Acquisitions

Butterfield-5-Technology-Park-Morgan-Hill-CA

Trammell Crow, CBRE Divest of 410,101 SF Butterfield 5 Technology Park in Northern California

by Amy Works June 20, 2022

MORGAN HILL, CALIF. — Trammell Crow Co. and joint-venture partner CBRE Investment Management, on behalf of one of its funds, have sold Butterfield 5 Technology Park in Morgan Hill. Invesco Real Estate acquired the asset for an undisclosed price. Totaling 410,101 square feet, the industrial park was completed earlier this year and features five Class A industrial buildings situated on 24 acres. HPA Inc. served as architect and Lusardi Construction acted as general contractor for the project. Rebecca Perlmutter with CBRE National Partners represented the sellers in the disposition. Rob Shannon, Chip Sutherland and Brian Matteoni of CBRE will continue to handle marketing and leasing for the industrial park.

June 20, 2022

Acquisitions Arizona Multifamily Western

Cortland Acquires 202-Unit Centerra Apartment Community in Scottsdale for $74.7M

by Amy Works June 20, 2022

SCOTTSDALE, ARIZ. — An entity formed by Atlanta-based Cortland has purchased Centerra, a renovated multifamily property located at 11100 N. 115th in Scottsdale. Tanbic Edgehill Centerra Aprtments LLC, a partnership between Edgehill and The Tanbic Co., sold the asset for $74.7 million. Built in 1986, Centerra features 202 apartments in a mix of one- and two-bedroom units with washers and dryers. Community amenities include an onsite fitness center, pool, spa, fire pit, barbecue area and Wi-Fi in the common areas. The property underwent extensive renovations on all 202 units along with exterior improvements prior to the sale. David Folger and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the deal.

June 20, 2022

Acquisitions Industrial Nevada Retail Western

Schnitzer Properties Buys 95,213 SF Westland Center Industrial/Retail Asset in North Las Vegas

by Amy Works June 20, 2022

NORTH LAS VEGAS, NEV. — Portland, Ore.-based Schnitzer Properties has acquired Westland Center, an industrial and retail property located at the intersection of East Craig and North Pecos roads in North Las Vegas. Terms of the transaction were not released. Totaling 95,213 square feet, Westland Center features six buildings with 43 light industrial and retail units spread across 9.7 acres. Schnitzer Properties has owned and operated property in the greater Las Vegas area since 1994.

June 20, 2022

Acquisitions Multifamily Seniors Housing Washington Western

Blueprint Negotiates $10.6M Sale of 50-Unit Memory Care Community in Bremerton, Washington

by Amy Works June 20, 2022

BREMERTON, WASH. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 50-unit, 64-bed memory care community in Bremerton, across the Puget Sound from Seattle. The asset, previously a skilled nursing facility, was completely renovated in 2016 and opened as a memory care community in 2017. The community maintained a 66 percent occupancy during the last couple of years, producing an average operating margin of 15 percent. The property was a geographic outlier for the undisclosed seller. The buyer is a memory care-focused owner-operator with an established presence in the Seattle area. The price was $10.6 million, or $212,000 per unit. The buyer plans to continue the focus on quality care as well as allocate approximately 20 percent of the rent roll to Medicaid residents.

June 20, 2022

Acquisitions Data Centers Industrial Office Southeast Virginia

Finmarc Acquires Industrial, Data Center Portfolio in Springfield, Virginia for $127.5M

by John Nelson June 17, 2022

SPRINGFIELD, VA. — Finmarc Management, a real estate investment and management firm based in Bethesda, Md., has purchased an 11-building portfolio from Boston Properties in Springfield for $127.5 million. The portfolio spans 740,000 square feet of industrial, flex/office and data center space in one- and two-story properties. Situated near Fort Belvoir and I-95, the portfolio was 74 percent leased at the time of sale to tenants including ADT Security Systems, Avaya, SAIC, The Vomela Cos. and the U.S. General Service Administration (GSA). William Collins and Eric Berkman of Cushman & Wakefield represented Boston Properties in the transaction, and Finmarc was self-represented. Michael Zelin and Marshall Scanlon of Cushman & Wakefield, along with consultant Cliff Mendelson of Met Cap Advisors, arranged acquisition financing on behalf of Finmarc.

June 17, 2022

Acquisitions Florida Hospitality Southeast

Pebb Capital, LeaseFlorida Sell Hampton by Hilton Hotel in Miami Beach for $43.9M

by John Nelson June 17, 2022

MIAMI BEACH, FLA. — A partnership between investors Pebb Capital and LeaseFlorida has sold Hampton by Hilton at The Continental, a historic hotel located at 4000 Collins Ave. in Miami Beach. The undisclosed buyer, a privately held limited liability company, purchased the 100-room hotel for $43.9 million. According to the sellers, the transaction marks the second-highest price per room sale in Hampton’s portfolio. The sellers invested $25 million to renovate the five-story property in 2016. The renovation included repositioning the property back to lodging and restoring its historic façade, the pool and its original reception desk. Built in 1948 as the Continental Hotel, the property served as a condominium community in the early 1990s before converting back to its original use. Situated one block from the Atlantic Ocean, the Hampton by Hilton hotel features a pool, fitness center and business center, as well as complimentary breakfast and to-go breakfast bags for guests.

June 17, 2022

Acquisitions Retail Southeast Tennessee

Drapac Capital Sells 23,362 SF Retail Property in Downtown Memphis Leased to Walgreens

by John Nelson June 17, 2022

MEMPHIS, TENN. — Drapac Capital Partners, a real estate investment firm based in Australia, has sold a 23,362-square-foot retail property located at 2 N. Main St. in downtown Memphis. A flagship Walgreens occupies the bottom two levels of the property, and the top level is vacant space. Studio Capital, an investor and developer based in California, purchased the multi-story property for $2.7 million. Drapac Capital purchased the property in 2015 for $715,000. St. Bourke, a community placemaking and development firm, refurbished the property last year that included new windows, facades, finishes, paint, signage and entryways.

June 17, 2022

Acquisitions Office Texas

Newmark Brokers Sale of 673,150 SF Office Complex in North Dallas

by Taylor Williams June 17, 2022

DALLAS — Newmark has brokered the sale of Element Towers, a two-building, 673,150-square-foot office complex located at 3010 and 3030 LBJ Freeway in North Dallas. Element Towers sits on seven acres, and both buildings feature newly renovated lobbies, fitness centers, conference facilities and full-service cafeterias. Gary Carr, Chris Murphy, Robert Hill and Chase Tagen represented the seller in the transaction. David Milestone, Brett Green and Josh Francis, also with Newmark, arranged acquisition financing on behalf of the buyer, California-based Stanton Road Capital. Element Towers was 68 percent leased at the time of sale.

June 17, 2022

Acquisitions Hospitality Texas

HREC Negotiates Sale of 63-Room Best Western Hotel in South Padre Island, Texas

by Taylor Williams June 17, 2022

SOUTH PADRE ISLAND, TEXAS — HREC Investment Advisors has negotiated the sale of the 63-room Best Western Beachside Inn in the coastal resort community of South Padre Island. Ketan Patel and Mark Rome of HREC represented the seller, a Florida-based limited liability company, in the transaction. An out-of-state investor purchased the hotel for an undisclosed price and will retain the Best Western flag.

June 17, 2022

Acquisitions California Office Western

Madison Capital, Meadow Partners Acquire Ford Point R&D Property in Richmond, California for $103.7M

by Amy Works June 17, 2022

RICHMOND, CALIF. — New York-based Madison Capital and Meadow Partners have purchased Ford Point, a creative R&D building located at 1414 Harbour Way S. in Richmond. Orton Development sold the asset for $103.7 million. At the time of sale, the 478,761-square-foot property was 83 percent leased to a variety of tenants, including SunPower, Mountain Hardwear and California Closets. Orton Development purchased the long-dormant, 22.9-acre site from the Richmond Redevelopment Agency in 2004 and began a comprehensive $40 million renovation of the entire building, installing new building systems and undertaking an extensive seismic upgrade. Since 2008, the company invested an additional $11.3 million for an ungraded roof, electric vehicle charging stations, asphalt repaving and one mega-watt rooftop solar system. Designed in 1930 by Albert Kahn, Ford Point was built as the Ford Motor Co. Assembly Plant and was the largest assembly plant to be built on the West Coast. Ford Point has been on the National Register of Historical places since 1988, and the site is home to a National Parks Services education center, known as the Rosie the Riveter Visitor Center. Seth Siegel, Steve Hermann, Ryan Venezia, Rick Ryan, Kevin Flemming and Courtney Trunnell of Cushman & Wakefield’s Northern California …

June 17, 2022

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