Acquisitions

Clarion Partners Divests of 590,770 SF Marine Drive Distribution Center in Portland

by Amy Works August 4, 2022

PORTLAND, ORE. — Clarion Partners has sold Marine Drive Distribution Center, a four-building industrial facility located at 6308-6310 and 6204-6210 N. Marine Drive and 7409-7433 and 7507-7517 N. Leadbetter Road in Portland’s Rivergate submarket. LBA Logistics acquired the asset for an undisclosed price. Totaling 590,770 square feet, Marine Drive Distribution Center features one single tenant and three multitenant institutionally managed distribution warehouses. The buildings feature ESFR sprinklers, 24-foot to 26-foot clear heights, and 114 dock-high, 12 grade-level and 28 rail-served doors. At the time of sale, the buildings were fully triple-net leased to seven tenants. Mark Detmer, Buzz Ellis and Ryan Sitov of JLL Capital Markets represented the seller. Tyler Sheils of JLL Leasing is handling leasing of the property.

August 4, 2022

Acquisitions Georgia Office Southeast

Koelbel Acquires 189,212 SF Northridge Center Office Campus in Atlanta

by John Nelson August 4, 2022

ATLANTA — Koelbel & Co., a value-add real estate investment firm based in Colorado, has purchased the Northridge Center office complex in Atlanta’s Central Perimeter submarket. The 189,212-square-foot property comprises two office buildings located at 365 and 375 Northridge Center Road. Ryan Reethof and Jay O’Meara of CBRE represented the seller, Pacific Oak Capital Partners, in the transaction. The sales price was not disclosed. Charlie Clark and Matthew Smith of CBRE’s Debt & Structured Finance team arranged an undisclosed amount of acquisition financing for Koelbel, which plans to upgrade the office complex with a new tenant lounge, common conference room and ready-to-move-in spec suites, as well as enhancements to common areas and exterior amenities. The firm has selected Normandy Partners to manage Northridge Center, which is Koelbel’s first acquisition in Georgia.

August 4, 2022

Acquisitions Industrial Northeast Pennsylvania

Golden East Investors Buys 985,000 SF Former Heinz Manufacturing Campus in Pittsburgh

by Taylor Williams August 4, 2022

PITTSBURGH — New York City-based Golden East Investors has purchased the former Heinz manufacturing campus in Pittsburgh with plans to redevelop the property. The acquisition includes seven industrial buildings totaling approximately 985,000 square feet that are situated on a 20-acre site along the Allegheny River. Phase I of the redevelopment will center on repositioning two warehouses and cold storage facilities totaling roughly 300,000 square feet to be able to accommodate advanced manufacturing, research and development, life sciences and robotics users. Completion of that initiative is slated for the third quarter of next year. Phase II will feature a renovation of a 375,000-square-foot building into a life sciences facility with an accompanying parking garage that can support up to 500 vehicles. The third and final phase will involve converting the sites that house the other four buildings into a mixed-use development with multifamily, retail and office and/or life sciences uses. CBRE brokered the sale of the campus.

August 4, 2022

Acquisitions Arizona Multifamily Western

IPA Arranges $38.5M Sale of Metro Tucson Apartment Community in Arizona

by Amy Works August 4, 2022

TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale Metro Tucson, a multifamily property in Tucson. Vertical Street Ventures acquired the community for $38.5 million, or $165,948 per unit. Constructed in 1984, Metro Tucson offers 232 apartments spread across nine garden-style residential buildings, a swimming pool, laundry facilities and pet areas. Apartment amenities include wood-style vinyl plank flooring, dishwashers and private patios or balconies. Select units, approximately 22, have been upgraded with stainless steel appliances, carpeting in living spaces and bedrooms, and kitchen cabinetry with brushed nickel hardware. Hamid Panahi, Clint Wadlund, Steve Gebing and Cliff David of IPA represented the seller, a private owner, and procured the buyer in the deal.

August 4, 2022

Acquisitions Florida Retail Southeast

Plaza Advisors Arranges Sale of 103,427 SF Shopping Center in Orlando

by John Nelson August 4, 2022

ORLANDO, FLA. — Plaza Advisors has arranged the sale of Oakhill Village, a 103,427-square-foot shopping center located at the intersection of Hiawassee and Old Winter Garden roads in Orlando. An offshore investor doing business as Escape 22 Oakhill LLC purchased the center from an entity doing business as Oakhill Village Associates Ltd. for an undisclosed price. Built in 1989, Oakhill Village is situated on 11.4 acres about 10 miles northwest of Orlando International Airport. The property was 99 percent leased at the time of sale to tenants such as anchor DG Market + pOpshelf.

August 4, 2022

Acquisitions Life Sciences Northeast Pennsylvania

JLL Negotiates Sale of 155,200 SF Life Sciences Facility in Wayne, Pennsylvania

by Taylor Williams August 4, 2022

WAYNE, PA. — JLL has negotiated the sale of a 155,200-square-foot life sciences facility in Wayne, a northwestern suburb of Philadelphia. The property sits on 10 acres and offers amenities such as a fitness center, conference room and a cafeteria. Jim Galbally and Brett Segal of JLL represented the seller, Pennsylvania-based Maguire Hayden Real Estate, in the transaction. The buyer and sales price were not disclosed. At the time of sale, the facility was fully leased to Charles River Laboratories, which conducts pharmaceutical research and development.

August 4, 2022

Acquisitions Industrial Washington Western

Dalfen Industrial Buys 137,266 SF Olympic Logistics Center in Tukwila, Washington

by Amy Works August 4, 2022

TUKWILA, WASH. — Dalfen Industrial has purchased Olympic Logistics Center, an industrial property in Tukwila, a suburb of Seattle. Terms of the off-market transaction were not released. Rainier Industries fully occupies the 137,266-square-foot facility. The property is near interstates 5 and 405 and State Route 176 and offers access to Seattle-Tacoma International Airport, Port of Seattle and Port of Tacoma. The acquisition brings Dalfen’s metro Seattle footprint to approximately 850,000 square feet.

August 4, 2022

Acquisitions Industrial Washington Western

Dalfen Industrial Buys 137,266 SF Olympic Logistics Center in Tukwila, Washington

by Amy Works August 4, 2022

TUKWILA, WASH. — Dalfen Industrial has purchased Olympic Logistics Center, an industrial property in Tukwila, a suburb of Seattle. Terms of the off-market transaction were not released. Rainier Industries fully occupies the 137,266-square-foot facility. The property is in close proximity to interstates 5 and 405 and State Route 176 and offers access to Seattle-Tacoma International Airport, Port of Seattle and Port of Tacoma. The acquisition brings Dalfen’s Seattle footprint to approximately 850,000 square feet.

August 4, 2022

Acquisitions Arizona Multifamily Western

IPA Arranges $38.5M Sale of Metro Tucson Apartment Community in Arizona

by Amy Works August 4, 2022

TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale Metro Tucson, a multifamily property located in Tucson. Vertical Street Ventures acquired the community for $38.5 million, or $165,948 per unit. Constructed in 1984, Metro Tucson offers 232 apartments spread across nine garden-style residential buildings, a swimming pool, laundry facilities and pet areas. Apartment amenities include wood-style vinyl plank flooring, dishwashers and private patios or balconies. Select units, approximately 22, have been upgraded with stainless steel appliances, carpeting in living spaces and bedrooms and kitchen cabinetry with brushed nickel hardware. Hamid Panahi, Clint Wadlund, Steve Gebing and Cliff David of IPA represented the seller, a private party, and procured the buyer in the deal.

August 4, 2022

Acquisitions Industrial Oregon Western

Clarion Partners Divests of 590,770 SF Marine Drive Distribution Center in Portland

by Amy Works August 4, 2022

PORTLAND, ORE. — Clarion Partners has sold Marine Drive Distribution Center, a four-building industrial facility located at 6308-6310 and 6204-6210 N. Marine Drive and 7409-7433 and 7507-7517 N. Leadbetter Road in Portland’s Rivergate submarket. LBA Logistics acquired the asset for an undisclosed price. Totaling 590,770 square feet, Marine Drive Distribution Center features one single-tenant and three multi-tenant institutionally managed distribution warehouses. The buildings feature ESFR sprinklers, 24-foot to 26-foot clear heights, and 114 dock-high, 12 grade-level and 28 rail-served doors, as well as ample parking. At the time of sale, the buildings were fully triple net leased to seven tenants. Mark Detmer, Buzz Ellis and Ryan Sitov of JLL Capital Markets represented the seller. Tyler Sheils of JLL Leasing team is handling leasing of the property.

August 4, 2022

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