5-27-16

R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

TruAmerica partners with MSD Capital for first East Coast investment TruAmerica Multifamily aquires 1,004- unit Baltimore portfolio valued at $187m

ISSUE HIGHLIGHTS Volume 28 Issue 10 May 27 - June 9, 2016

B ALTIMORE, MD — TruAmerica Multi- family , in partnership with MSD Capital, LP , has expanded its geographical footprint to the East Coast with the acquisition of a 1,004- unit apartment portfolio in suburban Baltimore, MD, in an off-market transaction valued at $187 million. Los Angeles-based TruA- merica has acquired a portfolio that now totals more than 17,000 units with an aggregate value over $3 billion. To date, TruAmerica has specialized in the acquisition and reposi- tioning of mid-tier apartment communities in the Western U.S. but the acquisition of this portfolio is the first for TruAmerica east of Colorado as it expands its value-add platform to include select East coast growth markets. The portfolio is comprised of the 158-unit Bayshore Land- ing in Annapolis, the 634-

Redner’s Warehouse Market, CVS, Dollar General and PA Wine & Spirits. Headquar- tered in Reading, Redner’s is a regional supermarket chain with 45 stores in Pennsylva- nia, Delaware and Maryland. Madeira Plaza, 100% oc- cupied at the time of closing, is also anchored by Redner’s Warehouse Market as well as Big Lots, Office Max, Rite Aid and Dollar General. “Both shopping centers are well performing, in-fill mature grocery anchored centers, the focus of what most investors want in today’s marketplace. The attraction to the assets came from the stability of the historical occupancy of the grocery anchors for over 13 years coupled with the con- tinued growth of the housing markets in Western Mont- gomery County and Berks County along the Route 422 corridor,” said Nathanson, executive vice president with CBRE’s Capital Markets Group. n “Baltimore is one of the top performing economies in the Mid-Atlantic and benefits from one of the most educated resident profiles in the United States.” said Greg Campbell , senior managing director, acquisitions. “As a result of these healthy, long-term job drivers, the three submarkets where the assets are located are experiencing tremen- dous demand from a younger population that prefers to rent rather than own.” n family assets,” said Barry Sholem , head of MSD Capi- tal’s real estate group. “We are excited to partner with TruAmerica on this portfolio, and look forward to pursuing other business together.” TruAmerica will complete an interior renovation plan initiated by the seller that includes faux-wood flooring, granite countertops, updated cabinetry and new appliance packages.

SPO TLIGHTS

INDUSTRIAL R.E. & DISTRIBUTION CENTERS

Section C

Owners, Developers & Managers Shopping Centers: Retail Architecture, Construction & Eng. 3-12A

Southfield in Nottingham

unit Sherwood Crossing in Elkridge, and the 212-unit Southfield in Nottingham. Each property is well–ame- nitized, featuring resort-style pool areas, clubhouses, fitness centers and other recreational facilities. The properties were built between 1984 and 1990. “Similar to the West Coast markets in which we invest, substantially all of the new apartment inventory being

built in the greater Baltimore area is targeted for ‘renters by choice,’ effectively pricing out the working class,” said TruAmerica CEO Robert Hart . “This was a major fac- tor in the decision to target the Baltimore and Annapolis markets for our first East Coast investments.” “MSD Capital continues to see attractive opportunities in repositioning older multi-

Section B

UPCOMING CONFERENCES June 16, 2016

CBRE inks $26.55 million sale of two grocery anchored shopping centers in Pennsylvania

For speaking and sponsorship information, please contact: Linda at 781-871-3456 or lchristman@marejournal.com Philadelphia Healthcare & Medical Properties Summit June 30, 2016 NJ Mid-Year Commercial Real Estate Forecast Summit

POTTSTOWN/READING, PA — CBRE Group, Inc.

(CBRE) is p l eased t o a n n o u n c e that it has brokered the sale of North End Shop- ping Center, a 102,905 s/f

North End Shopping Center

Brad Nathanson

Directory

Shopping Centers.............................................3-12A Owners, Developers & Managers............... Section B Industrial/Distribution Centers................... Section C

Upcoming Spotlights CREATIVE FINANCING MID-YEAR REVIEW www.marejournal.com

Madeira Plaza

neighborhood center located in Pottstown, Pennsylvania, as well as Madeira Plaza, a 164,917 s/f community center located in Reading, Penn- sylvania for a total portfo- lio purchase price of $26.55 million. Brad Nathanson

represented the seller, SIN Ventures, and identified the buyer, Medipower Overseas Co. , a multinational real es- tate group, in the transaction. North End Shopping Cen- ter, 94% occupied at the time of closing, is anchored by

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