TAMPA, FLA. — Tampa-based Sila Realty Trust Inc. has sold 29 data centers across 18 states to Mapletree Industrial Trust, an industrial REIT listed on the Singapore Exchange. The sales price was approximately $1.3 billion. The transaction is expected to be completed in one or more closings during the third quarter of 2021. In total, the data center portfolio spans 3.3 million square feet of net leasable area. The portfolio is 87.8 percent leased to 32 tenants, including Fortune Global 500 and publicly traded companies with investment-grade credit. Only 1.7 percent of the leases are expiring in the next three financial years. Sila’s fiscal year ends on December 31st. About 89.4 percent of the leases in the portfolio have yearly rental escalations in the 1.5 percent to 3 percent range. With this acquisition, Mapletree Industrial Trust will have presence in 13 of the top 15 data center markets. Sila Realty Trust is a public non-traded real estate investment trust.
DURHAM, N.C. — Magma Equities and Viking Partners have acquired University Apartments, a 359-unit multifamily community near Duke University in Durham, for $42.4 million. The seller was not disclosed. Located on 12 acres at 1500 Duke University Road, University Apartments features studio, one- and two-bedroom units across 20 two- and three-story residential buildings. Community amenities include two 24-hour fitness centers, two swimming pools with sundecks, grills and an outdoor fireplace. Magma and Viking plan to initiate a capital improvement plan to upgrade both the unit interiors as well as the community areas. For the Manhattan Beach, Calif.-based Magma firm, University Apartments is the fifth acquisition in the Raleigh-Durham metro area this year alone and increases the company’s local multifamily portfolio to more than 3,600 units. Viking Partners is a Cincinnati-based private equity real estate investment firm.
CHARLESTON, S.C. — The Montford Group and Opterra Capital have purchased 170 Meeting Street, a 30,000-square-foot office building located in downtown Charleston. The seller and sales price were not disclosed. The five-story property has floor-to-ceiling windows and is fully leased to tenants including Regions Bank and Regus. Currently, Montford Group and Opterra Capital plan to keep the office as is, having a goal to maintain the business banking district in downtown Charleston. Marc Knight and his team at First Reliance Bank secured an undisclosed amount of acquisition financing on behalf of the buyers. Joe Keenan and Trad Dyches of Palmetto Commercial brokered the sale.
OMAHA, NEB. — Lockwood Development has purchased One Valmont Plaza, an office property with two Class A buildings totaling 173,692 square feet in Omaha, for $26.8 million. One building rises four stories and spans 64,335 square feet, while the other rises six stories and totals 109,357 square feet. They are part of the First National Bank Business Park. Steve Sheppard of CBRE represented Lockwood in the sale. Lee Pedersen of CBRE represented the undisclosed seller.
CINCINNATI — An affiliate of Next Realty LLC has acquired the Kings Automall Shopping Center, a 67,000-square-foot retail center in Cincinnati. The property is home to tenants such as Planet Fitness, Mirage Restaurant, Play it Again Sports, Salon Concepts, Penn Station, LensCrafters, Samarkand Food Market, Kings Ford, Queens Nails and Your CBD Store. There is currently one 1,400-square-foot vacancy. The acquisition marks Next’s first purchase in Cincinnati. The seller and sales price were undisclosed.
AUSTIN, TEXAS — New York City-based investment and development firm Tishman Speyer has purchased Building II at The Foundry, a 240,000-square-foot office complex in Austin. The two-building complex was 96 percent leased at the time of sale and offers amenities such as multiple fitness centers, bike storage spaces and outdoor terraces. Earlier this year, Tishman Speyer closed on the Foundry I building, which opened in 2019. At the time, the company announced that the follow-up acquisition of Foundry II would be executed once construction was completed. Cushman & Wakefield represented the seller, Cielo Property Group, in the sale of The Foundry. CBRE leases the property.
KILLEEN, TEXAS — Greysteel has brokered the sale of Summerlyn Apartments, a 200-unit multifamily property located in the Central Texas city of Killeen. Built in 1974, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, basketball and volleyball courts and outdoor picnic areas. Andrew Hanson, Doug Banerjee and Chris Castillo of Greysteel represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
GARLAND, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Crossings Apartments, a 151-unit complex located in the northeastern Dallas suburb of Garland. The property was built in 1969 and features an average unit size of 806 square feet. Amenities include a pool, grilling areas and onsite laundry facilities, according to Apartments.com. Jon Krebbs of TMG represented the seller, a family office based in Fort Worth, in the transaction, and procured the undisclosed buyer. Old Capital Lending provided a Freddie Mac floating-rate acquisition loan to the new ownership.
GREENWOOD VILLAGE, COLO. — Viking Partners Management, on behalf of its fourth value-add fund, and Bancroft Capital have purchased Greenwood Corporate Plaza, a suburban office campus located at 5990 Greenwood Plaza in Greenwood Village. An undisclosed seller sold the asset for $38.4 million. Built in 1981 and renovated in 2015, Greenwood Corporate Plaza features four identical, three-story, Class B office buildings totaling 412,869 square feet on 36 acres. At the time of sale, the property was 57 percent occupied. The buyers plan to implement a capital improvement plan that will include replacing the roofs and HVAC systems; modernizing building entrances and exterior lighting; reforming the outdoor hardscape; and refreshing the elevators, bathrooms, lobbies and hallways.
SAN DIEGO — Rockefeller Group has completed the disposition of Airway Industrial Park, a distribution center located in San Diego’s Otay Mesa submarket. The buyer was a fund managed by Black Creek Group, which Ares Management acquired on July 1. The price was not disclosed. Situated on 7.8 acres at 8150 Airway Road, the property offers 135,623 square feet of industrial space. Airway Industrial Park features 32-foot clear heights, a 185-foot truck yard, truck trailer parking and an efficient office design, as well as 137 auto parking spaces. The project team included Ware Malcomb, Kimley-Horn & Associates and Dempsey Construction.