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Prologis Buys California’s Great America Amusement Park Site in Silicon Valley from Cedar Fair for $310M

by John Nelson June 28, 2022

SANTA CLARA, CALIF. — Cedar Fair LP (NYSE: FUN), an amusement and water parks owner and operator based in Sandusky, Ohio, has sold the land at California’s Great America amusement park in the Silicon Valley town of Santa Clara. Prologis (NYSE: PLD), an industrial REIT based in San Francisco, purchased the 112 acres for $310 million and executed a lease with Cedar Fair to continue operating the park. Cedar Fair plans to eventually close Great America, which was built in 1976 by Marriott International Inc. (NASDAQ: MAR). The park features more than 60 rides and rollercoasters, as well as the Planet Snoopy children’s park and South Bay Shores waterpark, according to the property website. Cedar Fair will continue to operate the park for a period of up to 11 years and then will close existing park operations at the end of the lease term. After 40 years of leasing Great America, Cedar Fair purchased the land from the City of Santa Clara in 2019 per an order from the State of California. The city purchased the park from Marriott in 1985. Following company-wide park closures from the COVID-19 pandemic, Cedar Fair explored options to raise revenue within its existing portfolio. …

June 28, 2022

Acquisitions Multifamily Southeast Virginia

Bonaventure Sells Bend Arbordale Apartments in Williamsburg, Virginia for $100M

by John Nelson June 27, 2022

WILLIAMSBURG, VA. — Bonaventure, a multifamily owner-operator based in Alexandria, Va., has sold The Bend Arbordale, a 289-unit apartment community located at 401 Bulifants Blvd. in Williamsburg. The Inland Real Estate Group purchased the asset for $100 million. Drew White and Carter Wood of Berkadia represented Bonaventure in the sale. Situated near Sentara Williamsburg Regional Medical Center and I-64, The Bend Arbordale offers two- and three-bedroom floor plans with in-unit washers and dryers and private balconies or patios. Amenities include a swimming pool, fitness center, business center, clubhouse and a dog park.

June 27, 2022

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers $96.3M Sale of Apartment Complex in Charlestown, Massachusetts

by Taylor Williams June 27, 2022

CHARLESTOWN, MASS. — CBRE has brokered the $96.3 million sale of The Graphic Lofts, a 171-unit apartment complex in the Sullivan Square neighborhood of Charlestown, a northern suburb of Boston. Built in 2019, the property houses studio, one-, two- and three-bedroom units with an average size of 843 square feet, as well as 5,723 square feet of retail space. Amenities include a fitness center, coffee bar, game room, community kitchen and a rooftop deck with grilling stations. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of Boston-based Berkeley Investments, in the transaction. The team also procured the buyer, an affiliate of Denver-based EverWest Real Estate Investors.

June 27, 2022

Acquisitions California Industrial Western

Kidder Mathews Negotiates Sale of 126,500 SF Glendale Financial Square in California

by Amy Works June 27, 2022

GLENDALE, CALIF. — Kidder Mathews has arranged the sale of Glendale Financial Square, an office building located at 225 W. Broadway in Glendale. Two Southern California real estate investment firms taking ownership as Hacienda Associates LP acquired the asset from a partnership between three local investors (Hyun 1996-2 Family LP, Royalblue LLC and Broadway JSY LLC) for $27.5 million. Glendale Financial Square features 126,500 square feet of office space and a stable tenant base. The buyer plans to invest in upgrading the buliding’s common areas and main entry plaza. Bill Boyd, Linda Lee and Scott Unger of Kidder Mathews represented two-thirds of the seller partnership in the deal.

June 27, 2022

Acquisitions Multifamily Texas

Westmount Realty Capital Sells 357-Unit Highland Bluffs Apartments in East Dallas

by Taylor Williams June 24, 2022

DALLAS — Locally based investment firm Westmount Realty Capital has sold Highland Bluffs, a 357-unit apartment community in East Dallas. The property was built in 1984 and consists of 28 three-story buildings that house one- and two-bedroom units ranging in size from 465 to 1,012 square feet. Amenities include a pool, playground, outdoor picnic areas and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented Westmount Realty Capital, which invested significant upgrades during its eight years of ownership, in the transaction. The duo also procured the buyer, Dallas-based Lurin Investments.

June 24, 2022

Acquisitions Multifamily Northeast Pennsylvania

Livingston Street Capital Acquires 231-Unit Active Adult Community Near Philadelphia

by Taylor Williams June 24, 2022

KING OF PRUSSIA, PA. — Livingston Street Capital, a private equity firm with offices in Radnor, Pa., and New York City, has acquired Canvas Valley Forge, a 231-unit active adult community located north of Philadelphia in King of Prussia. The property offers 147 one-bedroom units and 84 two-bedroom units. Indoor amenities include a fitness center, salon and spa, craft room, game room, library/media room, resident lounge, package room and concierge services. Outdoors, residents have access to a pool with a sundeck and hot tub, courtyard with grills and seating areas, a dog park with a washing station and a bocce ball court. The seller and sales price were not disclosed.

June 24, 2022

Acquisitions Colorado Industrial Western

NAI Highland Brokers $28.1M Sale of Airport Business Center in Colorado Springs

by Amy Works June 24, 2022

COLORADO SPRINGS, COLO. — NAI Highland has arranged the sale of Airport Business Center, a four-building industrial park in Colorado Springs. An undisclosed buyer acquired the asset for $28.1 million. Situated on 12.7 acres, the park totals 213,240 square feet of fully leased industrial space. Additionally, the asset features 6.1 acres of surplus land for future development. The business park is located at 2510, 2520 and 2590 Aviation Way and 2504, 2506 and 2510 Zeppelin Road. Randy Dowis and Paul Engel of NAI Highland represented the undisclosed seller in the deal. Dowis and Engel are also working with the buyer on plans to develop the surplus land.

June 24, 2022

Acquisitions Indiana Industrial Midwest

Avison Young Brokers Sale of 979,264 SF Industrial Building in Metro Indianapolis

by Kristin Harlow June 24, 2022

INDIANAPOLIS — Avison Young has brokered the sale of Building 5 within Whiteland Exchange Business Park in the Indianapolis suburb of Whiteland. The sales price was undisclosed. Sean McHale and Peter Seoane of Avison Young represented the seller, Jones Development. DHL Supply Chain was the buyer. Avison Young was also the leasing agent for Whiteland Exchange, which totals 2.4 million square feet.

June 24, 2022

Acquisitions California Multifamily Western

Virtu Investments Sells Foothill Ridge Apartments in Upland, California to Clear Capital for $82M

by Amy Works June 23, 2022

UPLAND, CALIF. — Virtu Investments has completed the disposition of Foothill Ridge, a multifamily property in Upland, to Clear Capital for $82 million, or $353,448 per unit. Built in 1973, Foothill Ridge features 232 apartments spread across 32 one- and two-story buildings on 11 acres. Units offer energy-efficient appliances, large closets and central air conditioning. Community amenities include ample open space, a resort-style pool with furnished sundeck, a spa, fitness center, dog park, playground and barbecue grills. Alexander Gracia Jr., Tyler Martin and Chris Zorbas of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

June 23, 2022

Acquisitions Multifamily North Carolina Southeast

Kirkland Brokers $90.9M Sale of Apartment Community in Charlotte

by John Nelson June 23, 2022

CHARLOTTE, N.C. — The Kirkland Co. has brokered the $90.9 million sale of Amaze @ NoDa, a 298-unit apartment community in Charlotte. Built in 2020, the gated property is situated in Charlotte’s NoDa (north of Davidson Street) district along the Lynx Blue Line rail. Dennis Harris, Austin Haney and Matt Behr of Kirkland represented the seller and developer, Neyland Apartment Associates, in the transaction. Stoneweg U.S. LLC, a multifamily investor and developer based in St. Petersburg, Fla., was the buyer. Amaze @ NoDa features studio, one- and two-bedroom units, as well as a pool, clubhouse, sky lounge with an outdoor bar, business center, bike storage, fitness center, dog park, firepits, courtyard and grills.

June 23, 2022

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