Acquisitions

Evergen Equity Acquires 309,347 SF Distribution Center in San Antonio

by Taylor Williams January 3, 2025

SAN ANTONIO — Austin-based investment firm Evergen Equity has acquired a 309,347-square-foot distribution center in San Antonio. The property at 2 Winnco Drive is located on a 22-acre site at the junction of interstates 410 and 35 on the city’s northeast side and was fully leased at the time of sale to two tenants. Elliott Dow, Jonathan Bryan, Randy Baird, Ryan Thornton, Nathan Wynne and Eliza Bachhuber of CBRE represented the seller, GSK Industrial, in the transaction. The sales price was not disclosed.

January 3, 2025

Acquisitions Retail Texas

35 South Capital Buys 52,000 SF Shopping Center in San Antonio

by Taylor Williams January 3, 2025

SAN ANTONIO — Texas-based investment firm 35 South Capital has purchased The Collection, a 52,000-square-foot shopping center in San Antonio’s Alamo Heights neighborhood. The center is home to tenants such as SoLuna Mexican restaurant, Revolución café and juice bar, Braza Brava Pizzeria, The Union Yoga + Strength, K. Charles & Co. salon, St. John luxury women’s clothing store and several medical providers. The seller was an affiliate of Lindenmuth Realty LP.

January 3, 2025

Acquisitions Office Southeast Virginia

Finmarc Management Acquires Dulles Corner Office Portfolio in Northern Virginia for $51M

by John Nelson January 3, 2025

HERNDON, VA. — Finmarc Management Inc. has acquired a four-building office portfolio in the Northern Virginia city of Herndon for $51 million. Eastdil Secured represented the undisclosed seller in the transaction, and Cliff Mendelson of Metropolis Capital Advisors assisted in the debt placement for Finmarc. The properties, known collectively as Dulles Corner, are situated in the region’s Dulles Technology Corridor and span nearly 620,000 square feet. The portfolio overlooks the Dulles International Airport and houses tenants in the aerospace, defense and tech industries, including Peraton, SAP National Security Services, DLT Solutions, Mission Essential, Valiant Integrated Services, Synopsys and BlackSky DC. In addition to offices, Dulles Corner features conference facilities, a private fitness center, onsite restaurants, daycare center and a central park with walking paths, water features, greenspaces and outdoor dining areas. Finmarc has selected Joshua Masi, Tom Walsh, Will Thomas and Nate Marshall of Cushman & Wakefield to handle leasing at Dulles Corner.

January 3, 2025

Acquisitions District of Columbia Office Southeast

Real Capital Solutions Purchases DC Office Building for $29.3M

by John Nelson January 3, 2025

WASHINGTON, D.C. — Real Capital Solutions (RCS) has purchased an 11-story office building located at 1501 M St. NW in Washington, D.C.’s East End submarket for $29.3 million. Gerry Trainor of Transwestern brokered the transaction. The seller was not disclosed. Designed by Hartman-Cox Architects, the office building features 178,510 rentable square feet. The previous owner invested $13 million to upgrade the building’s lobby, restrooms, fitness center and a three-story “town hall” amenity space. RCS plans to add further improvements, including a spec suite program and the expansion of the town hall concept to the seventh and eighth floors.

January 3, 2025

Acquisitions Louisiana Multifamily Southeast

Audubon Sells Local on Severn Apartments in Metairie, Louisiana for $17.6M

by John Nelson January 3, 2025

METAIRIE, LA. — Chamblee, Ga.-based Audubon has sold The Local on Severn, a 161-unit apartment community in Metairie, for $17.6 million. The buyer was a Texas-based property management firm that has multiple Louisiana apartment communities in its portfolio. Located southeast of Baton Rouge via I-10, The Local on Severn offers studio, one-, two- and three-bedroom apartments, as well as two swimming pools and sundecks.

January 3, 2025

Acquisitions Life Sciences Massachusetts Northeast Office

Davis Acquires 308,970 SF Office, Life Sciences Facility in Andover, Massachusetts

by Taylor Williams January 3, 2025

ANDOVER, MASS. — Locally based investment firm The Davis Cos. has acquired a 308,970-square-foot office and life sciences facility in Andover, a northern suburb of Boston. The building at 100 Minuteman Drive houses the headquarters of both dental products provider Straumann Manufacturing Inc. and law firm Zwicker & Associates. Building amenities include an interior courtyard, fitness center and an onsite café. Newmark represented the undisclosed seller in the transaction.

January 3, 2025

Acquisitions New Jersey Northeast Retail

JLL Brokers Sale of 110,453 SF Shopping Center in Bedminster, New Jersey

by Taylor Williams January 3, 2025

BEDMINSTER, N.J. — JLL has brokered the sale of The Hills Village Center, a 110,453-square-foot shopping center in Bedminster, about 40 miles west of Manhattan. Kings Food Market anchors the center, which was built on 13 acres in 1988 and is also home to tenants such as CVS, Cold Stone Creamery, PNC Bank, Starbucks, Great Clips and Orangetheory Fitness. Jose Cruz, Kevin O’Hearn and J.B. Bruno of JLL represented the undisclosed seller in the transaction and procured the buyer, Boston-based Longpoint Partners.

January 3, 2025

Acquisitions Office Retail Washington Western

Jay Bhullar Buys Historic Colman Building in Seattle

by Amy Works January 3, 2025

SEATTLE — Jay Bhullar has acquired the Colman Building, a historic retail and office building in downtown Seattle, through a receivership partnership. Kidder Mathews’ Darren Tappen, Andy Miller, Pete Beauchamp and Nathan Thinnes represented John A. Rothschild of Newmark, the court-appointed receiver, in facilitating the sale. Terms of the transaction were not released. Constructed more than 125 years ago, the 143,922-square-foot Colman Building is located at 811 1st Ave. The property offers proximity to the ferry terminal, Marion Street Pedestrian Bridge and Seattle Waterfront. The buyer plans to reactivate the property’s street-level retail spaces, which were vacated during the pandemic, and lease out the vacant office suites across the building’s upper five floors.

January 3, 2025

Acquisitions Arizona Industrial Western

Discount Tire Acquires 275,208 SF Desert Ridge Corporate Center in Phoenix

by Amy Works January 3, 2025

PHOENIX — Discount Tire, through its affiliate real estate division Halle Properties LLC, has purchased Desert Ridge Corporate Center I and II in Phoenix. Terms of the transaction were not released. Desert Ridge includes 275,208 square feet of multi-tenant office space across two four-story office buildings originally constructed in 2005 and 2007. The asset also offers a three-level parking structure. Discount Tire currently occupies an entire floor at Desert Ridge, which houses a part of the national retailer’s corporate functions. Founded in 1960 by Bruce T. Halle, Discount Tire operates more than 1,200 tire retail stores across the United States, as well as an online tire and wheel shopping platform. The 12.2-acre Desert Ridge site is located 4.7 miles from the Discount Tire headquarters and one mile from the 35-acre site Discount Tire acquired in December 2022.

January 3, 2025

Acquisitions Retail Washington Western

CBRE Negotiates $13.9M Sale of Multi-Tenant Retail Property in North Seattle

by Amy Works January 3, 2025

SEATTLE — CBRE has facilitated the $13.9 million sale of a multi-tenant retail property in North Seattle. A private investor acquired the property from Madison Development, which originally developed in the asset in 2007. Dino Christophilis and Daniel Tibeau of CBRE represented seller in the deal. Situated on 3.7 acres at 13244 Aurora Ave. N., the 51,329-square-foot property consists of two components — a 45,000-square-foot building leased to LA Fitness and a 6,329-square-foot pad building that is fully leased to Jersey Mike’s Subs, IRG Physical Therapy and T-Mobile.

January 3, 2025

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