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Vulcan Real Estate Sells 209-Unit Augusta Apartments in Seattle for $98.1M

by Amy Works November 21, 2019

SEATTLE — Vulcan Real Estate has completed the disposition of Augusta Apartments, a multifamily property located at 4041 Roosevelt Way NE in Seattle. A joint venture between Security Properties and STARS REI acquired the asset for $98.1 million. Completed in 2017, the seven-story Augusta Apartments features 209 rental units and 3,470 square feet of ground-floor retail space. Community amenities include a roof deck and courtyard, community lounges, a guest suite, study area, fitness center, dog grooming room and a sports court. Runberg Architecture Group designed the LEED Platinum-certified property, which Exxel Pacific constructed. Additionally, the asset is located within walking distance of the University of Washington campus, Burke Gilman Trail and the new University District light rail station, which is slated to open in 2021. David Young and Corey Marx of JLL Capital Markets represented the seller, while Charles Halladay and Scott Gilson of JLL Capital Markets arranged acquisition financing for the buyers.

November 21, 2019

Acquisitions Industrial Midwest Minnesota Self-Storage

SkyView Advisors Brokers Sale of 70,914 SF Self-Storage Facility in Metro Minneapolis

by Kristin Harlow November 21, 2019

PRIOR LAKE, MINN. — SkyView Advisors has brokered the sale of a 70,914-square-foot Select Space Storage facility in Prior Lake within metro Minneapolis. The 3.5-acre property is located at 4370 Fountain Hills Drive. Richard Riddle and Ryan Clark of SkyView represented the seller. Self-storage REIT CubeSmart purchased the property.

November 21, 2019

Acquisitions Maine Multifamily Northeast

CBRE Brokers $20.8M Sale of Bayside Village Apartment Community in Portland, Maine

by Alex Patton November 20, 2019

PORTLAND, MAINE — CBRE has brokered the $20.8 million sale of Bayside Village, a 101-unit apartment community in Portland, located approximately 60 miles south of Augusta. Located at 32 Marginal Way, Bayside Village comprises a five-story residential building with 3,300 square feet of ground-floor retail space. Amenities include bike storage, a resident lounge, business center with print station, laundry facility, outdoor space and a billiards room. The property previously served as a student housing community. The buyer, Port Properties, plans to upgrade the property to increase the overall unit count to 206 residences. Simon Butler and Biria St. John of CBRE, along with Dan Greenstein of The Boulos Company, represented the seller, Blue Vista. The CBRE team worked with Joe Porta of Porta & Co. to procure Port Properties as the buyer.

November 20, 2019

Acquisitions Midwest Missouri Multifamily Student Housing

GMH Capital, AGC Equity Acquire 428-Bed Student Housing Community Near Washington University in St. Louis

by Kristin Harlow November 20, 2019

ST. LOUIS — A joint venture between GMH Capital Partners and AGC Equity Partners has acquired Everly on the Loop, a 428-bed student housing community serving students at Washington University in St. Louis. Built in 2017, the 192,390-square-foot community offers one-, two- and three-bedroom units that average 899 square feet. Shared amenities include a fitness center, yoga room, game room, swimming pool and indoor and outdoor entertainment spaces. The seller and terms of the transaction were undisclosed.

November 20, 2019

Acquisitions Midwest Multifamily Wisconsin

Cushman & Wakefield Brokers $18.7M Multifamily Sale in Suburban Milwaukee

by Kristin Harlow November 20, 2019

WAUKESHA, WIS. — Cushman & Wakefield has brokered the sale of Springdale Apartments in Waukesha for $18.7 million. The three-story, 199-unit multifamily property is located at 2415 Springdale Road. Developed in 1973, the community houses a mix of one-, two- and three-bedroom units averaging 920 square feet. The property was nearly fully leased at the time of sale. Brad Smith of Cushman & Wakefield represented the seller, Milwaukee-based Trike Property Management. Janesville-based Spaulding Group purchased the asset. Prior to the sale, Trike completed renovations to 20 of the units. Spaulding plans to continue upgrading both the units and common areas.

November 20, 2019

Acquisitions Midwest Ohio Restaurant Retail

Boulder Group Brokers $1.8M Sale of Net Leased Taco Bell Property in Toledo, Ohio

by Kristin Harlow November 20, 2019

TOLEDO, OHIO — The Boulder Group has brokered the sale of a single-tenant property net leased to Taco Bell in Toledo for $1.8 million. The building is located at 2234 W. Alexis Road. There are 15 years remaining on Taco Bell’s lease, which is guaranteed by Charter Foods North LLC. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate investment company. A 1031 exchange buyer purchased the property.

November 20, 2019

Acquisitions California Loans Retail Western

JLL Arranges $110M Acquisition Loan for 12-Property Retail Portfolio in Southern California

by Amy Works November 20, 2019

NEWPORT BEACH, LAGUNA BEACH, YOUNTVILLE AND CORONA DEL MAR, CALIF. — JLL has arranged $110 million in acquisition financing for Boardwalk Investments Group. The funds will be used for the purchase of a 12-property retail portfolio in Southern California. John Chun, John Marshall, Sam Godfrey and Jake Fideler of JLL Capital Markets placed the three-year, floating-rate loan with two one-year extension options. Michael Mestel of H.I.G. Realty Partners ran the transaction on behalf of the lender’s retail estate credit fund. Key assets in the portfolio include a CVS/pharmacy-anchored shopping center located at 30814-30936 Pacific Coast Highway in Laguna Beach; a Pavilions-anchored retail center at 3100-3152 Newport Blvd. and a high-street retail asset located at 2902 West Coast Highway in Newport Beach; a fine-dining retail property located at 6725 Washington St. in Yountville; and multiple coastal assets in Newport Beach.

November 20, 2019

Acquisitions Florida Industrial Southeast

Avison Young Negotiates $70M Sale-Leaseback of Transformco Distribution Center in Central Florida

by John Nelson November 19, 2019

OCALA, FLA. — Avison Young’s Florida Capital Markets Group has negotiated the sale-leaseback of the approximately 1.9 million-square-foot Transformco Distribution Center located at 655 S.W. 52nd Ave. in Ocala. HFZ-Reich, a partnership between HFZ Capital Group and Reich Brothers, purchased the asset for $70 million. Michael Fay, Jay Ziv, John Crotty, David Duckworth, Brian de la Fé, Berkley Bloodworth and Emily Brais of Avison Young negotiated the sale on behalf of the seller and tenant, Transform Holdco (Transformco). With the sale-leaseback agreement, Transformco continues to occupy the property to operate its main distribution center supporting Sears, Kmart and Hometown stores in the Southeast United States. The 10-year lease agreement includes a 10-year renewal option for Transformco. In conjunction with the sale of 126,336-square-foot Sears store at 9409 U.S. Highway 19 in Port Richey, Fla., the Transformco deal marks $300 million in sales for Avison Young’s Florida Capital Markets Group in the past two months.

November 19, 2019

Acquisitions Multifamily Texas

Keener Investments Acquires Two Multifamily Assets Totaling 378 Units in North Houston

by Taylor Williams November 19, 2019

HOUSTON — Keener Investments has acquired two multifamily assets totaling 378 units in North Houston. Both the 266-unit Mira Bella Apartments and the 112-unit San Martin Apartments were built in 1982 and offer amenities such as pools and fitness centers. Mira Bella also features a playground, and San Martin features a business center. The new ownership will implement a value-add program and manage the properties moving forward.

November 19, 2019

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

LCS Real Estate Acquires 98-Unit Seniors Housing Community in Pennsylvania

by Alex Patton November 19, 2019

WARRINGTON, PA. — LCS Real Estate has acquired The Solana Doylestown, a 98-unit seniors housing community in Warrington, located approximately 20 miles north of Philadelphia. LCS Real Estate brokered the transaction, and Life Care Services will provide management services; both are LCS companies. The community opened in 2016 and has a total of 70 personal care apartments and 28 memory care residences. Financial details and the name of the seller were not disclosed.

November 19, 2019

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