Acquisitions

DLP Real Estate Capital Acquires 234-Unit Lafayette Place Apartments in Oxford, Mississippi

by Julia Sanders May 26, 2021

OXFORD, MISS. — DLP Real Estate Capital has acquired Lafayette Place, a 234-unit multifamily property located in Oxford. Lafayette Place has been renamed as DREAM Oxford. The sales price and seller were not disclosed. Built in 2009, Lafayette Place is located less than one mile from the University of Mississippi campus. The community sits on 9.3 acres and includes both one- and two-bedroom units with an average size of 723 square feet. Community amenities include a resort-style saltwater pool, beach volleyball court, 24-hour fitness center with a clubhouse and an outdoor grilling area.

May 26, 2021

Acquisitions Midwest Retail Wisconsin

Boulder Group Brokers $3.2M Sale of Piggly Wiggly-Occupied Property in Wisconsin

by Kristin Harlow May 26, 2021

WATERTOWN, WIS. — The Boulder Group has brokered the $3.2 million sale of a retail property net leased to Piggly Wiggly in Watertown, about 50 miles west of Milwaukee. The 27,000-square-foot building is located at 1330 Memorial Drive next to Watertown Regional Medical Center. Jimmy Goodman and John Feeney of Boulder represented the seller, a Wisconsin-based private investor. The buyer was also a Wisconsin-based investor. Piggly Wiggly’s lease expires in December 2029. There are more than 530 Piggly Wiggly stores in 17 states.

May 26, 2021

Acquisitions Florida Retail Southeast

ALTO Real Estate Funds Purchases Lincoln Road Retail Property in Miami Beach for $18.9M

by Julia Sanders May 26, 2021

MIAMI BEACH, FLA. — ALTO Real Estate Funds has purchased a 7,142-square-foot retail property located in Miami Beach for $18.9 million. The property is situated along Lincoln Road, Miami Beach’s high street retail corridor. The seller was Gombinski Properties, who bought the property in 1985. Ran Ziv and Sean Shahar Ziv of GLT Group Brokerage represented the seller and the buyer. The property comprises two suites located at 900 and 904 Lincoln Road, at the corner of Jefferson Avenue. The corner building underwent a complete renovation in 2016 and now has restored façades, high ceilings and large glass storefronts. The 900 suite is leased to Aerie, the underwear and activewear subsidiary of American Eagle Outfitter. Dallas-based ALTO expects to lease the vacant 904 store by next year. Jonathan Carter of Colliers International South Florida is in charge of leasing. Lincoln Road is a one-mile corridor located close to the Miami Beach Convention Center, hotels, restaurants and beaches. It features brands such as Nike’s only flagship store in Florida, the largest H&M and Zara stores in the Southeast and an Apple store. Lincoln Road features more than 800,000 square feet of retail and restaurants space.

May 26, 2021

Acquisitions California Office Western

PG&E Moves to Oakland, Sells San Francisco Headquarters to Hines Atlas for $800M

by Amy Works May 25, 2021

SAN FRANCISCO — PG&E Corp., parent company of Pacific Gas and Electric Co., has agreed to sell the company’s San Francisco headquarters complex, located at 77 Beale St. and 245 Market St., to Hines Atlas US for $800 million. Under the terms of the sale agreement, the transaction closing is contingent on California Public Utilities Commission’s (CPUC) approval of the sale. PG&E will propose distributing approximately $390 million to $420 million to customers resulting from the gain on sale over a five-year period to offset future customer rates. CBRE’s San Francisco Capital Markets team represented PG&E in the transaction. PG&E is on track for a phased move to its new headquarters at 300 Lakeside Drive in Oakland, beginning in the first half of 2022. The company expects the move to Oakland to result in substantially lower headquarters costs over a long-term period. The company also plans to consolidate two other East Bay satellite offices – 3410 Crow Canyon Road in San Ramon and 1850 Gateway Blvd. in Concord – into the new Oakland headquarters.

May 25, 2021

Acquisitions Arizona Loans Multifamily Western

Walton Street Capital Provides $71.6M Acquisition Loan for Multifamily Community in Phoenix

by Amy Works May 25, 2021

PHOENIX — An affiliate of Walton Street Capital has originated a $71.6 million loan to Knightvest Capital for the purchase of Portrait at Hance Park, an apartment community located at 1313 N. Second St. in downtown Phoenix. Terms of the acquisition were not released. Built in 2019, the mid-rise property features 340 apartments averaging 863 square feet with nine- to 10-foot ceilings; quartz counter and vanity tops; designer backsplashes; brushed nickel fixtures; in-unit washers/dryers; tile plank flooring in the kitchen and bathrooms; and stainless steel appliances. Community amenities include two swimming pools with spas; fireplaces; private seating areas; a second-floor, open-air terrace and game room; an aqua lounge with a gourmet demonstration kitchen; a TKO fitness center’ business center; resident lounge; and landscaped courtyard with outdoor grills.

May 25, 2021

Acquisitions California Restaurant Retail Western

Wood Investments Buys Kings Canyon Pavilion Shopping Center in Fresno, California for $11.8M

by Amy Works May 25, 2021

FRESNO, CALIF. — Wood Investments Cos. has purchased Kings Canyon Pavilion, a 152,354-square-foot shopping center at 4965 E. Kings Canyon Road in Fresno. Los Angeles-based Decrom Properties sold the asset for $11.8 million. 99 Cents Only anchors the retail center, which was 91 percent occupied at the time of sale. Other tenants at the property include O’Reilly Auto Parts, Cricket Wireless Authorized Retailer, Corina’s Taqueria, an indoor family entertainment complex, No Surrender Unlimited and Fallas Paredes. By the close of escrow, Wood Investments has secured signed leases with Raising Cane’s Chicken Fingers and Dutch Bros. Coffee to occupy two single-tenant pad buildings. The new tenants are expected to open in mid-2022. Nick Frechou of Retail California represented the buyer in the transaction.

May 25, 2021

Acquisitions Multifamily Nevada Western

Camino Verde Group Acquires Sherwood Palms Apartment Property in Las Vegas

by Amy Works May 25, 2021

LAS VEGAS — Camino Verde Group has purchased Sherwood Palms, a multifamily property located at 2635-2655 Sherwood St. within the Convention Center District of Las Vegas. Built in 1963, the 24-unit property features two levels of two- and three-bedroom floor plans. The community offers an enclosed outdoor courtyard, community laundry facility and updated apartment spaces with high-speed internet access. Camino Verde Group plans to renovate the units with new appliances, countertops and floor coverings along with other fixtures and finishings.

May 25, 2021

Acquisitions Industrial Texas

CBRE Negotiates Sale of 1 MSF Interstate Crossing Industrial Facility in Fort Worth

by Taylor Williams May 25, 2021

FORT WORTH, TEXAS — CBRE has negotiated the sale of Interstate Crossing, a 1 million-square-foot fulfillment center in Fort Worth. Dallas-based Hunt Southwest developed the property, which provides immediate proximity to Interstates 820 and 35, on a speculative basis. Building features include 40-foot clear heights, 195-foot truck court depths and ample trailer and automobile parking. Jack Fraker, Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber of CBRE represented Hunt Southwest in the transaction. The buyer was an undisclosed, publicly traded REIT.

May 25, 2021

Acquisitions Florida Office Southeast

Cushman & Wakefield Arranges $63M Sale of 20 North Orange Office Building in Downtown Orlando

by Julia Sanders May 25, 2021

ORLANDO, FLA. — Cushman & Wakefield has arranged the $63 million sale of 20 North Orange Avenue, a 279,780-square-foot office tower located in downtown Orlando’s central business district. Banyan Street Capital, a Miami-based private equity firm, purchased the property in a joint venture with a fund managed by DRA Advisors. The price was disclosed by the Orlando Business Journal. Mike Davis, Rick Colon, Rick Brugge and Dominic Montazemi of Cushman & Wakefield, with support from colleagues Zach Eicholtz, Ryan Jenkins and Brooke Tulley, represented the selling partnership, which comprised funds managed by Apollo Global Management, principals of Square2 Capital and Steelbridge Capital. The new ownership has tapped Robert Kellogg, Todd Davis and Colin Morrison of Cushman & Wakefield to lease the property. Banyan Street Capital will operate the office building in collaboration with Square2 Capital. Built in 1983, the 16-story building was purchased by the sellers in 2014 when it was 73 percent leased. The previous ownership spent approximately $5.3 million in capital improvements, including streetscape enhancements, updating both lobby areas, modernizing elevator and mechanical systems and renovating all of the common areas. As a result of these enhancements, occupancy improved to 90 percent. New tenants have been added such …

May 25, 2021

Acquisitions Healthcare Texas

Alliance Consolidated Acquires Net-Leased Medical Office Portfolio in Texas for $6M

by Taylor Williams May 25, 2021

COLLEGE STATION AND BRENHAM, TEXAS — Alliance Consolidated Group of Cos. has acquired a portfolio of net-leased medical office properties totaling 16,097 square feet in Texas for approximately $6 million. The portfolio consists of a 12,958-square-foot asset at 1730 Birmingham Road in College Station and a 3,139-square-foot property at 539 Medical Parkway in Brenham. Michael Moreno of Matthews Real Estate Investment Services represented the undisclosed seller in the deal. Texas ENT & Allergy is a tenant at both properties.

May 25, 2021

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