Acquisitions

Affordable Housing Sector is a Seller’s Market as New Buyers Enter the Fray, Says Exclusive Webinar Panel

by John Nelson November 17, 2020

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, …

November 17, 2020

Acquisitions Company News Northeast Pennsylvania Texas Top Stories

PNC Agrees to Acquire US Operations of BBVA in $11.6B Bank Merger

by John Nelson November 17, 2020

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 …

November 17, 2020

West-Craig-Industrial-Center-North-Las-Vegas-NV

Acquisitions Industrial Nevada Western

Lincoln Property Purchases New Industrial Park Near Las Vegas for $48.6M

by Amy Works November 16, 2020

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.

November 16, 2020

Acquisitions Arizona Multifamily Western

Shefflin Properties Sells Dunlap Falls Multifamily Community in Phoenix to Tides Equities for $40.5M

by Amy Works November 16, 2020

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.

November 16, 2020

Acquisitions Industrial Washington Western

CenterPoint Acquires 51,281 SF Rail-Served Industrial Property in Tacoma, Washington

by Amy Works November 16, 2020

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.

November 16, 2020

Acquisitions Industrial Texas

Fort Capital Sells 606,889 SF Light Industrial Portfolio in DFW

by Taylor Williams November 16, 2020

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.

November 16, 2020

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges $68.2M Sale of Multifamily Community in Metro Atlanta

by Alex Tostado November 16, 2020

SMYRNA, GA. — Cushman & Wakefield has arranged the $68.2 million sale of The Eddy at Riverview Landing, a 310-unit multifamily community in Smyrna. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, bike storage, walking trails, dog park and a car charging station. The property is situated along the Chattahoochee River at 6255 Riverview Road SE, 10 miles west of downtown Atlanta. Watson Bryant, Paul Marley and Taylor Bird of Cushman & Wakefield represented the seller, Prestwick Cos., in the transaction. JEM Holdings acquired the asset.

November 16, 2020

Acquisitions Development Multifamily Seniors Housing Southeast Virginia

Standard Communities Invests $22M to Acquire, Upgrade Seniors Housing Community in Virginia Beach

by Alex Tostado November 16, 2020

VIRGINIA BEACH, VA. — Standard Communities, the affordable housing division of Standard Cos., has acquired The Commons at Princess Anne, an affordable seniors housing community in Virginia Beach. The buyer plans to make capital improvements at the 186-unit property. The acquisition and renovation have a total capitalization of approximately $22 million. Built in 2001, The Commons at Princess Anne features a central courtyard with picnic areas and grills, a large community room and amenity spaces such as a fitness center, hair salon and walking paths. With this transaction, Standard has created or preserved over 2,000 units of affordable housing in the Mid-Atlantic region. The seller was not disclosed.

November 16, 2020

Acquisitions Midwest Minnesota Retail

Upland Brokers $20M Sale of Retail Property Occupied by Fleet Farm in Minnesota

by Kristin Harlow November 16, 2020

MONTICELLO, MINN. — Upland Real Estate Group has brokered the $20 million sale of a 188,000-square-foot retail property occupied by Fleet Farm in Monticello, about 40 miles northwest of Minneapolis. The single-tenant, net-leased building is situated near I-94. Fleet Farm has 19 years remaining on its lease. The retailer operates 45 stores in five states and sells a variety of sports and outdoor equipment, appliances, automotive goods, apparel, hardware, tools and farm supplies. Keith Sturm, Deborah Vannelli, Amanda Leathers and Ed Engler of Upland brokered the sale. Buyer and seller information was not disclosed.

November 16, 2020

Acquisitions Midwest Multifamily Ohio Seniors Housing

United Church Homes Expands in Northeast Ohio with Acquisition of Two Active Adult Communities

by Kristin Harlow November 16, 2020

BRUNSWICK AND NILES, OHIO — United Church Homes, an Ohio-based nonprofit provider of senior living residential and healthcare services, has acquired two active adult communities in Northeast Ohio for an undisclosed price. Harbor Woods Living at Brunswick and Harbor Woods Living at Niles were each built in 2016. The four-story, rental properties consist of 127 units each and cater to active adults over age 55. Amenities include a fitness center, salon, library, game room and gathering spaces. Harbor Woods Living was the seller. United Church Homes says the acquisition is aligned with its strategy of expanding its portfolio of market-priced housing for middle-income, older adults.

November 16, 2020

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