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Marcus & Millichap Brokers $10.3M Condo Deconversion Sale in Chicago

by Kristin Harlow June 14, 2018

CHICAGO — Marcus & Millichap has brokered the $10.3 million sale of 227 East Walton Place in Chicago’s Streeterville neighborhood. The buyers, a group of California-based private investors, plan to convert the property’s 25 condos into rental units. Built in 1956, the property is located at 227 E. Walton St. Kyle Stengle, Austin Weisenbeck, Sean Sharko and Brewster Hague of Marcus & Millichap brokered the transaction. The sale price equates to $412,000 per unit. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

June 14, 2018

Acquisitions California Multifamily Western

Marcus & Millichap Negotiates $28M Sale of Multifamily Property in Costa Mesa, California

by Amy Works June 14, 2018

COSTA MESA, CALIF. — Marcus & Millichap has negotiated the sale of Vio Costa Mesa, a multifamily property located in Costa Mesa. An undisclosed buyer acquired the property for $28 million in a 1031 exchange. Tyler Leeson, Kurt Hediger and Matt Kipp of Marcus & Millichap represented the buyer and arranged the sale of a 54-unit apartment asset in Westminster, Calif., in phase one of the exchange. Additionally, Michael Derk and Nick Gray of Marcus & Millichap Capital Corp. arranged $14.7 million in acquisition financing for the purchase of Vio Costa Mesa. The debt placement was structured on a nonrecourse basis with four years of interest-only payments and a $2 million post-closing earnout. Built in 1973, Vio Costa Mesa is currently under renovation and was sold in as-is condition after a 14-day due diligence period. The property features 84 apartment units.

June 14, 2018

Acquisitions New York Northeast

Howard Hughes Corp. Acquires One-Acre Lot in New York’s Seaport District for $180M

by David Cohen June 13, 2018

NEW YORK CITY —Howard Hughes Corp. has acquired 250 Water St. in Lower Manhattan for $180 million. The one-acre site is currently used as a parking lot and encompasses a full city block. The seller was Peck Slip Associates, an entity controlled by the Milstein family. Acquisition financing, which an undisclosed lender provided, consisted of an initial interest-free term of six months, with three six-month extension options at a rate of six percent. The second and third extension options each require a $30 million pay down. The Howard Hughes Corp. recently acquired 450,000 square feet of property and a joint venture interest in a 66-room Mr. C hotel in the Seaport District. The company’s vision for the site will be announced at a later date.

June 13, 2018

Westgate-Entertainment-District-Glendale-AZ

Acquisitions Arizona Mixed-Use Multifamily Office Restaurant Retail Western

CBRE Negotiates Sale of 533,116 SF Entertainment District in Metro Phoenix for $133M

by Amy Works June 13, 2018

GLENDALE, ARIZ. — CBRE has arranged the sale of Westgate Entertainment District, a mixed-use development located near Loop 101 and Glendale Avenue in Glendale. YAM Westgate, a venture formed by Scottsdale-based YAM Properties, purchased the 46.6-acre entertainment, retail and office destination, including 30 acres of undeveloped land, from The New Westgate LLC, formed by iStar Properties. The price was $133 million. Philip Voorhees, Jimmy Slusher, Kirk Brummer, Sean Heitzler, Jesse Goldsmith, Steve Julius and Bryan Taute of CBRE represented the seller and buyer in the deal. Opened in 2016, the Westgate Entertainment District features more than 40 retailers and restaurants, including a 20-screen AMC Theatre, Dave & Busters and Yard House. Additionally, the property offers 159,026 square feet of Class A office space, as well as 76 multifamily lofts located on the upper floors.

June 13, 2018

Acquisitions Multifamily North Carolina Southeast

Phoenix Realty Group Buys 345-Unit Apartment Community in Durham for $37.2M

by Camren Skelton June 13, 2018

DURHAM, N.C. — Phoenix Realty Group (PRG) has acquired Beech Lake Apartments, a 345-unit multifamily community located at 4800 University Drive in Durham, for $37.2 million. The name of the seller was not disclosed. Constructed in 1987, the property includes 30 three-story buildings and is situated on 37 acres. PRG will update and modernize the community, renaming it Alvista Durham. Planned unit upgrades include faux wood flooring in common areas, new laminate countertops, new kitchen cabinet doors and hardware and faux stainless steel appliances. Planned common area improvements include the addition of a dog park, dog wash station, outdoor kitchen and fire pit, upgrades to the pool area and the conversion of the lakeside trail to an outdoor fitness trail.

June 13, 2018

Acquisitions Industrial Texas

Mitchell Asset Group Acquires 320,672 SF Industrial Portfolio in Texas

by Taylor Williams June 13, 2018

DALLAS, SAN ANTONIO AND LUBBOCK, TEXAS — Fort Worth-based Mitchell Asset Group Inc. has acquired a 320,852-square-foot industrial portfolio from private equity firm Pacific Avenue Capital Partners. The properties include a 136,882-square-foot facility located at 11100 Plano Road in Dallas; a 104,000-square-foot asset located at 3101 Aniol St. in San Antonio; and a 79,790-square-foot building located at 1919 Avenue E in Lubbock. The properties were acquired in a sale-leaseback transaction for an undisclosed price. Walker & Dunlop arranged debt for the acquisition through UBS.

June 13, 2018

Acquisitions Multifamily Texas

JLL Income Property Trust Acquires 328-Unit Apartment Community in Plano

by Taylor Williams June 12, 2018

PLANO, TEXAS — JLL Income Property Trust has acquired Villas at Legacy, a 328-unit multifamily community in Plano. The property is located within Legacy Business Park, a 2,665-acre master-planned community. Amenities include a pool, fitness center, business center, picnic areas and a coffee bar. This transaction, the seller in which was not disclosed, raises the size of the trust’s multifamily portfolio to more than 2,500 units.

June 12, 2018

Acquisitions Office Southeast Tennessee

CBRE Brokers $43.3M Sale of 20-Story Office Tower in Nashville’s CBD

by Camren Skelton June 12, 2018

NASHVILLE, TENN. — CBRE has arranged the sale of 4th & Church, a 20-story office tower located at 201 4th Ave. N. in Nashville’s central business district. Stolz Real Estate Partners acquired the property from Albany Road Real Estate Partners. The sales price was not disclosed, but the Nashville Business Journal reports the building sold for $43.3 million. CBRE’s Jay O’Meara, Douglass Johnson, Justin Parsonnet and Morgan Hillenmeyer arranged the transaction on behalf of Albany. ServiceSource, a cloud-based software firm, anchors the building, which was 92 percent leased at the time of sale. Additional tenants include IQTalent Partners, Nashville City Club, Leitner Williams Dooley Napolitan and Parker Lawrence Cantrell & Smith. The building was fully renovated in 2008, and lobby renovations were completed in 2016.

June 12, 2018

Acquisitions California Industrial Western

VRS International Acquires 38,900 SF Industrial Building in California for $6.5M

by Amy Works June 12, 2018

CARLSBAD, CALIF. — Carlsbad-based VRS International has purchased an industrial building, located at 1958 Kellogg Ave. in Carlsbad. Bend, Ore.-based Canard Add* Ventures sold the property for $6.5 million. The 38,900-square-foot industrial building features a two-story lobby, heavy power and fenced yard. Kelly Nicholls of Lee & Associates – North San Diego County represented the seller and buyer in the deal.

June 12, 2018

Acquisitions Multifamily Northeast Pennsylvania

IPA Negotiates $61M Sale of Apartment Community in Metro Pittsburgh

by Jeff Shaw June 11, 2018

WEXFORD, PENN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $61 million sale of Ascent Four Thirty, a 319-unit apartment community located in Wexford, roughly 15 miles north of Pittsburgh. A joint venture between Buligo Capital and Graycliff Capital acquired the asset from The NRP Group. Constructed in 2014, Ascent Four Thirty includes 17 three-story buildings and features a fitness center, resort-style swimming pool with a sundeck and a conference room. Joshua Wintermute, Michael Barron, Daniel Burkons and Victor Nolletti of IPA arranged the transaction on behalf of the seller, and procured the buyer.

June 11, 2018

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