Acquisitions

CapRock Sells 110,710 SF Industrial Property in Phoenix

by Amy Works November 3, 2020

PHOENIX — CapRock Partners has completed the disposition of an industrial property located at 225 S. 51st St. in Phoenix’s Sky Harbor submarket. A global real estate investment advisor acquired the asset for an undisclosed price. Greif, a global leader in industrial packaging products and services, currently occupies the 110,710-square-foot building. CapRock acquired the property in 2017 in an off-market transaction as part of its value-add strategy. The company enhanced the property’s functionality and curb appeal with a new storefront, windows and landscaping and upgraded the 30-foot clear dock-high building with new ESFR sprinklers. Additionally, CapRock reconfigured the yard area to create a fully secured truck court and added trailer parking stalling. The renovated building features 2,000 square feet of high-image office space with Loop 202 freeway frontage, 22 dock-high doors and LED warehouse lights. Will Strong of Cushman & Wakefield represented the seller, while the buyer was self-represented in the deal.

November 3, 2020

Acquisitions California Office Western

CBRE Negotiates $10.2M Sale of Stewart Plaza Office Property in Inland Empire

by Amy Works November 3, 2020

UPLAND, CALIF. — CBRE has arranged the sale of Stewart Plaza, an office complex located at 400 and 440 Mountain Ave. in Upland. A private investor sold the asset to Long Beach-based Harbor Associates, in joint venture with The Bascom Group, for $10.2 million in an off-market transaction. Comprising two three-story buildings, Stewart Plaza features 84,498 square feet of multi-tenant office and medical office space, communal plazas and landscaped walkways. The property offers suites ranging from 493 square feet to 9,138 square feet. At the time of sale, Stewart Plaza was 56 percent leased. The buyer plans to renovate and reposition the property with a million-dollar capital improvements program. Renovations will include an upgraded entry and lobby, elevator improvements, a new roof and replacement HVAC units on both buildings. Gary Stache, Sammy Cemo, Anthony DeLorenzo, Doug Mack and Bryan Johnson of CBRE represented the seller in the deal. Shaun Moothart, Jennifer Ansari, Dana Summers and Bruce Francis of CBRE arranged the financing for the project with Ready Capital Structured Finance.

November 3, 2020

Acquisitions Multifamily Southeast Tennessee

Cushman & Wakefield Arranges $47M Sale of Multifamily Community in Knoxville

by John Nelson November 2, 2020

KNOXVILLE, TENN. — Cushman & Wakefield has arranged the $47 million sale of The Village at Westland Cove, a 240-unit multifamily community in Knoxville. The property offers one-, two- and three-bedroom floor plans ranging from 717 square feet to 1,521 square feet. Communal amenities include a business center, pool, clubhouse, fitness center, car washing area, dog park, pet washing area and storage space. Jimmy Adams and Robert Stickel of Cushman & Wakefield represented the seller, StoneRiver Co., in the transaction. H3 Real Estate Advisors acquired the property.

November 2, 2020

Acquisitions Industrial New Jersey Northeast

HGI, Turnbridge Sell 550,000 SF Warehouse in Parsippany, New Jersey, for $85.2M

by Taylor Williams November 2, 2020

PARSIPPANY, N.J. — A partnership between Harbor Group International (HGI) and Turnbridge Equities has sold a 550,000-square-foot warehouse located at 100 Jefferson Road in the Northern New Jersey city of Parsippany for $85.2 million. The building’s primary tenants are electronics manufacturer PNY Technologies and dietary supplement provider Vitaquest. The partnership acquired the property from PNY Technologies in 2018 in a $60.3 million sale-leaseback deal and implemented a value-add program that brought the occupancy rate from 28 percent to its current mark of 64 percent. The buyer was not disclosed.

November 2, 2020

Acquisitions Connecticut Northeast Office

CBRE Arranges Sale of 153,000 SF New Haven Plaza Office Complex for $6.8M

by Taylor Williams November 2, 2020

NEW HAVEN, CONN. — CBRE has arranged the sale of New Haven Plaza, a 153,000-square-foot office complex located less than a mile from Yale University in New Haven, for $6.8 million. David Hansen and Matthew O’Hare of CBRE represented the seller, New Haven Plaza LLC, which acquired the site in 1972 and developed a third building for New Haven Adult Education in 1990, in the transaction. The buyer was SP Capital LLC.

November 2, 2020

Acquisitions Multifamily Texas

IPA Arranges Sale of 192-Unit Destino Apartments in Grand Prairie, Texas

by Taylor Williams November 2, 2020

GRAND PRAIRIE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Destino, a 192-unit apartment community located in the central metroplex city of Grand Prairie. Built on 11 acres in 2000, the garden-style property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, playground and a dog park. Drew Kile, Will Balthrope, Joey Tumminello, Grant Raymond and Asher Hall of IPA, along with Al Silva of Marcus & Millichap, represented the seller, MBP Capital, in the transaction. The team also procured Capital Vision Management LLC as the buyer.

November 2, 2020

Acquisitions Healthcare Texas

Community Health Systems Sells Two Hospitals Totaling 419 Beds in West Texas

by Taylor Williams November 2, 2020

ABILENE AND BROWNWOOD, TEXAS — Tennessee-based healthcare provider Community Health Systems Inc. (NYSE: CYH) has sold two hospitals totaling 419 beds in West Texas. Abilene Regional Medical Center totals 231 beds, and Brownwood Regional Medical Center totals 188 beds. The buyer was a subsidiary of Hendrick Health System, a locally based nonprofit provider. As part of the transaction, Hendrick has secured the assignment for the long-term lease and operations of Brownwood Regional Medical Center from the Brownwood County Hospital Authority. Community Health Systems owns, leases or operates 89 hospitals totaling approximately 15,000 beds in 16 states. The hospitals involved in this transaction are among the planned divestitures discussed on the company’s second-quarter 2020 earnings call.

November 2, 2020

Acquisitions Illinois Midwest Office

Sterling Bay Sells McDonald’s Headquarters in Chicago for $412.5M

by Kristin Harlow November 2, 2020

CHICAGO — Chicago-based developer Sterling Bay has sold the 575,000-square-foot corporate headquarters for McDonald’s in Chicago’s Fulton Market. Pittsburgh-based investment firm Normandy Properties purchased the asset for $412.5 million, according to the Chicago Sun Times. The building, located at 110 N. Carpenter St., features a 700-person conference center, fitness center, onsite parking, collaboration space and outdoor terraces. It was completed in 2018. Ground-floor retail tenants include Walgreens and Federal Express. Jaime Fink, Jeffrey Bramson, Bruce Miller, Patrick Shields and Sam DiFrancesca of JLL represented Sterling Bay. Keith Largay and Tim Joyce of JLL arranged acquisition financing. McDonald’s previously was headquartered in the suburbs in Oak Brook.

November 2, 2020

Acquisitions Michigan Midwest Office

Moceri Cos., 400 Monroe Associates Acquire 420,000 SF Office Campus in Detroit

by Kristin Harlow November 2, 2020

DETROIT — Moceri Cos. and 400 Monroe Associates have acquired the UAW-GM Center for Human Resources in Detroit for an undisclosed price. The 420,000-square-foot office campus is located at 200 Walker St. along the Detroit River Walk. Built in the early 2000s, the property features 900 underground parking spaces, a full-service kitchen, 375-person auditorium, conference center, fitness center and an eighth-floor outdoor terrace. Brendan George and Jasper Hanifi of CBRE represented the seller, a joint venture between the United Auto Workers and General Motors. Lino and Michael Scamardella of Lino Realty represented the buyer. Red Oak Financial provided a $21.7 million bridge loan for the acquisition.

November 2, 2020

Acquisitions Midwest Missouri Multifamily

Watermark Residential Sells 276-Unit Apartment Community in Suburban Kansas City for $60M

by Kristin Harlow November 2, 2020

NORTHLAND, MO. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has sold Watermark at Tiffany Springs in suburban Kansas City for $60 million. The 276-unit, Class A apartment community is located at 9641 N. Ambassador Drive in Northland. The property features one-, two- and three-bedroom units. Amenities include a pool, clubhouse, outdoor firepit area, dog park and fitness center. The buyer was an entity controlled by A&C Ventures Inc., a private investment firm based in Sonoma, Calif. Mac Crowther and Whittaker Potts of Newmark represented Watermark in the sale.

November 2, 2020

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