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Progressive Real Estate Brokers $4.6M Sale of Gas Station, Convenience Store in California

by Amy Works February 27, 2019

HESPERIA, CALIF. — Progressive Real Estate Partners has directed the sale of a free-standing gas station and convenience store, located at 16815 Main St. in Hesperia. An Orange County, Calif.-based private investor sold the property to a Nevada-based private investor for $4.6 million. Encompassing a 1-acre site, the transaction included an eight-pump ARCO Gas Station and a 2,500-square-foot AM/PM Convenience Store. The building was built in the late 1980s. Victor Buendia of Progressive Real Estate Partners represented the seller and buyer in the deal.

February 27, 2019

Acquisitions Industrial Loans New Jersey Northeast Uncategorized

Cushman & Wakefield Secures $41M Acquisition Financing for Industrial Portfolio in New Jersey

by David Cohen February 27, 2019

WARREN AND SOMERSET, N.J. — Cushman & Wakefield has arranged a $41 million acquisition loan for a 768,244-square-foot industrial portfolio in Warren and Somerset. The seven-property portfolio is comprised of three industrial buildings, two flex buildings and two office buildings. The properties include 7 Powder Horn Drive, 30 Technology Drive, 40 Technology Drive and 45 Technology Drive in Warren as well as 1 Riverview Drive, 50 Randolph Road and 100 Randolph Road in Somerset. John Alascio, Sridhar Vankayala and Zachary Kraft of Cushman & Wakefield represented the borrower, Ivy Realty, in the transaction. BBVA Compass provided the loan.

February 27, 2019

Acquisitions Indiana Midwest Multifamily

Sinatra & Co., L5 Investments Acquire 740-Unit Multifamily Property in South Bend for $56M

by Kristin Harlow February 27, 2019

SOUTH BEND, IND. — Sinatra & Co. Real Estate and L5 Investments, along with Odyssey Properties Group Inc., have acquired Castle Point in South Bend for $56 million. The 740-unit multifamily property is comprised of 32 two-story buildings. A 25,000-square-foot amenity area features a fitness center, basketball courts, racket ball courts and pool. Sinatra & Co. plans to implement a value-add program, including unit and common area upgrades with a focus on fitness and technology. Sinatra & Co. Management will manage the property. Cushman & Wakefield brokered the sale. The seller was not disclosed. Pennybacker Credit I LP provided a preferred equity investment.

February 27, 2019

Acquisitions Industrial Michigan Midwest

Signature Associates Arranges Sale of 28,817 SF Industrial Building in Rochester Hills, Michigan

by Kristin Harlow February 27, 2019

ROCHESTER HILLS, MICH. — Signature Associates has arranged the sale of a 28,817-square-foot industrial building located at 1837 Enterprise Drive in Rochester Hills. Kris Pawlowski and Paul Hoge of Signature Associates represented the buyer, 1837 Enterprise LLC. This is the third location for the buyer, which sells small prosthetics and medical compression socks. The seller was not disclosed.

February 27, 2019

Acquisitions Alabama Florida Michigan Midwest Multifamily Northeast Pennsylvania Southeast Student Housing Texas Top Stories

Vie Management, Middle Eastern Investor Acquire 2,059-Bed Student Housing Portfolio in Six States for $134.6M

by David Cohen February 27, 2019

MIAMI— A joint venture between Miami-based Vie Management and a Middle Eastern asset manager have acquired a six-property student housing portfolio totaling 911 units and 2,059 beds. The purchase price was $134.6 million. The properties are located in six states and include: University Downs Apartments and Condos, a 222-unit property serving the University of Alabama in Tuscaloosa, Alabama. University View, a 55-unit property serving Florida Atlantic University in Boca Raton, Florida. Hillcrest Oakwood Apartments, a 224-unit property serving Ferris State University in Big Rapids, Michigan. Colonie Apartments, a 184-unit property serving the University at Buffalo in Amherst, New York. Southgate Apartments, a 151-unit property serving Penn State University in State College, Pennsylvania. Ella Lofts, a 75-unit property serving Texas State University in San Marcos, Texas. “These acquisitions are new canvases to us,” says Ari Rosenblum, CEO of Vie. “[The are] places to create experiential living environments where students can watch live music, study at a coffee shop, or work out at the best gym in town all within the confines of the community in which they live.” Claudio Sgobba of HFF represented the buyers in securing a $75.3 million loan in connection with the acquisition. The financing features a 10-year term, …

February 27, 2019

Acquisitions Arizona Multifamily Seniors Housing Utah Western

MedCore, Trinity Acquire Four Seniors Housing Communities in Arizona, Utah for $98M

by Amy Works February 26, 2019

KEARNS, UTAH, AND CASA GRANDE, BULLHEAD CITY AND KINGMAN, ARIZ. — MedCore Partners, in partnership with Trinity Private Equity Group, has acquired four seniors housing assets throughout Arizona and Utah for $98 million. The acquisition is the first tranche of a five-property, 531-unit, $130 million portfolio acquisition for the partnership. The final property is still under construction, with the sale slated for completion upon delivery in May. SunTrust Bank provided financing for the transactions. The four communities involved in this deal total 409 units of assisted living and memory care. The properties include Caliche Senior Living in Casa Grande with 105 units, Joshua Springs Senior Living in Bullhead City with 104 units, White Cliffs Senior Living in Kingman with 103 units and the 97-unit Summit Senior Living in Kearns. Immediately upon closing on the assets, Watermark Retirement Communities took over the management of each of the properties.

February 26, 2019

Acquisitions California Loans Multifamily Western

HFF Arranges Sale of, Financing for 333-Unit Multifamily Property in Metro San Diego

by Amy Works February 25, 2019

LA JOLLA, CALIF. — HFF has directed the sale of Regents La Jolla, a mid-rise multifamily property located at 9253 Regents Road in La Jolla. LaSalle Investment Management sold the property to Raintree Partners for an undisclosed price, but free and clear of existing financing. Charles Halladay and Chris Collins of HFF worked on behalf of the new owner to secure 10-year, fixed-rate financing with Pacific Life Insurance Co. Hunter Combs and Sean Deasy, also of HFF, represented the seller in the transaction. Completed in 2000, Regents La Jolla consists of nine four-story buildings and a single-story cabana building that feature a total of 333 apartments in a mix of one- and two-bedroom units averaging 966 square feet. Situated on 8.5 acres, the community features two swimming pools, a fitness center, sports lounge, movie theatre and professional entertaining kitchen. At the time of sale, the asset was 96 percent occupied. Additionally, the property is part of a 574-home development that includes 241 condominium units, which were not included in the sale.

February 25, 2019

Acquisitions Midwest Minnesota Retail

Hanley Investment Group Brokers $8.2M Sale of Two-Tenant Retail Building in Edina, Minnesota

by Kristin Harlow February 25, 2019

EDINA, MINN. — Hanley Investment Group Real Estate Advisors has brokered the sale of a two-tenant retail building in Edina for $8.2 million. The newly constructed, 6,702-square-foot property is located at 3901 W. 70th St. E*Trade and Roti Modern Mediterranean restaurant occupy the building. Jeff Lefko and Bill Asher of Hanley represented the seller, OneCorp Real Estate. Jim Seabold of Coldwell Banker Burnet represented the buyer, a Denver-based private investor. The sales price represented a 6 percent cap rate.

February 25, 2019

Acquisitions Indiana Midwest Multifamily

Marcus & Millichap Negotiates Sale of 548-Site Manufactured Home Community in Avon, Indiana

by Kristin Harlow February 25, 2019

AVON, IND. — Marcus & Millichap has negotiated the sale of Avon Lakes Estates, a 548-site manufactured home community in Avon, about 15 miles west of Indianapolis. The sales price was not disclosed. The community includes a pool, clubhouse, walking paths and management offices. John Bailey, Bill Bailey and Ross Bailey of Marcus & Millichap represented the seller, Avon Lakes Ventures LLC, an Indiana-based company that has owned and operated the community for more than 10 years. Kyle Baskin and Jonathon McClellan of Marcus & Millichap procured the buyer.

February 25, 2019

Orgill-Distribution-Center-Kilgore-Texas

Acquisitions Industrial Texas

HFF Brokers Sale of 550,000 SF Industrial Facility Leased to Orgill in Kilgore, Texas

by Taylor Williams February 22, 2019

KILGORE, TEXAS — HFF has brokered the sale of a 550,000-square-foot distribution center leased to Orgill, the world’s largest independent hardware distributor, in the eastern Texas city of Kilgore. Built in 2007 on 65.2 acres, the property is currently being expanded by almost 329,000 square feet with completion expected in mid-2019. Adam Herrin and Stephen Bailey of HFF represented the seller, Elysian Partners LLC, in the transaction.

February 22, 2019

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