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MIG Expands Portfolio with Four Acquisitions Across Arizona, California

by Amy Works June 16, 2021

MESA, PHOENIX AND SEDONA, ARIZ., AND OCEANSIDE, CALIF. — Newport Beach, Calif.-based MIG Real Estate has purchased four properties to expand its portfolio in Arizona and California. The properties are: Gateway Technology Commerce Center, a 138,692-square-foot industrial property at 7535 E. Ray Road in Mesa. The property is fully leased to six tenants. Steve Lindley, Eric Wichterman and Will Strong of Cushman & Wakefield represented the undisclosed seller, while Ken McQueen and Chris McClurg of Lee & Associates provided leasing advice for MIG. First Commons, a two-building, 99,528-square-foot, multi-tenant industrial warehouse at 4624-4635 W. McDowell Road in Phoenix. Built in 2001, the property is 84 percent leased to 12 tenants. Tracy Cartledge and Robert Buckley of Cushman & Wakefield represented the seller, while John Pompay of Cushman & Wakefield provided leasing advice for MIG. Sedona Real Inn & Suites, an 89-key hotel located at 95 Arroyo Pinon Drive in Sedona. Built in two phases in 1996 and 2006, the property was acquired in an off-market transaction. Stone Arbor Apartment Village, an 88-unit, value-add multifamily community located at 612 Los Arbolitos Blvd. in Oceanside. Built in 1977, the property features one-, two- and three-bedroom floorplans and some townhomes. Stew Weston and …

June 16, 2021

Acquisitions Affordable Housing Multifamily Southeast Tennessee

CPP Housing Acquires Affordable Housing Community in Shelbyville, Tennessee for $6.1M

by Julia Sanders June 15, 2021

SHELBYVILLE, TENN. — Community Preservation Partners (CPP Housing) has acquired Bedford Manor Apartments, a 108-unit affordable housing community in Shelbyville, for $6.1 million. The property comprises 18 one-bedroom, 60 two-bedroom and 30 three-bedroom units for residents earning less than 50 percent of the area median income (AMI). CPP Housing is investing $12.3 million to renovate the 10-building property, which was built in 1968. Construction begins this month and is expected to finish in January 2022. CPP Housing plans to remodel the interior units to include new flooring, cabinets, countertops, appliances and lighting. The company also plans to make exterior improvements and security enhancements, such as improvements to the roofing, HVAC system, windows, lighting and security cameras. Americans with Disabilities Act units and ADA path of travel will also be updated as required by local jurisdictions. CPP Housing also plans to expand the property’s residential services to include programs such as health and wellness classes, financial literacy and food programs. CPP Housing is an affordable housing rehabilitation company with headquarters in Irvine, Calif., and Reston, Va.

June 15, 2021

Acquisitions Industrial Midwest Missouri Ohio

Box Equities Purchases Two Distribution Centers in Missouri, Ohio Totaling More than 1 MSF

by Kristin Harlow June 15, 2021

MISSOURI AND OHIO — Box Equities has acquired two distribution centers in Missouri and Ohio. The first property is a 900,000-square-foot center anchored by Home Depot in Missouri. The second asset is a 150,000-square-foot Pepsi distribution center in Ohio. Seller information and sales prices were undisclosed. New York-based Box Equities, which launched only eight months ago, now owns and manages more than 1.8 million square feet of industrial real estate.

June 15, 2021

Acquisitions Multifamily Washington Western

IPA Brokers Acquisition of 148-Unit Autumn Grove Apartments in Vancouver, Washington

by Amy Works June 15, 2021

VANCOUVER, WASH. — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the purchase of Autumn Grove, a multifamily property located in Vancouver. Las Vegas-based The Calida Group acquired the property for an undisclosed price. The name of the seller was not released. Adjacent to the Vancouver Mall, the property features 148 apartments and was recently completed. At the time of sale, the community was 86 percent leased. Anthony Palladino, Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of IPA represented the buyer in the deal.

June 15, 2021

Acquisitions Arizona Office Western

Silver Creek Development Acquires 130,642 SF Office Building in Chandler, Arizona

by Amy Works June 15, 2021

CHANDLER, ARIZ. — Silver Creek Development has purchased Ascend at Chandler Airport Center, a Class A office property located on 11 acres at 1811 E. Northrop Blvd. in Chandler. An undisclosed seller sold the asset for $34.2 million. Build in 2016 and renovated in 2018, the two-story building features 130,642 square feet of office space. At the time of sale, the property was fully leased on a long-term basis as the corporate headquarters of Zovio, a technology services company. Chris Toci and Chad Littell of Cushman & Wakefield represented both parties in the transaction. Greg Mayer, also of Cushman & Wakefield, provided leasing advisory services.

June 15, 2021

Acquisitions Industrial New Mexico Self-Storage Western

LeClaire-Schlosser Group Brokers Sale of Dona Ana Storage Facility in Las Cruces, New Mexico

by Amy Works June 14, 2021

LAS CRUCES, N.M. — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of Dona Ana Storage, a self-storage property in Las Cruces. Haggar Group acquired the asset. Terms of the transaction were not released. The buyer has rebranded the facility as StorWise Self Storage. The property features 273 non-climate-controlled units with tilt-up concrete exterior walls, metal Kynar-coated roofs, concrete drive aisles, LED lighting, security cameras, an on-site management apartment, leasing office and keypad controlled gate. Thomas Parsons and Adam Schlosser of Marcus & Millichap’s Denver office, along with Matthew Reeves of the firm’s Albuquerque office, represented the seller in the deal.

June 14, 2021

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Arranges $9.9M Sale of Hollywood Design Center in South Florida

by Julia Sanders June 14, 2021

HOLLYWOOD, FLA. — Cushman & Wakefield has arranged the $9.9 million sale of Hollywood Design Center, a fully leased, 57,383-square-foot industrial building in Hollywood. Dominic Montazemi, Mike Ciadella, Scott O’Donnell, Greg Miller and Miguel Alcivar of Cushman & Wakefield represented the seller, an entity doing business as Avid Asset Properties Hollywood LLC, in the transaction. Larry Genet and Tom O’Loughlin of CBRE also assisted the seller in the transaction. The buyer was an entity doing business as KD Properties Group LLC. Hollywood Design Center features two tenants on long-term leases. The center is the international headquarters for Silver Airways and houses the company’s training center, command center and executive offices. The other tenant is UHS Hardware, a national commercial and residential hardware supplier. UHS Hardware occupies the other half of the property and moved to Hollywood Design Center after outgrowing its old space nearby. Located at 2850 Greene St., the center features seven functional warehouse bays with 24-foot clear heights, LED lighting, air conditioning throughout and ESFR sprinkler systems. Built in 1968, the property features a new roof under warranty, multiple HVAC unit replacements, a resealed and restriped parking lot and cosmetic upgrades to the exterior façade.

June 14, 2021

Acquisitions Industrial Self-Storage Texas

Bellomy Negotiates Sale of 1,736-Unit Self-Storage Portfolio in Dallas-Fort Worth

by Taylor Williams June 14, 2021

AUBREY, CROWLEY AND WYLIE, TEXAS — Bellomy & Co. has negotiated the sale of a portfolio of five self-storage facilities in the Dallas-Fort Worth metroplex. Totaling 1,736 units and 278,840 net rentable square feet, the Class A properties are located in Aubrey (north of Frisco), Crowley (south of Fort Worth) and Wylie (south of Dallas). Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Dallas-based seller in the transaction. The buyer was a New York-based investment firm doing business as Storage King USA.

June 14, 2021

Acquisitions Arizona Multifamily Western

Decron Properties Purchases Multifamily Asset in Tempe for $64.7M

by Amy Works June 11, 2021

TEMPE, ARIZ. — Decron Properties has purchased 1221 Broadway, an apartment property located in North Tempe, for $64.7 million. Built in 2015, the community features 194 apartments in a mix of studio, one-, two- and three-bedroom layouts spread across 10 two- and three-story residential buildings. Averaging 940 square feet, the units include nine-foot ceilings, stainless steel appliances, granite countertops, custom cabinetry, full-size washers/dryers, wood-style vinyl flooring, walk-in closets and a private patio or balcony. Community amenities include a pool and deck with oversized spa and lounge seating with canopies; outdoor kitchen with grills; a clubhouse with an indoor entertainment area with oversized flat-screen TVs; full-service coffee bar; WiFi café; and a fitness center.

June 11, 2021

Acquisitions Multifamily Student Housing Utah Western

MJW Investments, Redstone Buy 924-Bed Student Housing Community Near Brigham Young University

by Amy Works June 11, 2021

PROVO, UTAH — A joint venture between MJW Investments and Redstone Residential has acquired a 924-bed student housing community located near Brigham Young University in Provo. The property offers shared amenities including a sand volleyball court, hot tub, swimming pool, on-site laundry and a game area. The partnership plans to renovate the property’s units and shared amenity spaces. Voya Investments provided financing for the acquisition. Redstone Residential will oversee operations and property enhancements. “The property’s close proximity to campus and remarkable offerings are just a few of the aspects that make this property incredibly attractive” says Mark Weinstein, president and founder of MJW Investments. “This brings our 2021 acquisitions to more than 2,000 beds in Provo.”

June 11, 2021

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