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Colliers Negotiates $14.6M Sale of Fair Park Business Center in Milwaukee

by Kristin Harlow August 31, 2022

MILWAUKEE — Colliers has negotiated the sale of Fair Park Business Center in Milwaukee for $14.6 million. Located at 620 S. 76th St., the 119,971-square-foot property is fully leased to six office and flex industrial tenants. The building was originally constructed in 1948 with additions and renovations occurring between 2006 and 2014. Some of the tenants include Children’s Hospital of Wisconsin, Lesaffre Yeast Corp. and Upper Iowa University. Tom Shepherd and Jennifer Huber-Bullock of Colliers represented the seller, SARA Investment Real Estate. A New York-based 1031 exchange investor was the buyer.

August 31, 2022

Acquisitions California Net Lease Retail Western

Stan Johnson Negotiates Acquisition of 56,000 SF Retail Property Leased to Target in Huntington Park, California

by Amy Works August 31, 2022

HUNTINGTON PARK, CALIF. — Stan Johnson Co. has brokered the purchase of a freestanding retail property located at 5731 Bickett St. in Huntington Park, just southeast of downtown Los Angeles. A New York-based private investor acquired the asset for $48.7 million. Principal Life provided acquisition financing. Developer Shane Cos. is slated to complete the 56,000-square-foot building in January 2023. Target has leased the property under a long-term, triple-net lease. Situated on 4.1 acres, the site will feature a Starbucks Coffee, Tesla charging station and an urban-format Target. Jason Maier of Stan Johnson Co. represented the buyer, while Alvin Mansour of The Mansour Group at Marcus & Millichap represented the undisclosed seller in the transaction.

August 31, 2022

Acquisitions Multifamily North Carolina Southeast

Blackfin Sells Pressley South End Apartments in Charlotte for $78M

by John Nelson August 30, 2022

CHARLOTTE, N.C. — Blackfin Real Estate Investors has sold Pressley South End, a 504-unit apartment community located at 1210 Pressley Road in Charlotte’s South End submarket. The undisclosed buyer purchased the community for $78 million. Built in 1969, the property comprises one-, two- and three-bedroom units and features onsite management and maintenance teams, a basketball court, playground, pet park and a walking trail. Deaton Investment Real Estate represented Blackfin in the transaction, which is the firm’s third sale in 2022. Blackfin purchased Pressley South End in June 2017 for $19 million.

August 30, 2022

Acquisitions Midwest Minnesota Multifamily

The Connor Group Acquires 275-Unit Apartment Complex in Burnsville, Minnesota

by Kristin Harlow August 30, 2022

BURNSVILLE, MINN. — The Connor Group has acquired RiZE on Grand in the Minneapolis suburb of Burnsville for an undisclosed price. The 275-unit apartment complex opened in 2021. Amenities include an outdoor pool, fitness center, game room, fire pits, rooftop deck and dog park. Keith Collins, Abe Appert and Ted Abramson of CBRE represented the seller, LeCesse Development Corp.

August 30, 2022

Acquisitions California Multifamily Western

IPA Brokers $21M Sale of Addison Arms Apartments in Los Angeles

by Amy Works August 30, 2022

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Addison Arms Apartments, a multifamily community located in the Sherman Oaks neighborhood of Los Angeles. A private, Los Angeles-based owner sold the asset to a private family for $21 million, or $375,893 per unit. Originally constructed in 1969, Addison Arms features 57 apartments. The seller spent $2.2 million on capital expenditures to upgrade the property systems, common area amenities and 45 percent of the unit interiors. Improvements include a new roof, commercial air conditioning system and upgrades to the landscaping, signage, exterior paint, leasing office, clubhouse, hallways and exterior lighting. The project also added one accessory dwelling unit. Kevin Green, Joseph Grabiec and Greg Harris of IPA represented the seller and procured the buyer in the deal.

August 30, 2022

Acquisitions Arizona Multifamily Western

American Landmark Buys 286-Unit The Lotus Apartment Property in Glendale, Arizona

by Amy Works August 29, 2022

GLENDALE, ARIZ. — American Landmark Apartments has purchased Cabana 99th, a multifamily community located at 10000 W. Missouri Ave. in Glendale. The buyer has renamed the 286-unit property as The Lotus. Built in 2022, The Lotus features studio, one- and two-bedroom floor plans ranging from 468 square feet to 828 square feet. Apartments offer dishwashers, full-size washers/dryers, large energy-efficient windows, stainless steel appliances, nine-foot ceiling heights, wood-style vinyl plank flooring and workstation desks in select units. Community amenities include a swimming pool, electric vehicle charging stations, a hammock garden, keyless entry locks, monthly resident events, a business center, multi-purpose lawn, outdoor fitness space, secured bike storage and outdoor barbecue area. Terms of the transaction were not released.

August 29, 2022

Acquisitions Office Texas

Tishman Speyer Sells 240,000 SF Foundry Office Complex in East Austin

by Taylor Williams August 29, 2022

AUSTIN, TEXAS — Tishman Speyer has sold The Foundry, a 240,000-square-foot office complex in East Austin. The New York City-based real estate giant acquired the first of The Foundry’s two buildings in January 2021 and the second in July 2021 from locally based developer Cielo Property Group. Mike McDonald and Jonathan Napper of Cushman & Wakefield represented Tishman Speyer in the latest sale. Beacon Capital Partners purchased the asset, which was 96 percent leased at the time of sale, for an undisclosed price.

August 29, 2022

Acquisitions Multifamily Texas

Cottonwood Group, Texsun Holdings Buy 480-Unit Multifamily Portfolio in Fort Worth

by Taylor Williams August 26, 2022

FORT WORTH, TEXAS — A partnership between two private equity firms, Los Angeles-based Cottonwood Group and Dallas-based Texsun Holdings, has purchased a two-property multifamily portfolio totaling 480 units in Fort Worth. The properties, Woodstone and Bridge Hollow, both offer one- and two-bedroom units. The new ownership plans to implement a $5 million capital improvement plan across both assets. The seller and sales price were not disclosed.

August 26, 2022

Acquisitions Massachusetts Northeast Office

Joint Venture Acquires 166,000 SF Office Building in Metro Boston, Plans Life Sciences Conversion

by Taylor Williams August 26, 2022

BEDFORD, MASS. — A joint venture between Redgate, Optimum Asset Management and AEW Capital Management has acquired a 166,000-square-foot office building in the northwestern Boston suburb of Bedford with plans to implement a life sciences conversion program. Tom Sullivan and Ross Fishman of Cushman & Wakefield arranged $82.2 million in acquisition and conversion financing through Ares on behalf of the joint venture. A construction timeline was not disclosed.

August 26, 2022

Acquisitions Florida Seniors Housing Southeast

SRS Brokers $46.7M Sale of Skilled Nursing Facility in Fort Myers, Florida

by John Nelson August 26, 2022

FORT MYERS, FLA. — SRS Real Estate Partners has brokered the sale of a single-tenant, 75-bed skilled nursing facility located at 13960 Plantation Road in Fort Myers. An entity doing business as Plantation Medical Center SNU LLC sold the property to a private 1031 investment firm based in New York City for $46.7 million. Patrick Nutt and William Wamble of SRS’ National Net Lease Group represented the seller in the off-market transaction, and Jason Maier of Stan Johnson Co. represented the buyer. Built in 2018, the 57,650-square-foot property is situated adjacent to the Gulf Coast Medical Center and is occupied by Lee Memorial Health System’s Gulf Coast Medical Center Skilled Nursing Unit. Lee Memorial Health System has 16 years remaining on its lease term with options to extend, according to SRS.

August 26, 2022

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