Category: Deals & Announcements

Dallas-based Investor Purchases Wisconsin MOB Portfolio

Posted on by Sarah

JLL Capital Markets announced today that it has closed the sale of a four-property, Class-A medical office portfolio totaling 111,827 square feet in Milwaukee and Green Bay, Wisconsin.

JLL marketed the properties on behalf of the seller, Stage Equity Partners, a leading private owner of medical office buildings, headquartered in Chicago. The portfolio was acquired by Big Sky Medical via a competitive process that yielded extremely strong interest from a range of institutional investors.

The portfolio is 98% leased overall, with 85% of the tenancy with market-leading, investment grade-rated hospitals, including Children’s Wisconsin, Hospital Sisters Health System, Ascension and Advocate Aurora Health Care. The medical office portfolio consists of:

4655 N. Port Washington Rd., Glendale
8375 South Howell Ave., Oak Creek
8800 Washington Ave., Mt. Pleasant
1727 Shawano Ave., Green Bay

Three of the four properties are in suburban Milwaukee, the largest city in Wisconsin and ranking as the 39th largest MSA in the country. Milwaukee is convenient to Chicago and boasts massive public and private investment in infrastructure, a vibrant and economically diverse employment base and a rich historical culture.

The JLL Healthcare Capital Markets team representing the seller was led by Senior Managing Directors Evan Kovac and Mindy Berman, Managing Director Tim Joyce, Director Matt DiCesare and Vice President Trent Jemmett. Local support was provided by Senior Managing Director Jamie Fink.

Newmark Arranges Sale of New, Trophy Multifamily Community in Austin’s Retail and Entertainment District

Posted on by Sarah

Austin, TX (May 17, 2022) — Newmark announces it has completed the sale of Modera

Domain, a recently delivered, 354-unit trophy multifamily property located adjacent to The Domain, a premier retail and entertainment district in Austin, Texas. The asset traded from a joint venture between Mill Creek Residential and PGIM to Clarion Partners. Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller in the transaction.

Completed in 2022, Modera Domain is a luxury multifamily community featuring a mix of studio, one- and two-bedroom units with an average unit size of 846 square feet. Unit interiors feature open-concept floor plans with spacious bedrooms, spa-inspired bathrooms and luxury finishes. Community amenities include a resort-style pool and courtyard, outdoor kitchen with gas grills and dining space, modern clubroom, first-floor lounge, conference room and work-from-home spaces, state-of-the-art fitness center, on-site dog park and pet spa and connected multi-level parking garage.

The property is conveniently located at the entrance to The Domain, Austin’s premier retail and entertainment district with over 4 million square feet of office and 1.85 million square feet of retail space. The area is home to major office tenants including Amazon, Facebook, Indeed and Vrbo.

The property is within walking distance to the Kramer Station MetroRail stop and the new Q2 Stadium, home of Austin’s only professional sports team, the Austin FC. It is only eight miles or approximately 20 minutes from downtown Austin.

“The Domain remains one of the most desirable submarkets in Austin, both for renters and investors,” said Jones. “Modera Domain’s immediate proximity to surrounding activity in the Domain South End, Uptown ATX and Q2 Stadium presented a rare opportunity for an investor to acquire a coveted piece of real estate in Austin’s second downtown. Its exceptional construction, resort-class amenities, and contemporary design will make Modera Domain a mainstay in the market for years to come.”

The Austin metro’s population rose to an estimated 2,295,303 people as of July 1, 2020, according to U.S. Census Bureau figures released May 2021. This is an increase of 3% from the previous year, the fastest population growth among metros with at least one million people. Since 2010, the metro has gained an estimated 579,014 residents – a 34% increase. Austin’s innovation-based economy and high-caliber talent pool, combined with a comparably low cost of living, business-friendly environment, established infrastructure, and stable local and state governments, continue to secure accolades lauding Austin’s appeal to both residents and businesses that position the region for enduring economic and population growth. Accordingly, these core attributes also provide a sound foundation for Austin to not only sustain but also improve upon its position as the top investment market in the U.S.

Marcus & Millichap Arranges Sale of 76,814-square foot Self-storage Facility in Longview

Posted on by Sarah

Marcus & Millichap announced the sale of 80 West Self Storage, a 76,814-square foot self-storage facility located in Longview, Texas, according to Regional Manager Mark R. McCoy, of the firm’s Fort Worth office.

Investment Specialists Danny Cunningham and Brandon Karr in Marcus & Millichap’s Fort Worth office, represented the seller, a private investor, in the transaction. The buyer, a private capital group purchasing their second storage facility in Longview, was secured by Cunningham and Karr.

“Our transaction history over the past twenty-four months in the greater East Texas area has allowed us to cultivate meaningful relationships with a large portion of the owners in those markets. While the vast majority of our transactions admittedly occur under more traditional circumstances, on occasion we can leverage those relationships to facilitate an off-market transaction such as this one. We started working with this particular storage owner in late 2020, and after several discussions, we ultimately recommended he engage the services of a third-party management company. The seller’s decision to take our recommendation proved to be astute, because over the next year, as his revenue and occupancy increased, he began receiving dozens of unsolicited calls from buyers asking if he would entertain selling the property. While those unsolicited offers were indeed (on the surface) attractive, the seller rejected all of them, instead asking us if we could bring him a buyer at a price point exceeding the values he was being offered. We obliged, and in very short order, we facilitated a transaction that closed at a value approximately 35 percent higher than where it would have sold only 12 months prior.”

80 West Self Storage is located at 5615 West Marshall Avenue in Longview, Texas.