Acquisitions

Kilroy Realty Buys Downtown San Diego Site for $42M, Plans 275,000 SF Office Development

by Amy Works June 29, 2021

SAN DIEGO — Kilroy Realty Corp. has acquired a 1.3-acre development site in downtown San Diego from Pacifica Cos. for $42 million. Kevin Nolen, Mike Novkov, Tim Winslow and Jason Kimmel of Cushman & Wakefield represented the seller in the transaction. Kilroy plans to develop up to 275,000 square feet of Class A office space on the full city-block site, which is located at 2045 Pacific Highway in San Diego’s Little Italy neighborhood. The site consists of four parcels within walking distance to numerous amenities and the San Diego Bay.

June 29, 2021

Acquisitions Arizona Office Western

Cushman & Wakefield Arranges $12.4M Sale-Leaseback for HomeSmart’s Office Headquarters in Scottsdale

by Amy Works June 29, 2021

SCOTTSDALE, ARIZ. — Cushman & Wakefield has brokered the sale-leaseback of a single-tenant corporate headquarters facility in Scottsdale. A New York-based entity doing business as ABCJ LLC acquired the asset for $12.4 million. HomeSmart fully occupies the 36,497-square-foot building, which is located at 8388 Hartford Drive. The two-story building features creative-style office space, high-tech conference rooms, an exercise gym, locker rooms, large kitchen and dining area and a lounge with a full bar and pool table. Eric Wichterman and Mike Coover of Cushman & Wakefield’s Phoenix office brokered the transaction. Michael Kitlica, also with Cushman & Wakefield, served as leasing advisor for the deal. HomeSmart is a tech-centric real estate residential brokerage firm with offices around Arizona.

June 29, 2021

Acquisitions California Office Western

Mulberry Capital Sells Multi-Tenant Office Building in Commerce, California for $12M

by Amy Works June 29, 2021

COMMERCE, CALIF. — Mulberry Capital has completed the disposition of an office property located at 5100 S. Eastern Ave. in Commerce. Khosh Properties LLC purchased the asset for $12 million. The two-story building features 46,980 square feet of office space, an upgraded lobby, energy-efficient solar panels and surface and structured parking. Roland Corp., a Japanese manufacturer and distributor of high-end electronic musical instruments, electronic equipment and software, anchors the three-tenant property, which has served as the company’s U.S. headquarters since 1999. Ryan Plummer, Sean Fulp and Mark Schuessler of Newmark, along with Tony Naples of Lee & Associates, represented the seller in the transaction.

June 29, 2021

Acquisitions Office Washington Western

Marcus & Millichap Brokers $3.8M Sale of Office Building in Kennewick, Washington

by Amy Works June 29, 2021

KENNEWICK, WASH. — Marcus & Millichap has arranged the $3.8 million sale of CCH Executive Suites, an office property located at 1030 N. Center Parkway in Kennewick. Tyler Nicholes of Marcus & Millichap represented the buyer and seller, both undisclosed private investors, in the deal. Built in 2015, the 22,252-square-foot office is occupied by the area’s top executive suites business, providing a variety of professional office amenities to more than 90 tenants.

June 29, 2021

Acquisitions Midwest Ohio Retail

Matthews Arranges $10.1M Sale of Shopping Center in Solon, Ohio

by Kristin Harlow June 29, 2021

SOLON, OHIO — Matthews Real Estate Investment Services has arranged the $10.1 million sale of Uptown Solon Shopping Center in Solon, about 20 miles southeast of Cleveland. The 182,334-square-foot property is home to Bed Bath & Beyond, Old Navy, Ulta, Petco, Lumber Liquidators and Orange Theory Fitness. Ben Snyder and Zack Bates of Matthews brokered the sale. The seller was a subsidiary of Retail Value Inc. The buyer, United Growth, is a development and investment company that targets value-add properties.

June 29, 2021

Acquisitions Illinois Industrial Midwest

Brown Commercial Group Brokers $3M Sale of Industrial Portfolio in Elk Grove Village, Illinois

by Kristin Harlow June 29, 2021

ELK GROVE VILLAGE, ILL. — Brown Commercial Group has brokered the sale of a 51,700-square-foot industrial portfolio in Elk Grove Village for $3 million. The four-building, fully leased portfolio is located on Tonne Road. Dan Brown of Brown Commercial represented the seller, Gilberts and Groves, which purchased the portfolio for $1.7 million in 2016. The buyer was undisclosed.

June 29, 2021

Acquisitions Midwest Missouri Retail

Quantum Negotiates $2.4M Sale of Ulta-Occupied Property in Belton, Missouri

by Kristin Harlow June 29, 2021

BELTON, MO. — Quantum Real Estate Advisors Inc. has negotiated the sale of a freestanding, 10,000-square-foot retail property occupied by Ulta in Belton for $2.4 million. The building is located at 551 E. Markey Parkway. Zack Hilgendorf of Quantum represented the seller, a Kansas City-based developer. Buyer information was undisclosed. There were approximately eight years remaining on the lease term.

June 29, 2021

Acquisitions Georgia Office Southeast

Office Properties Income Trust Acquires Twelve24 Office Property in Metro Atlanta for $195M

by Julia Sanders June 29, 2021

DUNWOODY, GA. — Office Properties Income Trust (OPI) has acquired Twelve24, a 345,917-square-foot, Class A office property in Dunwoody, for $195 million. Trammell Crow Co. was the developer and seller. Will Yowell, Will Pike and Devon Huseman of CBRE brokered the sale, which sold to OPI at a 6.3 percent cap rate. Twelve24 is 96 percent leased to Insight Global for its corporate headquarters and 98 percent leased overall, with a weighted average lease term of 14.2 years. Located at 1224 Hammond Drive, the property includes direct access to MARTA. Built in 2021, the property’s amenities include a fitness center, outdoor patio, café, ground-floor retail and a total of 1,023 parking spaces. The property is within Atlanta’s Central Perimeter submarket which is a home to Fortune 500 headquarters for Mercedes-Benz USA, State Farm and Nasdaq. OPI is a real estate investment trust (REIT) focused on owning, operating and leasing properties. OPI is managed by the operating subsidiary of The RMR Group Inc., an alternative asset management company that is headquartered in Newton, Mass.

June 29, 2021

Acquisitions Multifamily Texas

Hertz Investment Group Acquires 422-Unit Multifamily Portfolio in Northwest Austin

by Taylor Williams June 29, 2021

AUSTIN, TEXAS — California-based Hertz Investment Group has acquired a portfolio of three multifamily properties totaling 422 units in Austin. The portfolio consists of the 132-unit Amor, the 130-unit Feliz and the 160-unit Vida, all of which were built in the 1980s and are located in northwest Austin. The unit mix includes 52 studio, 234 one-bedroom and 136 two-bedroom apartments. Hertz Investment Group plans to implement a capital improvement program across the portfolio. Interior renovations will include quartz countertops, updated vinyl plank flooring and new plumbing. Building exteriors will receive new roofing, courtyard areas with fire pits, new fencing and the additions of dog parks and playgrounds.

June 29, 2021

Acquisitions Maryland Multifamily Southeast

JLL Brokers $110M Sale of Mallory Square Apartments in Rockville, Maryland

by Julia Sanders June 29, 2021

ROCKVILLE, MD. — JLL Capital Markets has brokered the $110 million sale of Mallory Square, a 365-unit mid-rise apartment community in Rockville. Walter Coker, Brian Crivella, Robert Jenkins and Bill Gribbin of JLL represented the seller, Woodfield Development, which sold the property to Nuveen Real Estate. Mallory Square totals 330,117 rentable square feet and includes a mix of studio, one- and two-bedroom units, as well as 1,600 square feet of retail space leased to Dunkin’. Community amenities include three private courtyards totaling 25,000 square feet, a lounge with a grilling area, sun shelf with pool, media center with a TV, fire pits, 24-hour fitness center and a yoga studio with ballet barre. Located at 15251 Siesta Key Way, the property is situated in Maryland’s Interstate 270 Biotechnology and Life Sciences Corridor, which is a medical testing and research cluster that features The National Institutes of Health, National Cancer Institute and The Food and Drug Administration.

June 29, 2021

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