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Private Buyer Acquires 76-Unit Multifamily Property in Los Angeles’ Koreatown for $12.6M

by Amy Works March 5, 2019

LOS ANGELES — 1057 S Western LLC, a private buyer, has purchased Western Arms, an apartment property located at 1057 S. Western Ave. in the Koreatown neighborhood of Los Angeles. Prana Growth Fund 1, an entity of Prana Investments, sold the property for $12.6 million. Cole Martens and Cory Stehr of Lee & Associates-LA North/Ventura represented the buyer and seller in the transaction. Originally built in 1926 as a hotel, Western Arms features 76 studio and one-bedroom units. The buyer plans to update the property with tech and service amenities.

March 5, 2019

Acquisitions Industrial Midwest Missouri

Newmark Grubb Zimmer Brokers Sale of 499,144 SF Industrial Building Near Kansas City

by Kristin Harlow March 5, 2019

GRANDVIEW, MO. — Newmark Grubb Zimmer has arranged the sale of a 499,144-square-foot industrial building in Grandview, about 16 miles south of Kansas City. The sales price was not disclosed. The multi-tenant property is located at 14100 Botts Road. Winco Fireworks, Church & Dwight and Caravan Ingredients fully occupy the building. Michael VanBuskirk, Mark Long and Chris Robertson of NGZ brokered the transaction. SRRT Properties LP purchased the property from Botts Road Investment LLC.

March 5, 2019

Acquisitions Multifamily Texas

NorthMarq Brokers Sale of 650-Unit Multifamily Asset in Dallas

by Taylor Williams March 5, 2019

DALLAS — NorthMarq Capital has brokered the sale of Montecito Creek, a 650-unit multifamily community in Dallas. The property was built in 1983 on 23 acres and features five pools, two spas, a business center and onsite laundry services. Taylor Snoddy, Philip Wiegand and James Roberts of NorthMarq represented the seller, NAPA Ventures, in the transaction. The buyer was Exponential Property Group, a locally based investment firm, which will upgrade the interior and exterior elements of the property.

March 5, 2019

Acquisitions Midwest Missouri Office

Stan Johnson Co. Brokers $11.7M Sale of Office Center in Kansas City

by Kristin Harlow March 5, 2019

KANSAS CITY, MO. — Stan Johnson Co. has brokered the sale of Prairie View Business Center in Kansas City for $11.7 million. The 109,089-square-foot office center is 97 percent occupied by five tenants, including the U.S. Military Entrance Processing Station for Kansas City, which leases approximately half of the building’s rentable area. The facility sits on 12.2 acres and is comprised of two buildings that were constructed in 1993. Scott Briggs of Stan Johnson represented the sellers, Prairie View Business Center LLC and Prias Prairie View LLC. Briggs also represented the buyer, Chicago-based Boyd Kansas City II LLC.

March 5, 2019

Acquisitions Illinois Midwest Retail

Hanley, Greenstone Arrange Sale of 28,600 SF Retail Property in Metro Chicago

by Kristin Harlow March 5, 2019

CREST HILL, ILL. — Hanley Investment Group Real Estate Advisors and Greenstone Partners have arranged the sale of South Weber Plaza, a 28,600-square-foot retail property in Will County’s Crest Hill. The sales price was not disclosed. The center is fully leased by The Southern Café, Fire Water BBQ, 12 Handles Ale House, Sammy’s Gaming Parlor, Motivation Fitness, Serenity Wellness Center, Grandeur Salon & Spa, The Awesome A’s Activities Club, Natasha’s Clothing Boutique and Cambium Realty. In 2018, the property underwent a major renovation, which included a new façade, storefronts, signage, parking lot, HVAC and landscaping. The sale also included a 2.1-acre pad site in front of the center and a 7,400-square-foot pad site in the parking lot. Jeff Lefko and Bill Asher of Hanley and Johnny Lefko of Greenstone represented the seller, a private partnership. The team also represented the buyer, a Southern California-based 1031 exchange buyer.

March 5, 2019

Acquisitions Michigan Midwest Multifamily

Greystone Bel Negotiates Sale of 43-Unit Multifamily Property in Detroit

by Kristin Harlow March 5, 2019

DETROIT — Greystone Bel has negotiated the sale of Hyde Park Townhomes in Detroit for an undisclosed price. The 43-unit multifamily property, built in 1985, is located at 2028 Hyde Park Drive. Unit sizes average 1,500 square feet and monthly rents average $1,350. Buyer and seller information was not disclosed.

March 5, 2019

Acquisitions District of Columbia Office Southeast Top Stories

Saban Real Estate Buys D.C. Office Building from Piedmont for $170M

by John Nelson March 5, 2019

WASHINGTON, D.C. — Los Angeles-based Saban Real Estate has purchased One Independence Square, a 334,000-square-foot office building located at 250 E. St. in Washington, D.C.’s Southwest submarket. Piedmont Office Realty Trust (NYSE: PDM) sold the nine-story office asset to Saban for approximately $170 million. Built in 1991 near the National Mall and the Smithsonian, One Independence was 94 percent leased at the time of sale to multiple government tenants. The property’s average weighted lease term is 10 years, according to Brent Smith, president and chief investment officer of Piedmont. “The sale of One Independence reduces Piedmont’s exposure to the Southwest D.C. submarket and disposes of a fully stabilized asset,” explains Smith. “The net sales proceeds will be used in the short-term to pay down our line of credit as we evaluate our pipeline of acquisition candidates.” After undergoing a major renovation in 2013, One Independence now features a rooftop terrace, modern fitness center, café and an updated lobby. Saban Real Estate and its affiliates own real estate assets in three sectors: student housing, government office and self-storage. The company owns a portfolio of 30 student housing properties containing 20,000 beds, seven office buildings spanning 1.4 million square feet and 34 …

March 5, 2019

Acquisitions California Multifamily Western

IPA Arranges $57.1M Sale of 208-Unit The Dylan Apartment Complex in Oceanside, California

by Amy Works March 1, 2019

OCEANSIDE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Dylan Apartment Homes, a multifamily property located in Oceanside. Fowler Property Acquisitions sold the property to Chicago-based 29th Street Capital for $57.1 million, or approximately $274,639 per unit. Located at 550 Los Arbolitos Blvd., the complex features 208 apartments, two swimming pools, two spas, a gym and a business center. Christopher Zorbas and Alexander Garcia Jr. of IPA, along with Tyler Martin of Marcus & Millichap, represented the seller and procured the buyer in the deal.

March 1, 2019

Acquisitions Development Multifamily New York Northeast Student Housing

Avison Young Brokers $68M Sale of Development Site on Upper East Side

by David Cohen February 28, 2019

NEW YORK CITY — Avison Young has arranged the $68 million sale of a development site on the Upper East Side of Manhattan for $68 million. Located at 1393 York Ave., the property has a floor area of 112,420 square feet. Avison Young represented the seller, The Church of the Epiphany, in the transaction. The buyer was Weill Cornell Medical College, which plans to build housing for medical students at the site. As part of the transaction, The Church of the Epiphany will remain at 1393 York Avenue for two years as a tenant.

February 28, 2019

Acquisitions California Hospitality Western

Ashford Hospitality Trust Buys 178-Key Hilton Santa Cruz/Scotts Valley for $50M

by Amy Works February 28, 2019

SANTA CRUZ, CALIF. — Ashford Hospitality Trust has acquired the Hilton Santa Cruz/Scotts Valley in Santa Cruz from The Arden Group for $50 million. Located at 6001 La Madrona Drive, Hilton Santa Cruz/Scotts Valley features 178 guest rooms, including 21 suites. The hotel, which opened in 1999, also features a full-service Stonehouse Bar & Grill, 7,900 square feet of flexible meeting space, an outdoor pool, fitness center, business center, gift shop and guest laundry facility. To fund the acquisition, the company used cash on its balance sheet and issued as consideration to the seller approximately 1.5 million Operating Partnership Units valued at $7.00 per unit, a premium of approximately 31 percent yesterday’s closing price. The company also assumed a non-recourse mortgage loan at closing with a current balance of approximately $25.3 million. The loan matures in March 2025 and has a fixed interest rate of 4.7 percent. Mark Fraioli and Melvin Chu of JLL represented the seller in transaction.

February 28, 2019

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