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Berkadia Brokers $38.3M Sale of 100 Inverness Apartments in Birmingham

by Julia Sanders May 18, 2021

BIRMINGHAM, ALA. — Berkadia has brokered the $38.3 million sale of 100 Inverness, a 322-unit, Class B multifamily property in Birmingham. David Wilson, Caleb Frizzell and Steve Nunnelley of Berkadia, with support from David Oakley of OG Capital, represented the seller, Colorado-based FPA Multifamily, in the transaction. Tucker Knight of Berkadia assisted the unnamed buyer in assuming an existing Berkadia-originated loan on the property as part of the transaction. Three seasoned multifamily investors from Texas syndicated the buyer group for this transaction, the first acquisition in Alabama for the new ownership. Located at 100 Iverness Lane, the property is situated on a 39-acre lakefront site in the Highway 280 submarket of Birmingham. 100 Inverness features 2,450 feet of shoreline on Lake Heather and frontage on the Iverness Country Club golf course. Community amenities include swimming pools, tennis courts, a 24-hour fitness center, two garage buildings and private balcony and patios. The property was built in two phases in 1974 and 1979 and has 62 townhomes spanning over 1,850 square feet. The apartments are 97 percent occupied. FPA Multifamily, a private equity group, acquired the property in 2015 and completed renovations over the past five years, including exterior updates, renovating the …

May 18, 2021

Acquisitions Florida Retail Southeast

CBRE Arranges Sale of 45,000 SF Best Buy-Leased Store in West Palm Beach

by Julia Sanders May 18, 2021

WEST PALM BEACH, FLA. — CBRE has arranged the sale of a 45,000-square-foot store situated on approximately four acres at 1880 Palm Beach Lakes Boulevard in West Palm Beach. Best Buy has operated at this location for 25 years. Will Pike, Chris Bosworth and Brian Pfohl of CBRE’s Atlanta office, along with Dennis Carson and Casey Rosen of CBRE’s National Retail Partners Florida Team, represented the seller, which was advised by Orion Investments based in Miami. The buyer was RK Centers, an owner of retail properties in both South Florida and Massachusetts.

May 18, 2021

Acquisitions Mixed-Use Southeast Tennessee

Continental Realty Acquires 111 Broadway in Downtown Nashville for $36M

by Julia Sanders May 17, 2021

NASHVILLE, TENN. — Continental Realty Corp. (CRC) has acquired 111 Broadway, a 50,303-square-foot, mixed-use property in downtown Nashville. Tower Investments Inc., based in Philadelphia, sold the property for $36 million. The four-tenant building is 100 percent leased to tenants including Rock Bottom Brewery, Wyndham-Margaritaville Vacation Club, Glen Campbell Museum and Platinum Cos. Constructed in 1930 and positioned just one block from Cumberland River, the three-story asset has been renovated over the past five years, including improvements to the roof, windows, exterior and elevator systems. CRC is a Baltimore-based real estate investment and management company that also owns Fortress Grove Apartments, a 320-unit multifamily community located in nearby Murfreesboro, Tenn.

May 17, 2021

Acquisitions Georgia Loans Multifamily Southeast

Berkadia Secures $18.5M Acquisition Loan for Alturas Embry Hills Apartments in Doraville, Georgia

by Julia Sanders May 17, 2021

DORAVILLE, GA. — Berkadia has secured $18.5 million in acquisition financing for Alturas Embry Hills, a 140-unit, garden-style multifamily property in Doraville. Josh Finley of Berkadia’s Atlanta office originated the Freddie Mac loan on behalf of the buyer, New York-based Quad Property Group. The seller was Liquid Capital based out of New York. The 10-year loan features five years of interest-only payments, 30-year amortization schedule and a 75 percent loan-to-value ratio. Upon acquiring the property, Quad Property Group plans to spend over $1 million on interior and exterior upgrades. Located at 3544 Old Chamblee Tucker Road, Alturas Embry Hills was originally built in 1966. It has since been rebranded as Summit Embry Hills. The apartment complex underwent exterior renovations between 2018 to 2020 and features a mix of one-, two- and three-bedroom floorplans. The property has access to nearby retail shops and is close to Interstate 285. The property is currently 97 percent occupied.

May 17, 2021

Acquisitions Colorado Multifamily Seniors Housing Western

Marcus & Millichap Brokers $8.3M Sale of Seniors Housing Community in Lakewood, Colorado

by Amy Works May 17, 2021

LAKEWOOD, COLO. — Marcus & Millichap has arranged the sale of The Homestead at Lakewood, a seniors housing property located at 2121 Wadsworth Blvd. in Lakewood. An undisclosed buyer acquired the property for $8.3 million. Greg Parker and Greg Price of Marcus & Millichap’s Denver office represented the seller, a private investor, in the deal. Phillip Gause of Marcus & Millichap Capital Corp. arranged acquisition financing for the buyer. Constructed in 1999 under the Low-Income Housing Tax Credit program, The Homestead at Lakewood features 58 units in a mix of studio, one- and two-bedroom units and offers both assisted living and independent living options. Community amenities include housekeeping services, daily activities, a small library, outdoor space, a beauty salon and restaurant-style dining.

May 17, 2021

Acquisitions Office Retail Southeast Tennessee

Marcus & Millichap Brokers $8.5M Sale of Friars Branch Crossing Center in Chattanooga

by Julia Sanders May 17, 2021

CHATTANOOGA, TENN. — The Giambrone Group of Marcus & Millichap has brokered the sale of Friars Branch Crossing Center, a 99,878-square-foot retail and office center in Chattanooga. Tim Giambrone of Marcus & Millichap represented both the buyer and the seller in the transaction. The buyer, Excelsior Friars Crossing LLC, was a private equity sponsor based in Nashville that purchased the property from Spirit Holdings of Chattanooga for $8.5 million. Friars Branch Crossing is located at 2204-2226 Encompass Drive just north of Interstate 75 near the Chattanooga Metropolitan Airport. Avenger Logistics, Secure America – ERMC and Astec Industries anchor the complex and represent 55 percent of the total gross leasable area.

May 17, 2021

Acquisitions Multifamily Seniors Housing Texas

Healthpeak Sells 10-Property Senior Living Discovery Portfolio to Lone Star Funds for $334M

by Taylor Williams May 17, 2021

DALLAS AND DENVER — Healthpeak Properties Inc. (NYSE: PEAK) has sold a 10-property portfolio of Discovery Senior Living properties in Florida, Texas and Georgia to Lone Star Funds, a Dallas-based private equity firm. Healthpeak sold the 1,428-unit portfolio for $334 million. Although the Denver-based REIT disclosed the sale during its first-quarter earnings report, the buyer and any further details weren’t released at that time. Healthpeak is selling the bulk of its seniors housing portfolio in a move to exit the industry in favor of life sciences and medical office real estate. Discovery Senior Living retained management and daily operational responsibilities for the Discovery Village communities following the transaction.

May 17, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Negotiates $5.4M Sale of Apartment Building in Chicago’s Wrigleyville

by Kristin Harlow May 17, 2021

CHICAGO — Interra Realty has negotiated the sale of a 12-unit apartment building in Chicago’s Wrigleyville neighborhood for $5.4 million. The property is located at 915 W. Addison St., just steps from Wrigley Field. The building was originally constructed in 1920, but recently underwent an extensive capital improvement program by the seller. The property was fully leased by the time of sale. Joe Smazal of Interra represented the private local buyer. Craig Martin of Interra represented the seller, Horizon Realty Group.

May 17, 2021

Acquisitions Industrial Southeast Tennessee

LRC Properties, Machine Investment Buy 2 Dell Parkway Warehouse Property in Nashville for $36.2M

by Julia Sanders May 14, 2021

NASHVILLE, TENN. — LRC Properties has bought 2 Dell Parkway, a 288,860-square-foot property comprising mostly warehouse and office space adjacent to Nashville International Airport. LRC Properties co-purchased the property with Machine Investment Group for $36.2 million. Randy Wolcott of Northstar represented the undisclosed seller in the transaction, and Melissa Alexander of Foundry Commercial represented the buyers. The property is currently 100 percent leased to Averitt Express and Amazon, which operates its Amazon flex business line from the location. The new ownership group plans to reposition the property by creating a shallow bay, last-mile warehouse and distribution space. Plans include expanding the property’s warehouse capabilities by removing the office and converting the building’s first floor to industrial warehouse space for smaller users in a 20,000- to 40,000-square-foot space. In addition, LRC will also develop an additional estimated 120,000 square feet of shallow bay warehouse space and add trailer parking. 2 Dell Parkway is LRC’s second investment in Tennessee in the past six months. In December, the New York City-based company purchased the 640,000-square-foot Technicolor Building in Memphis. With this purchase, LRC owns approximately 5 million square feet of commercial properties in the Southeast.

May 14, 2021

Acquisitions Louisiana Retail Southeast

SRS Brokers $8.9M Sale of Retail Property in Suburban New Orleans Leased to Winn-Dixie

by Julia Sanders May 14, 2021

LAPLACE, LA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $8.9 million sale of a 62,297-square-foot, single-tenant retail property in the New Orleans suburb of LaPlace. The property is on a long-term, absolute triple-net lease to grocer Winn-Dixie. The lease is corporate guaranteed by Winn-Dixie Stores Inc. Sean Lutz and Dan Elliot of SRS represented the seller, a private investor from Baton Rouge, in the transaction. The buyer was a family office also based in Baton Rouge.

May 14, 2021

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