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Treeline Multifamily Partners Buys West 38 Multifamily Community in Wheat Ridge, Colorado

by Amy Works March 5, 2021

WHEAT RIDGE, COLO. — An affiliate of Denver-based Treeline Multifamily Partners has purchased West 38, an apartment property located at 7333 West 38th Ave. in Wheat Ridge, a western suburb of Denver. Wazee Properties sold the asset for an undisclosed price. West 38 totals 165 apartments and 7,243 square feet of ground-floor retail space. Units feature stainless steel appliances, quartz countertops, designer cabinetry, custom tile backsplashes, under-cabinet LED lighting, gooseneck faucets, recessed light fixtures, LVT wide-plank wood flooring, walk-in closets, in-unit washers/dryers, Nest thermostats and vaulted ceilings. Community amenities include a resort-style pool and spa; fitness center and yoga room; gated and covered structured parking; bike and ski repair facilities; conference and coworking spaces; a clubhouse; indoor and outdoor lounges; and cooking stations. Terrance Hunt, Shane Ozment, Chris Cowan, Amanda Meldrum and Craig Ratterman of Newmark represented the seller in the deal. Additionally, Charlie Williams, Tim Weldon and David Treadwell of Newmark placed acquisition financing on behalf of the buyer.

March 5, 2021

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Brokers $3.2M Sale of Mississippi Plaza Apartments in Denver

by Amy Works March 5, 2021

DENVER — NorthPeak Commercial Advisors has arranged the sale of Mississippi Plaza Apartments, a multifamily property located at 1380 W. Mississippi Ave. in Denver. The undisclosed buyer, part of a 1031 exchange out of Wyoming, acquired the asset for $3.2 million, or $135,000 per unit, from an undisclosed seller in an off-market transaction. The 13,521-square-foot property features 24 apartments. Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors represented both parties in the transaction.

March 5, 2021

Acquisitions Midwest Minnesota Multifamily

Oak Residential Partners Acquires 249-Unit Apartment Community in Suburban Twin Cities

by Kristin Harlow March 4, 2021

COTTAGE GROVE, MINN. — Oak Residential Partners has acquired Hinton Heights in Cottage Grove, a suburb of the Twin Cities. The purchase price was undisclosed. The 249-unit apartment community features amenities such as an indoor pool, spa and picnic areas. All units feature individual entrances and most have attached garages. Ted Abramson, Keith Collins and Abe Appert of CBRE Minneapolis Multifamily represented the seller, Curtis Capital Group. The sale represents a value-add opportunity, according to Abramson. NorthMarq provided a $41.5 million Freddie Mac loan for the acquisition. The seven-year, fixed-rate loan features three years of interest-only payments.

March 4, 2021

Acquisitions Healthcare Life Sciences Massachusetts Northeast Office

Wheelock, Camber Buy Life Sciences Building in Northborough, Massachusetts, for $33M

by Taylor Williams March 4, 2021

NORTHBOROUGH, MASS. — A joint venture between Connecticut-based Wheelock Street Capital and Camber Development has purchased Sanofi Genzyme’s Northborough Global Operations Center, a 212,000-square-foot life sciences building in Northborough, located outside of Worcester. The sales price was $33 million. The property is situated on a 19.3-acre site and was fully leased at the time of sale. Coleman Benedict, Matthew Sherry, Ben Sayles, Michael Restivo and Corbin Stall of JLL represented the buyer in the deal. The seller was Chicago-based Capri EGM.

March 4, 2021

Acquisitions California Office Western

Crusader Insurance Sells 46,889 SF Office Building in Calabasas, California

by Amy Works March 4, 2021

CALABASAS, CALIF. — Crusader Insurance Co. has completed the sale of a two-story office building located at 26050 Mureau Road in Calabasas. An undisclosed buyer acquired the asset for $12.7 million, or $271 per square foot. Built in 1997, the 46,899-square-foot building features a training center, boardrooms, fitness center, server rooms, employee lounge, outdoor patio, elevator and 157 parking spaces. Jay Rubin and Eugene Kim of Lee & Associates represented the seller, while Craig Miller and Todd Cobin of Stone Miller represented the seller in the deal.

March 4, 2021

Acquisitions Colorado Net Lease Restaurant Retail Western

Marcus & Millichap Brokers Sale of Torchy’s Tacos-Occupied Building in Denver for $3.2M

by Amy Works March 3, 2021

DENVER — Marcus & Millichap has brokered the acquisition the of a restaurant property located at 6325 E. Hampden Ave. in Denver. A private investor purchased the asset from another private investor for $3.2 million. Torchy’s Tacos occupies the 5,045-square-foot property, which features a drive-thru and outdoor seating, on a net-lease basis. Brian Bailey and Drew Isaac of Marcus & Millichap secured and represented the buyer, while Robin Nicholson of David, Hicks & Lampert represented the seller in the deal.

March 3, 2021

Development Multifamily New York Northeast

CIM Group Completes 163-Unit Multifamily Project in Brooklyn’s Crown Heights Area

by Taylor Williams March 3, 2021

NEW YORK CITY — Los Angeles-based CIM Group has completed construction of 111 Montgomery, a 163-unit multifamily condominium building in Brooklyn’s Crown Heights neighborhood. The 12-story property is located adjacent to the 52-acre Brooklyn Botanic Garden and Prospect Park. Units feature studio, one-, two- and three-bedroom floor plans, with select units offering private balconies/patios. Amenities include a resident lounge, fitness center and a children’s play area.

March 3, 2021

Acquisitions Industrial New Jersey Northeast

Elion Partners Buys Industrial Property in Elizabeth, New Jersey, for $29.7M

by Taylor Williams March 3, 2021

ELIZABETH, N.J. — Miami-based investment firm Elion Partners has purchased a 207,000-square-foot industrial property in the Northern New Jersey city of Elizabeth that is located approximately two miles from Newark Liberty International Airport. The sales price $29.7 million. According to LoopNet Inc. the property was built on 8.6 acres in 1948 and renovated in 2019. The seller was not disclosed.

March 3, 2021

Acquisitions Multifamily North Carolina Southeast Virginia

Harbor Group International Acquires Southeast Multifamily Portfolio for $309M

by Julia Sanders March 3, 2021

NORFOLK, VA. — Harbor Group International LLC (HGI) has acquired a portfolio of eight multifamily communities in the Southeast region of the United States for $309 million. Seven properties are in North Carolina markets, including Charlotte, Raleigh, Winston-Salem, Greensboro and Durham. One property is located in Hampton, Va. The seller(s) and individual property names were not disclosed. The portfolio totals more than 2,300 units and each of the properties are proximate to major employers and office markets as well as entertainment centers. HGI plans to invest approximately $13 million for capital improvements across the portfolio, following initial enhancements to the properties’ exteriors and common rooms by the seller. HGI will focus on interior unit renovations and installing appliances such as washer and dryers. Dean Smith and John Heimburger of Newmark represented HGI in the transaction. Henry Stimler, Bill Weber and Matt Mense of Newmark arranged an undisclosed amount of acquisition financing. HGI is a privately-owned international real estate investment and management firm based in Norfolk.

March 3, 2021

Acquisitions Industrial South Carolina Southeast

Avison Young Facilitates Sale of 587,720 SF Industrial Facility in Metro Charleston

by Julia Sanders March 3, 2021

SUMMERVILLE, S.C. — Avison Young has facilitated the sale of a 587,720-square-foot industrial property located at 537 Omni Industrial Blvd. in Summerville. The building was constructed in 2018 and is fully leased to 3G Distribution Services, a third-party logistics (3PL) provider. The Class A facility is situated on a 43-acre site within the Omni Industrial Campus, a 221-acre business park situated 28 miles from the Port of Charleston. The industrial facility features LED light fixtures, ESFR sprinkler systems and 36-foot clear heights. The property includes 79 docks (expandable to 111), as well as 151 remote trailer stalls, heavy power and a fenced lot. Erik Foster and Mike Wilson of Avison Young represented the sellers, Clarius Partners LLC and Wanxiang America Real Estate Group, in the transaction. Foster and Wilson also raised development equity on Clarius’ behalf in order to commence the project. The buyer was an institutional real estate venture capital firm, and the sales price was not disclosed. Clarius Partners is a full-service real estate investment and development company with offices in Chicago and Scottsdale, Ariz. Wanxiang America Real Estate Group is a Chicago-based real estate investment firm.

March 3, 2021

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