Cushman & Wakefield Represents Morguard in Sale of Three-Property Portfolio
Cushman & Wakefield announced today the sale of Morguard North America Residential REIT’s (MRG –TSX) Mobile Midtown multifamily portfolio to New York-based Lightstone. Cushman & Wakefield Executive Managing Director Jimmy Adams represented the Toronto-based seller.
The Mobile Midtown Portfolio includes three properties, Bel Air, Estates at Lafayette Square and Pine Bend & The Hamptons, all totaling 1,329 units. The portfolio is centered in Mobile’s affluent Midtown district, a retail/employment core that provides quick connectivity to Downtown Mobile and The Port of Mobile. Mobile is emerging as the Gulf Coast’s preeminent site for the aerospace and shipping industries, boasting very recent investment from major corporations such as Walmart and Amazon. Built in the 1970’s, The Mobile Midtown Portfolio created a rare opportunity to invest in well-maintained, REIT-owned assets with proven value-add potential, Adams said.
“The Mobile Midtown Portfolio transaction is a testament to Mobile’s growing economy” Adams said. “Centralized in desirable Midtown, the investment will benefit from continued value-add and major job announcements in Tillman’s Corner, Port of Mobile and Mobile Aeroplex.”
Cushman & Wakefield’s Southeast Multifamily Advisory Group is the most active firm in the region, with the No. 1 market share based on transactions reported to CoStar. The group has closed $1.8 billion in sales volume in 2017, totaling 120 deals and nearly 23,000 units. On average, the team has experienced 63 percent sales growth within the last five years. For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visit https://multifamily.cushwake.com.
Lightstone, founded by David Lichtenstein, is one of the most highly-regarded and diversified private real estate companies in the United States. Operating in all sectors of the real estate market, Lightstone’s $2.0 billion portfolio (in 26 states) currently includes over 6 million square feet of office, retail and industrial commercial properties, 12,000 residential units and 3,843 hotel keys. It also owns over 12,000 land lots across the country. Headquartered in New York City, Lightstone continues to grow its local presence with $2.5 billion worth of projects currently under development in the residential and hospitality sectors.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.