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Broadstone-Sierra-Pines-The-Woodlands-Texas

Berkadia Arranges Sale, Financing of 341-Unit Apartment Community in The Woodlands

by Taylor Williams December 5, 2018

THE WOODLANDS, TEXAS — Berkadia has arranged the sale of Broadstone Sierra Pines, a 341-unit multifamily community in The Woodlands, about 30 miles north of Houston. Built in 2014, the Class A property offers one- and two-bedroom units and amenities such as a pool, fitness center, business center and a social clubroom. Ryan Epstein and Jennifer Ray of Berkadia represented the seller, Alliance Residential Co., in the transaction. Tucker Knight and Nicholas Murphy of Berkadia arranged an undisclosed amount of Fannie Mae acquisition financing on behalf of the buyer, Fort Worth-based Olympus Property.

December 5, 2018

Acquisitions Multifamily Southeast Top Stories Virginia

Harbor Group International Sells Three Apartment Portfolios for $700M

by David Cohen December 5, 2018

NORFOLK, VA. — Harbor Group International (HGI) has sold three apartment portfolios in Florida, Connecticut and Texas for a total of $700 million. The portfolios included seven properties totaling 2,284 units in Central Florida; two properties totaling 568 units in Connecticut; and 12 properties in Dallas and Houston totaling 3,100 units. The specific names and locations were not released. “These transactions are great examples of HGI’s ‘buy wholesale, sell retail’ investment strategy,” says T. Richard Litton Jr., president of HGI. “For all three of these portfolios, we developed individual business plans on a property-by-property basis and then sold the properties to a wide variety of buyers as each property’s investment goals were achieved.” The 21 properties were sold to a total of 15 different buyers. HGI claims the combined sales prices were $140 million higher than the company’s original acquisition price. Based in Norfolk, Harbor Group International is a private real estate investment and management firm that controls a portfolio of worldwide assets valued at $8.2 billion. The company’s real estate holdings include 3.7 million square feet of commercial properties and 30,400 apartment units. — David Cohen

December 5, 2018

Acquisitions District of Columbia Office Southeast

Meridian Group, WeWork Acquire Office Building in D.C. for $136.5M

by Alex Tostado December 4, 2018

WASHINGTON, D.C. — Meridian Group and affiliates of WeWork Property Advisors, an investment fund established by coworking firm WeWork, have created a joint venture to buy 1333 New Hampshire Ave. N.W., a 350,000-square-foot office building in Washington, D.C. Washington Business Journal reported the sales price was $136.5 million. Affiliates of WeWork Property Advisors are contributing 50 percent of the equity, and WeWork Cos. Inc. will lease more than 100,000 square feet of the building. Meridian plans to renovate the building, which is 84 percent leased to Akin Gump Strauss Hauer & Field, a law firm that has been in the space for 25 years. The firm is set to leave by August. Renovations are slated to begin next year and be completed in summer 2020. Collins Ege at Eastdil Secured represented the seller, Boston Properties, in this transaction, and Nicholas Seidenberg at Eastdil Secured represented the Meridian Group in its acquisition financing.

December 4, 2018

Acquisitions Illinois Midwest Office

Avison Young Brokers Sale of 123,944 SF Office Building in Arlington Heights, Illinois

by Kristin Harlow December 4, 2018

ARLINGTON HEIGHTS, ILL. — Avison Young has brokered the sale of a 123,944-square-foot office building in Arlington Heights for an undisclosed price. Northwest Community Healthcare (NCH) purchased the building, which is located at 3040 Salt Creek Lane. The company will relocate its non-clinical business operations and support services staff from a neighboring 50,000-square-foot property to fully occupy the new building. Mark Johnson of Avison Young represented NCH in the sale. The seller was not disclosed.

December 4, 2018

Acquisitions New York Northeast Retail

Urstadt Biddle Properties Acquires Shopping Center in Southeast, New York for $12M

by David Cohen December 4, 2018

SOUTHEAST, N.Y. — Urstadt Biddle Properties Inc. has acquired Lakeview Plaza Shopping Center in the town of Southeast for $12 million. The 177,000-square-foot property is anchored by a 54,000-square-foot Acme Supermarket and consists of five buildings on a 23-acre site. Lakeview Plaza is currently 73 percent leased to a mix of local, regional and national tenants including Rite-Aid, JPMorgan Chase, Supercuts, Subway, M&T Bank, KeyBank and Burger King. Urstadt Biddle purchased the shopping center from a lender who had foreclosed its loan on the property.

December 4, 2018

Acquisitions Multifamily Utah Western

Kennedy Wilson Buys 222-Unit Alpine Meadows Apartments Near Salt Lake City for $49M

by Amy Works December 4, 2018

SANDY, UTAH — Kennedy Wilson has acquired Alpine Meadows, a wholly owned apartment community located at 845 E. 9000 South in Sandy, for $49 million. The name of the seller was not disclosed. Situated 15 miles from downtown Salt Lake City, Alpine Meadows is a low-density, garden-style community with one-, two- and three-bedroom units. Kennedy Wilson plans to implement a $3 million upgrade to the 222-unit property to refresh unit interiors and common-area amenities. Current amenities include a clubhouse, fitness center, business center, dog park, basketball court, playground and barbecue area. The company invested $20 million of equity in the property with a corresponding 10-year, $29 million loan at a 4.28 percent interest rate. Alpine Meadows was acquired through a 1031 exchange with profits generated from the recent sale of Bay Village, a 50 percent owned, 260-unit apartment community in Vallejo, Calif.

December 4, 2018

Acquisitions California Office Top Stories Western

TMG Partners, KKR Acquire Office Building in Downtown Oakland for $255M

by John Nelson December 4, 2018

OAKLAND, CALIF. — TMG Partners and KKR have purchased 1221 City Center, an office tower in downtown Oakland that houses the global headquarters of Clorox. The sales price was not disclosed, but the San Francisco Business Times reports the Swiss financial giant UBS AG (NYSE: UBS) sold the office tower for $255 million. The business publication also reports that this is the third time that the 24-story building has traded in the past six years. In 2012, Clorox Co. sold the asset for $110 million. Located at the intersection of Broadway and 12th Street, the 522,000-square-foot office building was 99 percent leased at the time of sale to various tenants, including Union Bank, Stanford Health Care, Wells Fargo Bank and Parsons Brinkeroff. The LEED-Platinum certified building offers direct access to Bay Area Rapid Transit (BART) in its lobby, one of only three Oakland office buildings with that amenity. The property also features panoramic views of the Oakland skyline and the Bay, as well as onsite retail amenities, bike lockers, showers and parking. This acquisition is the second transaction by TMG and KKR in Oakland this year, following the purchase of 1330 Broadway in July. KKR is making the investment through …

December 4, 2018

Acquisitions Georgia Industrial Southeast

Uline Purchases 1 MSF Logistics Center in North Georgia for $70M

by Alex Tostado December 3, 2018

BRASELTON, GA. — Uline Inc. has purchased Braselton Logistics Center, a 1 million-square-foot distribution facility in Braselton, for $70 million. Uline bought the property as part of a purchase option in its 10-year lease from Atlanta-based Ackerman & Co., The Yates Group and JAC Real Estate Investments. Uline, which is a national shipping and business supply company, has occupied the space since it was delivered in late 2017.

December 3, 2018

Acquisitions Florida Retail Southeast

Rainier Realty Buys 315,000 SF Power Retail Center in Central Florida

by Alex Tostado December 3, 2018

OLDSMAR, FLA. — Dallas-based Rainier Realty Investments LP has acquired Woodlands Square, a 315,000-square-foot power retail center in Oldsmar. The shopping center was 96 percent leased at the time of the sale to tenants such as Marshalls, PetSmart, Ulta Beauty, Dollar Tree, Beall’s, Earth Fare and AMC Theatres. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, RAM Realty Advisors, in the transaction. Dallas-based Metropolitan Capital Advisors provided acquisition financing on behalf of Rainier Realty. The sales price was undisclosed.

December 3, 2018

Acquisitions Multifamily Nevada Western

Tower 16 Capital Partners Buys 314-Unit Evergreen Apartments in Las Vegas for $29.5M

by Amy Works December 3, 2018

LAS VEGAS — San Diego-based Tower 16 Capital Partners, in a joint venture with Henley USA, has purchased Evergreen Apartments, a multifamily property located two miles west of the Las Vegas Strip. Encinitas, Calif.-based The Apartment Co. sold the property for $29.5 million. Located at 2950 S. Decatur Blvd., Evergreen Apartments features 314 units in a mix of one- and two-bedroom layouts with covered parking and private patios. Community amenities include two pools, barbecue and picnic areas, a fitness facility, business center, playground and on-site laundry facilities. Tower 16 will oversee $4 million in renovations and upgrades to the property. Renovations will include upgrades to commons areas, relocating the leasing office, expanding the gym and renovating all apartment interiors with new vinyl flooring, appliances, plumbing, lighting fixtures and paint. Las Vegas-based Pinnacle will manage the property. Brian Anderson and Angela Powers of Berkadia represented the seller in the deal.

December 3, 2018

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