Acquisitions

MAG Capital Partners Purchases Five Industrial Properties in Sale-Leaseback Transaction

by Kristin Harlow June 8, 2021

NORTH VERNON, IND. AND GADSDEN, ALA. — MAG Capital Partners LLC has purchased a five-property industrial portfolio occupied by Decatur Plastic Products (DPP) in Indiana and Alabama. The purchase price for the sale-leaseback transaction was undisclosed. The 252,322-square-foot portfolio includes a recently constructed warehouse and manufacturing facility spanning 100,000 square feet in North Vernon, Ind. The sale also includes two nearby facilities in North Vernon as well as two properties in Gadsden, Ala. Bill Drinkall, Brook Steed and Dave Horacek of Bradley Co. represented both the buyer and the seller in the transaction. Fort Worth, Texas-based MAG Capital Partners is a real estate investment and development firm led by principals Dax T.S. Mitchell and Andrew Gi.

June 8, 2021

Acquisitions Industrial New York Northeast

JLL Negotiates $13.7M Sale of Industrial Property in Farmingdale, New York

by Taylor Williams June 8, 2021

FARMINGDALE, N.Y. — JLL has negotiated the $13.7 million sale of a 96,600-square-foot light industrial facility in Farmingdale, located on Long Island. The property sits on a four-acre site less than two miles from the Long Island Expressway and was 92 percent leased to multiple tenants at the time of sale. Jose Cruz, Jordan Avanzato, Marc Duval, Mike Kavanagh, Nick Stefans and Andrew Scandalios of JLL represented the undisclosed seller, which acquired the asset in 2004 and made multiple capital improvements, in the transaction. Additional terms of sale were not disclosed.

June 8, 2021

Acquisitions California Industrial Life Sciences Loans Office Western

Newmark Arranges $99.2M Acquisition Loan for Six-Building Bay Area Life Sciences Complex

by Amy Works June 8, 2021

ALAMEDA, CALIF. — Newmark has arranged $99.2 million in financing to Invesco Advisers for the acquisition and conversion of a newly developed, six-building portfolio in Alameda. Ramsey Daya and Chris Moritz of Newmark’s Debt & Structured Finance team arranged the financing for the buyer. PGIM Real Estate placed the loan. Located at 1410-1430 Harbor Bay Road and 1955-2115 N. Loop Road, the six buildings feature 24- to 28-foot clear heights, dock-high and at-grade doors and ample power. Invesco plans to convert the 335,000-square-foot property into a state-of-the-art life sciences complex, including lab research, development and domestic good manufacturing practice (GMP) manufacturing.

June 8, 2021

Acquisitions Arizona Healthcare Office Western

Kidder Mathews Brokers Sales of Three Medical Office Buildings Near Phoenix Totaling $32.8M

by Amy Works June 8, 2021

GOODYEAR AND GLENDALE, ARIZ. — Kidder Mathews has arranged the sales of three medical office buildings located in Goodyear and Glendale for a total of $32.8 million. Michael Dupuy and Rachael Thompson of Kidder Mathews represented the undisclosed sellers in the transactions. The names of the buyers were not released. The transactions are the $7.6 million sale of the 20,235-square-foot Cornerstone Medical Center in Goodyear; the $10 million sale of the 35,893-square-foot Talavi Medical Plaza in Glendale; and the $15.2 million sale of the 52,013-square-foot Thunderbird Palms in Glendale.

June 8, 2021

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $22M Sale of Franklin Park Apartments in Hollywood Hills

by Amy Works June 8, 2021

LOS ANGELES — Marcus & Millichap has arranged the sale of Franklin Park Apartments, a four-story multifamily property located at the base of the Hollywood Hills in Los Angeles. A family that had owned the property for 55 years sold the asset to a private limited liability company for $22 million, or $293,333 per unit. Built in 1962, the 65,746-square-foot property features 75 units, 21 of which were vacant at the time of sale. The community also offers a swimming pool, parking garage with electric car charging station, on-site laundry facilities and a courtyard. Rick Raymundo and Shane McConnell of Marcus & Millichap represented the seller and procured the buyer in deal.

June 8, 2021

Acquisitions Company News Data Centers Kansas Midwest New York Northeast Top Stories

Blackstone Agrees to Acquire Data Center Giant QTS Realty Trust in $10B Deal

by John Nelson June 8, 2021

NEW YORK CITY AND OVERLAND PARK, KAN. — Blackstone (NYSE: BX) has entered into a definitive acquisition agreement with QTS Realty Trust (NYSE: QTS), a data center real estate investment trust, in an all-cash transaction valued at $10 billion. Upon completion of the transaction, the parties expect that QTS will continue to be led by its senior management team and maintain its corporate headquarters in Overland Park. QTS has a diverse footprint spanning more than 7 million square feet of owned data centers across 28 markets in North America and Europe, including Atlanta, Chicago, Dallas-Fort Worth, Miami, the Netherlands, Northern Virginia, Overland Park, the Pacific Northwest, Phoenix and Southern California. The decision by Blackstone follows several high-profile acquisitions in other niche real estate property sectors. Since January 2020, the New York City-based firm’s dealings have included a joint venture with Starwood Capital to buy hotelier Extended Stay America for $6 billion; the $3.4 billion acquisition of a life sciences portfolio in metro Boston; a joint venture with Hudson Pacific to develop movie studios and creative offices in Hollywood, Calif.; and a $4.6 billion partnership with MGM Growth Properties to buy the MGM Grand and Mandalay Bay casinos in Las Vegas. …

June 8, 2021

Acquisitions Multifamily Texas

Investors Management Group Buys 246-Unit Apartment Community in San Antonio

by Taylor Williams June 7, 2021

SAN ANTONIO — California-based Investors Management Group has purchased Azul Apartments, a 246-unit multifamily community in northwest San Antonio. Built in 2007, the property offers a mix of one-, two- and three-bedroom units averaging 868 square feet. Amenities include a pool with a lounge and game areas, fitness center, outdoor grilling stations and picnic areas, a basketball court and a business center. David Bleiweiss of Berkadia originated an undisclosed amount of Freddie Mac acquisition financing for the deal on behalf of the new ownership, which plans to invest more than $1 million in capital improvements. The seller was not disclosed.

June 7, 2021

Acquisitions Multifamily Texas

Darwin German Acquires 204-Unit Frankford Station Apartments in Metro Dallas

by Taylor Williams June 7, 2021

CARROLLTON, TEXAS — Locally based firm Darwin German Real Estate Investments has acquired Frankford Station, a 204-unit apartment community located in the northern Dallas suburb of Carrollton. The property offers one- and two-bedroom units with keyless entry mechanisms, quartz countertops and wood-style plank flooring. Communal amenities include a pool, fitness center, dog park, onsite storage space and a resident clubhouse with a coffee bar, business center and private conference room. The community, which was 89 percent occupied at the time of sale, was acquired in an off-market transaction from an undisclosed Dallas-based investor. The sales price was also not disclosed.

June 7, 2021

Acquisitions Loans Maryland Multifamily Southeast

KeyBank Funds $18M Acquisition Loan for Manufactured Housing Community in Dundalk, Maryland

by Julia Sanders June 7, 2021

DUNDALK, MD. — KeyBank Real Estate Capital has secured an $18 million Fannie Mae acquisition loan for a manufactured housing community in Dundalk known as Briarwood Estates. The borrower is a partnership between Dahn Corp., a Newport Beach, Calif.-based real estate investment and asset management company, and Orlando-based Elevation Capital Group. The property represents the first purchase for Elevation’s investment fund Elevation Fund 8 LLC, which focuses on self-storage and manufactured housing acquisitions. Paul Angle and Jason Weaver of KeyBank originated the financing. The 10-year loan is structured with a fixed interest rate, three years of interest-only payments and a 30-year amortization schedule. Originally built in 1949, renovated in the 1960s and expanded in the 1980s, Briarwood Estates is a 209-pad manufactured housing community situated on 34 acres approximately 48 miles north of Washington, D.C.

June 7, 2021

Acquisitions Healthcare Oklahoma Texas

National Health Advisors Purchases Brookhaven Hospital in Tulsa for $40.3M

by Taylor Williams June 7, 2021

TULSA, OKLA. — National Health Advisors (NHI) has purchased Brookhaven Hospital, a 64-bed facility in Tulsa, Okla., for $40.3 million. Behavioral health services provider Vizion Health, which treats patients who have suffered traumatic brain injuries, occupies the property on a 15-year lease. The seller was not disclosed.

June 7, 2021

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