Acquisitions

Hewlett-Packard Enterprise Sells 2 MSF Former Campus in Houston

by Taylor Williams April 1, 2022

HOUSTON — Hewlett-Packard Enterprise (HPE) has sold its 2 million-square-foot former office and industrial campus in Houston. Built between 1984 and 1988, the campus comprises five office buildings, two manufacturing/distribution buildings and four structures that house maintenance and/or amenity space. Amenities include a cafeteria, fitness center, employee lounges, conference rooms, coffee/snack bars and an outdoor covered pavilion with a kitchen area for events. The property also features five parking garages, which along with surface lots total 5,229 spaces. Kevin McConn, Rick Goings, Ronnie Deyo, Beau Bellow and Ethan Goldberg of JLL represented HPE, which recently relocated to CityPlace at Springwoods Village. Boyd Commercial represented the buyer, an affiliate of Florida-based alcoholic beverage wholesaler Mexcor International that owns an adjacent building and will occupy a portion of the campus.

April 1, 2022

Acquisitions Office Texas

Colliers Arranges Sale of 117,173 SF Office Building in Metro Dallas

by Taylor Williams April 1, 2022

ADDISON, TEXAS — Colliers has arranged the sale of a 117,173-square-foot office building located at 3939 Belt Line Road in the northern Dallas suburb of Addison. The seven-story building was fully leased at the time of sale to tenants such as Truist Bank and A&O Enterprises. Cody Payne of Colliers brokered the off-market transaction. Both the locally based seller and the buyer, a private investor specializing in multifamily acquisitions, requested anonymity.

April 1, 2022

Acquisitions Office Texas

DZMI Acquires 12-Story Office Building in Houston, Plans Renovation

by Taylor Williams April 1, 2022

HOUSTON — Locally based development and investment firm David Z. Mafrige Interests (DZMI) has acquired North Loop Center, a 12-story office building in Houston’s Heights neighborhood. The firm plans to implement a capital improvement program that will include an upgrade of the lobby and installation of LED lighting throughout the premises. Stream Realty Partners is the leasing agent for the property and recently executed a long-term lease for the entire 12th floor with design-build firm ARCO/Murray.

April 1, 2022

Acquisitions Illinois Industrial Midwest

Reich Brothers Acquires 392,740 SF Industrial Property in Matteson, Illinois

by Kristin Harlow April 1, 2022

MATTESON, ILL. — Reich Brothers has acquired a 392,740-square-foot industrial property and adjacent 53 acres in Matteson, about 30 miles south of Chicago. The purchase price was undisclosed. Al Caruana and Britt Casey of Cushman & Wakefield represented Reich in the acquisition. The duo will provide leasing services for the property along with colleagues Sally Macoicz and Matthew Saddler. The cross-dock building is located at 21800 S. Cicero Ave. near I-50 and I-80.

April 1, 2022

Acquisitions Industrial New York Northeast Self-Storage

Storage Post Buys Four New York Self-Storage Facilities Totaling 3,900 Units

by Taylor Williams April 1, 2022

NEW YORK — Atlanta-based self-storge investment firm Storage Post has acquired four facilities totaling 3,900 units in the New York City area. Specifically, the properties, which span more than 370,000 gross square feet, are located in Garden City, Floral Park, Huntington Station and Yorktown Heights. Storage Post has operated the facilities on behalf of the seller, an undisclosed institutional investor, since 2016 and will continue to do so following the change in ownership.

April 1, 2022

Acquisitions California Office Western

Newmark Negotiates $145M Sale of Governor Park Office Portfolio in San Diego

by Amy Works April 1, 2022

SAN DIEGO — Newmark has arranged the sale of Governor Park Portfolio, an office campus with life sciences redevelopment potential located at 6200 and 6220 Greenwich Drive in San Diego. The buildings traded for $145 million. The portfolio comprises two office buildings situated on individual parcels. The building at 6200 Greenwich Drive offers 70,987 square feet and situated on 4.4 acres. The asset is 100 percent leased to University of California, San Diego (UCSD) through May 2026. The building at 6220 Greenwich Drive totals 141,214 square feet on a 6.2-acre parcel. The 6220 building is fully leased to Mitchell International through October 2025. The portfolio has been institutionally owned and operated since the buildings were originally developed. It is serviced by ample surface parking, as well as a five-story parking facility, providing an above-market-standard parking ratio. Kevin Shannon, Brunson Howard, Paul Jones and Ken White of Newmark represented the undisclosed seller in the deal.

April 1, 2022

Acquisitions Life Sciences Massachusetts Northeast

CBRE Investment Management Acquires Partial Interest in 432,932 SF Boston Life Sciences Building

by Taylor Williams April 1, 2022

BOSTON — CBRE Investment Management has acquired a partial interest in 100 Binney, a 432,932-square-foot life sciences building in Boston’s Kendall Square neighborhood. The percentage of the interest was not disclosed. The 10-story building was constructed in 2018 and was fully leased at the time of the sale, with pharmaceutical giant Bristol Myers Squibb serving as the anchor tenant. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the undisclosed building owner/seller in the recapitalization deal and procured CBRE Investment Management as the buyer.

April 1, 2022

Acquisitions Office Washington Western

Swift Real Estate Partners Buys Office Building in Seattle’s South Lake Union for $39.5M

by Amy Works April 1, 2022

SEATTLE — Swift Real Estate Partners has acquired 425 Pontius, a boutique office building in Seattle’s South Lake Union neighborhood, from a local private partnership for $39.5 million. Located at 425 Pontius Ave. North, the building features four stories of office space, surface parking and two levels of underground parking. The building was originally constructed in 1982 with a renovation in 2018 of the budling’s three-story lobby. The 75,267-square-foot 425 Pontius is 60 percent leased to tenants in the fields of biotech, healthcare and professional services, with Fred Hutch Cancer Research Center as the building’s largest tenant. Swift plans to reposition the property with a rebrand and full renovation, including an exterior modernization and cosmetic upgrades to the lobby, elevators and common areas. Tom Pehl and Charles Safley of CBRE’s Pacific Northwest-based capital markets team advised the seller in the transaction. Brad Zampa and Mike Walker of CBRE’s Debt & Structured Finance group is advising Swift Real Estate Partners in securing new market-rate financing.

April 1, 2022

Acquisitions Arizona Multifamily Western

Rise Invest Acquires 96-Unit Sonoma Village Apartment Community in Mesa, Arizona

by Amy Works April 1, 2022

MESA, ARIZ. — Rise Invest has purchased Sonoma Village, a multifamily property located at 1318 S. Vineyard in Mesa. Built in 1973, Sonoma Village features 96 apartments, including 16 one-bedroom/one-bath units and 80 two-bedroom/two-bath units. Rise Invest plans to invest $3 million in capital improvements to reposition the property through enhanced curb appeal, upgraded amenities and unit interior renovations. The scope of work for the unit interior renovations includes the installation of in-unit washer/dryers, new countertops, vinyl flooring, stainless steel appliances and modern lighting/plumbing fixtures.

April 1, 2022

Acquisitions California Net Lease Office Western

Newmark Brokers $15M Sale of Office Building in Chatsworth, California

by Amy Works April 1, 2022

CHATSWORTH, CALIF. — Newmark has arranged the sale of 19900 Plummer, a single-tenant office building located at 19900 Plummer St. in Chatsworth. Korda Group sold the asset to Rexford Industrial for $15 million. Campbellsville University, a non-profit educator offering a master’s of marriage and family therapy program, fully occupies the 43,472-square-foot building on a net-lease basis. Ryan Plummer, Andrey Mindirgasov, Sean Fulp, Mark Schuessler and Chris Smith of Newmark facilitated the off-market transaction.

April 1, 2022

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