Acquisitions

Unibail-Rodamco-Westfield Sells 1.5 MSF Regional Mall Near Los Angeles for $537.5M

by Katie Sloan August 25, 2022

ARCADIA, CALIF. — Unibail-Rodamco-Westfield (URW) has sold Westfield Santa Anita, a 1.5 million-square-foot regional mall located roughly 15 miles northeast of Los Angeles in Arcadia, for $537.5 million. The transaction represents the largest price paid for a regional mall in the U.S. since 2018, according to Eastdil Secured, which acted as financial advisor to the seller. The buyer is an undisclosed real estate investor that owns other retail assets in Southern California. The acquisition was funded through a combination of equity and new debt, and reflects a sub-6 percent net initial yield and a 10.7 percent discount to the property’s latest appraisal price. The Class A regional mall was 96 percent leased at the time of sale to tenants including J.C. Penney, Macy’s, Nordstrom, Sephora, Free People, Kate Spade, Fabletics, Coach, lululemon, Michael Kors, Steve Madden, Victoria’s Secret, Zara and Abercrombie & Fitch, among others. The property is also home to AMC Theatres; entertainment concepts such as Bowlero, Luxy Karaoke and Dave & Buster’s; and restaurants including The Cheesecake Factory, Benihana, California Pizza Kitchen and Din Tai Fung. URW made headlines earlier this week with the announcement of redevelopment plans for Westfield Garden State Plaza, a 2.1 million-square-foot regional mall …

August 25, 2022

Acquisitions Arizona Industrial Western

Clarius Partners, Walton Street Capital Sell Big-Box Distribution Building in Goodyear, Arizona for $109.2M

by Amy Works August 24, 2022

GOODYEAR, ARIZ. — A joint venture between Clarius Partners and Walton Street Capital has completed the sale of Lakin Park Building 1A, a big-box distribution building on 45 acres in Goodyear. BentallGreenOak acquired the asset for $109.2 million. Located at 17315 W. MC 85, the 730,760-square-foot facility features 40-foot clear heights, a full HVAC warehouse, 70-foot speed bays, 200-foot concrete truck courts, r-38 roof insulation, ESFR sprinklers, multiple points of ingress and egress, 120 dock-high doors, 171 trailer parking stalls and 6,000 amps (expandable to 12,000 amps) of power. Delivered in first-quarter 2022, a single tenant fully occupies the property. Will Strong, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s national industrial advisory group represented the seller in the transaction. Mike Haenel and Andy Markham, also of Cushman & Wakefield, provided leasing advisory.

August 24, 2022

Acquisitions Multifamily Washington Western

Security Properties Divests of Insignia Apartments in Bremerton, Washington for $48.5M

by Amy Works August 24, 2022

BREMERTON, WASH. — Security Properties has completed the disposition of Insignia Apartments, a multifamily property at 1060 Insignia Loop in Bremerton. An undisclosed buyer acquired the community for $48.5 million. Built 2017, Insignia Apartments features 162 one- and two-bedroom apartments spread across 12 buildings on 6.2 acres. Community amenities include a fitness center, rec room, playground and dog park. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE’s Pacific Northwest-based multifamily team represented the seller in the transaction.

August 24, 2022

Acquisitions Multifamily Utah Western

IPA Brokers Sale of 223-Unit North Union Multifamily Property in Midvale, Utah

by Amy Works August 24, 2022

MIDVALE, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of North Union, a multifamily community in Midvale. Rockworth Cos. sold the asset to Keller Investments for an undisclosed price. Built in 2022, North Union features 223 apartments, common areas with full kitchens, dining rooms, workstations and a game room. Outdoor amenities include an outdoor rooftop deck with firepits, barbecue grilling stations and outdoor lounging seating; a fitness center with a yoga studio; a pool and hot tub area; and a bocce ball court. Additionally, the community features a pet spa and dog wash; secure parking and storage; a ski and bike repair center; and 7,455 square feet of main-floor retail space. Danny Shin and Brock Zylstra represented the seller in the transaction. Anita Paryani-Rice of IPA Capital Markets arranged the financing for the buyer. A debt fund provided the capital, which features a 73 percent loan-to-cost ratio. The nonrecourse loan has a term of three years with extensions that offer the borrower flexibility on exit.

August 24, 2022

Acquisitions Arizona Office Western

VIVO Development Partners Buys Camelwest Plaza Office Property in Phoenix for $14M

by Amy Works August 24, 2022

PHOENIX — VIVO Development Partners has purchased Camelwest Plaza, a two-building office asset in Phoenix. Hawaii-based BW Camelwest LLC sold the property for $14 million. Located at 1951 and 2011 W. Camelback Road, the four-story, multi-tenant office buildings offer a total of 175,308 square feet of office space. At the time of sale, the property was 71 percent leased to a mix of tenants across various industries, including financial, technology, insurance, marketing, medical, legal services and government. Geoffrey Turbow, Gary Cornish, Barry Gabel and Chris Marchildon of CBRE represented the seller in the deal.

August 24, 2022

Acquisitions Multifamily Texas

IPA Negotiates Sale of 344-Unit Pecan Springs Apartments in Northwest San Antonio

by Taylor Williams August 24, 2022

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Pecan Springs, a 344-unit apartment community in northwest San Antonio. Built on 16 acres in 2013, Pecan Springs features one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, resident lounge, dog park, outdoor grilling stations and package lockers. Will Balthrope and Drew Garza of IPA represented the seller, Tampa-based American Landmark, and procured the buyer, Alabama-based StoneRiver Co., in the transaction. At the time of sale, Pecan Springs had an average occupancy rate of 96 percent on a trailing 12-month basis.

August 24, 2022

Acquisitions Industrial New Hampshire Northeast

Cushman & Wakefield Brokers $69M Sale of New Hampshire Industrial Portfolio

by Taylor Williams August 24, 2022

HUDSON, NASHUA AND MANCHESTER, N.H. — Cushman & Wakefield has brokered the $69 million sale of a portfolio of four southern New Hampshire industrial buildings totaling 593,000 square feet. The properties are specifically located in Hudson, Nashua and Manchester and were 94 percent leased to 18 tenants at the time of sale. Dave Pergola, Brian Doherty, Pete Rogers, Tom Farrelly, Denis Dancoes and Sue Ann Johnson of Cushman & Wakefield represented the seller, Albany Road Real Estate Partners, in the transaction. Tom Sullivan, also with Cushman & Wakefield, arranged acquisition financing on behalf of the buyer, Dallas-based Lincoln Property Co.

August 24, 2022

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 264-Unit Capitol View Apartment Homes in Hartford

by Taylor Williams August 24, 2022

HARTFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Capitol View Apartment Homes, a 264-unit multifamily complex in downtown Hartford. Built in 1955 and renovated between 2002 and 2013, the 10-story building houses units with an average size of 542 square feet and offers amenities such as a lounge, fitness center and concierge service. Victor Nolletti, Wes Klockner and Eric Pentore of IPA represented the seller, an entity doing business as MATP LLC, in the transaction. The trio also procured the buyer, EOM Equity LLC.

August 24, 2022

Acquisitions Industrial Southeast Virginia

Merritt Properties Acquires Industrial Park in Metro Richmond for $41.3M

by John Nelson August 24, 2022

ASHLAND, VA. — Merritt Properties has acquired Crescent Business Center, a five-building industrial park totaling 262,256 square feet in Ashland, about 10 miles north of Richmond. An affiliate of Thalhimer Realty Partners Inc. doing business as Crescent Business Center LC sold the asset for $41.3 million. Eric Robison of Cushman & Wakefield | Thalhimer represented the seller in the transaction. Crescent Business Center is situated along I-95 on 20 acres and features an additional 19 acres for future development. The park was fully leased at the time of sale to tenants including Trane U.S., Electronic Systems, Motion Industries and Sunbelt Rentals.

August 24, 2022

Acquisitions Louisiana Retail Southeast

JLL Brokers Sale of 244,768 SF Acadiana Square Shopping Center in Lafayette, Louisiana

by John Nelson August 24, 2022

LAFAYETTE, LA. — JLL has brokered the sale of Acadiana Square, a 244,768-square-foot shopping center located at 5700 Johnston St. in Lafayette. Jim Hamilton, Ryan West and Brad Buchanan of JLL represented the sellers, DRA Advisors and RCG Ventures, in the transaction. Property Commerce Dividend Fund acquired the center for an undisclosed price. Acadiana Square was 95 percent leased at the time of sale to tenants such as Burlington, Home Furniture Co. of Lafayette, T.J. Maxx, PetSmart, Office Depot and Party City. The previous ownership executed new leases or renewals totaling over 87,000 square feet at Acadiana Square in the past 18 months, according to JLL.

August 24, 2022

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