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JLL Negotiates Sale of 244-Unit Apartment Community in San Antonio

by Taylor Williams June 19, 2019

SAN ANTONIO — JLL has negotiated the sale of Kenton Place Apartments, a 244-unit multifamily community located at 14650 Nacogdoches Road in San Antonio. The property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, playground, a sports court, dog park and onsite laundry facilities. Moses Siller and Zar Haro of JLL negotiated the deal on behalf of the seller, Bruggeman Properties LLC. Mark Brandenburg and C.W. Sheehan of JLL arranged acquisition financing through Chicago-based NXT Capital on behalf of the buyer, Austin-based GVA Real Estate Group.

June 19, 2019

Acquisitions Illinois Midwest Retail

Berger Sells Tesla Building in Highland Park, Illinois

by Kristin Harlow June 19, 2019

HIGHLAND PARK, ILL. — Berger Asset Management has sold a 52,000-square-foot retail building known as the Tesla Building in Highland Park. The sales price was not disclosed. The two-story property is located at 1200 Old Skokie Valley Road. The anchor tenant, Tesla, occupies 32,000 square feet. Bystol Performance Center, a sports performance and personal training firm, occupies the remaining 20,000 square feet. In order to develop the property, Berger Asset Management first had to complete three different acquisitions from unrelated parties to form an assemblage that would ultimately create the existing asset and 140-space parking lot. The site originally consisted of a series of buildings with 10 parking spaces. Tesla signed on as a tenant at the building in 2014. At the location Tesla provides sales, service and charging stations for its north suburban Chicago and southeast Wisconsin clientele. Bystol Performance Center also signed its lease in 2014. Joshua Silverglade of The Equitable Group of Companies represented Berger in the transaction. The buyer, a Hawaii-based private investor, purchased the asset while completing a 1031 tax-deferred exchange.

June 19, 2019

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Acquisitions Colorado Multifamily Western

Bascom Group, Axton Group Buy Two Apartment Properties in Colorado Springs for $41.1M

by Amy Works June 18, 2019

COLORADO SPRINGS, COLO. — The Bascom Group, in partnership with an affiliate of The Axton Group, has acquired Summer Grove Apartments and Tanglewood Apartment Homes, two adjacent multifamily communities in Colorado Springs, for a total consideration of $41.1 million. The joint venture purchased the 374-unit Summer Grove Apartments, located at 3802 Half Turn Road, for $31 million, or $82,887 per unit. The 112-unit Tanglewood property, located at 3803 Half Turn Road, cost $10.1 million, or $90,625 per unit. Jake Young of CBRE brokered the transaction, while Brian Eisendrath and Annie Rice, also of CBRE, arranged debt financing with Don Broderick and Erik Frandsen of TCF Bank.

June 18, 2019

Acquisitions Michigan Midwest Office

Group RMC Acquires Two-Building Office Portfolio in Suburban Detroit

by Kristin Harlow June 18, 2019

TROY, MICH. — An affiliate of New York City-based real estate investment firm Group RMC has acquired Northfield Office Park, a two-building office portfolio located in Troy. The purchase price was not disclosed. The portfolio spans 234,687 square feet and was nearly 70 percent occupied at the time of sale. Anne Galbraith-Kohn of CBRE represented the seller, Hayman Co.

June 18, 2019

Acquisitions Industrial Midwest Missouri Self-Storage

Bellomy & Co. Brokers Sale of Self-Storage Facility in Grain Valley, Missouri

by Kristin Harlow June 18, 2019

GRAIN VALLEY, MO. — Bellomy & Co. has brokered the sale of Spare Garage Storage in Grain Valley, an eastern suburb of Kansas City. The sales price was not disclosed. The self-storage facility sits on 3.2 acres and includes 204 non-climate-controlled units. The property spans 39,700 square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, Mid Central Title Inc. The team also procured the buyer, Kaup Properties LLC.

June 18, 2019

Acquisitions Multifamily Northeast Pennsylvania

FCP Acquires 286-Unit Apartment Community in Philadelphia for $117.9M

by Taylor Williams June 18, 2019

PHILADELPHIA — FCP, a Maryland-based investment firm, has acquired Edgewater, a 286-unit apartment community located at 2323 Race St. in the Center City neighborhood of Philadelphia, for $117.9 million. Edgewater offers a mix of studio, one-, two- and three-bedroom units and amenities such as a 24-hour fitness center with a yoga studio, resident lounge and hospitality center and a children’s play area. The sale includes land for additional development. Erin Miller and Lizann McGowan of Newmark Knight Frank represented the seller, an institutional investor advised by J.P. Morgan Asset Management, in the transaction.

June 18, 2019

Acquisitions Multifamily Texas

CONTI Organization Acquires 350-Unit Apartment Complex in Plano

by Taylor Williams June 17, 2019

PLANO, TEXAS — CONTI Organization, a multifamily investment firm that specializes in value-add deals, has acquired Waterford on the Meadows, a 350-unit complex in Plano. Built on 22 acres in 1984, the garden-style property offers one- and two-bedroom units and amenities such as three pools, a volleyball court and onsite laundry facilities. The seller was California-based Steadfast Income REIT. CBRE brokered the transaction. With this acquisition, CONTI now owns 29 multifamily communities totaling 8,180 units in the metroplex and 40 properties in Texas.

June 17, 2019

Acquisitions Multifamily Washington Western

Joint Venture Buys 198-Unit Bryson Square Apartments Near Seattle for $43.2M

by Amy Works June 17, 2019

KENT, WASH. — A joint venture between RISE Properties Trust and Aegon Real Assets US has acquired Bryson Square Apartments, a multifamily property located at 24006 108th Place SE in Kent, for $43.2 million. Built in 1988, the property features 198 apartments and is situated approximately two miles from Kent Station, an open-air lifestyle destination that features a Sounder commuter train station, 14-screen AMC theater and more than 15 restaurants and 30 retailers and servicers. Seattle-based Thrive Communities will manage the property. Berkadia brokered the transaction, which is the first joint venture between the companies. Including Bryson Square, RISE owns approximately 2,700 units across 15 multifamily properties in the Pacific Northwest.

June 17, 2019

Acquisitions Industrial Midwest Ohio

Modula Purchases Former Dayton Daily News Building in Ohio

by Kristin Harlow June 17, 2019

FRANKLIN, OHIO — Modula, an Italian company that manufactures automated storage systems, has purchased the former Dayton Daily News building in Franklin along I-75. An affiliate of Capital Environmental Risk Transfer Alliance sold the property for nearly $13.2 million, according to the Cincinnati Business Courier. Cox Media Group Ohio previously owned and occupied the 252,000-square-foot building. The company used the facility for the printing of all of its local newspapers. Cox Media Group Ohio announced in July 2017 that company newspapers would be printed at an Indianapolis production facility under an agreement with Gannett Publishing Services. Modula received a Job Creation Tax Credit from the state of Ohio totaling 1.52 percent for seven years. Modula plans to create 100 new jobs at the facility. In partnership with the European American Chamber of Commerce, the project represents ongoing efforts by REDI Cincinnati to attract foreign investment to the greater Cincinnati region. Modula’s investment in southwest Ohio will be its second location in the United States. Chuck Ackerman, Bill Keefer and Todd Cochran of Colliers International brokered the transaction.

June 17, 2019

Acquisitions Industrial Lee & Associates Midwest Wisconsin

Lee & Associates Negotiates Sale of 196,400 SF Spec Industrial Building in Pleasant Prairie, Wisconsin

by Kristin Harlow June 17, 2019

PLEASANT PRAIRIE, WIS. — Lee & Associates has negotiated the sale of a 196,400-square-foot, speculative industrial building within LakeView Corporate Park in Pleasant Prairie for an undisclosed price. The newly completed building features 20 exterior docks and four drive-in doors. Tom Boyle of Lee & Associates represented the buyer, Scannell Properties. John Sharpe of Lee & Associates represented the seller, Lakeview Industrial Development, which is a joint venture between Hunzinger Construction Co. and Wangard Partners. Sharpe and Boyle have been retained by the new owner to market the property for lease.

June 17, 2019

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