Acquisitions

Palomar Group Arranges $5.4M Sale of Myrtle Ridge Grocery-Anchored Shopping Center in Conway, South Carolina

by Julia Sanders June 1, 2021

CONWAY, S.C. — The Palomar Group has arranged the $5.4 million sale of Myrtle Ridge, a grocery-anchored shopping center located at 1901 Highway 544 in Conway, a town near Myrtle Beach. Palomar Group represented the undisclosed seller, a private shopping center owner, in the off-market transaction. Both the undisclosed buyer and seller are both private companies that primarily own grocery-anchored shopping centers throughout the Southeast. The 59,240-square-foot Myrtle Ridge is anchored by Food Lion, Dollar Tree and Walgreens. Food Lion recently executed an early renewal at this location, taking its term to just under 10 years. The shopping center was 96 percent leased at the time of sale.

June 1, 2021

Acquisitions North Carolina Retail Southeast

Thompson Thrift Retail Group Sells 11,000 SF Retail Building in Metro Charlotte

by Julia Sanders June 1, 2021

CONCORD, N.C.— Thompson Thrift Retail Group has sold an 11,000-square-foot, multi-tenant retail building in Concord to an undisclosed private buyer from California. The sales price was not disclosed. The building, which is located at 3050 Derita Road, is the second of four lots to be developed within Thompson Thrift’s 7.5-acre Shops on Derita, a retail development located at Derita Road and Carolina Lily Lane. The building was fully leased at the time of sale to tenants including Supercuts, Smoothie King, Chicago’s Pizza with a Twist, Wingstop and Cinnaholic. Biscuitville Fresh Southern recently opened a restaurant on an outparcel that Thompson Thrift sold last year. Thompson Thrift expects the two remaining lots to be sold during the third quarter. The firm also owns Christenbury Corners, a 130,000-square-foot, Kohl’s-anchored shopping center that is adjacent to Shops on Derita. David Hoppe of Atlantic Capital Partners represented Thompson Thrift on the sale of the building. Thompson Thrift is a real estate development company focused on ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest.

June 1, 2021

Acquisitions California Office Western

Fortress Investment, Ocean West Capital Sell The Link Office Building in Burbank for $61.5M

by Amy Works June 1, 2021

BURBANK, CALIF. — A partnership between Fortress Investment Group and Ocean West Capital Partners has completed the disposition of The Link, a repositioned office building located at 2901 W. Alameda Ave. in Burbank. Pendulum Property Partners acquired the asset for $61.5 million. Totaling 124,785 square feet, the property features creative office space and post-production, broadcasting, screening and editing facilities. The property underwent extensive renovation in 2019 and now features an outdoor courtyard, redesigned lobby, enterprise-grade dark fiber connectivity, revitalized exterior, 13- to 18-foot ceiling heights and a 2,500-square-foot outdoor patio on the seventh floor. At the time of sale, the property was 76 percent leased to five tenants. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark represented the seller in the transaction, while David Milestone, Brett Green and Henry Cassiday of Newmark arranged acquisition financing for the buyer.

June 1, 2021

Acquisitions Colorado Multifamily Western

CBRE Brokers Sale of 181-Unit Lofts at Red Mountain in Glenwood Springs, Colorado

by Amy Works June 1, 2021

GLENWOOD SPRINGS, COLO. — CBRE has arranged the sale of Lofts at Red Mountain, a multifamily property located in Glenwood Springs. The developers — Illinois-based Stoneleigh Cos. and Texas-based Realty Capital — sold the asset for an undisclosed price. The name of the buyer was not released. Located at 300 Wulfsohn Road, Lofts at Red Mountain features 181 apartments in a mix of one-, two- and three-bedroom units with quartz countertops, customizable Elfa closet systems and full-size, in-unit washers/dryers. Community amenities include a club room with billiards, an outdoor lounge with fire pits, bike storage, a fitness center, barbecue pavilion, self-service dog wash and a Zen lounge with hanging swings and daybeds. Dan Woodward, David Potarf, Matt Barnett and Jake Young of CBRE represented the sellers in the deal. Troy Tegeler of CBRE Capital Markets’ Debt & Structured Finance team arranged acquisition financing for the buyer.

June 1, 2021

Acquisitions Company News Illinois Indiana Midwest Top Stories

Old National Bank, First Midwest Agree to $6.5B Merger Deal

by John Nelson June 1, 2021

EVANSVILLE, IND. AND CHICAGO — Old National Bancorp (Nasdaq: ONB) and First Midwest Bancorp Inc. (Nasdaq: FMBI) have entered into a definitive merger agreement valued at $6.5 billion. The two Midwest institutions operate retail bank branches under the Old National Bank and First Midwest Bank brands, respectively. The all-stock transaction is expected to close late this year or early 2022 and is subject to customary closing conditions, including regulatory and shareholder approvals. The boards of directors of both companies have unanimously approved the merger agreement. The “merger of equals” arrangement will allow the banks to compete against other banks and lenders in the Midwest for new business, as well as give both organizations the ability to scale and retain their existing personnel and client base. The combined company will be the sixth-largest bank with headquarters in the Midwest. The transaction calls for First Midwest stockholders to receive 1.1336 shares of Old National common stock for each share of First Midwest common stock they own. Following completion of the transaction, former First Midwest stockholders are expected to collectively represent approximately 44 percent of the combined company. This values First Midwest currently at $2.5 billion, according to Market Watch. The combined assets …

June 1, 2021

Acquisitions Office Top Stories

Franklin Street Properties Corp. Sells Three Office Buildings Near Atlanta for $219.5M

by Julia Sanders May 28, 2021

CUMBERLAND AND DUNWOODY, GA. — Franklin Street Properties Corp. (NYSE American: FSP) has completed the sale of three office buildings in metro Atlanta, known as One Overton Park, One Ravinia Drive and Two Ravinia Drive, for $219.5 million. Built in 2002 by Hines, One Overton Park is a 387,267-square-foot office building with 15 floors. The office building is located within Overton Park, a 34-acre mixed-use community in Cumberland, just northwest of Atlanta. Tenants include CBIZ, Gas South and Randstad. One Overton Park’s amenities include a fitness center, dry cleaners, full-service auto salon, café and sundry shop, men’s and women’s locker rooms, conference center, H. Stockton’s clothing store, shoe care salon and a full-service financial center. The architects for the building were Pickard-Chilton Architects and Roy Ashley & Associates. One Ravinia Drive, totaling 386,603 square feet, and Two Ravinia Drive, totaling 442,130 square feet, both rise 17 floors in Dunwoody, a city just north of Atlanta. The two buildings are part of the 42-acre Ravinia development that features three office buildings with 1.6 million square feet of space, a 500-room hotel, conference center and 5,000 parking spots. Hines developed the two buildings in 1985 and 1987, respectively, with architects Kevin Roche …

May 28, 2021

Acquisitions Industrial Oregon Western

Exeter Property Group Buys 329,474 SF Industrial Campus Near Portland

by Amy Works May 28, 2021

TUALATIN, ORE. — Pennsylvania-based Exeter Property Group has purchased an industrial property located at 19855 SW 124th Ave. in Tualatin. Meriwether Tualatin LLC sold the asset for an undisclosed price. Nortek Air Handling Solutions fully occupies the 329,474-square-foot campus, which includes three warehouse/manufacturing buildings on 25.1 acres. Paige Morgan of CBRE represented the seller in transaction. The seller is a private partnership that includes principals of Meriwether Partners and private investors.

May 28, 2021

Acquisitions Arizona Loans Multifamily Western

Tower Capital Arranges $28M in Acquisition Financing for Multifamily Property in Glendale, Arizona

by Amy Works May 28, 2021

GLENDALE, ARIZ. — Tower Capital has arranged $28 million in acquisition financing for an apartment community located in Glendale. The firm provided a 10-year permanent acquisition loan with a five-year fixed interest rate and one year of interest-only payments. The name of the borrower was not released. The 276-unit property features a residential clubhouse, two swimming pools, a fitness facility and covered parking. The community features 28 one-bedroom/one-bath units, 208 two-bedroom/two-bath units and 40 three-bedroom/three-bath units, with an average size of approximately 858 square feet. The borrower acquired the asset in an off-market transaction and plans to upgrade the property’s exterior and common areas.

May 28, 2021

Acquisitions Office Oregon Western

Norris & Stevens Brokers $2.4M Sale of Griffith Park Office Building in Beaverton, Oregon

by Amy Works May 28, 2021

BEAVERTON, ORE. — Norris & Stevens has arranged the sale of Griffith Park Office Building, a multi-tenant office property located at 5075 SW Griffith Drive in Beaverton. 5075 SW Griffith LLC acquired the asset from an undisclosed seller for $2.4 million. Constructed in 1979 and renovated in 1991, the two-story property features 20,474 square feet of office space with private offices, conference rooms, open office space and breakrooms. Todd VanDomelen, Duane Link and Doug Carter of Portland-based Norris & Stevens represented the buyer and seller in the deal.

May 28, 2021

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 58-Room Best Western Hotel in Roanoke, Texas

by Taylor Williams May 28, 2021

ROANOKE, TEXAS — Marcus & Millichap has brokered the sale of the 58-room Best Western Roanoke Inn & Suites in Roanoke, located north of Fort Worth in Denton County. Andrew Frosch, Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a private investor, in the transaction. Gomes and Miller also procured the buyer, another private investor. Both parties requested anonymity.

May 28, 2021

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