Acquisitions

Barings, Schnitzer West Sell Madison Centre Office Tower in Seattle for $730M

by Kristin Harlow May 18, 2022

SEATTLE — Barings and Schnitzer West LLC have sold Madison Centre, a 37-story office tower in downtown Seattle, for $730 million. The buyer was Boston Properties Inc. (NYSE: BXP). Completed in September 2017 and currently 93 percent leased, Madison Centre spans 760,971 rentable square feet and features 480 parking stalls. Amenities include a rooftop terrace, great room, conference center, boardroom, library and a fitness center operated by the Washington Athletic Club. Certified LEED Platinum, the building features HVAC purification systems and touchless entry. “The property is positioned to compete post-COVID with exactly what tenants are looking for and has performed extremely well throughout our hold period,” says Ben Green, managing director with Barings, which developed Madison Centre in partnership with Schnitzer West. Located at the intersection of Fifth Avenue and Madison Street, the office tower is located five blocks south of Seattle’s retail core, one block west of the Interstate 5 freeway and four blocks southeast of a Link light rail station. Kevin Shannon, Nick Kucha, Ken White and Mike Moll of Newmark brokered the sale. “This is the largest multi-tenant office sale in the nation year to date, and the asset garnered significant investor interest globally,” says Shannon, co-head, …

May 18, 2022

Acquisitions Colorado Office Western

Certus Sells 124,500 SF Office Building in Westminster, Colorado

by Amy Works May 17, 2022

WESTMINSTER, COLO. — Certus has completed the sale of Church Ranch Corporate Center, a Class A office property located along the US-30/Denver-Boulder corridor in Westminster. Lotus Co. acquired the building for $25.4 million. Built in 2001 and renovated in 2020, the four-story, multi-tenant asset features 124,500 square feet of office space. At the time of sale, the property was 90 percent leased to 14 tenants. The building is located at 10170 Church Ranch Way. Cushman & Wakefield’s Aaron Johnson, Jon Hendrickson and Mitch Veremeychik represented the seller in the deal. Additionally, Baxter Fain, Rob Cronenberg and Sarah Dinning of Cushman & Wakefield’s Denver Equity, Debt & Structured Finance Group arranged the debt financing for the buyer. A CMBS lender provided the $16.5 million, 10-year, full-term, interest-only loan.

May 17, 2022

Acquisitions Development Industrial Utah Western

Sansone Group to Develop 289,100 SF Industrial Property in West Valley City, Utah

by Amy Works May 17, 2022

WEST VALLEY CITY, UTAH — Sansone Group, in partnership with Invesco Real Estate, has acquired an 18.5-acre land parcel in West Valley City. The partnership plans to develop a 289,100-square-foot Class A industrial facility on the site. Rusty Bollow of Colliers will handle leasing for the development, and Sansone Group will manage the asset. The Sansone Group team involved in the development include Jeff Greenwalt, Jake Corrigan, John Brown and John Benoist.

May 17, 2022

Acquisitions Florida Loans Multifamily Southeast

CBRE Arranges $50.3M Acquisition Financing for Two Multifamily Properties in Tampa

by John Nelson May 17, 2022

TAMPA, FLA. — CBRE has secured nearly $50.3 million in acquisition financing for two multifamily properties, HITE and Notch, both located in Tampa’s historic Seminole Heights neighborhood. The portfolio sold for $60.5 million. Eric Fixler and Chandler Kaye of CBRE arranged the financing on behalf of the borrower, an unnamed private investor. Ready Capital provided the senior loan with additional proceeds to complete tenant improvements for the ground-floor retail components and other capital improvements at both properties. Located at 6006 N. Florida Ave., HITE is a five-story apartment complex totaling 81 units. Built in 2018, the property features studio, one-, and two-bedroom units averaging 764 square feet with quartz countertops, in-wall USB ports, designer light fixtures and walk-in closets. Community amenities include elevator service, an outdoor grilling station, pet wash station, bike storage, covered parking and 6,771 square feet of ground-floor retail space. Notch is a four-story apartment complex totaling 112 units located at 6307 N. Nebraska Ave. Built in 2021, the property features studio, one- and two-bedroom units averaging 780 square feet with quartz countertops, in-wall USB ports, designer light fixtures and walk-in closets. Community amenities include a fitness center, private garages, bike storage, pet spa and 1,144 square …

May 17, 2022

Acquisitions Industrial North Carolina Southeast

Pennybacker Capital Buys 251,314 SF Infill Industrial Facility in Raleigh

by John Nelson May 17, 2022

RALEIGH, N.C. — Pennybacker Capital has purchased a 251,314-square-foot infill industrial facility located at 3200 Bush St. in Raleigh. Grayson Hawkins, Chandler Hawkins, Patrick Gildea and Matt Smith of CBRE represented Pennybacker Capital in the transaction. New Market Strategies sold the asset, which was fully leased at the time of sale to an e-commerce user, building material suppliers and Wake Tech, a regional community college, for an undisclosed price. Situated on a 20-acre site, the facility is located north of I-440 near Raleigh’s North Hills district.

May 17, 2022

Acquisitions Multifamily Texas

FCP, One Real Estate Acquire 284-Unit Summit Apartments in San Antonio

by Taylor Williams May 17, 2022

SAN ANTONIO — A joint venture between Maryland-based investment firm FCP and One Real Estate Investment has acquired The Summit, a 284-unit apartment community in San Antonio. The Summit offers one-, two- and three-bedroom units. The property was built in 1984. According to Apartments.com, amenities include a pool, fitness center, clubhouse and an outdoor kitchen. The new ownership plans to invest about $5 million in capital improvements to the unit interiors, building exteriors and amenity spaces. Will Caruth of Berkadia represented the undisclosed seller in the transaction.

May 17, 2022

Acquisitions Hospitality Texas

Chatham Lodging Trust Sells Two Marriott-Branded Hotels Totaling 220 Rooms in Houston

by Taylor Williams May 17, 2022

HOUSTON — South Florida-based hospitality REIT Chatham Lodging Trust has sold two Marriott-branded hotels totaling 220 rooms in Houston’s West University submarket. The properties, which include a 100-room Courtyard by Marriott and a 120-room Residence Inn by Marriott, were sold in conjunction with a 137-room Homewood Suites by Hilton hotel in Dallas and a 180-room Hilton Garden Inn in Burlington, Mass. The collective sales price was $80 million. The buyer(s) was not disclosed.

May 17, 2022

Acquisitions Industrial Texas

Finial Group Negotiates Sale-Leaseback of 59,028 SF Industrial Building in Garland, Texas

by Taylor Williams May 17, 2022

GARLAND, TEXAS — Houston-based brokerage firm Finial Group has negotiated the sale-leaseback of a 59,028-square-foot industrial building in the northeastern Dallas suburb of Garland. The seller and tenant was Belgian chemical supplier Azelis. The single-tenant building is located at 3857 Miller Park Drive. Travis McEldowney and Jack Gaffney of Finial Group represented the buyer, Faropoint Ventures, in the off-market transaction.

May 17, 2022

Acquisitions Industrial Massachusetts Northeast

Newmark Negotiates Sale of 345,000 SF Distribution Center in Bellingham, Massachusetts

by Taylor Williams May 17, 2022

BELLINGHAM, MASS. — Newmark has negotiated the sale of Bellingham Distribution Center, a 345,000-square-foot industrial property located about 40 miles southwest of Boston. The facility was fully leased to restaurant equipment and foodservices supplier TriMark USA at the time of sale. A partnership between global investment manager Barings and Dallas-based Lincoln Property Co. originally developed the building, which features a clear height of 36 feet, 70 loading docks and 45 trailer parking spaces, in 2021. Robert Griffin, Edward Maher, Matthew Pullen, Tony Coskren, Brian Pinch, Samantha Hallowell and Nickolas Revers of Newmark represented the seller in the transaction. LaSalle Property Fund purchased the asset for an undisclosed price.

May 17, 2022

Acquisitions Industrial Midwest Minnesota

CBRE Arranges $143M Sale of Industrial Portfolio in Suburban Minneapolis

by Kristin Harlow May 17, 2022

MINNEAPOLIS — CBRE has arranged the sale and recapitalization of an 11-building industrial portfolio totaling nearly 1.4 million square feet in suburban Minneapolis for $143 million. The properties are located in Oakdale, Maplewood, New Hope, Bloomington, Brooklyn Park, Maple Grove, Minneapolis and Roseville. Michael Caprile, Judd Welliver, Ryan Bain, Zachary Graham and Bentley Smith of CBRE represented the seller, Onward Investors, which recapitalized the portfolio with a new capital partner.

May 17, 2022

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