Acquisitions

TMG Partners, Goldman Sachs Acquire 445,967 SF Office Campus in Mountain View, California

by Amy Works July 15, 2021

MOUNTAIN VIEW, CALIF. — TMG Partners and the real estate business within Goldman Sachs Asset Management have purchased an office campus located at 350-380 Ellis St. in Mountain View. NortonLifeLock sold the asset for an undisclosed price and is leasing back one of the property buildings. Totaling 445,967 square feet, the Class A property consists of four four-story office buildings interconnected in a U-shape surrounding a main campus area and a single-story amenity building. Campus amenities include open work environments, meeting/conference rooms, kitchen/break areas, collaborative spaces, a full-service Union 82 Restaurant & Gastropub, multi-story parking structure, a bocce ball court, tennis court, sand volleyball court and outdoor patios. The recently completed headquarter lobby renovation and Client Experience Center offers hospitality suites, briefing/boardrooms, technology demonstration rooms, pre-function space, integrated technology and a multi-functional outdoor patio. The estimated $22 million project was completed in late 2018. Jon Mackey, Mike Saign and Phil Mahoney of Newmark are the leasing agents for the property.

July 15, 2021

Acquisitions Multifamily Nevada Student Housing Western

Versity Investments Buys 429-Bed Student Housing Community Near the University of Nevada, Reno for $59M

by Amy Works July 15, 2021

RENO, NEV. — Versity Investments has acquired Wolf Run, a 429-bed student housing community serving students attending the University of Nevada, Reno, for $59 million. The property consists of 17 one-, two- and three-story residential buildings alongside a two-story clubhouse and leasing office. The seller in the transaction was undisclosed. “Wolf Run proved itself in this market over a very difficult last 12 months,” says Brian Nelson, president of the Aliso Viejo, California-based company. “We believe the property’s location being two blocks from campus and fresh renovations had everything to do with its 99 percent occupancy during COVID.”

July 15, 2021

Acquisitions Illinois Industrial Midwest

TriStar Properties Sells 593,094 SF Distribution Center in Edwardsville, Illinois

by Kristin Harlow July 15, 2021

EDWARDSVILLE, ILL. — TriStar Properties has sold a 593,094-square-foot distribution center and 54 associated acres in Edwardsville near St. Louis. An institutional buyer purchased the asset for an undisclosed price. The property is located at 3077 Gateway Commerce Center Drive. Constructed in 2018, the facility is part of TriStar’s Gateway Commerce Center, a 2,300-acre regional logistics and bulk distribution park. The building features a clear height of 36 feet and parking for more than 400 vehicles.

July 15, 2021

Acquisitions Midwest Retail Wisconsin

Colliers Brokers $18.6M Sale of Grocery-Anchored Shopping Center in Green Bay, Wisconsin

by Kristin Harlow July 15, 2021

GREEN BAY, WIS. — Colliers International has brokered the sale of Bayside Marketplace in Green Bay for $18.6 million. Anchored by Fresh Thyme, the 229,572-square-foot shopping center is located on South Oneida Street. Additional tenants include Joann, Dunham’s Sports, Xperience Fitness, Dollar Tree and OfficeMax. Adam Connor and Mark Pucci of Colliers Wisconsin and El Warner and Charley Simpson of Colliers Los Angeles represented the seller, Atlanta-based The Ardent Cos. An Austin, Texas-based private buyer purchased the asset.

July 15, 2021

Acquisitions Midwest Office Wisconsin

BMO Harris Bank Branch in Milwaukee Sells for $3.4M

by Kristin Harlow July 15, 2021

MILWAUKEE — A BMO Harris Bank branch spanning 10,494 square feet in Milwaukee has sold for $3.4 million. The property is located at 8300 W. Silver Spring Drive. Andy Hess and Bob Flood of Founders 3 Real Estate Services represented the seller, BL-Branch Group One. ESDA Investments LLC was the buyer.

July 15, 2021

Acquisitions Conference Coverage Development Features Leasing Activity Multifamily Student Housing Texas Texas & Oklahoma Feature Archive

‘Power Panel’ at InterFace Event Provides Positive Outlook for Student Housing Sector Post-COVID-19

by John Nelson July 15, 2021

Moving toward the start of a fresh academic year, the outlook for the student housing industry keeps getting brighter. A testament to the industry’s movement out of the pandemic is taking place at the InterFace Student Housing conference in Austin, where nearly 1,300 attendees have been able to gather in-person for the first time since April 2019. This year’s event, which concludes today, is taking place at the JW Marriott downtown. The student housing sector banded together like never before in the face of COVID-19 and truly worked as a team throughout the pandemic, with the ultimate goal of keeping students as safe as possible. The sector’s resilience during the pandemic and optimism regarding the year ahead were the driving discussion points during the conference’s “Power Panel” on Wednesday, July 14, which brought together a consortium of high-level executives to discuss industry trends, their experiences with COVID-19 and the outlook for the upcoming academic year. “The past 18 months have been a whirlwind of uncertainty,” began moderator Peter Katz, executive director at Institutional Property Advisors, a division of Marcus & Millichap. “While our sector has been historically categorized as recession-resilient, we would all now claim it to be pandemic-resistant.” “Student …

July 15, 2021

Acquisitions Florida Office Southeast

CBRE Arranges $96M Sale of Doral Concourse Office Building in South Florida

by Julia Sanders July 14, 2021

DORAL, FLA. — CBRE has arranged the $96 million sale of Doral Concourse, a Class A, 240,669-square-foot office property in South Florida located adjacent to the new mixed-use lifestyle center, CityPlace Doral. MG3 REIT acquired the property from a fund managed by DRA Advisors LLC. Christian Lee, Jose Lobon, Amy Julian and Andrew Chilgren of CBRE represented the seller in the transaction. The property’s leasing broker, Gordon Messinger of CBRE, also assisted with the sale. Doral Concourse was 95 percent leased at the time of sale with more than six years of weighted average lease term remaining and no lease expirations over the next two years. The property has undergone capital improvements over the past five years, including a renovated lobby and common areas, restroom upgrades, cooling tower replacement and roof replacement. The six-story building features a five to 1,000 square feet parking ratio via a five-story parking deck.

July 14, 2021

Acquisitions Hospitality Texas

MCR Acquires Two Marriott-Branded Hotels Totaling 261 Rooms in Metro Dallas

by Taylor Williams July 14, 2021

RICHARDSON, TEXAS — MCR, a New York City-based hospitality owner-operator, has acquired the Courtyard by Marriott Dallas Plano/Richardson and the Residence Inn by Marriott Dallas Plano/Richardson. The two hotels total 261 rooms and are located on the northeastern outskirts of Dallas. Both hotels offer pools, fitness centers and convenience stores. MCR acquired the properties as part of a five-hotel portfolio deal that carried a price tag of $94 million.

July 14, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 224-Unit Summit at Landry Way Apartments in Fort Worth

by Taylor Williams July 14, 2021

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Summit at Landry Way, a 224-unit apartment community in Fort Worth. Built in 1978, the property sits on a 12-acre tract just off Interstate 30 near the downtown area. According to Apartments.com, the property features studio, one-, two- and three-bedroom units and amenities such as a pool, tennis court, picnic area and onsite laundry facilities. Drew Kile, Joey Tumminello, Will Balthrope and Asher Hall of IPA collaborated with Marcus & Millichap’s Tommy Lovell III, Nick Fluellen and Bard Hoover to represent the seller, Miami-based One Real Estate Investment, in the transaction. The team also procured the buyer, Aspen Capital Group Inc., a private equity firm based in southwest Florida, which will implement a value-add program.

July 14, 2021

Acquisitions Industrial South Carolina Southeast

JLL Facilitates Sale of 136,500 SF Industrial Property in Charleston

by Julia Sanders July 14, 2021

CHARLESTON, S.C. — JLL Capital Markets has facilitated the sale of 553 Trade Center Parkway, an industrial facility located within Charleston Trade Center. Pete Pittroff, Patrick Nally, Dave Andrews, Michael Scarnato and Josh McArdle of JLL worked on behalf of the developer and seller, The Keith Corp., to complete the sale to the buyer, LBA Logistics. The sales price was not disclosed. Built in 2019, the 136,500-square-foot property was 100 percent leased at the time of sale to Thorne Research Inc. and Advanced Packaging Solutions & Products Inc. The building is positioned adjacent to Interstate 26 with direct access to Charleston International Airport, the Port of Charleston and large local manufacturers including Mercedes-Benz, Boeing and Volvo. The Keith Corp. is a privately held commercial real estate firm based in Charlotte. LBA Logistics is an Irvine, Calif.-based industrial real estate and investment and management company, which operates a portfolio that totals over 68 million square feet across the country.

July 14, 2021

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