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JJ&W Acquires Three-Building Montague Crossing Office Asset in San Jose for $94.7M

by Amy Works November 16, 2022

SAN JOSE, CALIF. — JJ&W has purchased Montague Crossing, an office and R&D asset in San Jose. Four Corners Properties and Rockwood Capital sold the property for $94.7 million in an off-market transaction. Scott Prosser, Joe Moriarty and Jack DePuy of CBRE Capital Markets represented the buyer in the deal. Situated on a 12.4-acre campus, Montague Crossing features 209,425 square feet of space spread across three buildings at 2520 and 2540-2560 Junction Ave. and 541-555 E. Trimble Road. At the time of sale, the campus was fully leased to three R&D tenants in the semiconductor and advanced manufacturing sectors.

November 16, 2022

Acquisitions California Multifamily Western

AFL-CIO Building Investment Trust Sells 347-Unit Centerra Apartments in San Jose

by Amy Works November 16, 2022

SAN JOSE, CALIF. — AFL-CIO Building Investment Trust, advised by PNC Realty Investors, has completed the disposition of Centerra Apartments, a residential tower in San Jose. The name of the seller and acquisition price were not released. Located at 77 N. Almaden Ave., the 21-story Centerra Apartments features 325,169 square feet of residential space and 7,000 square feet of retail space. The 347-unit property offers a mix of one-, two- and three-bedroom apartments, including townhomes, live-work units, lofts and junior units. On-site amenities include a pool, spa, integrated parking structure, media lounge with bar and fireplace, fitness center, outdoor gathering spaces, conference center and game room. Scott Bales of Newmark represented the seller in the deal. Ramsey Daya and Chris Moritz of Newmark arranged acquisition financing for the undisclosed buyer.

November 16, 2022

Acquisitions Illinois Midwest Northmarq Retail

Northmarq Brokers $34.7M Sale of Mariano’s-Occupied Property in Crystal Lake, Illinois

by Kristin Harlow November 15, 2022

CRYSTAL LAKE, ILL. — Northmarq has brokered the $34.7 million sale of a freestanding grocery store property occupied by Mariano’s in the Chicago suburb of Crystal Lake. Built in 2018, the property spans 74,800 square feet. The grocery store features a Starbucks, sushi bar, pizza oven, oyster bar and sweets shop. Jason Maier of Northmarq represented the seller, a New York-based private investor. The New York-based buyer completed a 1031 exchange.

November 15, 2022

Acquisitions Multifamily Texas

Newmark Arranges Sale of 252-Unit Gardens at West Apartments in San Antonio

by Taylor Williams November 15, 2022

SAN ANTONIO — Newmark has arranged the sale of Gardens at West, a 252-unit apartment community in San Antonio. According to Apartments.com, the property was built in 1995 and features one-, two- and three-bedroom units ranging in size from 664 to 1,269 square feet. Amenities include a pool, fitness center, business center, clubhouse, dog park and outdoor grilling and dining areas. Matt Michelson and Patton Jones of Newmark represented the seller, Regional Investment & Management, in the transaction. The buyer, locally based development and investment firm Embrey, will implement a value-add program and rebrand the property as The Hayden on West Avenue.

November 15, 2022

Acquisitions Arizona Multifamily Western

Weidner Apartment Homes Sells Trailside at Hermosa Pointe in Phoenix for $91M

by Amy Works November 15, 2022

PHOENIX — Weidner Apartment Homes has completed the disposition of Trailside at Hermosa Pointe, an apartment community in Phoenix. Knightvest Capital acquired the asset for $91 million, or $270,833 per unit. Built in 1984, Trailside at Hermosa Pointe features 336 apartments with full-size washers/dryers, wood-style vinyl flooring, carpet, tile entryways, walk-in closets, fireplaces and private balconies or patios. Community amenities include three swimming pools, a two-story leasing office and clubhouse, 24-hour fitness center with cardio and weight equipment, community playground, and covered parking. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

November 15, 2022

Acquisitions California Industrial Western

LBA Logistics Acquires Distribution Facility in San Diego for $46.3M in Sale-Leaseback Deal

by Amy Works November 14, 2022

SAN DIEGO — LBA Logistics has purchased 5959 Santa Fe Street, an infill and coastal distribution facility in San Diego’s submarket of Pacific Beach and Rose Canyon. An undisclosed seller sold the asset for $46.3 million in a sale-leaseback transaction. Built in 1980 on 7.1 acres, the 131,299-square-foot building has been the primary beverage distribution center for one of the world’s largest brewing companies. Matt Carlson, Hunter Rowe, Sean Williams, Roger Carlson, Barbara Perrier and Joe Cesta of CBRE represented the seller in the transaction.

November 14, 2022

Acquisitions Illinois Industrial Midwest Self-Storage

Marcus & Millichap Brokers $11.6M Sale of Self-Storage Facility in South Elgin, Illinois

by Kristin Harlow November 14, 2022

SOUTH ELGIN, ILL. — Marcus & Millichap has brokered the $11.6 million sale of an AAA Storage property in South Elgin. Constructed in 1995 and located at 300 Sundown Road, the facility consists of 388 units within eight non-climate-controlled buildings, 13,000 square feet of flex industrial space and 28 outdoor parking spaces. At the time of sale, 96 percent of the units were occupied. Sean Delaney of Marcus & Millichap represented the seller, Shanahan Enterprises LLC, and procured the buyer, Trojan Storage. The transaction also includes an adjacent two-acre parcel where the new owner plans to build a three-story, climate-controlled building.

November 14, 2022

Acquisitions Multifamily Texas

Midway, Arc Capital Acquire 198-Unit Sabine Street Lofts Apartments in Houston

by Taylor Williams November 11, 2022

HOUSTON — A joint venture between locally based developer Midway and Los Angeles-based investment firm Arc Capital Partners has acquired Sabine Street Lofts, a 198-unit apartment complex located near downtown Houston. Built in 2001, the complex houses one- and two-bedroom units with an average size of 1,017 square feet that feature quartz countertops, individual washers and dryers and private balconies/patios. Amenities include two pools, a fitness center, outdoor lounge areas and access to Houston’s Buffalo Bayou trail network. Tom Fish and Jonathan Paine of Walker & Dunlop arranged acquisition financing on behalf of the joint venture. The seller and sales price were not disclosed.

November 11, 2022

Acquisitions Life Sciences Massachusetts Northeast

MetLife Acquires Metro Boston Life Sciences Facility for $103M

by Taylor Williams November 11, 2022

BURLINGTON, MASS. — MetLife Investment Management has acquired Burlington BioCenter, a 109,085-square-foot life sciences facility located about 15 miles northwest of Boston, for $103 million. The facility was converted to life sciences from office usage in 2019 and was fully leased at the time of sale. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, a partnership between The Gutierrez Co. and GEM Realty Capital, in the transaction. David Douvadjian Sr. and Timothy O’Donnell, also with Newmark, arranged an undisclosed amount of acquisition financing on behalf of the buyer.

November 11, 2022

Acquisitions Healthcare Nevada Retail Western

Omninet Capital Divests of 83,930 SF Retail, Medical Plaza in Las Vegas for $25M

by Amy Works November 11, 2022

LAS VEGAS — Beverly Hills, Calif.-based Omninet Capital has sold Nellis Plaza, a retail and medical center in Las Vegas, to Glen Una Management for $25 million. The transaction is the buyer’s first major retail acquisition in the Las Vegas market. Situated on 7.5 acres at 305-325 N. Nellis Blvd., Nellis Plaza features 83,930 square feet of retail and healthcare space. At the time of sale, the property was 98 percent occupied, with only 1,200 square feet vacant. Marlene Fujita Winkel, Charles Moore, Emily Brun and Alex Casingal of Cushman & Wakefield’s Private Capital Group in Las Vegas represented the seller in the deal.

November 11, 2022

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