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Cushman & Wakefield Brokers Sale of 88,910 SF Office Building in Morris Plains

by David Cohen March 7, 2019

MORRIS PLAINS, N.J. — Cushman & Wakefield has arranged the sale of a three-story office building in Morris Plains. The sales price was undisclosed. Located at 201 Littleton Road, the 88,910-square-foot property is set on a nearly 17-acre site. The property was 44 percent leased at the time of sale to a tenant roster that includes the State of New Jersey. Andrew Merin, Andrew Schwartz and Kubby Tischler of Cushman & Wakefield represented the seller, Mack-Cali Realty Corp., in the transaction. The buyer was Chopp Holdings, a local investor.

March 7, 2019

Acquisitions Multifamily Nevada Western

PacifiCap Properties Sells 332-Unit Multifamily Asset in Reno for $35.3M

by Amy Works March 7, 2019

RENO, NEV. — Portland, Ore.-based PacifiCap Properties has completed the disposition of Southwest Village, a multifamily property located in Reno’s Old Southwest Reno neighborhood. A New York-based company acquired the property for $35.3 million, or $106,476 per unit. Constructed in 1972, the 14-building, controlled-access community features 332 apartments averaging 852 square feet, two swimming pools, three laundry facilities and 500 parking spaces. Kenneth Blomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap represented the seller and procured the buyer in the transaction.

March 7, 2019

Acquisitions Multifamily Student Housing Texas

Nelson Partners Acquires Student Housing Property Near UT Austin for $100M

by Taylor Williams March 7, 2019

AUSTIN, TEXAS — California-based investment firm Nelson Partners has acquired Skyloft, a student housing property located one block from the University of Texas (UT) at Austin, for $100 million. The newly built, 18-story community features 674 beds. Amenities include a rooftop pool, fitness center, marketplace, study lounges and full-meal vending machines. The property was 100 percent occupied at the time of sale and is 77 percent preleased for the 2019-2020 academic year. Marcus & Millichap Capital Corp. arranged a $66.1 million acquisition loan that carried a 10-year term and a fixed interest rate of 4.5 percent, for the transaction.

March 7, 2019

Acquisitions Kansas Midwest Multifamily

Hamilton Zanze Acquires 272-Unit Apartment Community in Overland Park, Kansas

by Kristin Harlow March 7, 2019

OVERLAND PARK, KAN. — Hamilton Zanze has acquired the 272-unit Metcalf Village Apartments in Overland Park for an undisclosed price. The company plans to rebrand the community as Boulders at Overland Park Apartments. Built in 2017, the property spans 261,862 square feet. Amenities include a fitness center and a saltwater pool. Hamilton Zanze, a San Francisco-based real estate investment company, plans to improve outdoor lighting and landscaping. Mission Rock Residential will manage the asset. The seller was not disclosed.

March 7, 2019

Acquisitions Illinois Midwest Retail

Quantum Brokers $5.4M Sale of Retail Building in Warrenville, Illinois

by Kristin Harlow March 7, 2019

WARRENVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a multi-tenant retail building in Warrenville for $5.4 million. At the time of sale, the 18,000-square-foot property was 93 percent leased to Starbucks, Potbelly Sandwich Works, T-Mobile, Spotted Paw and Jazza Nails. Chad Firsel and Daniel Waszak of Quantum brokered the transaction. A Chicago-based private investor purchased the asset from a Chicago-based investment group.

March 7, 2019

Acquisitions Illinois Midwest Multifamily

SVN Arranges $2.7M Sale of Multifamily Portfolio in Rockford, Illinois

by Kristin Harlow March 7, 2019

ROCKFORD, ILL. — SVN Chicago Commercial has arranged the sale of a two-property multifamily portfolio in Rockford for $2.7 million. The properties, which total 79 units, include the neighboring Orchard Hills and Forest View. Cody Doran and Reid Bennett of SVN brokered the transaction. Buyer and seller information was not disclosed.

March 7, 2019

Acquisitions Multifamily Texas

Auerbach, Blue Magma Acquire Hurricane-Damaged Apartment Complex in Houston

by Taylor Williams March 6, 2019

HOUSTON — A partnership between New York-based Auerbach Funds and Tampa-based Blue Magma Residential has acquired Park Texas Apartments, a 587-unit multifamily complex located within a tax increment reinvestment zone in southeast Houston. Approximately 250 units have been damaged by hurricane activity and are currently uninhabitable. The new ownership will restore the damaged units, renovate the clubhouse, perform roofing and mechanical repairs and upgrade the landscaping and common areas. The seller was not disclosed.

March 6, 2019

Acquisitions California Office Western

Cushman & Wakefield Arranges Sale of 101,374 SF Office/R&D Campus in Northern California

by Amy Works March 6, 2019

NORTH SAN JOSE, CALIF. — Cushman & Wakefield has arranged the sale of Orchard Corporate Campus, a Class A office/R&D campus located in North San Jose. Silicon Valley-based South Bay Development Co. sold the property to a private investor for an undisclosed price. Completed in 2017, the two-building property features 101,374 square feet of space. At the time of sale, the property was 100 percent leased. Situated on 5.3 acres at 2755 and 2777 Orchard Parkway, the asset features a 15,000-square-foot outdoor courtyard. Eric Fox, Adam Lasoff, Seth Siegel, Steve Hermann and Ryan Venezia of Cushman & Wakefield’s Northern California Capital Markets Group represented the seller in the disposition. Nick Lazzarini and Kalil Jenab of Cushman & Wakefield’s Silicon Valley offices provided local market advisory and negotiated the leases with the current tenants.

March 6, 2019

Acquisitions Illinois Midwest Multifamily

Essex Brokers $5.7M Sale of Apartment Building in Chicago’s Edgewater Neighborhood

by Kristin Harlow March 6, 2019

CHICAGO — Essex Realty Group Inc. has brokered the sale of a 43-unit apartment building in Chicago’s Edgewater neighborhood for $5.7 million. The property, located at 6031-6043 N. Paulina St., has been owned by the same family for more than 50 years. The building includes 37 one-bedroom units and six two-bedroom units. Doug Imber, Kate Varde and Clay Maxfield of Essex brokered the transaction. Brad Desent and his siblings sold the asset to a private investor completing a 1031 tax-deferred exchange. Records indicate the property was purchased in 1965 for $260,000.

March 6, 2019

Acquisitions Mixed-Use Multifamily Nevada Retail Western

Colliers Arranges $130M Sale of 60-Acre Parcel Near Las Vegas Strip for Mixed-Use Development

by Amy Works March 5, 2019

LAS VEGAS — Colliers International | Las Vegas has arranged the sale of a land parcel located on the corner of Harmon Avenue and Koval Lane in Las Vegas. Nevada Development Associates VI LP acquired the asset from an undisclosed seller for $130 million. Situated near the Las Vegas Strip, the 60-arce site includes the Harbor Island apartment complex, which is adjacent to the Hard Rock Hotel & Casino. The site is poised for a mix of high-density residential, retail and/or gambling/resort development. Mike Mixer of Colliers’ Las Vegas office represented the seller in the deal.

March 5, 2019

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