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Continental Partners Arranges $18.7M in Acquisition Financing for Flex Property Near Seattle

by Amy Works January 24, 2020

REDMOND, WASH. — Los Angeles-based Continental Partners has arranged $18.7 million in financing for the acquisition of Redmond Heights Center, an industrial/office flex property in Redmond, a suburb of Seattle. The borrower, ALCO Investment Co., acquired the 126,545-square-foot asset from Wakefield Redmond Heights. At the time of sale, the property was fully leased to 13 tenants. The 10-year, non-recourse loan has a fixed rate of 3.25 percent with a 30-year amortization schedule and step-down prepayment option. Carl Riggins of Continental Partners secured the permanent financing for the borrower.

January 24, 2020

Acquisitions Florida Retail Southeast

MMG Equity Partners Acquires Two Shopping Centers in Metro Miami for $12.7M

by Alex Tostado January 23, 2020

MIAMI — MMG Equity Partners has acquired two retail centers in metro Miami for a total of $12.7 million: Naranja Plaza and Lakeside Plaza. Naranja Plaza was purchased for $7.1 million, or $139 per square foot, in an-off market deal. The shopping center spans 51,246 square feet and is situated at 27000-27100 S. Dixie Highway in Homestead, 29 miles southwest of downtown Miami. The Dollar General-anchored asset was built in 1980 and was fully leased at the time of sale. MMG Equity Partners also acquired Westlake Plaza for $5.6 million, or $128 per square foot. The property is a 43,781-square-foot retail center located at the intersection of Bird Road and 109th Avenue in Miami. Lakeside Plaza was built in 1959 and comprises five buildings. Amerant Bank provided acquisition loans for both transactions totaling $9.5 million, including a future advance for construction. The two sellers were not disclosed.

January 23, 2020

Acquisitions Illinois Industrial Midwest

Cawley Chicago Arranges Sale of Former Gymnastics Facility in Naperville, Illinois

by Kristin Harlow January 23, 2020

NAPERVILLE, ILL. — Cawley Chicago has arranged the sale of a 34,984-square-foot warehouse in Naperville that formerly housed Naperville Gymnastics. The sales price was undisclosed. Located at 800 Enterprise Court, the property sits on 7.5 acres and features a clear height of 18 feet, two interior docks and 12,500 square feet of office space. Jack Brennan and Daniel Cawley of Cawley represented the private seller. Jeff Provenza of Darwin Realty represented the buyer, which plans to renovate the facility and improve the land to use for its construction equipment rental business.

January 23, 2020

Acquisitions Colorado Net Lease Retail Western

Marcus & Millichap Negotiates $7M Sale of Service Station/Convenience Store in Brighton, Colorado

by Amy Works January 23, 2020

BRIGHTON, COLO. — Marcus & Millichap has arranged the sale of Kum & Go, a service station and convenience store located in Brighton, a northeastern suburb of Denver. A limited liability company sold the property for $7 million. Located at 5112 E. Bromley Lane, the 6,975-square-foot, net-leased property features 12 gas pumps and 24 nozzles for personal vehicles and four semi bays for commercial vehicles. The property also features a Go Fresh Market and charging stations for electric vehicles. Timothy Nichols of Marcus & Millichap’s Chicago Oak Brook office represented the seller, while Skyler Cooper, also of Marcus & Millichap, served as broker of record in Colorado.

January 23, 2020

Acquisitions California Multifamily Seniors Housing Western

Blueprint Brokers $4M Sale of Skilled Nursing Facility Near Los Angeles

by Amy Works January 23, 2020

LOS ANGELES — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 50-bed skilled nursing facility in the Los Angeles metropolitan area. A private real estate investor sold the community to an investor with a large California portfolio for $4 million, or $80,000 per bed. The specific name and location of the property were not released. The seller made $1.7 million in capital improvements to the property over the last three years, including adding 27 beds. Christopher Hyldahl, Gideon Orion and Kendra Gonzalez of Blueprint handled the transaction.

January 23, 2020

Acquisitions Colorado Multifamily Western

NKF Negotiates $145M Sale of Luxe at Mile High Multifamily Asset in Denver

by Amy Works January 22, 2020

DENVER — Newmark Knight Frank (NKF) Multifamily has brokered the sale of Luxe at Mile High, an apartment community in Denver. An undisclosed buyer acquired the newly constructed property from San Antonio-based Embrey for $145 million, or $379,581 per unit. Located at 3200 W. Colfax Ave., Luxe at Mile High features 382 units in a mix of one- and two-bedroom layouts with quartz countertops and state-of-the-art appliance packages, including full-size washers/dryers and stainless steel kitchen appliances. Terrance Hunt and Shane Ozment of NKF handled the transaction.

January 22, 2020

Acquisitions California Multifamily Western

JV Acquires Sterling Pointe Apartment Community in Sacramento for $33M

by Amy Works January 22, 2020

SACRAMENTO — A joint venture between Ridge Capital Investors and Contrarian Capital Management has purchased Sterling Pointe, a Class B multifamily property located at 2237 and 2257 Hurley Way in the Arden-Arcade submarket of Sacramento. An undisclosed seller sold the property for $33 million. Built in 1972, Sterling Pointe features 250 apartments. The partnership plans to implement a renovation program that will include improvements to unit interiors and exteriors, as well as upgrades to property amenities, branding and signage. Upon completion, Sterling Pointe plans to compete with comparable Class B+ and A- properties. FPI Management will provide third-party management services for the property. John Shaffer, Brian Nelson and Nicole Parrish of Colliers International Sacramento represented buyers in the transaction.

January 22, 2020

Acquisitions California Retail Western

Stos Partners Buys Parking Site Near Port of San Diego for $26.5M

by Amy Works January 22, 2020

SAN DIEGO — Stos Partners, in conjunction with an institutional partner, has purchased a 5.8-acre parking lot land site near the Port of San Diego. A private entity sold the property for $26.5 million. Situated under the Coronado Bridge at 2210-2310 Main St. in San Diego, the parking lot is currently 100 percent leased to a defense contractor. With this transaction, Stos has completed nine acquisitions this year totaling $81.5 million and sold four assets totaling $48.4 million, bringing the firm’s total transaction to more than $130 million in Southern California in 2019.

January 22, 2020

Acquisitions Georgia Office Southeast

RealOp Investments Purchases Office Building in Atlanta’s Cumberland-Galleria Area for $19.7M

by Alex Tostado January 22, 2020

ATLANTA — RealOp Investments has purchased Parkwood Plaza, a 216,600-square-foot office building in Atlanta’s Cumberland/Galleria submarket, for $19.7 million. The five-story building was delivered in 1989. RealOp plans to immediately invest $4 million to add a new lounge and café, new conference and training facilities, new fitness center, modernized restrooms, lobby updates, and upgrades to the elevators and outdoor patio. The property is located at 1300 Parkwood Cirlce SE, one mile from Battery Atlanta and Truist Park and 14 miles northwest of downtown Atlanta. Foundry Commercial will lead leasing efforts on behalf of Greenville, S.C.-based RealOp. The seller was not disclosed.

January 22, 2020

Acquisitions Connecticut Northeast Office

Stone Harbour Capital Acquires 162,000 SF Office Building in Milford, Connecticut

by Taylor Williams January 22, 2020

MILFORD, CONN. — Connecticut-based private equity firm Stone Harbour Capital has acquired a 162,000-square-foot office building in the coastal Connecticut city of Milford. Built on 12 acres in 1988, the four-story property was formerly known as Merritt Crossing. Stone Harbour will rebrand the building as Great River Corporate Center and introduce a value-add program that will deliver an upgraded café, coffee bar, fitness center, coworking spaces and conference center, as well as dining and recreation areas. Renovations are set to start this month with completion slated for summer 2020. The seller was not disclosed.

January 22, 2020

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