BURNSVILLE, MINN. — KW Commercial has arranged the $1.6 million sale of a 24,000-square-foot industrial building in Burnsville, about 17 miles south of Minneapolis. The property is situated on 1.8 acres along Riverwood Drive. Andy Manthei and Matt Klein of KW Commercial’s Apple Valley office represented the seller, Linvill Riverwood LLC, an affiliate of Minnetonka-based Linvill Properties Inc. Buyer information was undisclosed.
SAN ANTONIO — Partners Capital, the investment arm of NAI Partners, has acquired Blanco Crossing, a 22,606-square-foot shopping center in north-central San Antonio. The property was 84 percent leased at the time of sale to tenants such as Sake Café, The Mailing Spot, Kennedy’s Public House and KC Pet Products. Andrew Pappas and Adam Hawkins of the Partners Capital team worked with Philip Levy and Jack Newman of Marcus & Millichap to close the deal. Veritex Bank provided acquisition financing. Partners Capital targets commercial real estate properties in Texas in the $5 million to $30 million range.
PHILADELPHIA — CBRE has negotiated the sale of SoPhi Logistics Center, a 283,500-square-foot industrial property located at 2400 Weccacoe Ave. in Philadelphia. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE represented the seller, Wharton Industrial Partners, which acquired the asset in 2019 and implemented a capital improvement program. The property was originally built in 1970 and was fully occupied at the time of sale. The buyer was not disclosed.
CARLSTADT, N.J. — A partnership between Illinois-based Venture One Real Estate and Kovitz Investment Group has acquired a 30,300-square-foot industrial building located at 178 Commerce Road in the Northern New Jersey city of Carlstadt. The single-tenant building was constructed on 1.4 acres in 1968. Richard Abdy of Emily Abdy Realty Group represented the undisclosed seller in the transaction. The new ownership will implement a value-add program that includes roof replacement, parking lot overlay, office renovation and LED lighting installation.
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Affordable Housing Sector is a Seller’s Market as New Buyers Enter the Fray, Says Exclusive Webinar Panel
Like many industries, the U.S. affordable housing sector has undergone a sea change stemming from the COVID-19 pandemic. Processes and protocols have changed for affordable housing professionals, some perhaps permanently. Closings are conducted virtually and some of the front-end work such as appraisals and subsidy applications look completely different than a year ago. The “new normal” that industry professionals are navigating has had a few stops and starts since March, but the sector is now in a place of relative comfort, and that’s led to investment sales picking up, according to Kevin Morris, senior director of Colliers International’s Affordable Housing Services team. “By trial and error, we’ve had to figure out systems and programs to do business,” said Morris, who is based in Fort Lauderdale, Florida. “We’ve gone through these couple of stages, and now we’re at a point where we can implement and have implemented systems and programs that will take us through this particular pandemic. We’re transacting now, and so in that regard it is kind of back to normal.” Morris was one of six panelists that comprised the broker and lender panel at Affordable Housing Southeast, a webinar hosted by Southeast Real Estate Business magazine. Kyle Shoemaker, …
PITTSBURGH AND HOUSTON — PNC Financial Services Group Inc. (NYSE: PNC) and Spanish financial institution Banco Bilbao Vizcaya Argentaria S.A. (NYSE: BBVA) have signed a definitive agreement for PNC to acquire BBVA’s American operations, BBVA USA Bancshares Inc., for $11.6 billion. The transaction, which has been approved by both companies’ boards of directors, is expected to close in mid-2021, subject to customary closing conditions, including regulatory approvals. The transaction will bolster PNC’s national presence and create the fifth-largest bank in the United States, according to the Pittsburgh Post-Gazette. PNC will move beyond Charlotte-based Truist, the newly formed merger of equals between BB&T and SunTrust Bank. Houston-based BBVA USA Bancshares manages $104 billion in assets and provides commercial and retail banking services through its banking subsidiary BBVA USA. The bank operates 637 branches in Texas, Alabama, Arizona, California, Colorado and New Mexico. PNC operates 2,300 bank branches and nearly 18,000 partner ATMs nationwide. As of Sept. 30, 2020, PNC had $300 billion of assets under administration. When combined with PNC’s banking footprint, the expanded company will have a coast-to-coast franchise with a presence in 29 of the 30 largest markets in the United States. “Our acquisition of BBVA USA will accelerate …
NORTH LAS VEGAS, NEV. — The Desert West Region of Lincoln Property Co. (LPC Desert West) has increased its Nevada presence with the acquisition of West Craig Industrial Center at 70-78 W. Craig Road in North Las Vegas. A partnership between Huntington Industrial Properties and Polk Street Industrial sold the asset to LPC Desert West for $48.6 million. Delivered in 2019, West Craig Industrial Center features 343,820 square feet of Class A industrial space on 20 acres. The three-building portfolio offers 30- to 32-foot clear heights, 91 dock doors with a combination of drive-in and dock-high configurations, ESFR sprinklers and insulated ceilings. Darla Longo and Barbara Emmons of CBRE’s National Partners Team represented the seller in the deal. LPC Desert West will provide property management services for West Craig Industrial Center. With this acquisition, LPC Desert West now owns nine buildings and almost 800,000 square feet of industrial space in Nevada.
Shefflin Properties Sells Dunlap Falls Multifamily Community in Phoenix to Tides Equities for $40.5M
PHOENIX — California-based Shefflin Properties has completed the disposition of Dunlap Falls, an apartment property located in Phoenix. California-based Tides Equities acquired the asset for $40.5 million. Located at 3333 W. Dunlap Ave., Dunlap Falls features 288 two- and three-bedroom apartments with patios or balconies, walk-in closets and central air and heating. Community amenities include a swimming pool and spa, large clubhouse, leasing center, covered parking and gated access. Ric Holway, Mark Forrester and Dan Cheyne of Berkadia’s Phoenix office represented the seller in the deal.
TACOMA, WASH. — CenterPoint Properties has added an industrial property located at 2021 Marc St. in Tacoma to its existing 28-acre Port of Tacoma portfolio. Terms of the transaction were not released. CenterPoint has plans to reposition the 51,281-square-foot building, which sits on seven acres, and offer it for lease. The property is served by railroad and features a secured yard and a 1,500-square-foot office space. CenterPoint owns two adjacent properties on Lincoln Avenue and Marc Street. The assets are a half-mile from the Port of Tacoma deep-water container terminals and offer easy access to State Route 167 and interstates 5 and 270. Raymond Schuler of Kidder Mathews represented the undisclosed seller, while Christian Mattson and Billy Moultrie of Lee & Associates represented CenterPoint in the transaction.
FORT WORTH, TEXAS — Locally based investment firm Fort Capital has sold a portfolio of 18 light industrial buildings totaling 606,889 square feet located throughout the Dallas-Fort Worth (DFW) metroplex. Each of the Class B properties offers proximity to one of the metroplex’s major interstates. The portfolio was 95 percent occupied at the time of sale. The buyer was not disclosed. Stephen Bailey, Dustin Volz, Zane Marcell, Wesley Gilmer and Erin Lazarus of JLL represented the seller in the transaction. Birtcher Anderson, in a joint venture with Belay Investment Group, purchased the portfolio.