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SRS Brokers Sales of Two Retail Properties in D.C. Totaling $9.2M

by John Nelson June 15, 2022

WASHINGTON, D.C. — SRS Real Estate Partners has brokered the sale of two urban retail properties in Washington, D.C., totaling $9.2 million. The properties include 2321 18th St. NW in the city’s Adams Morgan submarket and 1519 Wisconsin Ave. in the Georgetown district. Built in 1910 and renovated in 2020, the Adams Morgan property houses a single tenant (Ironworks Inc.) that operates three Asian fusion restaurants — Death Punch Bar, Shabu Plus and Shibuya — and has 10 years remaining on its lease. An unnamed private investor purchased the 4,500-square-foot property from a locally based developer for $3.5 million. Andrew Fallon and Rick Fernandez of SRS represented the seller in the transaction. The Georgetown property houses three retailers (a salon, nail parlor and mobile device repair shop) that are on triple-net leases. A local investor purchased the asset for $5.7 million in a 1031 exchange. Fallon and Fernandez represented the seller, a locally based, privately held investor and developer.

June 15, 2022

Acquisitions Multifamily Oregon Western

Security Properties, Oaktree Capital Buy River Ridge Apartments in Tualatin, Oregon for $70M

by Amy Works June 14, 2022

TUALATIN, ORE. — Security Properties and funds managed by Oaktree Capital Management have acquired River Ridge, a Class A apartment property located at 17865 SW Pacific Highway in Tualatin, for $70 million. Built in two phases from 2015 to 2017, River Ridge features 180 apartments spread across 14 residential buildings on nine acres. The apartments are a mix of one-, two- and three-bedroom layouts, averaging 977 square feet each. Units feature high ceilings, quartz countertops, large windows, walk-in closets, in-home washers/dryers and private balconies or patios with storage. Community amenities include a fitness center, resident clubhouse, resort-style outdoor pool, sundeck, basketball court, bocce ball court, playground, walking trail on the Tualatin River, 120 onsite storage units and 301 parking spaces. Security Properties Residential, an affiliate of Security Properties, will manage the community. Joe Nydahl, Josh McDonald and Phil Oester of CBRE represented the seller, Salem-based Mountain West Investment Corp., in the off-market transaction.

June 14, 2022

Acquisitions Georgia Industrial Southeast

JLL Arranges $28.1M Sale of Three-Property Industrial Portfolio in Metro Atlanta

by John Nelson June 14, 2022

KENNESAW AND NORCROSS, GA. — JLL Capital Markets has brokered the $28.1 million sale of a three-property light industrial and flex portfolio in metro Atlanta totaling 172,881 square feet. Matt Wirth, Ralph Smalley, Jim Freeman and Max Coffin of JLL represented the seller, Deerfield Beach, Fla-based Geneva Group, in the transaction. Miami-based Adler Real Estate Partners was the buyer. The properties included a 46,808-square-foot facility at 1965 Vaughn Road in Norcross, a 61,073-square-foot light industrial building at 4955 Avalon Ridge Parkway in Norcross and a 65,000-square-foot flex property at 1155 Roberts Blvd. in Kennesaw. Completed between 1992 and 1996, the Norcross buildings feature 22-foot clear heights, 27 dock-high doors, four drive-in doors and approximately 3.5 years of weighted average remaining lease term. The Kennesaw asset was built in 1991 and houses two unnamed, globally recognized tenants with over six years of weighted average remaining lease term.

June 14, 2022

Acquisitions Multifamily Texas

Three Pillars Capital Sells 243-Unit Red Pines Apartments in Metro Houston

by Taylor Williams June 14, 2022

PASADENA, TEXAS — Three Pillars Capital Group has sold Red Pines Apartments, a 243-unit multifamily property located in the eastern Houston suburb of Pasadena. Units come in one, two- and three-bedroom floor plans, and amenities include a pool, outdoor kitchen, dog park and a children’s play area. An undisclosed, Texas-based private equity firm purchased the asset. The sales price was also undisclosed, but the deal yielded an internal rate of return of 22 percent for Three Pillars Capital and its investment partners following its purchase in early 2021 and the implementation of a value-add program.

June 14, 2022

Acquisitions Industrial Midwest Wisconsin

Colliers Arranges Sale of 270,290 SF Distribution Center in Kenosha, Wisconsin

by Kristin Harlow June 14, 2022

KENOSHA, WIS. — Colliers has arranged the sale of a 270,290-square-foot distribution center in Kenosha for an undisclosed price. The newly constructed building is located at 10200 55th St. The property features a clear height of 32 feet, 28 exterior docks, two drive-in doors and parking for 249 cars. Jeff Devine and Steve Disse of Colliers represented the seller, Panattoni Development Co. Pritzker Realty Group was the buyer.

June 14, 2022

Acquisitions Loans Multifamily Washington Western

NewPoint Real Estate Capital Provides $86.6M Acquisition Loan for Alcove at Seahurst Multifamily Community Near Seattle

by Amy Works June 13, 2022

BURIEN, WASH. — NewPoint Real Estate Capital has provided an $86.6 million Freddie Mac floating-rate loan to facilitate the purchase of Alcove at Seahurst on behalf of an affiliate of Harbor Group International. Constructed in 1948, the garden-style Alcove at Seahurst features 44 residential buildings spread across 36 acres at 14001 Ambaum Blvd. SW. The community features 543 units in a mix of one-, two- and three-bedroom apartments with fully equipped kitchens, washers/dryers and architectural built-ins. Community amenities include a playground, coffee bar, fitness center, business lounge and grilling and picnic areas. The seven-year Freddie Mac loan features an interest-only period of five years, providing Harbor with the flexibility to execute a value-add renovation.

June 13, 2022

Acquisitions Maryland Office Southeast

GIP Sells Government-Anchored Office Building in Hyattsville, Maryland for $45M

by John Nelson June 13, 2022

HYATTSVILLE, MD. — Government Investment Partners (GIP) has sold a 189,000-square-foot office building located at 3311 Toledo Road in Hyattsville for $45 million. The Deer Park, Ill.-based company purchased the 10-story office building in 2019 for $16 million as part of a joint venture. Located about seven miles of northeast of Washington, D.C., the property is anchored by the Centers for Disease and Control’s (CDC) National Center for Health Statistics and the Department of Justice. Shaun Weinberg, Eric Berkman, Scott Johnston and Robert England of Cushman & Wakefield represented GIP in the transaction. The buyer was not disclosed.

June 13, 2022

Acquisitions North Carolina Office Southeast

CBRE|Raleigh Brokers Sale of 156,666 SF Situs Office Park in West Raleigh

by John Nelson June 13, 2022

RALEIGH, N.C. — CBRE|Raleigh has brokered the sale of Situs Office Park, a three-building office campus spanning 156,666 square feet on Raleigh’s west side. Atlanta-based The Simpson Organization purchased the park from Adler Real Estate Partners for an undisclosed price. Patrick Gildea of CBRE|Raleigh represented the seller in the transaction. The park was 91 percent leased at the time of sale to regional and national tenants including Circle K Stores, the General Services Administration (GSA), Millennia Patient Services, Silanna Semiconductor and MidPath Care Centers. CBRE|Raleigh is the leasing agent for Situs, which is situated on 14.8 acres off Situs Court near I-440 and I-40.

June 13, 2022

Acquisitions Hospitality South Carolina Southeast

Hunter Brokers Sale of Dual-Branded Hotel in Downtown Columbia, South Carolina

by John Nelson June 10, 2022

COLUMBIA, S.C. — Hunter Hotel Advisors has brokered the sale of a dual-branded hotel in downtown Columbia. An unnamed, institutional buyer purchased the asset from CN Hotels for an undisclosed price. Built in 2019 near the University of South Carolina and the South Carolina State House, the 223-room hotel is dually branded to Hilton Garden Inn and Home2 Suites and features an indoor pool, fitness center and an onsite restaurant. Mayank Patel of Hunter’s Atlanta office represented the seller in the transaction.

June 10, 2022

Acquisitions South Carolina Southeast Student Housing

QR Capital Sells 244-Bed Student Housing Community Near Clemson University

by John Nelson June 10, 2022

PENDLETON, S.C. — QR Capital, a multifamily and student housing owner-operator based in Atlanta, has sold The Villages at Town Creek, a 244-bed student housing community located near Clemson University in Pendleton. Built in 2010, the property offers 61 townhome-style units in three-, four- and five-bedroom configurations. Shared amenities include a resort-style swimming pool, study lounge, coffee bar, fire pit, hammock garden, sand volleyball court and a car wash station. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, David Lansbury and Erika Maston of CBRE arranged the sale on behalf of QR Capital. The buyer and sales price were not disclosed.

June 10, 2022

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