Acquisitions

Hudson Pacific, CPP Investments Agree to Acquire Amazon-Leased Office Tower in Downtown Seattle for $625M

by John Nelson December 1, 2020

SEATTLE — Hudson Pacific Properties (NYSE: HPP) and Canada Pension Plan Investment Board (CPP Investments) have agreed to acquire a 36-story office tower anchored by Amazon in Seattle. The companies plan to form a joint venture to purchase the 668,000-square-foot property located at 1918 8th Ave. for $625 million. CPP Investments will own a 45 percent interest in the joint venture, while Hudson Pacific will own 55 percent and act as general partner and as property, leasing and construction manager. The seller was not disclosed, but multiple media outlets report J.P. Morgan Chase has owned the property since 2011 when affiliates bought the asset from developer Schnitzer West LLC. The property is 98 percent leased with an average remaining lease term of 10 years. Amazon is the largest tenant and occupies a majority of the building, which the Seattle-based e-commerce giant dubs the Blackfoot building. The LEED Platinum-certified tower features a multi-level lobby, great room, central conferencing facility and large fitness center. The office tower is situated in downtown Seattle’s Denny Triangle neighborhood near Hill7, an office tower that Hudson Pacific and CPP Investments purchased in 2016. The property is also near Washington 1000, an office development that Hudson Pacific …

December 1, 2020

Acquisitions Industrial North Carolina Southeast

JLL Negotiates $201M Sale of Industrial Park in Charlotte

by Alex Tostado November 30, 2020

CHARLOTTE, N.C. — JLL has negotiated the sale of Metrolina Park, a 1.9 million-square-foot industrial campus in Charlotte’s Henderson Circle district. The sales price was not disclosed but multiple news outlets reported the eight-building business park traded for $201 million. The seller, Beacon Partners, developed the asset, which is situated on 163 acres along Statesville Road, less than one mile from Interstate 77 and six miles north of downtown Charlotte. Pete Pittroff, Patrick Nally, Travis Anderson, Jody Thornton and Dave Andrews of JLL represented the seller in the transaction. New York-based Clarion Partners acquired the asset.

November 30, 2020

Acquisitions Development Georgia Mixed-Use NAI Southeast

Billionaires Funding Group Acquires Underground Atlanta from WRS

by Alex Tostado November 30, 2020

ATLANTA — Billionaires Funding Group (BFG) has acquired Underground Atlanta, a four-block mixed-use property in south downtown Atlanta. The Atlanta-based firm acquired the historic property from WRS Inc. for an undisclosed price. Underground Atlanta is situated between Alabama, Pryor, Central and Wall streets. BFG plans to redevelop the 400,000-square-foot asset in phases. Phase I will focus on Block Two, which will comprise multifamily units, ground-level retail and parking. The other phases will include building out retail, restaurant, entertainment and gathering spaces. Shaneel Lalani, CEO of BFG, is leading the acquisition and redevelopment of the asset, with plans to collaborate with civil engineers, urban planners, architects and potential joint venture partners. BFG intends to retain ownership in each parcel to ensure consistency throughout the project. In addition, BFG owns Alabama Street and plans to convert it into a walkable streetscape. WRS acquired Underground Atlanta in late 2014. The Mount Pleasant, S.C.-based company began construction on a 351-room Yotel-branded hotel at the site this summer. Other attractions surrounding the property include Mercedes-Benz Stadium, State Farm Arena and CIM’s $5 billion Centennial Yards development. A timeline for construction was not disclosed. Lalani is also the CEO of Lucky Fortune, a coin-operated amusement machine …

November 30, 2020

Acquisitions Florida Retail Southeast

IPA Arranges $20.5M Sale of Shopping Center in South Florida

by Alex Tostado November 30, 2020

WESTON, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $20.5 million sale of Waterway Shoppes of Weston, a 36,000-square-foot shopping center in Weston. The asset was built in 1999 on five acres at the intersection of Weston Road and North Commerce Parkway, 18 miles west of downtown Fort Lauderdale. Tenants at the property include Hooter’s, Posh Nails, CycleBar, Bank United, Baru Latin Bar, Lucille’s American Café and Offerdahl’s Off-the-Grill. Waterway Shoppes of Weston offers outdoor seating overlooking a body of water for its restaurant tenants. Kirk Olson and Drew Kristol of IPA represented the seller, a private investor based in Miami, in the transaction. Gordon Messinger of Cushman & Wakefield represented the buyer, an undisclosed private investor also based in Miami.

November 30, 2020

Acquisitions Georgia Multifamily Southeast

Fogelman, Thackeray Purchase 255-Unit Apartment Complex in Savannah

by Alex Tostado November 30, 2020

SAVANNAH, GA. — A joint venture between Fogelman Properties and Thackeray Partners has purchased Legends of Chatham, a 255-unit apartment complex in Savannah, for $39.5 million. The property offers one-, two- and three-bedroom floor plans, which were 90 percent occupied at the time of sale. Rents at the community range from $1,035 per month to $1,475. The buyers expect to upgrade unit interiors, the clubhouse, fitness center and landscaping, as well as redesign the pool area. Developed in 2015, Legends of Chatham is situated at 1426 Chatham Parkway, six miles southwest of downtown Savannah. Mark Boyce, Blake Coffey, Andrew Mays and Paul Vetter of Berkadia represented the seller, Georgia-based United Residential Properties LLC, in the transaction. John Bray of Berkadia arranged acquisition financing on behalf of the buyers through an undisclosed lender.

November 30, 2020

Acquisitions Hospitality NAI Texas

Axton Group Buys 492-Room Renaissance Austin Hotel for $70M

by Taylor Williams November 30, 2020

AUSTIN, TEXAS — An affiliate of San Francisco-based investment management firm The Axton Group has purchased the 492-room Renaissance Austin Hotel for $70 million. The hotel, which is part of the Marriott International family of brands and is located on the city’s north side, includes 88 suites and 77,600 square feet of meeting and event space. An affiliate of Walton Street Capital LLC provided an undisclosed amount of acquisition financing for the transaction. Eastdil Secured served as financial advisor. The seller was not disclosed. Axton Group plans to upgrade the meeting rooms and other common spaces.

November 30, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 53-Unit Apartment Complex in Northeast Dallas

by Taylor Williams November 30, 2020

DALLAS — Marcus & Millichap has arranged the sale of Village Oaks, a 53-unit apartment complex that is situated on 3.5 acres at 9920 Forest Lane in northeast Dallas. Nick Fluellen, Bard Hoover and Joey Murry of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The trio also secured the buyer, an individual/private trust.

November 30, 2020

Acquisitions Connecticut Northeast Office

JLL Negotiates Sale of 224,000 SF Office Complex in Stamford, Connecticut

by Taylor Williams November 30, 2020

STAMFORD, CONN. — JLL has negotiated the $27.2 million sale of a 224,000-square-foot office complex located at 900 Long Ridge Road in Stamford. The 36.5-acre property consists of a 164,300-square-foot building, a 59,700-square-foot building and a 307-space parking garage. Amenities include walking trails, a fitness center, auditorium, cafeteria and training rooms. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and Michael Kavanagh of JLL represented the seller in the transaction. The buyer was national investment firm Monday Properties.

November 30, 2020

Acquisitions Illinois Midwest Office

Sterling Bay Sells 207,000 SF Office Building in Chicago’s Lincoln Yards for $110.2M

by Kristin Harlow November 30, 2020

CHICAGO — Sterling Bay has sold 1515 W. Webster, a 207,000-square-foot office building at Lincoln Yards in Chicago for $110.2 million. Constructed in 2018 on the site of the former Gutmann Leather Tannery, the fully leased property was the first office development completed at Lincoln Yards, Sterling Bay’s mixed-use development located along the North Branch of the Chicago River. A global third-party logistics provider occupies the four-story building, which includes open workstations, private offices, conference rooms, two reception areas, a café and a 5,000-square-foot terrace. David Knapp, Tom Sitz, Cody Hundertmark and Josh McGee of Cushman & Wakefield marketed the property for sale and procured the buyer, Apex Capital. The sale was Chicago’s fourth-largest office sale price of 2020, according to Sterling Bay.

November 30, 2020

Acquisitions California Multifamily Western

Raintree Partners Acquires Five Multifamily Properties in Southern California for $142M

by Amy Works November 30, 2020

ORANGE COUNTY, CALIF. — Orange County-based Raintree Partners has purchased a portfolio of five multifamily communities in Southern California from a private seller for $142 million. Totaling 551 units, the properties are located in four submarkets: Glendale, Hollywood and Canoga Park in Los Angeles County, and Camarillo in Ventura County. Raintree plans to implement a value-add renovation plan across the four Los Angeles County properties, which will include intensive upgrades to exteriors, amenity areas and unit interiors. Additionally, the firm plans to complete a light refresh at the Camarillo asset. The portfolio includes: Mountain View Apartments, a 106-unit community at 659 Las Posas Road in Camarillo Imperial Manor Remmet & Strathern Apartments, a 64-unit property located at 8101-811 Remmet Ave. and 21601-21609 Strathern St. in Canoga Park Perigee Apartments, a 200-unit asset located at 21041 Parthenia St. in Canoga Park Imperial Crest Apartments, a 44-unit complex at 1120-1124 Thompson Ave. in Glendale Canyon Drive Manor Apartments, a 137-unit community located at 1738 N. Canyon Drive in Hollywood Dean Zander, Stewart Weston and John Montakab of CBRE represented the seller in the deal. Greg Reed and Kristen Croxton of Capital One arranged financing, which Fannie Mae provided.

November 30, 2020

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