Acquisitions

DeBartolo, Location Finders International Sell 879,040 SF Warehouse in Monee, Illinois for $50.3M

by Kristin Harlow November 20, 2020

MONEE, ILL. — DeBartolo Development LLC and Location Finders International have sold an 879,040-square-foot warehouse in Monee, a southern suburb of Chicago, for $50.3 million. Dallas-based Hillwood, a Perot company, was the buyer. Located on 61 acres within Bailly Ridge Corporate Center, the facility is named Bailly Ridge 4. It features a clear height of 36 feet, 100 dock doors, four drive-in doors, 346 trailer stalls and up to 406 car parking stalls. Principle Construction Group completed construction of the property in November 2019. Bailly Ridge Corporate Center spans 412 acres. Notable tenants include Amazon, XPO Logistics and Hancock Tires.

November 20, 2020

Acquisitions Illinois Midwest Restaurant Retail

JLL Brokers $2.5M Sale of Raising Cane’s Ground Lease in Batavia, Illinois

by Kristin Harlow November 20, 2020

BATAVIA, ILL. — JLL Capital Markets has brokered the $2.5 million sale of a Raising Cane’s Chicken Fingers ground lease in Batavia within suburban Chicago. The 3,343-square-foot, single-tenant retail building sits on one acre at 1998 McKee St. Construction of the building was completed this year. Alex Sharrin and Alex Geanakos of JLL represented the seller, Kensington Development Partners. A family trust was the buyer. Raising Cane’s has more than 520 restaurants in 28 states.

November 20, 2020

Acquisitions California Industrial Western

Rexford Industrial Buys Two Industrial Properties in Southern California for $339.2M

by Amy Works November 20, 2020

WHITTIER AND SYLMAR, CALIF. — Rexford Industrial Realty has acquired two industrial assets in Southern California for a total consideration of $339.2 million. The acquisitions were funded using a combination of cash on hand, 1031 exchange proceeds from prior dispositions, assumption of existing debt and operating partnership units. The sellers in both cases were not disclosed. The company purchased Gateway Pointe Industrial Campus, a four-building complex located at 3963, 3931, 3735 and 3629 Workman Mill Road in Whittier for $296.6 million, or $300 per square foot. The 45.1-acre asset features four Class A industrial buildings totaling 989,195 square feet of space. The fully occupied complex features 32-foot clear heights at first bay, extensive dock-high loading, excess container parking and access to major transportation corridors. Additionally, Rexford acquired 13943-13955 Balboa Boulevard in Sylmar for $42.6 million, or $212 per square foot. Totaling 200,632 square feet, the property is fully occupied by three tenants.

November 20, 2020

Acquisitions Colorado Multifamily Western

Tower 16 Capital, Dune Real Estate Acquire 450-Unit Fairways at Lowry Apartments Near Denver

by Amy Works November 20, 2020

AURORA, COLO. — Tower 16 Capital Partners, in partnership with Dune Real Estate Partners, has purchased Fairways at Lowry Apartments, a multifamily property located in Aurora. A private seller sold the asset for an undisclosed price. Located at 9913 W. First Ave., Fairways at Lowry features 450 apartments in a mix of one- and two-bedroom layouts, a clubhouse, gym, swimming pool and playground. Tower 16 will oversee a $6.8 million improvement program that will modernize the apartments, create a new clubhouse and gym and update the pool area. Additionally, the buyers plan to add outdoor amenities, including barbecue areas, seating, outdoor gaming and a sports court. Terrance Hunt and Shane Ozment of Newmark represented the buyer and seller in the deal. Charlie Williams, also of Newmark, coordinated debt financing for the buyer.

November 20, 2020

Acquisitions California Net Lease Restaurant Retail Western

Calbay Development Sells Starbucks-Occupied Building in Fullerton for $6.2M

by Amy Works November 20, 2020

FULLERTON, CALIF. — Calbay Development has completed the disposition of a single-tenant restaurant building located at 1101 S. Harbor Blvd. in Fullerton. A Los Angeles-based high-net-worth buyer acquired the property for $6.2 million, or $2,067 per square foot. Constructed in 2020, the 3,000-square-foot property has a fully entitled drive-thru. Starbucks Coffee occupies the building and recently signed a 20-year, absolute, triple-net ground lease with no termination rights for the asset. Adam Friedlander of JLL Retail Capital Markets represented the seller in the deal.

November 20, 2020

Acquisitions Georgia Restaurant Retail Southeast

Goldman Sachs to Acquire ‘Significant Stake’ in Zaxby’s, Partnership Will Expand the Brand

by Alex Tostado November 19, 2020

ATHENS, GA. AND NEW YORK — Goldman Sachs Merchant Banking Division has agreed to purchase a “significant stake” in Athens-based Zaxby’s, with plans to grow the quick-service restaurant chain’s footprint into new markets. Terms of the financing were not disclosed, but the deal is expected to close by the end of 2020. Zaxby’s, known for its chicken fingers, wings and signature sauces, has more than 900 locations in 17 states, primarily in the Southeast. Zaxby’s is a privately held company that childhood friends Zach McLeroy and Tony Townley founded in Statesboro, Ga., in 1990. The founders hope the investment from Goldman Sachs will grow the regional chain into a national brand. Morgan Stanley & Co. LLC and Stephens Inc. served as financial advisors to Zaxby’s. King & Spalding LLP and Fortson, Bentley and Griffin P.A. served as legal advisors to Zaxby’s. Weil, Gotshal & Manges LLP served as legal advisor and Goldman Sachs served as financial advisor to Goldman Sachs Merchant Banking.

November 19, 2020

Acquisitions Mixed-Use North Carolina Southeast

FCP, Kane Realty Sell The Dillon Mixed-Use Development in Downtown Raleigh for $236M

by Alex Tostado November 19, 2020

RALEIGH, N.C. — FCP and Kane Realty Corp. have sold The Dillon, a mixed-use development in downtown Raleigh, for $236 million. An undisclosed institutional buyer advised by MetLife Investment Management acquired the asset. The 18-story property comprises 221,300 square feet of office space, 271 multifamily units, 52,600 square feet of retail space and a 994-space parking deck. The Dillon is situated on 2.5 acres within downtown’s Warehouse District. FCP and Kane Realty completed the adaptive reuse of the 100-year-old Dillon Supply Warehouse in 2018. The office space was fully leased at the time of sale to tenants including healthcare analytics firm Medable Inc., Arch Capital Group Ltd., Spaces and technology company Analog Devices. Retail and restaurant tenants include O-Ku Sushi, Oak Steakhouse, Barcelona Restaurant and Wine Bar, Weaver Street Market, Urban Outfitters, Heirloom Brew Shop, Shred415 and JoJa Nails.

November 19, 2020

Acquisitions Industrial Loans North Carolina Southeast

PGIM Provides $120M Acquisition Loan for Industrial Portfolio in North Carolina

by Alex Tostado November 19, 2020

DURHAM AND GREENSBORO, N.C. — PGIM Real Estate has provided a $120 million acquisition loan for Patriot Park and Triangle Industrial Portfolio, two industrial campuses totaling 24 buildings in Durham and Greensboro, respectively. Blackstone Real Estate Income acquired the properties, which span nearly 3 million square feet. Tom Goodsite of PGIM originated the floating-rate loan on behalf of Blackstone. Patriot Park is located at 4032 Patriot Park and 2 Freedom Court on the edge of Research Triangle Park. The property comprises two buildings featuring 30-foot clear heights. Triangle Industrial Portfolio comprises six properties near Piedmont Triad International Airport. The list of properties was not disclosed, and the seller was not disclosed.

November 19, 2020

Acquisitions Industrial Michigan Midwest

Newmark Arranges 52,939 SF Sale-Leaseback of Manufacturing Facility in Michigan

by Kristin Harlow November 19, 2020

MANISTEE, MICH. — Newmark has arranged the sale-leaseback of a 52,939-square-foot manufacturing and distribution facility located at 201 Glocheski Drive in Manistee along Lake Michigan. The sales price was undisclosed. Andrew Sandquist, JC Asensio, Briggs Goldberg and Fred Liesveld of Newmark represented the seller and tenant, Amptech Inc. Agracel was the buyer. Agracel will assist Amptech in a potential expansion of the facility to support future growth objectives. Amptech specializes in the design, manufacturing and distribution of automotive lighting assemblies and industrial valves. Newmark’s Tyrell McGee provided data analysis for the sale.

November 19, 2020

Acquisitions Industrial Texas

RGH Real Estate Buys 412,000 SF Industrial Building in Comfort, Texas

by Taylor Williams November 19, 2020

COMFORT, TEXAS — RGH Real Estate Holdings LLC has purchased a 412,000-square-foot industrial building located at 1206 5th St. in Comfort, located northeast of San Antonio. According to LoopNet Inc., the single-tenant property was built in 2015 and features clear heights between 20 and 37 feet. Ryan Boozer, Jeremy Kelly, Lena Pierce, Mackenzie Ford and Kevin Cosgrove of Stream Realty Partners represented the buyer in the transaction. Russell Noll of Transwestern represented the seller, WINRE LLC.

November 19, 2020

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