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Wimatex Acquires 70,262 SF Office Portfolio in North San Diego

by Amy Works December 5, 2022

VISTA AND CARLSBAD, CALIF. — Wimatex has purchased a multi-tenant office portfolio in Vista and Carlsbad from Thibodo LLC and CCSD LLC for $13.9 million. At the time of sale, the two-building, 70,262-square-foot portfolio was fully leased. The first property, located at 1800 Thibodo Road in Vista, is a three-story building featuring 23,690 square feet of Class A office space that is fully leased to nine tenants. The second building, situated at 1959 Palomar Oaks Way in Carlsbad, is a three-story property featuring 46,572 square feet of Class A office space that is fully leased to four tenants. Aric Starck, Drew Dodds and Matty Sundberg of Cushman & Wakefield represented the sellers in the deal.

December 5, 2022

Acquisitions Hospitality Nevada Western

VICI to Buy Blackstone REIT’s Stake in MGM Grand Las Vegas, Mandalay Bay Resort in Las Vegas for $1.3B

by Amy Works December 2, 2022

LAS VEGAS — VICI Properties has entered into an agreement to purchase Blackstone Real Estate Trust’s (BREIT) 49.9 percent interest in the joint venture that owns MGM Grand Las Vegas and Mandalay Bay Resort in Las Vegas. The joint venture between BREIT and MGM Growth Properties was originally formed in early 2020, before VICI’s acquisition of MGM in 2021. VICI will acquire the stake for $1.3 billion and assume BREIT’s pro-rata share of the existing $3 billion property-level debt. The deal is expected to close early in first-quarter 2023. Combined the properties total 18 million square feet, with 11,000 guest rooms, 321,000 square feet of gaming space and 3 million square feet of exhibit and meeting space.

December 2, 2022

Acquisitions Industrial Midwest Self-Storage Wisconsin

Marcus & Millichap Brokers Sale of Self-Storage Portfolio in Sheboygan, Wisconsin

by Kristin Harlow December 2, 2022

SHEBOYGAN, WIS. — Marcus & Millichap has brokered the sale of the Champion Storage portfolio in Sheboygan, about 55 miles north of Milwaukee. The sales price was undisclosed. The portfolio totals five properties and 1,167 units. At the time of sale, the portfolio was 95 percent occupied. The facilities feature both climate-controlled and non-climate-controlled units as well as outdoor parking spaces and portable container units. Sean Delaney of Marcus & Millichap represented the seller, JGSS LLC, and the buyer, Rogers Equity Group IV LLC.

December 2, 2022

Acquisitions Illinois Midwest Multifamily

Monarch Realty Partners Brokers Three Multifamily Sales Totaling $3.9M in Chicago

by Kristin Harlow December 1, 2022

CHICAGO — Monarch Realty Partners has brokered the sales of three multifamily properties totaling 88 units on Chicago’s South Side for $3.9 million. The buildings are located at 8003 S. Ingleside Ave., 7503 S. Yates Blvd. and 7900 S. Essex Ave. Robert Berman and Rudy Hancock of Monarch brokered the transaction on behalf of the separate sellers. Buyer and seller information was not provided.

December 1, 2022

Acquisitions New York Northeast Office

BXP Acquires $121M Interest in Midtown Manhattan Office Building

by Taylor Williams December 1, 2022

NEW YORK CITY — BXP (NYSE: BXP), a REIT formerly known as Boston Properties, has acquired a $121 million interest in 200 Fifth Avenue, an 870,000-square-foot office building in Midtown Manhattan. With this acquisition, BXP now holds 27 percent of the equity, with institutional investment firms advised by J.P. Morgan Global Alternatives owning the remaining 73 percent. The 14-story building was originally constructed in 1909 and is currently 93 percent leased to tenants such as Grey Advertising, Tiffany & Co. and Yelp. The building’s mortgage loan has an outstanding principal balance of $600 million, bears interest at 4.34 percent per annum and matures in November 2028.

December 1, 2022

Acquisitions Development Hospitality Maryland Multifamily Southeast

Vivo Living to Convert Two-Tower Hotel in Baltimore to 708-Unit Apartment Property

by John Nelson December 1, 2022

BALTIMORE — Vivo Living, an affiliate of adaptive reuse developer Vivo Investments LLC, has purchased a vacant two-tower hotel property in Baltimore that was previously a dual-branded Radisson and Holiday Inn. The company plans to convert the 23- and 27-story towers into an apartment development comprising 708 units, the vast majority of which will be studio units ranging between 300 and 350 square feet. Vivo Living will also update the property’s amenity package, including gyms, yoga/mindfulness studios, pool, convenience store, renovated lobby, outdoor barbecue areas, self-storage space and banquet/coworking space. Vivo Living has tapped locally based Urban Design Group to design the adaptive reuse project. Parkview Financial provided a $45 million construction loan to Vivo Living to fund the redevelopment.

December 1, 2022

Acquisitions Multifamily Seniors Housing South Carolina Southeast

Hudson Capital Sells Active Adult Community in Myrtle Beach for $53.2M

by John Nelson November 30, 2022

MYRTLE BEACH, S.C. — Hudson Capital Properties (HCP) has sold Inspire Coastal Grand, a 194-unit active adult community in Myrtle Beach. An undisclosed buyer acquired the property for $53.2 million. Tai Cohen of Cushman & Wakefield represented HCP in the transaction. Units are available in one-, two- and three-bedroom options. Cape Fear Commercial co-developed the project alongside HCP. The partnership broke ground on the community in 2019. Like many of the Southeastern markets where HCP invests, the greater Myrtle Beach area benefits from continued population growth that has strong potential to continue over the long term, according to HCP.

November 30, 2022

Royal-Pines-at-Marlboro-Englishtown-New-Jersey

Acquisitions Multifamily New Jersey Northeast

F.M. Ferrari Acquires Active Adult Community in Englishtown, New Jersey, for $29.9M

by Taylor Williams November 30, 2022

ENGLISHTOWN, N.J. — F.M. Ferrari Investments has acquired Royal Pines at Marlboro, an 89-unit active adult community in Englishtown, located in the Garden State’s Raritan Valley area. The sales price was $29.9 million. Built in 2008, Royal Pines at Marlboro offers one- and two-bedroom units that are mostly restricted to renters age 55 and above. Amenities include a fitness center, business center, game room, library and outdoor grilling and dining areas. Michael Oliver, Jose Cruz, J.B. Bruno, Steve Simonelli and Michael Zlotnick of JLL represented the seller, a joint venture between GRJ and Castellan Real Estate Partners, in the transaction.

November 30, 2022

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers $10.5M Sale of Historic Multifamily Property in Chicago

by Kristin Harlow November 30, 2022

CHICAGO — Marcus & Millichap has brokered the sale of a 25-unit multifamily property in Chicago’s Streeterville neighborhood for $10.5 million. The property at 227 E. Walton Place rises 13 stories. Designed by Chicago architect Harry Weese, the building was completed in 1956 and designated a Chicago landmark in 2012. Of the 25 units, 24 have been updated, mostly in the last three years. Kyle Stengle, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, Brad Management, which previously worked with the same brokerage team to acquire the property through a condo deconversion in 2018. The buyer, Altitude Capital Partners, plans to modernize the common areas.

November 30, 2022

Acquisitions California Multifamily Western

Kidder Mathews Brokers $13.7M Sale of Union 5 Apartments in Long Beach, California

by Amy Works November 30, 2022

LONG BEACH, CALIF. — Kidder Mathews has arranged the sale of Union 5 Apartments in Long Beach. The asset traded for $13.7 million. The names of the seller and buyer were not released. Darin Beebower and Mark Ventre of Kidder Mathews handled the transaction. Located at 1821-27 E. 5th St., the 25,056-square-foot property features 34 apartments. Built in 1960, Union 5 was renovated in 2018.

November 30, 2022

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