MIG Continues Multifamily Buying Spree
Less than two months after his brother, David Merage of Consolidated Investment Group, closed on the distressed Block 1949 Apartments in Tempe, Greg Merage of MIG Real Estate has acquired Symphony Apartments in Chandler for $34.164m or more than $150k per unit. This is the second major multifamily acquisition by MIG this year following the $41.85m purchase of the Quadrangles in April and the fourth major acquisition since the start of 2013, totaling $126.564m for 1,048 apartment units and a 90k SF office building.
According to a press release issued by ARCP, the sale-leaseback of approximately 500 Red Lobster locations was completed at a 7.9% cash cap rate or a 9.9% cap rate under generally accepted accounting principles. The portfolio has a weighted average lease term of roughly 25 years and 2% annual compounded rent escalations. While Golden Gate’s acquisition of Red Lobster included the assumption of between $500m and $600m in existing obligations, the sale of these four locations was on a cash only basis.
Kurt Rosene, Senior Vice President of Chicago-based Alter Group, has completed the sale of our office buildings within Corridors Phoenix—a speculative office development to total 1.4m square feet at the southeast corner of I-17 and Pinnacle Peak Road—for $16m or nearly $100 per square foot. Woodland Hills, California-based real estate investment company Adler Realty Investments was the buyer, tendering $5.4m in cash and securing the remainder of the purchase price under a deed of trust with an unspecified principal balance issued by Wells Fargo. According to their website, Adler’s only other holding in the Phoenix market is the 2600 Tower in Midtown Phoenix.
Costa Mesa, California-based retail developer, Donahue Schriber Realty Group has sold Marley Park Plaza—a Basha’s-anchored neighborhood shopping center within the Marley Park master-planned community—to a joint venture between a Canadian investor and Nathan Cardon of Cardon Commercial. The total sale price of $12.45m is comprised of $11.7m for the existing shopping center and $750k for an undeveloped 2.45 acre parcel adjacent to the east. Taking the two deals separately, this translates to $150.29 per improved square foot and $7.027 per square foot of unimproved land.
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