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Blue West Capital Arranges $2.8M Sale of USPS-Occupied Property Near Denver

by Amy Works October 25, 2021

CASTLE ROCK, COLO. — Blue West Capital has brokered the sale of a single-tenant building located at 220 S. Wilcox St. in Castle Rock. A California-based 1031 exchange investor acquired the newly constructed asset for $2.8 million. The United States Postal Service occupies the 5,382-square-foot property as a mission-critical financial station that combines retail operations and carrier logistics. Zach Wright and Brandon Gayeski of Blue West Capital represented the seller, a Midwest-based real estate development firm, in the deal.

October 25, 2021

Acquisitions Industrial Texas

MAG Capital Partners Sells 124,417 SF Industrial Property in Longview, Texas

by Taylor Williams October 22, 2021

LONGVIEW, TEXAS — MAG Capital Partners has sold a 124,417-square-foot industrial property in Longview, about 120 miles east of Dallas, that houses the headquarters and production facilities of M. Roberts Media. The property is located within an Opportunity Zone and has an available parcel for future development. Los Angeles-based investment firm DWG Capital Partners purchased the asset for an undisclosed price.

October 22, 2021

Acquisitions Hospitality Midwest Minnesota

Monarch Alternative Capital Acquires 214-Room Westin Minneapolis Hotel

by Kristin Harlow October 22, 2021

MINNEAPOLIS — Monarch Alternative Capital LP has acquired the Westin Minneapolis hotel in partnership with HEI Hotels & Resorts. Although the purchase price was undisclosed, Monarch says it acquired the hotel at a significant discount due to disruptions caused by the pandemic. The acquisition marks Monarch’s 12th hotel purchase this year. The 214-room, business-oriented hotel is in the heart of downtown. Monarch plans to improve the asset with an upcoming renovation. Monarch will operate the property in partnership with HEI Hotels & Resorts.

October 22, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 714-Unit Self-Storage Facility in Metro Dallas

by Taylor Williams October 21, 2021

MIDLOTHIAN, TEXAS — Marcus & Millichap has brokered the sale of Midlothian Self Storage, a 714-unit facility located on the southern outskirts of Dallas. The property spans 94,385 net rentable square feet. Brandon Karr of Marcus & Millichap represented the seller, a private owner, and procured the buyer, a 1031 exchange investor. Both parties involved in the transaction requested anonymity.

October 21, 2021

Acquisitions Montana Retail Western

Citivest Commercial, Sage Investco Acquire 116,992 SF Retail Property in Helena, Montana

by Amy Works October 21, 2021

HELENA, MONT. — Citivest Commercial Investments and Sage Investco have purchased a former department store building in Helena for an undisclosed price. The 116,992-square-foot asset also includes two pad development opportunities, with one ground finalized and another in negotiations. Shopko formerly occupied the building, which is situated within a larger center anchored by Albertsons, Target, JoAnn, Ross Dress for Less and other retailers. The buyers plan to implement a renovation program, including updating paint colors, landscaping and signage to maximize the center’s value. The name of the seller was not released.

October 21, 2021

Acquisitions Multifamily New York Northeast

HAP Investments Sells Stake in $506M Multifamily Project in Manhattan

by Taylor Williams October 21, 2021

NEW YORK CITY — HAP Investments, a New York City-based residential and commercial developer, has sold its equity stake in The Maverick, a $506 million multifamily project at 215-225 W. 28th St. in Manhattan’s Chelsea neighborhood that is nearing completion. HAP Investments sold its interest, the value of which was not disclosed, to Daiwa House Texas, a subsidiary of Japanese homebuilder Daiwa House Group and the firm’s joint venture partner on the project. The Maverick spans 312,500 square feet across two 20-story buildings and features a mix of 87 one- to four-bedroom condos and 112 rental units. Residences are furnished with custom white oak cabinetry and marble countertops, and amenities include a fitness center with a sauna, a rooftop deck and a children’s play area. The development team expects the buildings to receive temporary certificates of occupancy in January. About a quarter of the condo residences have already been sold. HAP Investments will remain onboard to manage the property.

October 21, 2021

Acquisitions Affordable Housing Georgia Multifamily Southeast

Dominium Purchases Two Apartment Communities in Metro Atlanta, Plans $130M Affordable Housing Project

by Julia Sanders October 20, 2021

MCDONOUGH, GA. — Dominium has purchased The Promenade and Willow Place, two apartment communities located at 150 S. Zack Hinton Parkway in McDonough, to develop a $130 million affordable housing project. The development will provide 288 affordable homes for families and 182 homes for seniors. The seller(s) was not disclosed. Greystone arranged a Freddie Mac Tax Exempt Loan (TEL) for both deals, U.S. Bank provided financing for The Promenade and America First Multifamily Investors (ATAX) originated tax-exempt and taxable construction loans for Willow Place. U.S. Bank provided equity investments in the 4 percent low-income housing tax credits (LIHTC) for both deals. Dominium also received support from Georgia Housing and Finance Authority (GHFA) in obtaining 4 percent LIHTC equity and McDonough Housing Authority for the allocation of tax-exempt bonds. Dominium’s development partners for the project include the City of McDonough, Georgia Department of Community Affairs, Weis Builders, Dominium Construction & Architectural Services, Martin Riley & Associates, Kimley-Horn, Winthrop & Weinstine, Falcon Design Consultants, Nova Engineering and First American Title.

October 20, 2021

Acquisitions Development Multifamily North Carolina Southeast

JLL Brokers $5M Land Sale for Multifamily Project in Cary, North Carolina

by Julia Sanders October 20, 2021

CARY, N.C. — JLL Capital Markets has brokered the $5 million sale for a 5.8-acre infill land parcel in Cary that is zoned for multifamily. SunCap Property Group acquired the land with plans to develop a 230-unit apartment community called Ashby at Twin Lakes at the site. The property will include one-, two- and three-bedroom residences, as well as a courtyard and pool, gas grills, indoor and outdoor fitness center, workout stations, dog park and spa, bike storage and secured parking. Situated along Davis Drive, the site is located within the Twin Lakes Planned Development District, which also includes a new 100,000-square-foot Wegmans-anchored retail center. David Lee of SunCap’s multifamily division worked closely with the Town of Cary to plan the community. Sarah Godwin of JLL marketed the land on behalf of the seller, an entity doing business as Leyland Twin Lakes LLC.

October 20, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 469-Unit Self-Storage Facility in Houston

by Taylor Williams October 20, 2021

HOUSTON — Marcus & Millichap has brokered the sale of Barker Cypress Self Storage, a 469-unit facility in Houston. Built on 2.9 acres in 1996 and expanded in 2003, the property consists of 130 climate-controlled units totaling 15,800 net rentable square feet and 339 non-climate-controlled units totaling 40,250 net rentable square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a family partnership, in the transaction. The buyer was not disclosed.

October 20, 2021

Acquisitions Illinois Industrial Midwest

Darwin Realty/CORFAC International Brokers Sale of 13,418 SF Warehouse in St. Charles, Illinois

by Kristin Harlow October 20, 2021

ST. CHARLES, ILL. — Darwin Realty/CORFAC International has brokered the sale of 13,418-square-foot warehouse in St. Charles, about 40 miles west of Chicago. Located at 860 Equity Drive, the property was built in 2006 and features a clear height of 18 feet, one dock door and one drive-in door. The building is utilized as a showroom and for storage space. Brendan Sheahan and Frank Damato of Darwin represented the buyer, a private investor. Ryan Corcoran of Corcoran Commercial Real Estate represented the seller, Pillar of Cloud LLC.

October 20, 2021

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