Acquisitions

MC Real Estate Partners Purchases D.C. Office Building for $106M

by Alex Tostado December 17, 2020

WASHINGTON, D.C. — MC Real Estate Partners has purchased a 95,000-square-foot office building located at 1000 F St. in Washington, D.C.’s Penn Quarter district. The developer, Douglas Development, sold the property for $106 million. Eastdil Secured represented the seller in the transaction. The 11-story property features a two-story historic building at its base and was fully leased at the time of sale. Delivered in 2017, 1000 F features 7,000 square feet of retail space, two levels of below-grade parking, private terraces on five floors and access to public transportation. The asset is situated three blocks from Washington Metropolitan Area Transit Authority’s (WMATA) Metro Center, which services the Blue, Orange and Red lines.

December 17, 2020

Acquisitions Alabama Multifamily Southeast Student Housing

Preiss, JV Partner Acquire 600-Bed Student Housing Community Near Auburn University

by Alex Tostado December 17, 2020

AUBURN, ALA. — A joint venture between The Preiss Co. and a private equity real estate fund advised by Crow Holdings Capital has acquired a 600-bed, cottage-style student housing community from Aspen Heights, a student housing developer based in Austin, Texas. The sales price was not disclosed. The community — rebranded The Collective at Auburn — serves students attending Auburn University in Alabama. Capital improvements are planned for the property, including a complete redesign of its clubhouse and amenity areas, new exterior paint, the addition of more in-unit furniture and the installation of LED lighting and water-saving devices. According to Donna Preiss, founder and CEO of The Preiss Co., upgrades will be handled in phases to ensure minimal resident disruption. Communal amenities include a pool, hot tub, outdoor fireplace, volleyball court, clubhouse, computer lab, study lounge, movie theater, game room and a fitness center. The property is 95 percent preleased for the fall 2021 semester.

December 17, 2020

Acquisitions Industrial Texas

Green Plains Enters Into Agreement to Sell Ethanol Plant in Hereford, Texas, for $39M

by Taylor Williams December 17, 2020

HEREFORD, TEXAS — A subsidiary of Green Plains Inc. (NASDAQ: GPRE), a processor of food commodities, has entered into an agreement to sell its ethanol plant in Hereford, located outside Amarillo, for $39 million. Green Plains has also entered into an asset purchase agreement to acquire the storage and transportation assets and the assignment of railcar leases associated with the Hereford ethanol plant for $10 million. Hereford Ethanol Partners LP is buying the plant.

December 17, 2020

Acquisitions Multifamily Texas

Berkadia Brokers Sale of 243-Unit Apartment Community in North Houston

by Taylor Williams December 17, 2020

HOUSTON — Berkadia has brokered the sale of Chartwell Court, a 243-unit apartment community in North Houston. Built in 1995, the property offers one- and two-bedroom units that average more than 1,000 square feet and feature walk-in closets, individual washers and dryers and private patios and balconies. Amenities include a pool, business center, fitness center, outdoor grilling areas and a clubhouse. Ryan Epstein, Jennifer Ray and Scott Bray of Berkadia represented the seller, Los Angeles-based National Asset Services Inc., in the transaction. The buyer was San Antonio-based REEP Equity.

December 17, 2020

Acquisitions Industrial Midwest Minnesota

JLL Brokers $14.5M Sale of Distribution Center in Suburban Minneapolis

by Kristin Harlow December 17, 2020

MAPLE GROVE, MINN. — JLL Capital Markets has brokered the $14.5 million sale of a 102,994-square-foot distribution center located at 8175 Jefferson Highway in the suburban Minneapolis community of Maple Grove. The single-tenant property is triple net leased to GAF Materials LLC, a roofing manufacturer. David Berglund and Colin Ryan of JLL represented the seller, a partnership between PCCP and Capital Partners. An affiliate of Boston-based STAG Industrial Inc. purchased the asset.

December 17, 2020

Acquisitions Indiana Midwest Minnesota Retail

SRS Negotiates $7.2M Sale-Leaseback of Two-Property Retail Portfolio in Indiana, Minnesota

by Kristin Harlow December 17, 2020

INDIANAPOLIS AND MAPLE GROVE, MINN. — SRS Real Estate Partners has negotiated the sale-leaseback of a two-property retail portfolio in the Midwest for $7.2 million. Christian Brothers Automotive sold both buildings and then signed 15-year leases. The first property is located at 3985 W. Smith Valley Road in Indianapolis. The 5,264-square-foot building sits on nearly two acres. The second asset is located at 9565 Zachary Lane in Maple Grove, a suburb of Minneapolis. The building spans 5,561 square feet on 1.4 acres. Frank Rogers and Michael Carter of SRS represented the all-cash buyer, a Midwest-based private investor that completed a 1031 tax-deferred exchange.

December 17, 2020

Acquisitions Office Texas

University Health System Buys Two Office Buildings Totaling 165,000 SF in San Antonio

by Taylor Williams December 17, 2020

SAN ANTONIO — University Health System, a locally based healthcare provider, has purchased two office buildings totaling roughly 165,000 square feet in San Antonio. The properties are located at 5800 Farinon Drive and 5959 Northwest Parkway in the University Park submarket. Kevin Cosgrove and Scott Ferguson of Stream Realty Partners represented the seller, New York-based Clarion Partners, in the transaction. Ken Adams and Chad Gunter of Transwestern represented University Health Systems, which will also occupy the properties. The deal represents the largest office trade in San Antonio in 2020, according to the brokerage team

December 17, 2020

Acquisitions Office Utah Western

Kennedy Wilson Buys 247,000 SF Office Campus in Salt Lake City for $55M

by Amy Works December 17, 2020

SALT LAKE CITY, UTAH — Kennedy Wilson Fund VI, a commingled fund managed by Kennedy Wilson (NYSE: KW), has acquired three two-story office buildings and two development sites totaling 247,000 square feet in Salt Lake City. An undisclosed seller sold the assets for $55 million. Situated on 24.2 acres within Parkway Center, the campus is fully occupied by five tenants, including Amazon and Verizon, with both occupying single-tenant buildings. The acquisition expands Kennedy Wilson’s presence in the Mountain States. Currently, the Fund VI portfolio includes 15 multifamily and commercial assets in markets including San Jose, Los Angeles, Salt Lake City, Denver and Seattle. The portfolio has an aggregate purchase price of $1.2 billion.

December 17, 2020

Acquisitions California Office Western

Thor Equities Divests of 46,752 SF Mixed-Use Office Property in San Francisco

by Amy Works December 17, 2020

SAN FRANCISCO — Thor Equities Group has completed the sale of 634 Second Street, a mixed-use commercial building located in San Francisco’s SOMA neighborhood. Terms of the transaction were not released. The 46,752-square-foot property features three stories, a rooftop deck and 100 feet of frontage along Second Street. At the time of sale, the property tenants included Okta, a cloud security company; Cloudflare, a hosting provider; and Sajj Mediterranean, a restaurant. Kyle Kovac, Mike Taquino and Mandy Lee of CBRE represented Thor Equities in the transaction. Ben Vago and Avram Posner of Wachtel Missry LLP served as legal counsel for Thor Equities.

December 17, 2020

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Arranges $1.3M Sale of Family Dollar-Occupied Retail Property in Stanfield, Arizona

by Amy Works December 17, 2020

STANFIELD, ARIZ. — Marcus & Millichap has brokered the sale of a retail property located at 60 Albany Way in Stanfield. A limited liability company sold the asset to a Wisconsin-based investor for $1.3 million. Family Dollar occupies the 8,320-square-foot property on a net-lease basis. The tenant has eight years remaining on a corporate-guaranteed lease. Zack House, Mark Ruble, Chris Land and Jamie Medress of Marcus & Millichap represented the seller in the deal.

December 17, 2020

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