studio totaling 250 square feet. Abe Roberts, Evan Miller and Chris Collins of Marcus & Millichap brokered the sale on behalf of the undisclosed buyer and seller.

January 6, 2020

Acquisitions California Multifamily Western

Gelt Sells 232-Unit Monterra Ridge Apartments in Santa Clarita for $62.5M

by Amy Works January 6, 2020

SANTA CLARITA, CALIF. — Los Angeles-based Gelt, a real estate investment and asset management firm, has completed the disposition of Monterra Ridge Apartments, a 232-unit multifamily community located in Santa Clarita. Culver City, Calif.-based BAG Investments acquired the property for $62.5 million. Built in 1985, Monterra Ridge is located at 28085 Whites Canyon Road. The pet-friendly property features 16 buildings totaling 88 one-bedroom/one-bathroom units and 144 two-bedroom/two-bathroom units. Community amenities include covered parking, a fitness center, sand volleyball court, clubhouse with a community room, swimming pool and spa. Gelt acquired the property in June 2015 for $45.5 million and implemented a capital improvement program that included renovating approximately 65 percent of the unit interiors with new cabinetry faces and fixtures, stainless steel appliances, vinyl-plank flooring in the living room and new ceiling fans, among other upgrades. Gregory Harris, Kevin Green and Joseph Grabiec from Institutional Property Advisors, a division of Marcus & Millichap, represented both sides of the transaction.

January 6, 2020

Acquisitions Office Texas

Cawley Partners Acquires Rent-A-Center’s Corporate Office Building in Plano

by John Nelson January 3, 2020

PLANO, TEXAS — Cawley Partners, an office real estate investment and development firm based in Dallas, has purchased 5501 Headquarters, a three-story, 169,179-square-foot office building in Plano’s Legacy submarket. Situated near the Dallas North Tollway, the office serves as the corporate headquarters of Rent-A-Center, a rent-to-own furniture and electronics retailer. Rent-A-Center sold the asset to Cawley Partners for an undisclosed price and will remain in roughly 60 percent of the building on the east side. About 70,000 square feet of office space is coming available at 5501 Headquarters in April. Cawley Partners plans to modernize the 2007-era property for multiple tenants. Updates are planned for the lobby, restrooms, fitness center and conference rooms, and Cawley Partners plans to add an upscale convenience market and tenant lounge. Additionally the land off Headquarters Drive has future development opportunities, according to Cawley Partners.

January 3, 2020

Acquisitions Florida Multifamily Southeast

Continental Realty Sells Multifamily Property on Florida’s Space Coast for $55.3M

by Alex Tostado January 3, 2020

ROCKLEDGE, FLA. — Baltimore-based Continental Realty Corp. (CRC) has sold Polo Glen Apartments, a 252-unit multifamily community, to an undisclosed buyer for $55.3 million. Located at 3603 Middleburg Lane in Rockledge, Polo Glen is situated on the Space Coast near Cocoa Beach. Scott Ramey and Patrick Dufour of Newmark Knight Frank’s Multifamily Capital Markets team represented CRC in the transaction. Constructed in 2008, the complex offers one-, two- and three-bedroom floor plans. CRC acquired Polo Glen in 2016 for $38 million from Atlanta-based Pollack Shores Real Estate Group. CRC implemented capital improvements during its ownership, including painting the community exterior and renovating interior units, the clubhouse, leasing office, business center and fitness center, which now features a Peloton bike studio.

January 3, 2020

Acquisitions Retail Southeast Virginia

Divaris Brokers $21.8M Sale of Colonnades West Shopping Center Near Richmond

by Alex Tostado January 3, 2020

GLEN ALLEN, VA. — Virginia Beach-based Divaris Real Estate Inc. has brokered the $21.8 million sale of the Colonnades West shopping center located at 10931 W. Broad St. in Glen Allen. Quebec-based Colterra Capital Corp. purchased 136,082-square-foot shopping center situated 11 miles northwest of Richmond from Los Angeles-based PF Colonnades Corp. Read Goode and Cheryle Toy of Divaris represented the seller in the transaction. Located on 14.7 acres at the southwest corner of West Broad Street and Cox Road, the shopping center is located near Richmond’s Short Pump neighborhood and the Innsbrook Corporate Center office. Colonnades West is 97.5 percent leased to anchor tenants Ross Dress for Less, Marshalls, OfficeMax and Shoe Carnival. CVS/pharmacy and a Men’s Wearhouse occupy freestanding buildings on outparcels of the center. Scott Bois of KeyBank Real Estate Capital originated a $15.5 million acquisition loan on behalf of the buyer. The CMBS loan features a fixed interest rate.

January 3, 2020

Acquisitions Georgia Multifamily Southeast Student Housing

FourPoint Arranges Sale of 446-Bed Student Housing Community Near Savannah College of Art and Design

by Alex Tostado January 3, 2020

SAVANNAH, GA. — FourPoint Investment Sales Partners has arranged the sale of The Hue, a 446-bed student housing community located at 646 W. Bay St. in Savannah, near the Savannah College of Art and Design. The property offers amenities including a pool, sundeck, fitness center, art studio and study areas. Chris Epp, Chris Bancroft, Meredith Wolff McGrath, Matthew Chase and Craig Miller of FourPoint arranged the transaction on behalf of the seller, Atlanta-based CF Real Estate Services. Blue Vista Capital Management purchased The Hue for an undisclosed price.

January 3, 2020

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