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American Landmark Purchases 216-Unit Multifamily Community in Tampa

by Camren Skelton March 30, 2018

TAMPA, FLA. — American Landmark has acquired Waters Edge, a 216-unit apartment community located at 7610 W. Waters Ave. in Tampa. The name of the seller and the sales price were not disclosed. American Landmark plans to invest $1.5 million in capital improvements, and will rename the property WestEnd at 76Ten. The community was originally constructed in 1985 and features a business center, fitness center, swimming pool, tennis court, racquetball/basketball court, dog park, laundry facility and a car care center. Planned interior upgrades include plank wood flooring, resurfaced countertops, contemporary cabinet faces and hardware and lighting upgrades. Exterior upgrades will include updated clubhouse amenities, fitness center upgrades, landscape enhancement, new pool furniture, a package locker system and community signage. The property was 96 percent occupied at the time of sale.

March 30, 2018

Acquisitions Illinois Industrial Midwest

JLL Arranges $86M Sale of Industrial Portfolio in Metro Chicago

by Kristin Harlow March 29, 2018

CHICAGO — JLL Capital Markets has arranged the $86 million sale of a 1.2 million-square-foot, 11-property industrial portfolio across metro Chicago. High Street Realty Co. LLC purchased the portfolio on behalf of High Street Real Estate Fund V LP. Seven of the buildings are fully leased. The portfolio’s total occupancy rate is 86 percent. The properties include: 801, 901 and 1001 Technology Way in Libertyville; 101 Corporate Center in Lemont; 755 Remington Blvd. in Bolingbrook; 2050 Hammond Drive in Schaumburg; and 900, 909,1000 Asbury Drive and 911 Commerce Court in Buffalo Grove. Additionally, a 74,024-square-foot building at 1001 Asbury Drive in Buffalo Grove will be available for lease starting July 31. John Huguenard, Sean Devaney, Ed Halaburt, Steve Trapp and Steve Ostrowski of JLL brokered the transaction on behalf of the seller, an institutional client.

March 29, 2018

Acquisitions Multifamily Property Type South Carolina Southeast

Cushman & Wakefield Brokers $17.4M Sale of Apartment Community in Metro Charlotte

by Camren Skelton March 29, 2018

ROCK HILL, S.C. — Cushman & Wakefield has brokered the $17.4 million sale of Cushendall Commons, a 168-unit multifamily community located in Rock Hill, a South Carolina suburb of Charlotte. Watson Bryant, Paul Marley and Jordan McCarley of Cushman & Wakefield arranged the transaction on behalf of the seller, Hamilton Point Investments LLC. Triangle Real Estate of Gastonia Inc. acquired the asset. Cushendall Commons offers a mix of one- to three-bedroom floor plans with walk-in closets and private balconies. Community amenities include a resort-style pool, fitness center and a business center.

March 29, 2018

Acquisitions Illinois Midwest Retail

Baum Brokers $4.1M Sale of Retail Property Leased by Family Dollar in Chicago

by Kristin Harlow March 29, 2018

CHICAGO — Baum Realty Group LLC has brokered the $4.1 million sale of a retail property leased by Family Dollar in Chicago’s Logan Square. The 9,801-square-foot building is located at 2274-2282 N. Milwaukee Ave. Greg Dietz, Danny Spitz and Patrick Forkin represented the undisclosed seller in the transaction. A family office buyer purchased the asset. The 4.8 percent cap rate is the lowest single-tenant Family Dollar on record nationwide, according to Baum and CoStar Group.

March 29, 2018

Acquisitions Florida Multifamily Property Type Southeast Student Housing

Horizon Realty Buys 384-Bed Student Housing Community Near University of Central Florida

by Camren Skelton March 29, 2018

ORLANDO, FLA. — Horizon Realty Advisors has acquired The Quad, a 384-bed student housing community located two miles from the University of Central Florida in Orlando. The property offers fully furnished townhomes and features a resort-style pool, fitness center, clubhouse and a computer lab. Chris Epp, Chris Bancroft and Meredith Wolff of FourPoint Student Housing Investments represented the seller, an affiliate of Chance Partners LLC, in the transaction. Terms of the sale were not disclosed.

March 29, 2018

Acquisitions Colorado Office Western

Pinnacle Real Estate Arranges $3.4M Sale of Office Building in Castle Rock, Colorado

by Amy Works March 29, 2018

CASTLE ROCK, COLO. — Pinnacle Real Estate Advisors has brokered the sale of a multi-tenant office building located at 1189 S. Perry St. in Castle Rock, a suburb of Denver. An undisclosed buyer acquired the property for $3.4 million, or $269.51 per square foot. Built in 2005, the property features approximately 12,801 square feet of office space. Corey Sandberg and Jeff Johnson of Pinnacle represented the undisclosed seller in the transaction.

March 29, 2018

Acquisitions Multifamily Texas

S2 Capital Acquires 793-Unit Apartment Community in Southwest Houston

by Taylor Williams March 28, 2018

HOUSTON — S2 Capital, a multifamily investment firm based in the Dallas area, has acquired Brompton Court Apartments, a 793-unit multifamily community located near Texas Medical Center in southwest Houston. Built in 1973, the three-story property offers multiple pools, a fitness center and on-site laundry services. S2 Capital, which acquired the property from CMS Brompton Court LP, will upgrade the unit interiors and communal amenities. Mark Brandenburg of JLL arranged acquisition financing for the deal through Voya Investment Management LLC.

March 28, 2018

Acquisitions Midwest Retail Wisconsin

Newport Acquires Retail Center in Brookfield, Wisconsin for $17.9M

by Kristin Harlow March 28, 2018

BROOKFIELD, WIS. — Newport Capital Partners has acquired The Plaza in Brookfield, a suburb of Milwaukee, for $17.9 million. The 108,000-square-foot retail center is situated on 11 acres. The property is 99 percent leased by 22 tenants, including CVS Pharmacy, Guitar Center, Stan’s Fit for Your Feet and Hooters. Rick Drogosz of Mid-America Real Estate Corp. represented the seller, IRC Retail Centers, in the transaction.

March 28, 2018

Acquisitions California Industrial Western

Murphy Development Co. Sells 165,763 SF Industrial Building in San Diego for $26.5M

by Amy Works March 28, 2018

SAN DIEGO — Murphy Development Co. (MDC) has completed the disposition of Siempre Viva Business Park Building 16, a 165,763-square-foot industrial facility located at 8411 Siempre Viva Road in San Diego. Ajinomoto Windsor acquired the property for $26.5 million. MDC originally developed the facility as a build-to-suit for Circle Foods, a subsidiary of Stephan Bronfman’s Claridge Inc. Tyson Foods acquired Circle Foods in 2013, assuming the long-term lease with MDC. Ajinomoto Windsor simultaneously purchased both Circle Foods from Tyson and Building 16 from MDC. Tyson Foods is scheduled to cease operations in April 2018. After food processing renovations and new equipment installation, Ajinomoto Windsor plans to expand food-processing operations at the facility. The building features a 32-foot minimum clear height, 8,000 amps of 277/480 volt power, ESFR sprinklers, manufacturing sewer and water capacity, concrete truck courts, wide column spacing and high dock door ratios.

March 28, 2018

Acquisitions Arizona Multifamily Western

Colliers Negotiates $19.8M Sale of Multifamily Property in Glendale, Arizona

by Amy Works March 28, 2018

GLENDALE, ARIZ. — Colliers International has arranged the sale of Summerhill Place, a multifamily property located at 6801 W. Ocotillo Road in Glendale. Maesag Properties LLC, an entity formed by Shon and Karah Brown, purchased the property from Trimark-Summerhill Place LLC, an entity formed by Trimark Property Group, for $19.8 million. Situated on 8.5 acres, the 189,050-square-foot property consists of 13 buildings featuring a total of 232 apartments in one- and two-bedroom layouts. At the time of sale, the property was 96 percent occupied. Bill Hahn, Trevor Koskovich and Jesse Hudson of Colliers’ Phoenix office represented the seller and buyer in the deal.

March 28, 2018

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