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Cushman & Wakefield Brokers Sale of 154-Unit Multifamily Community on Long Island

by Alex Patton December 18, 2019

FARMINGDALE, N.Y. — Cushman & Wakefield has brokered the sale of The Jefferson at Farmingdale Plaza, a 154-unit multifamily community located in the western Long Island city of Farmingdale. Built in 2015, the property features two three-story buildings at 148 South Front St., adjacent to the Farmingdale LIRR rail station. Amenities include a health club with a yoga studio and aerobics center, business lounge, billiards room and a media center with a movie theater. The property also features 20,000 square feet of retail space leased to tenants including Starbucks, TAO Asian Bistro and Eastern Breeze spa. Kevin Donner and Brian Whitmer led the Cushman & Wakefield team that represented the seller, a joint venture between H.I.G. Realty Partners and JPI Cos. The team also procured the buyer, Fairfield Properties. The sales price was undisclosed.

December 18, 2019

Acquisitions Iowa Midwest Multifamily South Dakota

IRET Sells 970-Unit Multifamily Portfolio in Iowa, South Dakota for $78M

by Kristin Harlow December 18, 2019

SIOUX CITY, IOWA AND SIOUX FALLS, S.D. — IRET has sold a 10-property, 970-unit multifamily portfolio in Sioux City and Sioux Falls for $78 million. Monarch Investment and Management Group purchased the three Sioux City properties, which total 444 units. The communities were built between 1970 and 1998. Monitor Finance acquired the seven Sioux Falls properties, which total 526 units. They were completed between 1985 and 2000. At the time of sale, the occupancy for the entire portfolio was 93 percent. Mox Gunderson, Dan Linnell, Josh Talberg, Adam Haydon and David Gaines of JLL represented IRET in the sale.

December 18, 2019

Acquisitions Illinois Midwest Multifamily

JVM Acquires 115-Unit Apartment Complex in Downers Grove, Illinois

by Kristin Harlow December 18, 2019

DOWNERS GROVE, ILL. — JVM Realty Corp. has acquired Maple & Main, a 115-unit luxury apartment complex in Downers Grove, from an undisclosed seller. Completed in 2018, Maple & Main is home to a fitness center, yoga room, rooftop lounge, clubroom, package room, pet spa and heated pool. The community’s ground floor features The FoxTail, a 4,289-square-foot restaurant that is slated to open in January. JVM Management Inc. will manage the property. JVM also announced it will close two equity funds that are expected to raise a combined $115 million. The two funds, Fund 7 and Premier Fund III, are currently co-invested in five apartment communities: The Landing at Briarcliff in Kansas City; Summit Ridge Apartments in Lee’s Summit, Mo.; Randall Highlands in North Aurora, Ill.; Uptown LaGrange in LaGrange, Ill.; and Maple & Main. The total acquisition cost of the five properties was $291.4 million.

December 18, 2019

Acquisitions Illinois Industrial Midwest

NKF Brokers Sale-Leaseback of Suburban Chicago Industrial Property

by Kristin Harlow December 18, 2019

AURORA, ILL. — Newmark Knight Frank (NKF) has brokered the sale-leaseback of 1175 S. Frontenac St., a 120,000-square-foot industrial building in Aurora. The sales price was undisclosed. Elise Couston and Adam Marshall of NKF represented the seller, design studio Embossed Graphics Inc., which will lease back the property from Exeter Property Group. Located in the Meadow Lakes Corporate Park, the facility was constructed in 1999 as a build-to-suit for Embossed Graphics. The building features a clear height of 24 feet, 10,000 square feet of office space and parking for 135 vehicles.

December 18, 2019

Acquisitions California Mixed-Use Multifamily Retail Western

Cityview Sells Equity Share of The Pearl on Wilshire in Los Angeles

by Amy Works December 18, 2019

LOS ANGELES — Cityview has completed the sale of its equity share of The Pearl of Wilshire, a mixed-use development in the Koreatown neighborhood of Los Angeles. Cityview developed the community on land originally entitled by Hankey Investment Co., and sold its interest to Hankey for a total asset value of $170.9 million. Located at 687 S. Hobart Blvd., the 346-unit property features 17 floor plans in a mix of studio, one- and two-bedroom units above 8,300 square feet of retail space. All units feature keyless door locks, a full-sized washer and dryer, stainless steel appliances, a five-burner gas range, smart thermostat, quartz countertops and a terrace, while select units feature high ceilings and oversized balconies. Community amenities include a large pool deck with cabanas and lounge seating; rooftop terrace with a fireplace; Korean barbecue grills; game and club room; fitness center with yoga room and Fitness On-Demand; dog agility center and grooming spa; and three open-air lounges with fire pits and a bocce ball court. Additionally, the property features a Think Space conference room and 24-hour business center with computers and printers. The Pearl’s lobby also features an Uber/Lyft waiting area, complimentary Wi-Fi, charging station, 24-hour concierge, secure entry …

December 18, 2019

Acquisitions Multifamily Northeast Rhode Island

CBRE Brokers $20.4M Sale of Multifamily Property in Portsmouth, Rhode Island

by Alex Patton December 17, 2019

PORTSMOUTH, R.I. — CBRE has brokered the $20.4 million sale of Bay View Estates, a 130-unit multifamily community in Portsmouth, located approximately 20 miles southeast of Providence. Bay View Estates comprises 72 apartments in a single eight-story high-rise building, 35 apartments in a garden building and 23 direct-access units in a terrace building. Floor plans include a mix of studio, one-bedroom and two-bedroom flats with an average size of 743 square feet per unit. Amenities include a community room, outdoor pool, gym and a tennis count. Simon Butler and Biria St. John of CBRE represented the seller, Bay View Apartments LLC, a partnership that includes Chestnut Hill Realty and Providence and Lisco Development. The CBRE team also procured the buyer, Schochet Cos.

December 17, 2019

Acquisitions California Office Western

Buchannan Street Partners Sells Two-Building Inland Empire Office Campus for $38.6M

by Amy Works December 17, 2019

ONTARIO, CALIF. — Buchannan Street Partners has completed the disposition of a two-building office campus located on East Guasti Road in Ontario. MGR Real Estate Inc. acquired the asset for $38.6 million. Built in 2005 and 2007, the complex features 159,092 square feet of Class A office space. The five-story, 91,357-square-foot property situated on 6.54 acres at 3110 E. Guasti Road is known as University Plaza, while the three-story, 67,735-square-foot building located at 3200 E. Guasti Road is known as Waterside Center I. Kevin Shannon, Brunson Howard, Ken White, Paul Jones and Rick Stumm of Newmark Knight Frank’s U.S. Capital Markets team represented the seller, while the buyer was self-represented in the transaction.

December 17, 2019

Acquisitions Kansas Midwest Retail

MAG Capital Partners Acquires 43,000 SF Kansas Retail Building in Sale-Leaseback

by Kristin Harlow December 17, 2019

OVERLAND PARK, KAN. — MAG Capital Partners LLC has acquired a 43,000-square-foot retail building located at 12100 Blue Valley Parkway in Overland Park for an undisclosed price. The seller, Lukas Wine & Spirits Superstore, will lease back the property. Brendan McPherson of Polsinelli PC and Mary Garnett of Barnes & Thornburg LLP represented MAG Capital Partners, which is led by principals Dax T.S. Mitchell and Andrew Gi. Victor Saponari of Quantum Capital arranged acquisition financing through Deutsche Bank. Michael Kaider of CBRE represented the seller.

December 17, 2019

Acquisitions Illinois Industrial Midwest

SVN Commercial Brokers $3.5M Sale of Flex Industrial Building in Chicago

by Kristin Harlow December 17, 2019

CHICAGO — SVN Chicago Commercial has brokered the sale of an approximately 48,000-square-foot flex industrial building in Chicago’s Humboldt Park neighborhood for $3.5 million. The property is located at 1757 N. Kimball Ave., along the 606 Trail. Wayne Caplan of SVN represented the seller. Buyer and seller information was not disclosed.

December 17, 2019

Acquisitions Industrial Northeast Rhode Island Self-Storage

Marcus & Millichap Arranges Sale of 458-Unit Self-Storage Facility in Central Falls, Rhode Island

by Alex Patton December 16, 2019

CENTRAL FALLS, R.I. — Marcus & Millichap has arranged the sale of RI Self Storage, a 458-unit facility in Central Falls, a northern suburb of Providence. Located at 817 Dexter St., the facility comprises 316 climate-controlled units, 142 non-climate-controlled units and three office and warehouse spaces totaling 37,826 net rentable square feet. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, an undisclosed private investor. Nathan Coe and Hatcher also represented the buyer, a limited liability company.

December 16, 2019

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