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TruAmerica Multifamily Buys Two Apartment Communities in Tempe for $67.3M

by Amy Works December 21, 2018

TEMPE, ARIZ. — TruAmerica Multifamily, in a joint venture with an institutional capital partner, has purchased a two-property apartment portfolio in Tempe for $67.3 million. This acquisition increases the company’s local portfolio to more than 2,400 units. The name of the seller was not released. The portfolio includes the 276-unit Highland Park and the 196-unit Park View, both located within a block of each other near the Interstate 10 and Baseline Road interchange. The low-density, garden-style properties were built in the early 1980s and feature one-, two- and three-bedroom apartments. On-site amenities for the communities include resort-style swimming pools, fitness centers, clubhouses and recreational areas. The acquisition was made with financing through Freddie Mac’s Select Sponsor Program, originated by CBRE Capital Markets team led by Brian Eisendrath. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix office brokered the transaction.

December 21, 2018

Acquisitions New York Northeast Office Top Stories

SJP, PGIM Partner to Acquire Office Building in Manhattan for $245M

by Alex Tostado December 20, 2018

NEW YORK CITY — SJP Properties and PGIM Real Estate, the real estate investment business of PGIM Inc., have acquired 470 Park Avenue South in Manhattan’s Midtown South neighborhood for $245 million. Norges Bank Real Estate Management and TH Real Estate sold the 301,178-square-foot office and retail building. New York City-based SJP Properties will lease and manage the property. The partners plan to transform the property to accommodate the modern workforce with a boutique-style hotel lobby, outdoor garden, a game room, café, bar and enhanced rooftop terraces on the 14th and 18th floors, totaling 7,670 square feet. The new owners plan to gear the renovated workspace toward technology and creative sector tenants. The building takes up a city block between 31st and 32nd streets. It was 82 percent leased at the time of the sale with tenants including Priceline.com and Dstillery Inc., a data science firm. “In recent years, the Park Avenue South submarket has seen a large influx of tenants across a variety of industries — technology, healthcare, media, hospitality and more — making it a vibrant live/work/play destination,” says Alfonso Munk, Americas chief investment officer for PGIM Real Estate. “We are pleased to collaborate again with our long-term …

December 20, 2018

Acquisitions Industrial New York Northeast

Metropolitan Realty Sells Industrial Property in Long Island City for $72M

by David Cohen December 20, 2018

LONG ISLAND CITY, N.Y. — Metropolitan Realty Associates has sold a 246,000-square-foot industrial building in Long Island City for $72 million. Located at 48-49 35th St., the property was originally constructed in 1949. Tenants at the building include international shipping company AirSea Packing as well as Housing Works Thrift Shop. The buyer was North River Co. Metropolitan Realty Associates acquired the property with equity partner TH Real Estate in 2017 for $55 million.

December 20, 2018

Acquisitions Midwest Minnesota Multifamily

Monarch Investment Acquires 413-Unit Apartment Property in Rochester, Minnesota

by Kristin Harlow December 20, 2018

ROCHESTER, MINN. — Monarch Investment & Management LLC has acquired The Gates of Rochester, a 413-unit apartment property in Rochester. The purchase price was not disclosed. Built in 1973 and situated on 22 acres, the property features 42 buildings. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of CBRE represented the seller, Rochester Village Investors LLC.

December 20, 2018

Acquisitions Colorado Multifamily Western

Newmark Knight Frank Brokers $112M Sale of Multifamily Property in Denver’s LoHi District

by Amy Works December 20, 2018

DENVER — Newmark Knight Frank has arranged the sale of Infinity LoHi, a mid-rise multifamily community located in the Lower Highlands (LoHi) neighborhood of Denver. Greenwich, Conn.-based The Richman Group sold the property to an undisclosed advisor for $112 million, or $409,340 per unit. Terrance Hunt and Shane Ozment of Newmark Knight Frank represented the seller in the deal. Completed in 2018, Infinity LoHi features 273 units with spacious floor plans equipped with high-quality finishes, stainless steel appliances, washers/dryers, nine-foot ceilings, closets and select units have private balconies. On-site amenities include a fitness center, 24-hour clubhouse and resort-style pool.

December 20, 2018

Acquisitions Illinois Midwest Office

Fairbridge Properties Acquires Office Building in Warrenville, Illinois for $20.7M

by Kristin Harlow December 19, 2018

WARRENVILLE, ILL. — Fairbridge Properties has acquired Cornerstone I at Cantera, a 152,520-square-foot office building in Warrenville, about 30 miles west of Chicago, for $20.7 million. The Class A building is part of the 650-acre mixed-use development known as Cantera. The seller, Northwestern Mutual, invested $540,000 in fitness center and conference room renovations. The building is currently 79.6 percent leased. Jim Postweiler, Peter Harwood and Derek Fohl of JLL represented Northwestern Mutual in the sale.

December 19, 2018

Acquisitions Michigan Midwest Retail

Bedrock Purchases Broadway Clothing Store in Detroit

by Kristin Harlow December 19, 2018

DETROIT — Bedrock has purchased The Broadway clothing store located at 1247 Broadway St. in Detroit. Pepper Martin, the store’s owner, has announced his retirement after more than 40 years in business. A liquidation sale at the 3,000-square-foot store began this week. The Broadway sells high-end and exotic clothes from around the world, including Italian suits and sweaters, alligator and ostrich shoes, fur and leather jackets and an assortment of shirts, jeans and dress pants. The store has served many national and local celebrities including Tony Bennett, Steve Harvey, Isiah Thomas, Detroit Mayor Coleman Young, Tommy Hearns, Kid Rock, The Temptations, George Clinton, Oral Roberts, Notorious BIG and Mike Epps. Financial details of the sale were not disclosed. The store will close in early spring, or when all the inventory is sold. Bedrock is the real estate arm of billionaire businessman Dan Gilbert.

December 19, 2018

Acquisitions Massachusetts Multifamily Northeast

CBRE/New England Arranges Sale of 252-Unit Multifamily Community in Massachusetts

by David Cohen December 19, 2018

LOWELL, MASS. — CBRE/New England has arranged the sale of Cabot Crossing, a 252-unit garden-style multifamily community in Lowell, for an undisclosed price. The property was built between 1987 and 1988 and comprises seven three-story buildings as well as a clubhouse and management office. The unit mix includes 28 studio, 131 one-bedroom and 56 two-bedroom apartments. Simon Butler and Biria St. John of CBRE/New England represented the seller, a joint venture between Taurus Investment Holdings and PhilMor Real Estate Investments, in the transaction. The buyer was Cabot Crossing Apartments Property Owner LLC, an affiliate of JRK Property Holdings.

December 19, 2018

Acquisitions Arizona Retail Western

Town West Realty Acquires 251,194 SF Oracle Crossings Shopping Center in Arizona for $40.8M

by Amy Works December 19, 2018

ORO VALLEY, ARIZ. — Tucson, Ariz.-based Town West Realty has purchased Oracle Crossings, a neighborhood shopping center located in Oro Valley. Houston-based Weingarten Realty sold the property for $40.8 million. Sprouts Farmers Market, Kohl’s and Home Goods anchor the 251,194-square-foot asset, which is situated at the southwest corner of Oracle and Magee roads. At the time of sale, the property was 98.2 percent leased. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office represented the seller in the transaction.

December 19, 2018

Acquisitions Company News Hospitality Top Stories

LVMH To Acquire Luxury Hospitality Group Belmond for $2.6B

by David Cohen December 19, 2018

PARIS AND LONDON — Luxury group LVMH Moët Hennessy Louis Vuitton has inked a deal to acquire Belmond Ltd. (NYSE: BEL), the owner or manager of 46 luxury hotel, restaurant, train and river cruise properties across the world, including three hotels in the U.S. LVMH will acquire Belmond for $25 per Class A share in cash, which represents an equity value of $2.6 billion and an enterprise value of $3.2 billion. Belmond currently operates properties in 24 countries, including the Hotel Cipriani in Venice, the Hotel Splendido in Portofino, the Copacabana Palace in Rio de Janeiro, Le Manoir aux Quat’Saisons in Oxfordshire, Grand Hotel Europe in St. Petersburg, Maroma Resort & Spa in Mexico and Cap Juluca in Anguilla. Its United States portfolio includes El Encanto in Santa Barbara, Calif.; Inn at Perry Cabin in St. Michaels, Md.; and Charlston Place in Charleston, S.C. LVMH, which is owned by France’s richest man, Bernard Arnault, currently owns three properties in the ski resort of Courchevel, the Maldives and St. Barth’s as well as a group of Bvlgari hotels in Shanghai, Milan, Bali, London, Beijing and Dubai. “Belmond delivers unique experiences to discerning travelers and owns a number of exceptional assets in the …

December 19, 2018

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