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Cushman & Wakefield Brokers $15.5M Sale of Multifamily Community in Farmingdale, New York

by Kristin Harlow August 20, 2018

FARMINGDALE, N.Y. — Cushman & Wakefield has brokered the $15.5 million sale of Cornerstone Farmingdale, a 42-unit multifamily community in Farmingdale. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kevin Donner, Ryan Dowd and Michael Collins of Cushman & Wakefield represented the seller, Terwilliger & Bartone Properties, in the transaction. The buyer was Fairfield Properties. The property is located in downtown Farmingdale and offers amenities such as a rooftop terrace with a fire pit and grills, a fitness center and a clubroom with a billiards table, fireplace, and caterer’s kitchen.

August 20, 2018

Acquisitions Net Lease New Jersey Northeast Retail

Encore Real Estate Negotiates $12M Sale of Net Leased Best Buy in Woodland Park

by Kristin Harlow August 20, 2018

WOODLAND PARK, N.J. — Encore Real Estate Investment Services has negotiated the $12 million sale of a net leased Best Buy in Woodland Park. The absolute net corporate-backed lease had four years of term remaining at the time of sale with three, five-year options to extend. Michael Gaggo, Brandon Hanna, Ryan Vinco, and Deno Bistolarides of Encore represented both the buyer, a Midwest based investment fund, and the seller, a California based investment fund.

August 20, 2018

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Arranges $59.8M Sale of Multifamily Community in Miami

by Camren Skelton August 20, 2018

MIAMI — Cushman & Wakefield has arranged the $59.8 million sale of Vista Verde at Westchester, a 302-unit apartment community located at 10491 S.W. 14th Terrace in Miami. Robert Given, Troy Ballard, Zachary Sackley and James Quinn of Cushman & Wakefield arranged the transaction on behalf of the seller, Rilea Group. Advenir Inc. acquired the asset, which is located adjacent to Florida International University, a public university with an enrollment of more than 55,000 students. Charles Foschini, Christopher Apone and Lourdes Carranza-Alvarez of Berkadia originated a $44.3 million Freddie Mac loan to fund Advenir’s acquisition. The 11-year, fixed-rate loan features six years of interest-only payments. Approximately 20 percent of the units at Vista Verde have been updated with stainless steel appliances, granite countertops, new flooring, new cabinetry, new sinks and refinished ceilings. Originally constructed in 1993, Vista Verde includes a mix of studio to two-bedroom units and features a pool, fitness center, playground and picnic areas. In addition, the community is situated adjacent to 300,000 square feet of retail in two shopping centers anchored by Publix and YouFit Health Clubs.

August 20, 2018

Acquisitions California Office Western

NKF Arranges Sale of Three-Building Office Campus in Mountain View, California

by Amy Works August 20, 2018

MOUNTAIN VIEW, CALIF. — NKF Capital Markets has arranged the sale of Castro Station, a three-building office campus located in downtown Mountain View. TH Real Estate sold the property to Northwestern Mutual Life Insurance and McCarthy Cook for an undisclosed price. Built in phases between 2000 and 2014, the three-building, Class A property is located at 100, 150 and 200 W. Evelyn Ave. on approximately four acres of land. At the time of sale, the 114,809-square-foot asset was 94 percent leased to seven tenants, with Dropbox as its anchor. Additionally, the campus features ample parking with a three-story, below-grade parking garage that offers 346 stalls. Steven Golubchik, Edmund Najera, Tyler Meyerdirk and Darren Hollak of NKF Capital Markets represented the seller in the transaction.

August 20, 2018

Acquisitions Indiana Industrial Midwest

Colliers Brokers Sale of 401,223 SF Industrial Portfolio in Indianapolis

by Kristin Harlow August 20, 2018

INDIANAPOLIS — Colliers International has brokered the sale of six industrial buildings at Northeast Business Center in Indianapolis for an undisclosed price. The 401,223-square-foot portfolio is located in the Northeast industrial submarket between the 86th Street and 96th Street interchanges. Alex Cantu of Colliers represented the buyer, Sealy & Co. The seller, Citimark, developed the business center in the 1980s and has managed the portfolio since.

August 20, 2018

Acquisitions Midwest Missouri Multifamily

L5 Investments, BH Equities Acquire 300-Unit Apartment Community in Suburban St. Louis

by Kristin Harlow August 20, 2018

CHESTERFIELD, MO. — L5 Investments and BH Equities have acquired Schoettler Village Apartments in Chesterfield, a western suburb of St. Louis. The purchase price was not disclosed. The new ownership plans to embark on an $8.4 million capital improvement program over the next three years to upgrade unit interiors. Built in 1978 and located at 15480 Elk Ridge Lane, the property is situated on 26 acres and includes 46 three-story buildings. There are 255 two-bedroom units and 45 three-bedroom units. Community amenities include a business center, pool, clubhouse, fitness center, fenced dog park, playground and picnic areas. Andrea Kendrick and Ken Aston of Berkadia brokered the transaction on behalf of the buyers and the undisclosed seller.

August 20, 2018

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges $134.3M Sale of Multifamily Portfolio in Mobile

by Camren Skelton August 17, 2018

MOBILE, ALA. — Cushman & Wakefield has arranged the $134.3 million sale of a five-property multifamily portfolio located in Mobile. Jimmy Adams and Craig Hey of Cushman & Wakefield brokered the transaction on behalf of the seller, Massachusetts-based Colony Hills Capital. Post Road Group and Spruce Capital Partners acquired the properties. The portfolio totals more than 2,000 units and includes Crossings at Pinebrook, The Pathways, Sandpiper, Windsor Place and Yester Oaks. The assets were constructed between 1951 and 1982. Community amenities across the portfolio include pools, fitness centers, laundry facilities, playgrounds and tennis courts.

August 17, 2018

Acquisitions California Multifamily Western

IREA Negotiates $6.8M Sale of Apartment Building in North Hollywood

by Amy Works August 17, 2018

LOS ANGELES — IREA has arranged the sale of an apartment building located at 5543 Case Ave. in Los Angeles’ North Hollywood district. A private individual sold the property to an undisclosed buyer for $6.8 million, or $381,000 per unit. The property features 18 apartments within walking distance to the North Hollywood Metro Red Line Station. On-site amenities include two outdoor resident lounges and a secured and gated dog-walk area. Within the last 12 months, the property underwent renovations including new exterior paint, front door, mailboxes, landscaping, signage, laundry room and LED lighting. Jonathan Krikorian, Clark Everitt and William Everitt of IREA represented the seller in the deal.

August 17, 2018

Acquisitions Office Texas

Highland Capital Management Acquires 42-Story Office Building in Dallas

by Taylor Williams August 17, 2018

DALLAS — Highland Capital Management, a Dallas-based alternative investment manager, has acquired Cityplace Tower, a 42-story, 1.3 million-square-foot office building located in the Uptown area of Dallas. The seller was Parmenter Realty Partners. Completed in 1988, the transit-oriented property features 51,000 square feet of meeting space, a fitness center with a spa and proximity to more than 65 retail and dining establishments. Highland plans to upgrade the property’s common areas and introduce new retail space. Creighton Stark, Chris Boyd and Jihane Boury of Colliers International brokered the sale. Avison Young will handle leasing of the property following the change in ownership.

August 17, 2018

Acquisitions Illinois Midwest Multifamily

SVN Brokers $9.5M Sale of Two Multifamily Buildings in Chicago

by Kristin Harlow August 17, 2018

CHICAGO — SVN | Chicago Commercial has brokered the sale of two multifamily buildings in Chicago’s Beverly neighborhood for $9.5 million. The properties, which total 110 units, are located at 10206-30 S. Walden Parkway and 10500 S. Walden Parkway. Frank Micklin of SVN brokered the transaction on behalf of the undisclosed parties. The buyer completed a tax-deferred 1031 exchange.

August 17, 2018

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