Acquisitions

Hanley Investment Group Brokers Sale of Amazon Locker Property in Chicago

by Kristin Harlow September 15, 2020

CHICAGO — Hanley Investment Group Real Estate Advisors has brokered the sale of a single-tenant Amazon Hub Locker+ in Chicago for an undisclosed price. The 2,800-square-foot Amazon package pickup space is situated directly across from DePaul University. It is located on the ground floor of a four-story condominium building, which was constructed in 2010. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley represented the seller, Los Angeles-based Westwood Financial. John Oks of Banco Santander International represented the buyer, a Mexico-based private investor. Amazon has locker locations in over 900 cities.

September 15, 2020

Acquisitions California Healthcare Office Western

Meridian, Harrison Street Acquire 110,400 SF Building for Medical Office Conversion in Irvine, California

by Amy Works September 15, 2020

IRVINE, CALIF. — A joint venture between Meridian and Harrison Street has purchased a Class A office building located at 114 Pacifica Court in Irvine. The joint venture plans to invest additional capital in building improvements to convert the property into medical office space. Situated on 4.8 acres, the property features 110,400 square feet. At the time of sale, the property was 60 percent occupied. Constructed in 1999, the building is currently named Pacifica Court, but will be renamed to Pacifica Medical Plaza once conversion is complete. Anthony DeLorenzo and Todd Tydlaska of CBRE represented the seller, an institutional owner, while the joint venture represented itself in the deal. John Wadsworth and Aaron Phillips of Colliers International will handle leasing for the property following the medical office conversion.

September 15, 2020

Acquisitions Industrial Oregon Western

CRG Sells The Cubes at Troutdale Industrial Facility Near Portland to KKR

by Amy Works September 15, 2020

TROUTDALE, ORE. — CRG has completed the sale of The Cubes at Troutdale, a 350,000-square-foot speculative industrial facility located at 2503 NW Sundial Road in Troutdale, a suburb on the east side of Portland. KKR acquired the asset for an undisclosed price. Situated within Troutdale Reynolds Industrial Park, the facility includes a 76,000-square-foot cooler space. At the time of sale, the property was fully leased to C&S Wholesale Grocers, the largest wholesale grocery supplier in the United States. CRG led the development of the facility and formed a joint venture partnership with U.S. Logistics Fund 1 to invest in the project. Vertical construction started in February 2019. The developers claim the property will create 300 new jobs for C&S.

September 15, 2020

Acquisitions California Office Western

Buchanan Street Partners Divests of Office Building in San Diego for $20.6M

by Amy Works September 15, 2020

SAN DIEGO — Newport Beach, Calif.-based Buchanan Street Partners has completed the disposition of an office building located at 6059 Cornerstone Court West in San Diego. A private buyer acquired the asset for $20.6 million, or $398 per square foot. Verimatrix, a San Diego-based company that specializes in content security for digital television services, occupies the 51,690-square-foot building, which is located within Cornerstone Heights Corporate Center. Matt Pourcho, Gary Stache, Anthony DeLorenzo and Bryan Johnson of CBRE represented the seller, whiel Joe Winkelmann of Colliers International represented the buyer in the transaction.

September 15, 2020

Acquisitions Multifamily Nevada Western

Northcap Commercial Arranges $20M Sale of Cypress Springs Apartments in Las Vegas

by Amy Works September 15, 2020

LAS VEGAS — Northcap Commercial has negotiated the sale of Cypress Springs Apartments in Las Vegas. AWI Cypress Springs LP sold the asset to an undisclosed buyer for $20 million, or $138,889 per unit. Located at 3651 N. Rancho Drive, the property features 144 apartment units. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Commercial handled the transaction.

September 15, 2020

Acquisitions Massachusetts Multifamily Northeast ORIX Seniors Housing Top Stories

Orix to Grow LIHTC Platform to $15B with Acquisition of Boston Capital’s Portfolio

by John Nelson September 15, 2020

BOSTON — Boston Financial Investment Management, a subsidiary of Orix Corp. USA, has agreed to acquire Boston Capital’s low-income housing tax credit (LIHTC) fund portfolio. The purchase of Boston Capital’s portfolio will nearly double Orix’s LIHTC platform to $15 billion in funds under management. (Boston Financial and Boston Capital are not affiliated.) Boston Financial is one of the leading syndicators in the LIHTC industry. The firm currently manages a $7.7 billion portfolio comprising more than 1,125 properties and 98,110 units. Boston Financial will service Boston Capital’s assets under management. According to a release from Orix, the firm views the LIHTC business as one that shows projected growth, even during the economic uncertainty of the COVID-19 pandemic. Because rent for LIHTC properties is often below comparable non-tax-credit properties and the government supports many LIHTC residents in the form of rental assistance, Boston Financial has seen occupancy rates remain stable during the pandemic. The closing of the transaction is subject to customary closing conditions and approvals. The acquisition price was not disclosed. Established by Congress in 1986, LIHTC is a tax incentive program designed to promote the supply of affordable rental housing for low-income households. LIHTC syndicators such as Boston Financial and …

September 15, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

University Partners Acquires Vertex Student Housing Community Near Arizona State University

by Amy Works September 14, 2020

TEMPE, ARIZ. — University Partners has acquired Vertex, a 600-bed student housing community located near Arizona State University in Tempe. The property was built in 2015 and offers a mix of one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include 7,700 square feet of retail space, a resort-style swimming pool, two-story fitness center with a rock-climbing wall, clubhouse, private study rooms and a cycle room. University Partners plans to upgrade and refresh community common areas and will oversee management of the property. The seller and terms of the transaction were undisclosed.

September 14, 2020

Acquisitions Arizona Multifamily Western

Marcus & Millichap Arranges Sale of 70-Unit Torrey Pines Villas in Glendale, Arizona

by Amy Works September 14, 2020

GLENDALE, ARIZ. — Marcus & Millichap has brokered the sale of Torrey Pines Villas, a 70-unit multifamily property located in Glendale. A limited liability company sold the asset to another limited liability company for $8.3 million. Paul Bay of Marcus & Millichap represented both parties in the deal. Located at 5712 N. 67th Ave., Torrey Pines Villas features 44 one-bedroom/one-bath units and 26 two-bedroom/two-bath units. The community was built in 1985 on 1.14 acres.

September 14, 2020

Acquisitions Healthcare Maryland Southeast

Heritage Partners Sells Build-to-Suit Medical Facility in Metro D.C. for $39.3M

by John Nelson September 14, 2020

GLENARDEN, MD. — Heritage Partners has sold Children’s National Prince George’s County, a 60,000-square-foot medical outpatient facility situated within Woodmore Towne Centre in Glenarden. The Annapolis, Md.-based developer sold the newly constructed property to Municipal Acquisitions for $39.3 million, and Municipal Acquisitions has subsequently restructured the lease with the tenant. The deal allows Children’s National Hospital, a Washington, D.C.-based healthcare system, to transition from a tenant under a triple-net-lease to the owner of the building and the land. Municipal Acquisitions and Children’s National financed the acquisition using tax-exempt and taxable bonds. The three-story, build-to-suit property opened in July and houses a pediatric ambulatory surgery center and space for pediatric clinics and offices. Jonathan Hipp of Avison Young brokered the deal.

September 14, 2020

Acquisitions Healthcare Life Sciences Northeast Office Pennsylvania

Ensemble Real Estate Acquires Three Life Sciences Buildings in Philadelphia for $83M

by Taylor Williams September 14, 2020

PHILADELPHIA — California-based Ensemble Real Estate Investments has acquired a trio of life sciences buildings within Philadelphia’s Navy Yard for $83 million. The properties total 366,803 square feet and are occupied by WuXi Advanced Therapies Inc. Ensemble, which has five offices across the country, now owns five life sciences buildings totaling approximately 550,000 square feet within the Navy Yard. The seller(s) was not disclosed.

September 14, 2020

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