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CBRE Arranges $78M Sale of Apartment Community in Northern Virginia

by Camren Skelton July 3, 2018

ALEXANDRIA, VA. — CBRE has arranged the $78 million sale of Crystal Woods of Alexandria, a 344-unit apartment community located at 4905 Southland Ave. in Alexandria, roughly eight miles south of Washington, D.C. Jonathan Greenberg, Bill Roohan, Bob Dean, Brian Margerum, Yalda Ghamarian and Thomas Leachman of CBRE arranged the transaction on behalf of the buyer, Republic Properties Corp. Constructed in 1976, Crystal Woods features a fitness center, pool, playground, courtyard, picnic areas and laundry facilities. The previous ownership implemented capital improvements to building systems and common areas. Crystal Woods is located within a 15-minute drive of employment centers including the Pentagon, U.S. Patent & Trademark Office, the Department of Defense Mark Center campus and Inova Alexandria Hospital. In addition, the property is less than a mile from Landmark Mall, which is scheduled for a 2020 redevelopment start by The Howard Hughes Corp.

July 3, 2018

Acquisitions Multifamily Oregon Western

Trion Properties Purchases 156-Unit Apartment Complex Near Portland for $28M

by Amy Works July 3, 2018

TIGARD, ORE. — Trion Properties has acquired Pacific Crest Apartments, a multifamily community located at 10695 SW Murdock St. in Tigard. A private seller sold the property for $28 million. Gail Neuburg and Samuel Lawhead of ARA Newmark represented both parties in the transaction. Continental Partners arranged a $18.4 million acquisition loan for the buyer. Built in 1974, the property features 156 apartments in a mix of studio, one-, two- and three-bedroom floorplans with in-unit washers/dryers. The buyer plans to renovate the units, including the installation of quartz countertops, stainless steel appliances, new cabinets, vinyl floor and Kevo door locks.

July 3, 2018

Acquisitions Midwest Missouri Office

Brain Development Group Purchases 80,615 SF Office Building in Kansas City

by Kristin Harlow July 2, 2018

KANSAS CITY, MO. — Brain Development Group has purchased Belletower, a five-story, 80,615-square-foot office building in Kansas City. The purchase price was not disclosed. The property is located in Country Club Plaza, five miles south of the city’s central business district. The property, built in 1986, includes a 180-space, four-level parking garage beneath the building and an additional 41-space surface parking lot. At the time of sale, Belletower was 67 percent leased to tenants such as MidCountry Bank and Reynolds Law Firm LLC. Two new tenants have since boosted occupancy to 76 percent, according to the Kansas City Business Journal. Amenities include a fitness center and tenant storage. Gina Anderson, Gary Carr and Robert Hill of CBRE represented the seller, Advent Belleview LLC.

July 2, 2018

Acquisitions Illinois Midwest Retail

HFF Arranges $16M Sale of Retail Portion of Historic Chicago Building

by Kristin Harlow July 2, 2018

CHICAGO — HFF has arranged the $16 million sale of a 13,062-square-foot retail space in the heart of Chicago’s financial district. The space is part of the Roanoke Building, a historic office tower located at 11 S. LaSalle St. Originally constructed in 1915 and renovated in 2015, the tower is 91 percent occupied. Tenants of the retail portion include Citibank, Roanoke Restaurant, 7-Eleven and T-Mobile. Amy Sands and Clinton Mitchell of HFF represented the seller, an affiliate of The Prime Group Inc. The buyer was not disclosed.

July 2, 2018

Acquisitions Arizona Loans Multifamily Western

CBRE Secures $18.3M Acquisition Loan for Apartment Complex in Chandler, Arizona

by Amy Works July 2, 2018

CHANDLER, ARIZ. — CBRE Capital Markets’ Debt & Structured Finance team has arranged an $18.3 million loan for the acquisition of Avilla at Chandler Heights, an apartment complex located at 255 E. Chandler Heights Road in Chandler. Brian Cruz, Scott Peterson and Bill Chiles of CBRE’s San Diego office secured the interest-only, fixed-rate loan through Fannie Mae for the borrower, San Diego-based The Certé Group. Constructed in 2017, the property consists of 116 single-story units, featuring private backyards, in 101 individual buildings. All two- and three-bedroom units are standalone buildings and the one-bedroom units are in duplex configurations. Situated on 9.5 acres, the community features a swimming pool, spa, central greenbelt, gated access and covered parking.

July 2, 2018

Acquisitions Industrial Self-Storage Texas

SkyView Brokers Sale of 784-Unit Self-Storage Facility in San Antonio

by Taylor Williams June 29, 2018

SAN ANTONIO — Tampa-based SkyView Advisors has brokered the sale of a 784-unit Extra Space Storage facility in San Antonio. Situated on 3.3 acres, the property totals 88,875 net rentable square feet of climate-controlled space. Ryan Clark of Skyview Advisors represented the seller in the transaction. The buyer and seller were not disclosed.

June 29, 2018

Acquisitions Arizona Industrial Office Retail Western

Dunbar Real Estate Acquires 134,886 SF Business Park in Tempe, Arizona

by Amy Works June 29, 2018

TEMPE, ARIZ. — El Segundo, Calif.-based Dunbar Real Estate Investment Management purchased Mill Avenue Business Park, located at 40 E. Baseline Road, 5030 S. Mill Ave. and 5005-5025 S. Ash Ave. in Tempe. San Juan Capistrano, Calif.-based Birtcher Anderson Realty sold the property for $14.2 million. Bob Buckley, Steve Lindley and Tracy Cartledge of Cushman & Wakefield Phoenix negotiated the transaction on behalf of the seller. Built in 1983, Mill Avenue Business Park features 134,886 square feet of office, industrial and retail space. The property recently underwent a $1.3 million renovation. At the time of sale, the asset was 87.7 percent occupied.

June 29, 2018

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Negotiates $32.1M Sale of Apartment Community in Southwest New Jersey

by David Cohen June 28, 2018

LINDENWOLD, N.J. — Gebroe-Hammer Associates has negotiated the $32.1 million sale of Woodland Village, a 546-unit, garden-style apartment community located at 401 E. Gibbsboro Rd., in Lindenwold. The property is approximately 16 miles southeast of Philadelphia. Built in 1970, the community features a mix of one- and two-bedroom layouts. Eli Rosen and Eli Herskowitz represented the seller, Odin Properties, in the transaction. The buyer was a private investor. Amenities at the property include newly renovated kitchens and separate dining rooms, bay windows, tennis courts and nearby shopping, dining and entertainment.

June 28, 2018

Acquisitions Industrial Texas

Fort Capital Acquires 603,795 SF Industrial Building in Metro Dallas

by Taylor Williams June 28, 2018

GARLAND, TEXAS — Fort Worth-based investment firm Fort Capital has acquired 4040 Forest Lane, a 603,795-square-foot industrial building in Garland, a northeastern suburb of Dallas. The Class B property was built in 1960 and is designed to house manufacturing tenants. The seller was not disclosed. With this acquisition, Fort Capital now owns and operates more than 1.1 million square feet of industrial space.

June 28, 2018

Acquisitions Florida Multifamily Southeast

ARA Newmark Arranges $43.9M Sale of Apartment Community in Palm Beach County

by Camren Skelton June 28, 2018

BOYNTON BEACH, FLA. — ARA Newmark has arranged the $43.9 million sale of Aventine at Boynton Beach, a 216-unit apartment community in Boynton Beach, a city in Palm Beach County. Avery Klann, Hampton Beebe and Jonathan Senn of ARA Newmark arranged the transaction on behalf of the seller, Massachusetts-based Claremont Cos. Tampa-based Robbins Property Associates acquired the asset. Constructed in 2002, Aventine at Boynton Beach includes a mix of one-, two- and three-bedroom units and features a fitness center, resort-style pool, car care center and barbecue and picnic areas. The new ownership plans to upgrade unit interiors and enhance the community’s amenity package.

June 28, 2018

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