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DivcoWest Buys 320,000 SF Office Building in San Francisco’s Mission Bay

by Amy Works May 25, 2022

SAN FRANCISCO — DivcoWest has purchased 550 Terry Francois Boulevard, a vacant, six-story office building in San Francisco’s Mission Bay neighborhood. Terms of the transaction were not released. Built in 2002, the 320,000-square-foot building recently served the headquarters of fashion retailer Old Navy. DivcoWest plans to invest in the building to further broaden its life sciences appeal. The asset is adjacent to University of California San Francisco’s medical research campus, as well as numerous biotech and healthcare organizations. The building offers 51,000-square-foot floor plates, access to 308 parking spaces and extensive outdoor amenity space. Additionally, the property features waterfront views and proximity to Bay Trail, a 350-mile pedestrian and bike trail linking more than 40 communities around San Francisco Bay.

May 25, 2022

Acquisitions Hospitality Texas

Mohr Capital Buys 350-Room DoubleTree by Hilton Hotel in Central Austin

by Taylor Williams May 25, 2022

AUSTIN, TEXAS — Dallas-based investment firm Mohr Capital has acquired DoubleTree by Hilton Austin, a 350-room hotel located at 6505 N. Interstate 35 in the central part of the state capital. The six-story hotel includes 25,000 square feet of meeting and event space. Mohr Capital plans to invest about $11 million in capital improvements to guestrooms, elevators and common areas. John Bourret and Austin Brooks of Hodges Ward Elliott represented the undisclosed seller in the transaction.

May 25, 2022

Acquisitions Illinois Midwest Multifamily

BH Management Services Acquires 272-Unit Apartment Community in Aurora, Illinois

by Kristin Harlow May 25, 2022

AURORA, ILL. — BH Management Services has acquired Legacy at Fox Valley in Aurora for an undisclosed price. The 272-unit apartment community was built in 1998. The property recently underwent renovations to the amenities, major building systems and more than half of the unit interiors. Amenities include a clubhouse, event kitchen, outdoor heated pool, dog park and volleyball court. John Jaeger and Justin Puppi of CBRE represented the seller, White Oak Partners.

May 25, 2022

Acquisitions Florida Retail Southeast

CrossMarc, MCB Acquire Springs Plaza Shopping Center in Longwood, Florida for $19.6M

by John Nelson May 25, 2022

LONGWOOD, FLA. — Winter Park, Fla.-based CrossMarc Services and Baltimore-based MCB Real Estate have purchased Springs Plaza, a 64,753-square-foot shopping center in Longwood, about 15 miles north of Orlando. Faison Enterprises also provided equity for the $19.6 million acquisition. Casey Rosen and Dennis Carson of CBRE represented the seller, an affiliate of New York-based Apollo Global Management, in the transaction. The shopping center was built in 1979 and renovated in 2017. Shadow-anchored by Publix, Springs Plaza’s tenant roster includes Tijuana Flats, golf-themed sports bar Mulligan’s, The Back Porch Longwood, Hurricane Grill & Wings, Woof Gang Bakery & Grooming, a health food concept and a nail salon, among others.

May 25, 2022

Acquisitions Georgia Multifamily Southeast

CBRE Investment Management Provides $85.3M Acquisition Loan for Multifamily Community in Metro Atlanta

by John Nelson May 24, 2022

DORAVILLE, GA. — A fund sponsored by CBRE Investment Management closed on an $85.3 million mortgage loan to finance Atlanta-based Carroll’s acquisition of the 592-unit Arium Winters Chapel apartment community in the Atlanta suburb of Doraville. The floating-rate loan has an initial term of three years with a two-year extension option. The loan features future funding to finance the sponsor’s business plan. Robert Kadoori of CBRE’s Debt & Structured Finance team in Atlanta arranged the loan on behalf of Carroll. Formerly known as Jasmine at Winters Chapel, Arium Winters Chapel is a garden-style property located at 4335 Winters Chapel Road and offers one-, two- and three-bedroom floor plans. Units feature hardwood-style flooring, resurfaced cabinets, private balconies, tile backsplashes and washer/dryers in select units. Community amenities include a fitness center, two swimming pools, soccer field, picnic and grilling areas, two dog parks, playground, clubhouse, business center and controlled gated access.

May 24, 2022

Acquisitions Illinois Midwest Retail

Hanley Investment Group Arranges Sales of Three Retail Properties in Suburban Chicago for $10M

by Kristin Harlow May 24, 2022

PLANO, WAUKEGAN AND NEW LENOX, ILL. — Hanley Investment Group Real Estate Advisors has arranged the sales of three retail properties in suburban Chicago for roughly $10 million. In the first transaction, Lakewood Springs Commons in Plano sold for $3 million. The 26,300-square-foot center was built in 2007. Dylan Mallory, Jeff Lefko and Bill Asher of Hanley, in association with ParaSell Inc., represented the seller, a private investment group based in Chicago. Greg Cline of The Cline Co. represented the buyer, a New Jersey-based private investor. Cedar Center in New Lenox sold for $3.4 million. The 22,370-square-foot property was built in 2007. The Hanley team represented the seller, a Chicago-based private investment group. David Cendejas of SVN Vanuard represented the buyer, a Los Angeles-based private investor. In the final transaction, Bay Ridge Court in Waukegan sold for $3.6 million. Built in 1991 and remodeled in 2020, the property spans 27,687 square feet. Lefko and Asher represented the seller, Fortune Bank. Douglas Cole of Marcus & Millichap represented the buyer, a Los Angeles-based private investor.

May 24, 2022

Acquisitions Affordable Housing Mixed-Use Multifamily New York Northeast Top Stories

Avanath Capital Acquires Two Multifamily Communities in Brooklyn for $315M

by John Nelson May 24, 2022

NEW YORK CITY — Avanath Capital Management, a private real estate investment management firm, has purchased two multifamily communities in Brooklyn. The Irvine, Calif.-based company purchased the two properties, which total 601 apartments and 42,643 square feet of ground-floor retail space, for $315 million. The properties also include 82,681 square feet of parking. The seller was not disclosed, but multiple outlets report the seller as Greenland USA, a residential and commercial real estate developer based in China. Located at 38 6th Ave. and 535 Carlton Ave., the two communities are situated adjacent to Barclays Center, the home arena of the Brooklyn Nets NBA franchise. A little over one-third of the units are reserved for residents with incomes between 40 percent and 100 percent of area median income (AMI). The buildings were constructed in 2017 as part of the ongoing Pacific Park New York Development initiative, which Avanath Capital says is Brooklyn’s largest development project to date. In addition to the two multifamily properties, at full completion the site will host eight acres of public open space, a new public middle school, 13 other residential buildings and more than 7.3 million square feet of residential, commercial and retail space. Amenities at …

May 24, 2022

Acquisitions Kansas Midwest Multifamily

JVM Realty Acquires 219-Unit Luxury Apartment Complex in Overland Park, Kansas

by Kristin Harlow May 23, 2022

OVERLAND PARK, KAN. — JVM Realty Corp. has acquired The Vue, a 219-unit luxury apartment complex in the Kansas City suburb of Overland Park. Hunt Midwest sold the asset for an undisclosed price. Units at The Vue, located at 7201 W. 80th St., average 936 square feet. Completed in 2018, the six-story property includes 7,300 square feet of ground-floor retail space that is leased to tenants such as Parisi Coffee and Evolve Juicery & Kitchen. Amenities include a sundeck, fitness center, clubhouse, outdoor lounge and pet spa.

May 23, 2022

Acquisitions Arizona Multifamily Western

KB Investments Acquires 280-Unit Multifamily Community in Central Phoenix

by Amy Works May 23, 2022

PHOENIX — KB Investments has acquired Green Leaf Arts District, an apartment complex in Central Phoenix, for an undisclosed price. Located at 222 E. McDowell Road, the property features 280 units with nine-foot ceilings, gourmet kitchens, granite countertops, stainless steel appliances and modern cabinetry. Common area amenities include a two-story clubhouse with an upscale chef’s kitchen, a swim deck with a pool, spa and covered fireplace, a two-story fitness facility and outdoor yoga lawn and a gaming area with barbecue grills and fire pits. The community was built in 2017. Asher Gunter, Matt Pesch, Sean Cunningham, Austin Groen and Tyler Anderson of CBRE represented the seller, Green Leaf Capital Partners, in the transaction.

May 23, 2022

Acquisitions Arizona Multifamily Western

Silver Star Real Estate Buys Multifamily Community in Glendale, Arizona, for $26.5M

by Amy Works May 20, 2022

GLENDALE, ARIZ. — Silver Star Real Estate has purchased Maryland West, a multifamily community located at 4530 W. McLellan Road in Glendale. CRSC Residential Inc. sold the asset for $26.5 million, or $265,000 per unit. Built in 1970, Maryland West features 100 apartments, the majority of which are two- and three-bedroom units. Communal amenities include onsite laundry facilities, a basketball court, playground and covered parking. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

May 20, 2022

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