Acquisitions

PRP Acquires Honeywell Corporate Headquarters in Charlotte for $275M

by Kristin Harlow December 22, 2021

CHARLOTTE, N.C. — PRP Real Estate Investment Management has acquired the global corporate headquarters of Honeywell International Inc. (NYSE: HON) in Charlotte for $275 million. Lincoln Harris and Goldman Sachs Asset Management were the sellers. The property, which opened earlier this month, is dubbed the smartest building in the world given the advanced Honeywell technology implemented in the design, according to PRP. Located at 855 S. Mint St. in Charlotte’s central business district, the headquarters spans 373,921 square feet and rises 23 stories. The building is adjacent to Bank of America Stadium, home of the National Football League’s Carolina Panthers. The property is part of Legacy Union, a 10-acre mixed-use project developed by Lincoln Harris and Goldman Sachs that comprises two city blocks on the former site of The Charlotte Observer. The building design showcases proprietary Honeywell technology, supported by a unit within the company that develops building management solutions, including energy conservation, enhanced security systems, surveillance, health monitoring, air quality measuring and network-based infrastructure. The property can house up to 1,300 Honeywell employees. The building includes ground-floor retail space, terraces on the 22nd and 23rd floors and a podium parking garage with 814 spaces. “Infill trophy office properties like …

December 22, 2021

Acquisitions Arizona Development Industrial Western

Dermody Properties Acquires 961-Acre Land Parcel Near Phoenix for Industrial Development

by Amy Works December 21, 2021

EL MIRAGE, ARIZ. — Dermody Properties has purchased 961 acres of land in El Mirage, a suburb of Phoenix. The company plans to develop Copperwing Logistics Center, an industrial park with approximately 10 million square feet of speculative space over the next 10 years. Additionally, the company will develop approximately 300 acres for other third-party owners/users and build-to-suit customers. Initial development is slated to begin in 2022. Novo Development, which has been involved with the project since its inception, will continue to assist with the new venture. The land is being purchased from John F. Long Family Trust, known for developing more than 30,000 homes over four decades, including Arizona’s first master-planned community, before focusing efforts on retail and commercial projects in the West Valley Arizona market. Industrial zoning was already in place for the land. In addition, the property is within an approved Foreign Trade Zone (FTZ), meaning companies within the park that are active uses of FTZ can receive up to a 75 percent reduction in real estate and personal property taxes. Dermody Properties also intends to bring new water and sewer sources to the site along with new roads and park amenities. Pat Feeney, Rusty Kennedy and …

December 21, 2021

Acquisitions California Life Sciences Western

CBRE Investment Management Fund Buys 1 MSF Life Sciences Portfolio in San Francisco’s Mission Bay

by Amy Works December 21, 2021

SAN FRANCISCO — A fund sponsored by CBRE Investment Management, formerly known as CBRE Global Investors, has acquired a majority stake in two life sciences portfolios in the Mission Bay submarket of San Francisco. The fund made the investment, which includes a total of 1 million square feet of Class A life sciences space, through a joint venture with a life science property developer/operator that developed the portfolios. The first portfolio, located at 409/499 Illinois St. and 1500 Owens St., includes three purpose-built life sciences facilities totaling 644,788 square feet. Situated on a 4.8-acre waterfront, the buildings feature 15-foot clear heights, an outdoor plaza with public art, two on-site restaurants, a rooftop deck, fitness center and an outdoor garden. The properties are LEED Gold and Silver certified. The second portfolio, located at 455 Mission Bay Blvd. South, 1450 Owens St. and 1700 Owens St., includes two existing buildings, which total 375,604 square feet, and a 212,796-square-fot purpose-built life sciences development that is scheduled for construction to start in first-quarter 2022. The properties are LEED Gold certified.

December 21, 2021

Acquisitions Florida Office Southeast

Cushman & Wakefield Arranges $315M Office Sale in Orlando

by Julia Sanders December 21, 2021

ORLANDO, FLA. — Cushman & Wakefield has arranged the $315 million sale of SouthPark Center, a 10-building suburban office park in Orlando totaling approximately 1.3 million square feet. PPF Real Estate, part of PPF Group, acquired the property. The property is located near John Young Parkway and Sand Lake Road. The property was sold for the highest amount ever for the office market in Orlando, according to the Orlando Business Journal. Mike Davis, Rick Colon, Rick Brugge, Dominic Montazemi, Zach Eicholtz, Brooke Tulley and Ryan Jenkins of Cushman & Wakefield represented the seller, Boston-based AEW Capital Management, in the sales transaction. Additionally, Brian Linnihan, Jason Hochman, Mike Ryan and Ron Granite of Cushman & Wakefield arranged $233 million in acquisition financing on behalf of PPF Real Estate.

December 21, 2021

Acquisitions Multifamily Texas

CBRE Negotiates Sale of Two Metro Houston Multifamily Properties Totaling 602 Units

by Taylor Williams December 21, 2021

KATY AND PEARLAND, TEXAS — CBRE has negotiated the sale of two multifamily properties totaling 602 units in the Houston area. Spencer Park Row is a 390-unit community located in the western suburb of Katy, and Tranquility Lakeside is a 212-unit complex located in the southern suburb of Pearland. The properties were respectively built in 2002 and 2004 and offer one-, two- and three-bedroom units. Clint Duncan and Matt Phillips of CBRE represented the undisclosed seller in the transaction. James D’Argenio and Chang Liu represented the buyer, California-based investment firm Bascom Group, on an internal basis. Michael Thompson and Travis Fincher of CBRE arranged acquisition financing through a fund backed by Oaktree Capital.

December 21, 2021

Acquisitions Georgia Retail Southeast

First National Realty Partners Acquires 93,728 SF Shopping Center in Metro Atlanta

by Julia Sanders December 21, 2021

STONE MOUNTAIN, GA. — First National Realty Partners has acquired Crowe’s Crossing, a 93,728-square-foot shopping center in Stone Mountain. The seller and sales price were not disclosed. Located at 1232 South Hairston Road, the property is situated approximately 12 miles east of downtown Atlanta. The shopping center was 97 percent occupied at the time of sale and anchored by a 45,528-square-foot Kroger Supermarket. The other tenants were not disclosed.

December 21, 2021

Acquisitions Industrial Texas

BH Properties Acquires 86,640 SF Industrial Building in Harlingen, Texas

by Taylor Williams December 21, 2021

HARLINGEN, TEXAS — Los Angeles-based BH Properties has acquired an 86,640-square-foot industrial building located in the Rio Grande Valley city of Harlingen. The property was built in 1970 as a regional distribution facility for Sears. Most recently, Valley Baptist Hospital operated the property as a laundry and supply storage facility prior to it being damaged in a storm. BH Properties will undertake a multimillion-dollar capital improvement program to address deferred maintenance, install a new roof and restore power and building systems. Conrad McEachern and Carlos Telles with CBRE represented the seller in the transaction.

December 21, 2021

Acquisitions Retail Texas

JAH Realty Buys 62,394 SF Shopping Center in Plano

by Taylor Williams December 21, 2021

PLANO, TEXAS — JAH Realty has purchased Preston Parkway Center, a 62,394-square-foot shopping center in Plano. At the time of sale, the property was 79 percent leased to tenants such as Red Hot & Blue, Einstein Bros. Bagels, Dogtopia, Honey Baked Ham, Ben & Jerry’s. Toronto-based Great Gulf sold the asset for an undisclosed price. Dallas-based John Freese & Associates brokered the deal.

December 21, 2021

Acquisitions Illinois Midwest Office

Cushman & Wakefield Brokers $41.7M Sale of Office Property in Chicago

by Kristin Harlow December 21, 2021

CHICAGO — Cushman & Wakefield has brokered the $41.7 million sale of 1100 West Fulton, a 45,380-square-foot office property in Chicago’s Fulton Market. Fulton Street Cos. and Huizenga Capital Management completed development of the five-story building in 2020. Furniture company Herman Miller occupies space at the property on a long-term lease. Cody Hundertmark, David Knapp, Tom Sitz, Dan Deuter and Paul Lundstedt of Cushman & Wakefield represented the sellers. Zagame Corp. was the buyer. The transaction sets a new per-square-foot record for Chicago office investment sales, according to Cushman & Wakefield.

December 21, 2021

Acquisitions Illinois Midwest Multifamily

Becovic Acquires Apartment Building in Chicago for $2.2M

by Kristin Harlow December 21, 2021

CHICAGO — Becovic, a Chicago-based multifamily owner and operator, has acquired The Clark Rogers in Chicago’s Rogers Park neighborhood for $2.2 million. The 19-unit apartment building is located on North Clark Street and includes eight parking spaces. Chicago Real Estate Resources represented the undisclosed seller, while Becovic Realty represented the buyer.

December 21, 2021

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