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Avanath Capital Buys Six Affordable Housing Communities in Northern California for $181.6M

by Amy Works August 8, 2022

SACRAMENTO — Avanath Capital Management has purchased six affordable multifamily and seniors housing properties in the Sacramento area for more than $181.6 million in an off-market transaction. The portfolio consists of four multifamily and two affordable seniors housing communities totaling 1,032 units. The multifamily properties include Anton Arcade at 2134 Butano Drive in Sacramento, Norden Terrace at 3685 Elkhorn Blvd. in North Highlands, The Ridge at 8151 Civic Center Drive in Elk Grove and Whitney Ranch at 711 University Ave. in Rocklin. The seniors housing properties includes Corsair Park Senior at 6920 Watt Ave. in North Highlands and Hurley Creek Senior at 4275 El Centro Road in Sacramento. Constructed between 2008 and 2017, the properties were built utilizing low-income housing tax credits through the California Tax Credit Allocation Committee and with bond financing via multiple agencies. Additionally, the assets benefit from the state of California’s Welfare Tax Exemption. Each community features a leasing center, central clubhouse, business center, fitness center, pool, laundry facilities, carports and garages. Avanath plans to implement sustainable and social-service measures at the properties, including energy-saving updates and resident impact programming. With this acquisition, Avanath now holds 12 total properties and manages 1,854 total units in the …

August 8, 2022

Acquisitions New Jersey Northeast Office

Edgewood Properties Buys 250,000 SF Office Building in Basking Ridge, New Jersey

by Taylor Williams August 8, 2022

BASKING RIDGE, N.J. — Locally based investment and development firm Edgewood Properties has purchased Westgate, a 250,000-square-foot office building in the Northern New Jersey community of Basking Ridge. The building was constructed in 1991 to house the headquarters of Everest Reinsurance Co. That company relocated to Warren Corporate Center in summer 2019. Amenities include a full-service cafeteria, fitness center, outdoor terrace and landscaped gathering spaces and a conference room. Jose Cruz, Kevin O’Hearn, Sean Ryan, Steve Simonelli, Michael Oliver and Grace Braverman of JLL represented the undisclosed seller in the transaction.

August 8, 2022

Acquisitions Illinois Midwest Restaurant Retail

Quantum Negotiates $32.7M Sale of Retail Center in Naperville, Illinois

by Kristin Harlow August 8, 2022

NAPERVILLE, ILL. — Quantum Real Estate Advisors Inc. has negotiated the sale of an 81,760-square-foot retail center in Naperville for $32.7 million. The property, which was 96 percent leased at the time of sale, is home to Old Town Pour House, Maggiano’s Little Italy, White Chocolate Grill, Morton’s Steakhouse, Jason’s Deli, Naf Naf Grill, Bombay Wraps and Brick’s Wood Fire Pizza. Chad Firsel, Dan Waszak and Zack Hilgendorf of Quantum represented the seller, a Dallas-based institutional investment firm, and the buyer, a Philadelphia-based investment fund.

August 8, 2022

Acquisitions New Jersey Northeast Office

Edgewood Properties Buys 250,000 SF Office Building in Basking Ridge, New Jersey

by Taylor Williams August 8, 2022

BASKING RIDGE, N.J. — Locally based investment and development firm Edgewood Properties has purchased Westgate, a 250,000-square-foot office building in the Northern New Jersey community of Basking Ridge. The vacant building was constructed in 1991 to house the headquarters of Everest Reinsurance Co. That company relocated to Warren Corporate Center in summer 2019. Amenities include a full-service cafeteria, fitness center, outdoor terrace and landscaped gathering spaces and a conference room. Jose Cruz, Kevin O’Hearn, Sean Ryan, Steve Simonelli, Michael Oliver and Grace Braverman of JLL represented the undisclosed seller in the transaction.

August 8, 2022

Acquisitions Florida Mixed-Use Restaurant Retail Southeast

Rockpoint, Ivanhoe Cambridge Sell Mary Brickell Village Mixed-Use Property in Miami for $216M

by John Nelson August 5, 2022

MIAMI — Boston-based Rockpoint and Montreal-based Ivanhoe Cambridge have sold Mary Brickell Village, a Publix-anchored mixed-use property in Miami’s Brickell district. RPT Realty purchased the 200,503-square-foot development for $216 million. Danny Finkle, Chris Angelone, Matthew Lawton, Eric Williams and Kim Flores of JLL represented the sellers in the transaction. Situated on 5.2 acres at 901 S. Miami Ave., Mary Brickell Village’s tenant roster includes Miami’s only LA Fitness Signature Club, as well as Moxie’s, North Italia, P.F. Chang’s, Shake Shack, Blue Martini, Starbucks, Massage Envy, Candela Gastro Bar and EWM Realty. The mixed-use property also includes an 875-space parking garage. Originally constructed in 2008, Mary Brickell Village underwent renovations between 2018 and 2020.

August 5, 2022

Acquisitions Colorado Office Western

Menashe Properties Buys 370,000 SF Stanford Place Office Building in Denver

by Amy Works August 5, 2022

DENVER — Menashe Properties has acquired Stanford Place III, a Class A office building situated on 6.5 acres in Denver. Angelo Gordon Cos. sold the property for an undisclosed price. Totaling 370,000 square feet, the property offers 22,000-square-foot floor plates and a renovated main lobby, common area corridors and restrooms. The building also features a renovated Starbucks Café and deli, a tenant lounge, fitness center, secure bike storage and conference facility. There is also ample surface parking, covered parking and close proximity to interstates 25 and 225 and the Belleview light rail station. Robert Whittelsey and Abby Pattillo of Colliers brokered the transaction.

August 5, 2022

Acquisitions Industrial Self-Storage Texas

JLL Negotiates Sale of 952-Unit Self-Storage Facility in Austin

by Taylor Williams August 5, 2022

AUSTIN, TEXAS — JLL has negotiated the sale of Woodland Self Storage, a 952-unit facility located south of downtown Austin along I-35. The 92,288-square-foot, climate-controlled facility was built in 2019 and was 70 percent occupied at the time of sale. Steve Mellon, Brian Somoza, Adam Roossien and Matthew Wheeler of JLL represented the seller, Austin-based Endeavor Real Estate Group, in the transaction. Utah-based REIT Extra Space Storage purchased the asset for an undisclosed price.

August 5, 2022

Acquisitions Midwest Ohio Retail

Quantum Brokers $5.2M Sale of Retail Property in Cincinnati

by Kristin Harlow August 5, 2022

CINCINNATI — Quantum Real Estate Advisors Inc. has brokered the sale of a 14,490-square-foot retail property in Cincinnati for $5.2 million. The property was originally leased to Walgreens, which closed four years ago. Walgreens sub-let the building to Dollar General, which maintains about seven years on its lease. Daniel Waszak of Quantum represented the seller, a New York City-based private investor. A Texas-based real estate investment fund was the buyer.

August 5, 2022

Acquisitions Industrial Self-Storage Texas

JLL Negotiates Sale of 952-Unit Self-Storage Facility in Austin

by Taylor Williams August 5, 2022

August 5, 2022

Acquisitions Industrial New York Northeast

Taconic Capital, Friedman Buy Three Upstate New York Industrial Buildings Totaling 831,000 SF

by Taylor Williams August 5, 2022

LIVERPOOL, N.Y. — A joint venture between New York-based Taconic Capital Advisors and Friedman Real Estate has purchased three industrial buildings totaling 831,000 square feet in Liverpool, a suburb of Syracuse. The properties were acquired as part of a $46 million portfolio sale that included a 407,000-square-foot distribution center in Waterford, Mich. Rite Aid Corp. sold the buildings and will continue to lease back the space at two of the three buildings as distribution centers for its e-commerce platform. The third building, which is the smallest of the trio at 87,000 square feet, remains vacant. As part of the transaction, the joint venture also purchased more than 50 acres for possible future expansion.

August 5, 2022

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