Acquisitions

Turnbridge Equities Purchases 180,000 SF Office Tower in Durham

by Alex Tostado October 13, 2020

DURHAM, N.C. — Turnbridge Equities has purchased Tower at Mutual Plaza, a 15-story, 180,000-square-foot office building in Durham’s American Tobacco District. Turnbridge acquired the property out of foreclosure. The previous owner implemented $11 million in renovations to the building’s façade, common areas, lobby and courtyard. The loan, which the previous owner defaulted on in December 2019, had $37.2 million left on the balance. North Carolina Mutual Life Insurance Co. originally developed the asset, which is situated at 411 W. Chapel St., in the 1960s. At the time of sale, tenants included North Carolina Mutual Life Insurance Co., Duke University, Duke Health, the Department of Veterans Affairs and architecture firm Perkins & Will. Knighthead Funding LLC provided acquisition financing for the New York City-based buyer.

October 13, 2020

Acquisitions Multifamily Southeast Student Housing Tennessee

CREI Acquires 648-Bed Student Housing Community Near Middle Tennessee State University

by Alex Tostado October 13, 2020

MURFREESBORO, TENN. — Capstone Real Estate Investments (CREI) has acquired Student Quarters – Rutherford, a 648-bed student housing community located near Middle Tennessee State University in Murfreesboro. The property — newly rebranded Landmark Apartments — is set to undergo renovations, including a revision of the current unit mix and improvements to security and management services. Landmark Apartments currently offers two-, three- and four-bedroom units alongside shared amenities including a computer lab, fitness center, clubhouse, business center, social room, dog park, swimming pool, hot tub, grilling stations and a sand volleyball court.

October 13, 2020

Acquisitions Colorado Industrial Western

Brennan Investment Group Acquires 147,040 SF Industrial Facility in Denver

by Amy Works October 13, 2020

DENVER — Brennan Investment Group has purchased an industrial facility located in Denver’s Interstate 70 Corridor at the intersection of interstates 70 and 225. The acquisition price was not released. Brennan Investment acquired the asset from BlueLinx, which simultaneously leased back the 147,040-square-foot facility. BlueLinx is a distributor of building and industrial products in the United States and operates through a broad network of distribution centers. The buyer purchased the building, including an existing short-term lease, with future options of renewing, re-leasing or redevelopment.

October 13, 2020

Vernon-Avenue-Logistics-Center-Vernon-CA

Acquisitions California Industrial Western

Dedeaux Properties, Ledo Capital Sell Vernon Avenue Logistics Center in Metro Los Angeles for $14.8M

by Amy Works October 13, 2020

VERNON, CALIF. — A joint venture between Dedeaux Properties and Ledo Capital has completed the disposition of Vernon Avenue Logistics Center, a cold-storage facility located at the intersection of East Vernon and Alcoa avenues in Vernon. A Los Angeles-based family acquired the facility for $14.8 million. Built in March 2020, the 46,422-square-foot property features commercial kitchens, cold prep space, a fully racked cooler and freezer, dry storage space, 32-foot minimum clearances, seven dock-high doors and one ground-loading door fronting a 3,700-square-foot refrigerated dock. Additionally, the building includes 3,000 square feet of office and mezzanine space. The built-to-suit property is fully leased on a long-term basis to a Los Angeles-based restaurant group. Scott Heaton of Colliers International represented the buyer, while Jeff Chiate and Mike Adey of Cushman & Wakefield Capital Markets represented the seller in the deal.

October 13, 2020

Acquisitions California Industrial Western

Stos Partners Divests of 27,500 SF Industrial Building in Miramar, California

by Amy Works October 13, 2020

MIRAMAR, CALIF. — San Diego-based Stos Partners has completed the sale of an industrial facility located at 8330 Arjons Drive in Miramar. A private investor acquired the 27,500-square-foot asset for $7.5 million. Stos Partners, in partnership with Boston-based Long Wharf Capital, initially purchased the vacant property in July 2019 for $4.2 million. The partnership implemented a repositioning and lease-up program at the property, ultimately resulting in the disposition of the asset. Bryce Aberg, Brant Aberg and Brooks Campbell of Cushman & Wakefield represented the seller in the deal.

October 13, 2020

Acquisitions California Retail Western

SRS Negotiates $6M Sale of Grocery Outlet-Occupied Retail Property in Norco, California

by Amy Works October 13, 2020

NORCO, CALIF. — SRS Real Estate Partners has brokered the sale a single-tenant retail property located at 1428 Sixth St. in Norco. A family partnership acquired the asset from a local developer for $6 million. Grocery Outlet occupies the newly constructed, 18,000-square-foot building, which is situated on 1.7 acres. Grocery Outlet, which opened in March, is the anchor tenant for the new Norco Gateway Shopping Center. Additional tenants include Taco Bell and 6,000 square feet of future retail shops. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group represented the seller, while Mark Bitterlin of Trust Real Estate Services represented the buyer in the transaction.

October 13, 2020

Acquisitions Industrial Texas

Dalfen Industrial Acquires 1 MSF Mark IV Commerce Center in Fort Worth

by Taylor Williams October 13, 2020

FORT WORTH, TEXAS — Dalfen Industrial has acquired Mark IV Commerce Center, a 1 million-square-foot industrial property located near Interstates 35 and 820 in the Alliance area of Fort Worth. The newly built, Class A development consists of three buildings in front-load and cross-dock configurations and ESFR sprinkler systems. AER Manufacturing recently signed an 80,660-square-foot lease to become the development’s inaugural tenant. The Dallas Business Journal reports that the seller was Crow Holdings Industrial.

October 13, 2020

Associated-Medical-Professionals-Syracuse

Acquisitions Healthcare New York Northeast

Colliers Arranges $13.5M Sale of Medical Office Buildings in Syracuse

by Taylor Williams October 13, 2020

SYRACUSE, N.Y. — Colliers International has arranged the $13.5 million sale of a 33,836-square-foot medical office building in Syracuse. The property is leased to regional healthcare provider Associated Medical Professionals, which houses its urology and oncology centers in the building. The sale also included a medical office building in Auburn, New York, that is also occupied by Associated Medical Professionals. Eric Grad of Colliers brokered the deal in conjunction with Britt Raymond and Kyle Fant of SRS Real Estate Partners. The seller was a locally based developer, and the buyer was a Missouri-based family office specializing in medical office properties.

October 13, 2020

Acquisitions Industrial Northeast Pennsylvania

Binswanger Brokers Sale of 151,220 SF Industrial Building Near Philadelphia

by Taylor Williams October 13, 2020

CHALFONT, PA. — Binswanger has brokered the sale of a 151,220-square-foot industrial building located at 90 Hamilton St. in Chalfont, about 30 miles north of Philadelphia. The sales price was approximately $6 million. The property sits on 13.7 acres and features 23-foot clear heights and 6,000 square feet of office space. Chris Pennington and Tim Pennington of Binswanger represented the seller, specialty gifts maker Harriet Carter, in the transaction. The buyer was not disclosed.

October 13, 2020

Acquisitions Company News Georgia Industrial Southeast Top Stories

Americold Acquires Cold Storage Owner Agro Merchants Group for $1.7B

by John Nelson October 13, 2020

ATLANTA AND SCHIPHOL, NETHERLANDS — Americold Realty Trust (NYSE: COLD) has agreed to acquire Agro Merchants Group, a privately held cold storage warehouse owner based in The Netherlands, for $1.74 billion. Atlanta-based Americold entered into the agreement with Agro Merchants’ owner, an investor group led by funds managed by Los Angeles-based Oaktree Capital Management LP. The move will give Americold its first cold storage properties in Europe. Agro Merchants, which has its North American headquarters in Alpharetta, Ga., owns and operates 46 cold storage properties in 10 countries. The company is the fourth largest cold storage owner in the United States and third largest in Europe. Agro Merchants serves more than 2,900 customers across multiple industries. “We are confident that by joining Americold, we will accelerate our growth and by combining our complementary networks, we will be able to provide a more comprehensive range of solutions to customers around the world,” says Carlos Rodriguez, CEO of Agro Merchants. Americold is the only publicly traded REIT specializing in cold storage, which is seeing an influx of investment and leasing demand since the onset of the pandemic. According to a June report from Vyzn Research, the global cold storage sector is estimated …

October 13, 2020

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