Commercial Investment Real Estate Winter 2020 | Page 50

MULTIFAMILY
Devin Lee, CCIM, of Northcap Commercial
represented ABJ Group Enterprises LLC in its $17.32
million sale of Rancho Mirada Apartments, a 160-
unit multifamily property in Las Vegas. Lee, along
with three associates with Northcap Commercial,
also represented ABJ Group Investments LLC in the
more than $14.41 million sale of Alpha Gardens &
Villas, a 124-unit multifamily property in Las Vegas,
to an undisclosed buyer.
BIG DEAL: Glenn Dulaine, CCIM, with Realty
Executives SNV in Las Vegas represented both
parties in SVR Apartments LLC’s sale of a 292-unit
multifamily complex in Henderson, Nev., to South
Valley Ranch Owner LLC for $54.5 million.
Beau Beery, CCIM, with Coldwell Banker M.M.
Parrish represented both buyer and seller in the $19
million sale of Windsor Hall, a 114-unit multifamily
building in Gainesville, Fla.
Erica Chih, CCIM, with Northcap Commercial
represented Vegas Decatur LLC in its more than
$17.31 million sale of a 192-unit multifamily property
in Las Vegas to an undisclosed buyer.
Glenn Dulaine, CCIM
Ron Ross, CCIM, and Terry O’Neil, CCIM, with
Compass Commercial Real Estate Services in Bend,
Ore., represented Cascade Ridge of Madras LLC in its
more than $5.67 million sale of a 64-unit multifamily
property on 5.11 acres of land.
MIXED-USED
Peter Ciriello, CCIM, with LA Commercial in Santa
Monica, Calif., represented an undisclosed buyer
in the more than $9.37 million purchase of a 48-
unit multifamily property in Los Angeles from an
undisclosed seller.
Todd Clarke, CCIM, with NM Apartment Advisors
represented the seller in its $9.34 million sale of
Village at North Fourth, a 75-unit multifamily
property in Albuquerque, N.M.
Chris Gremillion, CCIM, with Latter & Blum
represented an undisclosed seller in its $3.2 million
sale of Cloverleaf Suites, an 80-unit multifamily
property in Baton Rouge, La.
Ali Asgary, CCIM
BIG DEAL: Ali Asgary, CCIM, with Cushman
& Wakefield represented the buyer and seller,
both undisclosed, in a more than $15.29 million
transaction for a 4.5-acre retail plaza with additional
land planned for a mixed-use development.
Trisha Talbot, CCIM, Kathleen Morgan, CCIM,
and Tim Westfall, CCIM, with Newmark Knight
Frank represented Signal Healthcare LLC in its
more than $4.57 million sale of Edison Place, an
8,958-sf mixed-use property in Maricopa, Ariz., to
K&N Investors.
CCIM ROI
TOM CORBETT, CCIM, AND GARY LYONS, CCIM
E
very complex real estate transaction has a host of moving pieces that need to be accounted for along every step of the
process. But a recent deal for a 101,400-sf industrial property in Burlington, N.C., had more than the usual variables. The
property, which sold for $3.45 million, was one of four that made up a $13.66 million transaction. Gary Lyons, CCIM, of
Avison Young represented Foundation Capital Partners, a private equity investment firm in New York. Lyons worked with with
Tom Corbett, CCIM, who represented an industrial developer who chose to sell four American Tire Distributor locations in an
effort to reposition his portfolio.
The two CCIM designees were able to navigate the obstacles present in such a deal, thanks in part to a mutual profes-
sional respect.
“Knowing that Tom Corbett was a CCIM designee and an extremely experienced commercial practitioner made the pro-
cess far more enjoyable and easier to complete,” Lyons says. “Tom was extremely thorough in bird-dogging all of the information
required by the buyer for them to complete the due diligence process in a reasonable time. He is a real pro!”
In total, Foundation Capital Partners acquired 436,400 sf of industrial space across the four sites, which are located in
North Carolina and Virginia. The key to the deal, Lyons says, was patience during the professional negotiations over the proper-
ties that are 100 percent occupied by American Tire Distributor.
48
COMMERCIAL INVESTMENT REAL ESTATE MAGAZINE
WINTER 2020