Dealmaker: IPA Brokers Sales Multifamily Portfolio, Manufacturing Facility

Institutional Property Advisors brokered sales of a multifamily portfolio in New England and a manufacturing facility in Arizona.

IPA announced sale of Winchester Lofts, 1111 Stratford and Ashton Mills, a three-property, 481-unit multifamily portfolio in Connecticut and Rhode Island. The portfolio traded for $117 million, or an average of $243,243 per unit.

River Lofts at Ashton Mills, Cumberland, R.I.

The portfolio assets are Winchester Lofts, 158 units in New Haven, Conn.; 1111 Stratford Apartment Homes, 128 units in Stratford, Conn.; and River Lofts at Ashton Mills, 195 units in Cumberland, R.I. The assets are all from Brookfield Asset Management’s acquisition of Forest City Realty Trust.

“The Connecticut assets benefit from strong locations for residents working in the greater New Haven and upper Fairfield County MSAs, while Ashton Mills serves the areas surrounding Providence and Boston,” said Victor Nolletti, IPA executive managing director of investments. “Diverse demand drivers, strong location, asset quality and commutability to major employment hubs, coupled with residents’ continued preference for lower density living near urban centers, will continue to drive these assets’ operations.”

IPA also announced sale of a 60,437-square-foot life sciences and advanced manufacturing facility in Marana, Ariz. The asset is subject to a 10-year, triple-net lease with options held by Roche Molecular systems. The sales price was $19 million, or $314.38 per square foot.

Peter Bauman, IPA senior director, and IPA’s Tivon Moffitt, in conjunction with Marcus & Millichap’s Mark Ruble and Chris Lind represented the seller, VM Building Two Corp. The CBRE debt team of Bruce Francis, Shaun Moothart, Bob Ybarra, Doug Birrell, Anna Britt, James Korinek, Carly Grabher and Ryan Gagliano secured debt for the buyer.

Roche Molecular Systems, Marana, Ariz.

Bauman said the facility is a build to suit for the tenant, a wholly owned subsidiary of the Roche Group, a Swiss pharmaceutical conglomerate. Prior to occupancy, Roche invested more than $12 million in the facility as part of the company’s $44 million in reinvestment across all of its Tucson-area assets. The building will be used for cancer testing device manufacturing by Roche’s diagnostic division.

Located adjacent to Roche’s logistics and distribution facility off Interstate 10, the property is 18 miles north of downtown Tucson. Southwest Gas purchased 25 acres nearby for its new regional headquarters and further east, transportation company CTI Inc. bought a 20-acre site for its Tucson-area headquarters. A 1-million-square-foot industrial park is in the planning stages directly across the street and an adjacent master-planned residential community, 4,500-home Gladden Farms, is nearly complete.

“This sale represents one of the highest prices per square foot for an industrial asset in the Tucson market and further demonstrates the importance of Arizona as a distribution and manufacturing hub,” Moffitt said.