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RedHill Realty Investors Divests of 168-Unit Apartment Complex in Washington for $34.5M

by Amy Works October 11, 2019

KENT, WASH. — RedHill Realty Investors has completed the sale of RedHill Pines, a garden-style multifamily community located in Kent. An undisclosed buyer acquired the property for $34.5 million. Located on more than 7 acres off Canyon Drive, RedHill Pines is a 10-building multifamily complex made up of the 98-unit RedHill Pines, which was built in 1980, and the 70-unit RedHill Pines North, which was built in 1988. The adjacent communities share a centralized clubhouse and leasing office. The communities offer a total of 168 units with an average unit size of 796 square feet, with private patios or balconies at each unit. Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer. Additionally, IPA Capital Markets arranged $23.4 million in acquisition financing for the buyer. The 10-year loan features a fixed rate at 3.8 percent with five years of interest-only payments. Philip Assouad, Giovanni Napoli, Ryan Dinius and Sidney Warsinske of IPA handled the transaction, while Ray Allen and Seth Heikkila of IPA Capital Markets arranged the financing for the buyer.

October 11, 2019

Acquisitions Multifamily Texas

Praedium Group Acquires 387-Unit Everly Apartments in West Houston

by Taylor Williams October 11, 2019

HOUSTON — The Praedium Group, a New York-based investment firm, has acquired Everly Apartments, a 387-unit multifamily community in West Houston. Built in 2018, the property offers one- and two-bedroom units that range in size from 659 to 1,292 square feet and feature stainless steel appliances, granite or quartz countertops and custom wood cabinetry. Amenities include a pool with cabanas, a fitness center, indoor golf simulator, outdoor beer garden and a Wi-Fi lounge with private conference rooms. The seller was not disclosed.

October 11, 2019

Residence-Inn-Marriott-Portland-Downtown-RiverPlace-Portland-OR

Acquisitions California Hospitality Oregon Western

Summit Hotel Properties to Acquire Four-Asset West Coast Hotel Portfolio for $249M

by Amy Works October 10, 2019

PORTLAND, HILLSBORO, ORE., AND SOUTH SAN FRANCISCO AND MILPITAS, CALIF. — Through its recently formed joint venture with GIC, Summit Hotel Properties has agreed to acquire four hotels located on the west coast for $249 million. The portfolio is located in three high-growth markets. The properties are the 258-key Residence Inn by Marriott Portland Downtown/RiverPlace in Portland; the 122-guestroom Residence Inn by Marriott Portland Hillsboro in Hillsboro; the 169-key Hilton Garden Inn San Francisco Airport North in South San Francisco; and the 161-room Hilton Garden Inn San Jose/Milpitas in Milpitas, Calif. The total purchase price of $249 million, or approximately $351,000 per key, represents an average capitalization rate of 8.4 percent based on management’s current estimate of the hotels’ net operating income for the full-year 2019. The joint venture plans to invest approximately $23 million of capital on the four hotels during the first three years of ownership. The pending transaction is expected to close in fourth-quarter 2019.

October 10, 2019

Acquisitions Industrial Northeast Pennsylvania

Panadyne Acquires Industrial Center Near Philadelphia for $1.3M

by Alex Patton October 10, 2019

MONTGOMERYVILLE, PA. — An affiliate of raw materials distributor Panadyne Inc. has acquired an industrial center in Montgomeryville, a northern suburb of Philadelphia. Panadyne will occupy approximately 50 percent of the 22,000-square-foot facility, which features 17-foot ceiling heights and 1,500 square feet of office space. Frank Roddy of Roddy Inc. represented Panadyne in the transaction.

October 10, 2019

Acquisitions Industrial Leasing Activity New Jersey Northeast

CBRE Arranges Sale-Leaseback of 100,000 SF Industrial Facility in Fairfield, New Jersey

by Alex Patton October 10, 2019

FAIRFIELD, N.J. — CBRE has arranged the sale-leaseback of a 100,000-square-foot industrial facility in Fairfield, located approximately 20 miles west of New York City. EverWest Real Estate Investors LLC acquired the property from Unifoil Corp., which will continue to occupy the industrial property via a long-term lease. Built in 1988, the property at 12 Daniel Road features 27,000 square feet of office space and parking for 188 cars. William Waxman, Kevin Dudley, David Gheriani and Gil Medina of CBRE represented EverWest in the lease negotiations. The sales price was undisclosed.

October 10, 2019

Acquisitions Illinois Midwest Multifamily

JVM Acquires 254-Unit Apartment Community in Suburban Chicago

by Kristin Harlow October 10, 2019

LA GRANGE, ILL. — JVM Realty Corp. has acquired Uptown La Grange, a 254-unit luxury apartment community in La Grange, about 17 miles west of downtown Chicago. The purchase price and seller were not disclosed. JVM Management Inc. will manage the property, which was built in 2017. Uptown La Grange has a high walk score of 90, as it sits next to a 17-acre public park and is one block away from the LaGrange Road Metra train station. Community amenities at the property include a rooftop terrace, heated pool, bocce ball court, fitness center, yoga studio and clubroom. JVM now owns and operates five multifamily properties in the area.

October 10, 2019

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers Two Chicago Multifamily Sales Totaling $7.5M

by Kristin Harlow October 10, 2019

CHICAGO — Marcus & Millichap has brokered the sales of two multifamily properties on Chicago’s North Side for a combined $7.5 million. Kyle Stengle of Marcus & Millichap marketed the properties on behalf of the sellers. The first property, 1044 W. Newport Ave., is a two-story, nine-unit building in the Lakeview neighborhood. It sold for $4 million. Both the buyer and seller were local partnerships. The second property, 3507-3511 N. Elston Ave. in the Avondale neighborhood, is a four-story, 12-unit building. It sold for $3.5 million. Chicago-based Brennan Investments purchased the building from a California-based seller.

October 10, 2019

Acquisitions Michigan Midwest Retail

Gerdom Realty Arranges Sale of 23,900 SF Retail Property in Livonia, Michigan

by Kristin Harlow October 10, 2019

LIVONIA, MICH. — Gerdom Realty & Investment has arranged the sale of a 23,900-square-foot retail and office property in Livonia for an undisclosed price. The two-building asset is located on Middlebelt Road between 5 Mile and 6 Mile roads. Larry Siedell, Michael Murphy and Tjader Gerdom brokered the sale. A local investor purchased the property with plans to complete an exterior renovation. Gerdom will remain as the listing broker.

October 10, 2019

Acquisitions New Jersey Northeast Office

CBRE Brokers $84.7M Sale of Office Complex in Hamilton, New Jersey

by Alex Patton October 9, 2019

HAMILTON, N.J. — CBRE has brokered the $84.7 million sale of American Metro Center, an office complex in Hamilton, an eastern suburb of Trenton. The 487,072-square-foot facility was originally constructed in 1918 as a plumbing fixture manufacturing facility for American Standard Co. The property has since been redeveloped as an office complex immediately adjacent to the Hamilton Train Station. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer, Zach McHale, Adam Englander and Matt Saker of CBRE represented the buyer, The Birch Group, in the transaction. The CBRE team also represented the seller, which was undisclosed.

October 9, 2019

Acquisitions New Jersey Northeast Office

Colliers Arranges $31.1M Sale of Office Complex in Florham Park, New Jersey

by Alex Patton October 9, 2019

FLORHAM PARK, N.J. — Colliers International has arranged the $31.1 million sale of Florham Park Corporate Center, which consists of twin Class A office buildings totaling 230,000 square feet in Florham Park, located approximately 20 miles west of New York City. At the time of sale, the complex was 88 percent leased by 30 tenants. Amenities of the complex include a central courtyard with landscaped grounds, full-service cafe, conference center, fitness and game center and a bike-sharing program. Jacklene Chesler, Matthew Brown and Frank Summers of Colliers represented the buyer, Association for Corporate Growth, in the transaction. Colliers also represented the seller, a joint venture between Bergman Real Estate Group and Rialto Capital Management LLC.

October 9, 2019

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