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CBRE Brokers Sale of 1,005-Bed Student Housing Community Near Texas Tech University in Lubbock

by Taylor Williams October 17, 2018

LUBBOCK, TEXAS — CBRE has brokered the sale of Wildwood of Lubbock, a 1,005-bed student housing community serving Texas Tech University in Lubbock. Built in 2017, the 294-unit property is located less than two miles from campus and features a pool, fitness center, a study center and community green space. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE represented the developer and seller, Georgia-based Dovetail Development, in the transaction. The buyer was a private real estate fund advised by Dallas-based Crow Holdings Capital-Real Estate. The sales price was not disclosed.

October 17, 2018

Acquisitions Illinois Midwest Net Lease Retail

Stan Johnson Co. Arranges Sale of Property Net Leased to Jewel-Osco in Oswego, Illinois

by Kristin Harlow October 17, 2018

OSWEGO, ILL. — Stan Johnson Co. has arranged the sale of a single-tenant retail building net leased to Jewel-Osco in Oswego for an undisclosed price. The 62,000-square-foot property is located at 3795 Orchard Road. Jewel-Osco has more than 19 years remaining on its initial lease term. Tom Georges and Jon Cohen of Stan Johnson Co. represented the buyer, Los Angeles-based ASAS LLC, in the transaction. Jeff Hughes, Zach Haris and Jonathan Ameen, also of Stan Johnson Co., represented the seller, CF Albert Propco LLC.

October 17, 2018

Stadium-Walk-Overlook-Huntcrest-Atlanta-GA

Acquisitions Georgia Multifamily Southeast

Walker & Dunlop Brokers $133M Sale of Two Multifamily Properties in Metro Atlanta

by Amy Works October 16, 2018

ATLANTA — Walker & Dunlop’s Investment Sales division has arranged the sale of Stadium Walk and Overlook at Huntcrest, two multifamily properties located in Atlanta. Atlanta-based Brand Properties sold the properties to Charleston-based Blaze Partners for a total of nearly $133 million. Kris Mikkelsen and Chris Goldsmith of Walker & Dunlop represented the seller in the deal. Additionally, following the sale, Stephen West, Matthew Wallach and Justin Nelson of Walker & Dunlop’s multifamily finance and capital markets team arranged financing for the buyer’s acquisition. Situated in Atlanta’s Cumberland submarket in Cobb County, Stadium Walk features 309 Class A units and surface parking. The community is within walking distance to The Battery Atlanta and SunTrust Park, home of the Atlanta Braves. The 229-unit Overlook at Huntcrest is located in the Sugarloaf submarket of Gwinnett County.

October 16, 2018

Acquisitions Florida Multifamily Southeast

Cortland Sells 328-Unit Multifamily Community in Central Florida for $49.7M

by Amy Works October 16, 2018

OCALA, FLA. — Cortland Partners has completed the sale of Deerwood Village Apartment Homes, a garden-style multifamily community located at 1850 SE 18th Ave. in Ocala. An affiliate of Boston-based West Shore LLC acquired the Central Florida property for $49.7 million, or $151,677 per unit. Constructed in 2006, Deerwood Village comprises 40 two-story residential buildings, one clubhouse and one maintenance building. The community features 328 units in a mix of one-, two- and three-bedroom units with an average size of 1,015 square feet and an average market rent of $1,266. All units features full-size washers and dryers, deep-soaking bathtubs, granite countertops and nine-foot or vaulted ceilings. Situated on 38 acres, the community amenities include a renovated clubhouse and leasing center, resort-inspired swimming pool, Wi-Fi café, car care center, dog park, business center, nature trail and a 24-hour fitness center. At the time of sale, the property was 94 percent occupied. Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Florida Multifamily team represented Atlanta-based Cortland in the transaction.

October 16, 2018

Acquisitions Office Utah Western

Unico Properties Acquires 229,600 SF City Centre Office Tower in Salt Lake City

by Amy Works October 16, 2018

SALT LAKE CITY — Unico Properties, a subsidiary of Unico Investment Group, has purchased City Centre I, a high-rise tower in downtown Salt Lake City, for an undisclosed price. Located in Salt Lake City’s central business district, the 10-story property features 229,600 square feet of Class A office space. Additionally, the acquisition includes an adjoining 1.8-acre surface parking lot. The building is situated on the TRAX light rail line and offers direct freeway access to Interstate 15, as well as walkability throughout the downtown core. This transaction is Unico’s third investment in the Salt Lake City market, bringing the company’s downtown Salt Lake City portfolio to more than 1 million square feet of space.

October 16, 2018

Acquisitions Office Texas

HFF Negotiates Sale of Three Office Properties Totaling 230,506 SF in Houston

by Taylor Williams October 16, 2018

HOUSTON — HFF has negotiated the sale of three office properties totaling 230,506 square feet in Houston. Amerix Capital purchased 2930 West Sam Houston Parkway; Enterprise Holdings bought 10401 CentrePark Drive; and S&B Engineers & Contractors Ltd. acquired 15150 Memorial Drive. The first two properties were built in the early 2000s, are located in Houston’s West Belt submarket and were 94.2 percent and 69.7 percent leased at the time of sale, respectively. The third property was built in 1992 and is located in the Energy Corridor area. Dan Miller and Trent Agnew of HFF represented the privately held seller, Houston-based MetroNational, in the transactions.

October 16, 2018

Acquisitions Midwest Minnesota Multifamily

TE Miller, Solhem Cos. Sell Three-Property Multifamily Portfolio in Minneapolis

by Kristin Harlow October 16, 2018

MINNEAPOLIS — TE Miller and Solhem Cos. have sold a three-property multifamily portfolio in the North Loop neighborhood of Minneapolis for an undisclosed price. The properties, which total 308 units, include Nolo Flats, Solhavn and Soltva. Constructed in 2012, Soltva offers six floors of apartments over underground parking at 701 N. Second St. The 100-unit building includes a mix of units averaging 762 square feet. The neighboring Solhavn apartments at 815 N. Second St. were constructed in 2013. The building is comprised of 137 units with an average unit size of 773 square feet. Built in 2016, Nolo Flats is located at 602 N. First St. The seven-story building includes 71 apartments with an average unit size of 505 square feet. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of CBRE represented the sellers. An institutional real estate investment manager purchased the portfolio.

October 16, 2018

Acquisitions Hospitality Midwest Missouri

Springfield Hospitality Purchases Holiday Inn & Suites in Springfield, Missouri

by Kristin Harlow October 16, 2018

SPRINGFIELD, MO. — Springfield Hospitality Inc. has purchased the 188-room Holiday Inn & Suites in Springfield for an undisclosed price. Located at 2720 N. Glenstone Ave., the hotel features amenities such as a heated indoor pool, fitness center, complimentary Wi-Fi and the Peppertree Restaurant and Cocktail Lounge. Nate Sahn, Pravin Boteju, James Foxx and Tom Adamson of CBRE Hotels represented the undisclosed seller in the sale.

October 16, 2018

Acquisitions Retail Washington Western

Highlands REIT Sells 260,627 SF Shopping Center in Washington for $38.3M

by Amy Works October 15, 2018

LONGVIEW, WASH. — Chicago-based Highlands REIT has completed the sale of Triangle Center, a community shopping center in Longview, approximately 50 miles north of Portland, Ore. A San Diego-based private buyer acquired the property for $38.3 million. Built in 2004, the 260,627-square-foot property was 98 percent leased at the time of sale. Tenants include Winco Foods (not included in the transaction), Ross Dress for Less, Bed Bath & Beyond, Michaels, Petco, Rite Aid, Ace Hardware, ULTA Beauty, Big 5, Office Depot, Five Guys Burgers & Fries, Great Clips and GameStop. The shopping center is situated on 36.9 acres of land at 1015 Ocean Beach Highway. Jimmy Slusher, Kirk Brummer, James Tyrell, Dino Christophilis, Alex Martinac and Philip Voorhees of CBRE represented the seller in the transaction. Additionally, CBRE’s Debt & Structured Finance team led by Shaun Moothart and Danielle Priore advised the buyer in procuring debt financing for the acquisition.

October 15, 2018

Acquisitions Illinois Midwest Multifamily

Cunat Acquires 258-Unit Apartment Community in Aurora, Illinois

by Kristin Harlow October 15, 2018

AURORA, ILL. — Cunat Inc. has acquired Stone Crossing Apartments in the Chicago suburb of Aurora for an undisclosed price. The 258-unit apartment community is located at 1240 Nantucket Road. The property consists of three two-story townhome buildings with three-bedroom units and two three-story apartment buildings with one- and two-bedroom units. Cunat plans to completely upgrade, renovate and rebrand the community under the new name Arbor West. Cunat will renovate unit interiors, demolish community buildings and build a new leasing office, clubhouse and indoor pool. The community was 97 percent occupied at the time of sale. David Gaines and Sean Fogarty of HFF represented the seller, a partnership between Graycliff Capital Partners LLC, Buligo Capital Partners and The Ferndale Realty Group. Trent Niederberger and Jason Bond of HFF arranged a three-year, floating-rate acquisition loan through Bridge Debt Strategies Fund Manager LLC, a subsidiary of Bridge Investment Group LLC.

October 15, 2018

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