Acquisitions

MetLife Sells 304,059 SF Office Building in Southeast Denver to Miller Global, Principal Real Estate Investors

by Amy Works February 11, 2021

DENVER — MetLife Investment Management has completed the disposition of 4600 S. Syracuse, an office building located in Denver’s southeast market. A joint venture between Miller Global Properties and Principal Real Estate Investors acquired the 304,059-square-foot asset for an undisclosed price. Completed in 1999 and renovated in 2013, 4600 S. Syracuse features floor-to-ceiling windows, efficient 25,000-square-foot floorplates and recently updated conferencing and fitness facilities. Additionally, the 13-story building features a 727-space parking garage, as well as the development upside through excess land that could potentially host an office tower or multifamily development. At the time of sale, the property was 90 percent leased to 19 tenants across eight industries. Mark Katz and Peter Merrion of JLL Capital Markets represented the seller, while Eric Tupler and Josh Simon, also of JLL Capital Markets, arranged acquisition financing for the buyer.

February 11, 2021

Acquisitions Arizona Multifamily Western

Colliers Arizona Brokers $54.2M Sale of Crosswinds Multifamily Community in Chandler

by Amy Works February 11, 2021

CHANDLER, ARIZ. — Colliers International has arranged the sale of Crosswinds, a multifamily property located at 868 S. Arizona Ave. in Chandler. Los Angeles-based Tides Equities acquired the 147,556-square-foot asset from Toronto-based Emma Capital for $54.2 million. Built in 1986 on 10.9 acres, Crosswinds features 374 apartments spread across 17 residential buildings. The unit mix includes studio, one- and two-bedroom layouts, many of which have been renovated to include vaulted ceilings, faux-wood flooring, walk-in closets, private patios and energy-efficient appliances. Community amenities include a pool and spa; barbecue and picnic area; basketball, sports and volleyball courts; children’s playground; resident clubhouse; fitness center; and laundry facilities. Brad Cooke, Cindy Cooke, Matt Roach and Chris Roach of Colliers Arizona handled the transaction.

February 11, 2021

Acquisitions Arizona Industrial Self-Storage Western

Barker Pacific Group, Artemis Real Estate Partners Buy 2,189-Unit Self-Storage Portfolio Near Phoenix

by Amy Works February 11, 2021

PHOENIX AND GILBERT, ARIZ. — A joint venture between Barker Pacific Group and Artemis Real Estate Partners has purchased three self-storage facilities in Gilbert and North Phoenix. Terms of the transaction were not released. Totaling 234,350 square feet, the newly built portfolio features 2,189 climate-controlled self-storage units. Two properties are located in Gilbert and one is situated in the Tramonto neighborhood of Phoenix. This acquisition marks the joint venture’s second foray into the Phoenix market bringing its total to four self-storage facilities acquired by the partnership.

February 11, 2021

Acquisitions Alabama Multifamily Southeast

Marcus & Millichap Brokers $25.8M Sale of Park at Forestdale Multifamily Property in Birmingham

by John Nelson February 10, 2021

BIRMINGHAM, ALA. — Marcus & Millichap has brokered the $25.8 million sale of The Park at Forestdale, a 486-unit multifamily asset in Birmingham. The property sold for $52,984 per unit. Josh Jacobs of Marcus & Millichap represented the seller, an affiliate of Birmingham-based Four Four Capital. Jacobs also procured the buyer, a partnership between Arch Co. and Drake Real Estate Partners. Built between 1968 and 1980, the Park at Forestdale is located 5.7 miles from downtown Birmingham and 6.2 miles from The University of Alabama at Birmingham. Community amenities include a fitness center, pool and a playground. The property features studios and one-, two- and three-bedroom apartments.

February 10, 2021

Acquisitions Industrial Texas

JLL Negotiates Sale of 805,601 SF Industrial Facility Leased to Amazon in Metro Houston

by Taylor Williams February 10, 2021

KATY, TEXAS — JLL has negotiated the sale of an 805,601-square-foot industrial facility situated on 54.1 acres at 22525 Clay Road in Katy, a western suburb of Houston. The newly built facility was constructed as a build-to-suit for an e-commerce tenant, which the Houston Chronicle reports is Amazon. Building features include 40-foot clear heights, 190-foot truck court depths and an ESFR sprinkler system. Trent Agnew, Rusty Tamlyn, Charles Strauss, Tom Weber and Jack Britton of JLL represented the seller, an undisclosed publicly traded REIT, in the transaction. An affiliate of Chicago-based Walton Street Capital purchased the asset for an undisclosed price. Colby Mueck, Michael Johnson and Molly Leinsdorf of JLL placed floating-rate acquisition financing through Wells Fargo on behalf of the buyer.

February 10, 2021

Acquisitions Mississippi Retail Southeast

Palomar Group Arranges Sale of Delchamps Plaza Retail Center in Columbus, Mississippi

by John Nelson February 10, 2021

COLUMBUS, MISS. — The Palomar Group has brokered the $1.7 million sale of Delchamps Plaza, an 18,870-square-foot retail center in Columbus. The buyer was an undisclosed regional shopping center owner, and the seller was an investment group based in New York. The Palomar Group represented the seller, and the buyer did not have representation. Located at 1801 Highway 45 N, Delchamps Plaza was 100 percent leased at the time of sale to tenants including Pizza Hut, Weight Watchers and Sally Beauty. Kroger shadow anchors Delchamps Plaza. The Palomar Group is an investment sales firm based in Augusta, Ga.

February 10, 2021

Acquisitions Office Texas

Tishman Speyer Enters Austin with Acquisition of 240,000 SF Foundry Office Complex

by Taylor Williams February 10, 2021

AUSTIN, TEXAS — New York City-based real estate giant Tishman Speyer has entered the Austin market with the acquisition of The Foundry, a 240,000-square-foot office complex located on the city’s east side. Tishman Speyer’s acquisition of Foundry I, which opened in 2019, was completed on February 3. The purchase of Foundry II will close when Austin-based developer Cielo Property Group delivers the building in May 2021. Sixth River Architects and Michael Hsu Office of Architecture designed the first and second buildings, respectively. Amenities include bike storage, outdoor terraces on every floor and underground parking. Mike McDonald and Katy Jane Jenevein of Cushman & Wakefield represented Cielo, which will continue to manage the buildings, in the transaction. Tishman Speyer has tapped CBRE to lease The Foundry.

February 10, 2021

Acquisitions Industrial Midwest Ohio

TradeLane Properties Acquires Capital Center Industrial Park in Cincinnati for $51.3M

by Kristin Harlow February 10, 2021

CINCINNATI — TradeLane Properties has acquired Capital Center Industrial Park, a 14-building portfolio of light industrial assets in Cincinnati. The purchase price was $51.3 million. Spanning 896,523 square feet, the industrial park is 93.5 percent leased to 65 tenants. Mostly completed in the 1970s, the buildings have received substantial capital improvements over time. John Huguenard, Kurt Sarbaugh and Mark Volkman of JLL Capital Markets represented the seller, Dalfen Industrial. Erin Casey and Drew Wall of Colliers International have been selected as the listing agents for the properties.

February 10, 2021

Acquisitions Arizona Multifamily Western

Millburn & Co. Acquires Heritage at Deer Valley Apartments in Phoenix for $178.5M

by Amy Works February 10, 2021

PHOENIX — Salt Lake City-based Millburn & Co. has purchased Heritage at Deer Valley, a multifamily community located at 3010 W. Yorkshire Drive in Phoenix. West Palm Beach, Fla.-based Priderock Capital Partners sold the asset for $178.5 million. Built in two phases in 1996 and 2000, Heritage at Deer Valley features 832 apartments in a mix of one-, two- and three-bedroom units. Community amenities includes three resort-style pools, two spas, two sand volleyball courts, a 24-hour fitness center, dance studio, resident clubhouse, two outdoor playgrounds, a dog park, putting green and several barbecue and picnic areas. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.

February 10, 2021

Acquisitions Colorado Healthcare Leasing Activity Net Lease Office Western

Avison Young Capital Markets Negotiates $57M Sale-Leaseback of Wellness Campus Near Vail, Colorado

by Amy Works February 10, 2021

EDWARDS, COLO. — Avison Young Capital Markets has arranged the sale-leaseback of All Points North Lodge, a comprehensive wellness and treatment campus in Edwards, approximately 20 minutes west of Vail. WC Acquisition Holdings LLC acquired the asset from All Points North Lodge (APN Lodge) for $57 million. The seller will lease back the building as part of a long-term deal. Opened in March 2020, the 77,000-square-foot facility offers addiction and mental health treatments, trauma therapy, crisis management, coaching and personal development workshops, concierge medicine, athletic performance programs and advanced practices and activities. The patient-centered facility recently underwent a $20 million improvements program. Jonathan Hipp, Richard Murphy, Stan Wyrwicz and Rich Egitto of Avison Young Capital Markets represented the seller in the deal.

February 10, 2021

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