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Twins Real Estate Acquires 96-Unit Apartment Property in Jackson, Michigan

by Kristin Harlow October 17, 2019

JACKSON, MICH. — Twins Real Estate LLC has acquired North Pointe Apartments in Jackson, about 40 miles west of Ann Arbor. The five-building, 96-unit apartment property is located at 3021 N. Pointe Drive. Amenities include a pool, playground, picnic area and community room. Jack Johns and Stephen Hershfield of CBRE arranged the sale on behalf of the seller, Madison North Pointe LLC. Jason Brown of CBRE structured a $3.1 million Freddie Mac acquisition loan on behalf of the buyer. The 10-year, fixed-rate loan is amortized over 30 years. Andover Management will manage the property.

October 17, 2019

Acquisitions Hospitality Nevada Retail Top Stories Western

MGM Agrees to Sell Las Vegas Resorts Bellagio, Circus Circus for $5B

by Alex Patton October 16, 2019

LAS VEGAS — MGM Resorts International (NYSE: MGM) has agreed to sell its Bellagio and Circus Circus resort assets on the Las Vegas Strip in two different transactions for a combined price of approximately $5 billion. Blackstone Real Estate Income Trust (BREIT) will acquire Bellagio in a $4.25 billion sale-leaseback deal. As part of the transaction, BREIT and MGM will form a joint venture ownership agreement, with BREIT owning 95 percent. MGM will continue to lease, manage and operate the property, with an initial annual rent of $245 million. MGM also agreed to sell its Circus Circus Las Vegas resort to an affiliate of Treasure Island Hotel and Casino owner Phil Ruffin for $825 million. Both sales are expected to close by the end of 2019. “We will use the proceeds from [these transactions] to build a fortress balance sheet and return capital to shareholders,” says Jim Murren, chairman and CEO of MGM Resorts International. “These transactions enhance the company’s strategic and operational flexibility and reinforce its commitment to targeted new growth opportunities, including securing and investing in one of the integrated resort licenses in Japan and becoming an industry leader in sports betting in the U.S.” The sale-leaseback deal …

October 16, 2019

Acquisitions Arizona Office Western

Bridge Investment Group Purchases 439,584 SF Office Campus in Phoenix

by Amy Works October 16, 2019

PHOENIX — Bridge Investment Group’s subsidiary Bridge Office Fund Manager has purchased Phoenix Gateway Center, a Class A office campus located on North 44th Street in Phoenix. The 439,584-square-foot asset consists of two four-story buildings (One Gateway and Two Gateway) and one 11-story building (Three Gateway). Originally built between 1984 and 1988, the office complex recently underwent more than $4.7 million in renovations and capital improvements. Bridge plans to invest approximately $2.7 million in further enhancements at Phoenix Gateway Center, including upgrades to lobbies, elevator cabs, outdoor space, common areas on the individual floors, the fitness center and the conference room. Renovations are slated to begin immediately, with the first phase scheduled for delivery in second-quarter 2020. John Bonnell, Brett Abramson, Chris Latvaaho and Chris Beall of JLL will handle the leasing of the property. Bridge Commercial Real Estate LLC, the operating company for Bridge Office, will oversee all leasing, property management and redevelopment work at Phoenix Gateway.

October 16, 2019

Acquisitions Midwest Minnesota Multifamily

Redwood Capital Sells 320-Unit Apartment Property in Burnsville, Minnesota

by Kristin Harlow October 16, 2019

BURNSVILLE, MINN. — Redwood Capital Group LLC has sold Southwind Village, a 320-unit apartment property in Burnsville. An Indianapolis-based investment firm purchased the asset. CBRE brokered the sale. Southwind Village consists of five two-story, townhome-style buildings. Amenities include a fitness center, two swimming pools, an outdoor kitchen, package delivery system and community room. Redwood has updated a portion of the units with new plumbing fixtures, countertops, appliances and lighting. The buyer and sales price were not disclosed.

October 16, 2019

Acquisitions California Multifamily Student Housing Western

The Dinerstein Cos., Harrison Street Acquire Six Student Housing Communities Near UC Berkeley

by Amy Works October 15, 2019

BERKELEY, CALIF. — A joint venture between The Dinerstein Cos. and Harrison Street has acquired six student housing communities located near the University of California, Berkeley. Equity Residential sold the properties for an undisclosed price. Acquisitions include The Berkeleyan, Renaissance Villas, ARTech, Touriel, Fine Arts and Gaia. The properties have been rebranded The Sterling Berkeley Collection, and renamed Sterling Addison, Sterling Allston, Sterling Haste, Sterling Jefferson, Sterling Oxford and Sterling University Ave.

October 15, 2019

Acquisitions Hospitality Illinois Midwest

Service Properties Trust Acquires Kimpton Palomar Hotel in Chicago for $55M

by Kristin Harlow October 15, 2019

CHICAGO — Service Properties Trust (SVC) has acquired the 261-room Kimpton Palomar Hotel in Chicago for $55 million. The hotel will be added to SVC’s existing agreement with Intercontinental Hotels Group. Built in 2010, the hotel is located at 505 N. State St. near Michigan Avenue. SVC is a real estate investment trust that owns a portfolio of hotels and retail properties and is managed by the operating subsidiary of The RMR Group Inc.

October 15, 2019

Acquisitions Industrial Midwest Ohio

Griffin Capital Sells Industrial Building in West Jefferson, Ohio for $30.3M

by Kristin Harlow October 15, 2019

WEST JEFFERSON, OHIO — Griffin Capital Essential Asset REIT Inc. has sold a 160,410-square-foot industrial building in West Jefferson for $30.3 million. FedEx Freight occupies the Class A property, which is located at 10 Commerce Parkway, about 20 miles west of Columbus. The REIT initially purchased the building in July 2015.

October 15, 2019

Acquisitions California Retail Western

SENTRE Acquires San Marcos Village Retail Center in North San Diego County for $19.2M

by Amy Works October 14, 2019

SAN MARCOS, CALIF. — San Diego-based SENTRE Inc. has purchased San Marcos Village, a neighborhood retail center located in San Marcos. A San Diego-based joint venture partnership sold the property for $19.2 million. At the time of sale, the grocery-anchored center was 92 percent leased to a variety of tenants, including Grocery Outlet, 99 Cents Only Store and AutoZone. Philip Voorhees, Reg Kobzi, Preston Fetrow and Eric Shain of CBRE National Retail Partners-West represented both parties in the transaction. Scott Peterson, Bill Chiles, Brian Cruz and Morgon Fraser of CBRE’s San Diego Debt & Structured Finance team arranged an $11.6 million, seven-year, fixed-rate loan through a regional bank for the buyer.

October 14, 2019

Acquisitions Industrial Massachusetts Northeast

Berkeley Partners Acquires Two Industrial Flex Properties Near Boston for $14.5M

by Alex Patton October 14, 2019

MARLBOROUGH AND BILLERICA, MASS. — Berkeley Partners has acquired two industrial flex properties near Boston for $14.5 million. The two single-building properties, which include 734 Forest Street in Marlborough and 35 Dunham Road in Billerica, total 120,796 square feet. Both buildings were 100 percent leased at the time of sale. Scott Dragos, Doug Jacoby, Chris Skeffington, Roy Sandeman, Anthony Hayes, Timothy Mulhall and Daniel Hines of CBRE represented Berkeley Partners in the transaction. The team also represented the seller, The RAM Companies USA.

October 14, 2019

Acquisitions Illinois Industrial Midwest

ML Realty Purchases 302,354 SF Industrial Property in Bolingbrook, Illinois

by Kristin Harlow October 14, 2019

BOLINGBROOK, ILL. — ML Realty Partners has purchased a 302,354-square-foot industrial property in Bolingbrook for an undisclosed price. The newly constructed, Class A building is located at 999 Dalton Lane near I-55. It is immediately available for lease and features a clear height of 36 feet. Jeff Devine and Steve Disse of Colliers International brokered the transaction. The seller was not disclosed.

October 14, 2019

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