Acquisitions

SHVO, Deutsche Bank Acquire Transamerica Pyramid Center in San Francisco for $650M

by Alex Tostado October 29, 2020

SAN FRANCISCO — A joint venture led by SHVO and Deutsche Finance America has acquired Transamerica Pyramid Center, a two-building, 750,000-square-foot office complex in San Francisco’s Financial District, for $650 million. The seller was Dutch insurance company Aegon Asset Management, which assumed ownership of the asset in 1999 when it acquired Transamerica Corp. Transamerica Corp. has occupied space in the iconic 48-story, pyramid-shaped anchor building since it was built in 1972. Originally designed by William L. Pereira & Associates, the 853-foot-high tower is currently the third tallest pyramid in the world. Floor plates at the tower range from 22,226 square feet on the sixth floor to 2,531 square feet on the 48th floor. Tenants at the complex include private equity, wealth management, consulting and law firms. The complex spans a city block and includes the main office tower, situated at 600 Montgomery St.; a 20-story, 191,142-square-foot office building at 505 Sansome St.; and a development site at 545 Sansome St. where a nine-story, 106,807-square-foot office building is planned. In the middle of the complex is Transamerica Redwood Park, a grove of mature redwood trees shading public open space. “We’re proud to take on ownership and management of the Transamerica Pyramid, …

October 29, 2020

Acquisitions Industrial North Carolina Southeast

Lightstone Group Acquires Industrial Facility in Charlotte for $34M

by Alex Tostado October 28, 2020

CHARLOTTE, N.C. — Lightstone Group has acquired Clarius Park Charlotte, a 400,000-square-foot industrial facility in Charlotte, for $34 million. The New York City-based buyer has rebranded the property to Lightstone Logistics Center. At the time of sale, the asset was 50 percent leased to Power Distributors LLC, a distributor of outdoor power equipment. The new building features 36-foot clear heights, 70 dock doors and immediate access to Interstates 85 and 485. Lightstone Logistics Center is located at 7800 Tuckaseegee Road, two miles north of Charlotte Douglas International Airport. Chris Loyd and Tom Tropeano of Avison Young represented the seller, Clarius Partners, in the transaction. Peter Rotchford of JLL arranged the acquisition financing on behalf of the buyer. Details of the loan were not disclosed.

October 28, 2020

Acquisitions Louisiana Retail Southeast

Marcus & Millichap Negotiates $11.7M Sale of Shopping Center in Ruston, Louisiana

by Alex Tostado October 28, 2020

RUSTON, LA. — Marcus & Millichap has negotiated the $11.7 million sale of Ruston Marketplace, a 94,000-square-foot retail center in Ruston. The property was leased to eight tenants at the time of sale, including Hobby Lobby, T.J. Maxx, Ulta Beauty, Five Below and Rack Room Shoes. The seller, Hutton, delivered the asset in June 2019. The property is located at 1208 Woodward Ave., two miles north of downtown Ruston and adjacent to Interstate 20. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller in the transaction. Brian Munn of Marcus & Millichap represented the buyer, George Snelling. “We sourced a private 1031 exchange buyer who was trading out of self-storage,” says Taylor about Snelling. “We have seen a notable trend of multifamily, industrial and self-storage sellers trading into retail to achieve a higher return.”

October 28, 2020

Acquisitions Office Texas

Coldwell Banker Arranges Sale of 68,124 SF Office Building in Lubbock

by Taylor Williams October 28, 2020

LUBBOCK, TEXAS — Coldwell Banker Commercial has arranged the sale of a 68,124-square-foot office building in Lubbock. Built in 1997, the property formerly served as a call center for Convergys, a provider of information management software for corporate users. Coldwell Banker represented the seller, which sold the asset to Harmony Public Schools, a Houston-based organization of K-12 charter schools that focuses on science, technology, engineering and math (STEM). The sales price was undisclosed.

October 28, 2020

Acquisitions Healthcare Texas

MedCore Partners Sells 22,000 SF Medical Office Plaza in Sunnyvale, Texas

by Taylor Williams October 28, 2020

SUNNYVALE, TEXAS — MedCore Partners has sold Sunnyvale Medical Plaza, a 22,000-square-foot medical office property located at the corner of U.S. Highway 80 and South Collins Road in Sunnyvale, an eastern suburb of Dallas. The property was fully leased at the time of sale to several local providers, including primary care and cardiology practices. The buyer was not disclosed.

October 28, 2020

Acquisitions Industrial Midwest Ohio

Boulder Group Brokers $10.5M Sale of Industrial Building in Mansfield, Ohio

by Kristin Harlow October 28, 2020

MANSFIELD, OHIO — The Boulder Group has brokered the $10.5 million sale of a 314,736-square-foot industrial facility in Mansfield, located midway between Columbus and Cleveland. The building is net leased to School Specialty Inc., a distributor of supplies, furniture, technology products, supplemental learning products and curriculum solutions for education. The facility is located at 100 Paragon Parkway within an industrial park that is home to other tenants such as FedEx, Coca-Cola, Frito-Lay and the Ohio Army and National Guard. The building features 49,500 square feet of office space with expansion capabilities. Randy Blankstein and Jimmy Goodman of Boulder represented both parties in the transaction. A private investor sold the asset to a Northeast-based real estate investment trust. School Specialty’s lease expires in October 2025.

October 28, 2020

Acquisitions Midwest Missouri Multifamily

Capstone Arranges $8M Sale of Manufactured Housing Portfolio in St. Louis

by Kristin Harlow October 28, 2020

ST. LOUIS — Capstone Manufactured Housing has arranged the sale of a 204-site manufactured housing portfolio in St. Louis for $8 million. The portfolio consists of two mobile home parks located on the southwest side of the city, Eagle Creek and Cedar Hill. Combined, the two parks were 95 percent occupied at the time of sale. Kevan Enger, Ian Hilpl and Brian Hummell of Capstone represented the seller, local investor Tony Stieren. The West Coast-based buyer plans to hold on to the assets for the long term, according to Capstone.

October 28, 2020

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers $14M Sale of Apartment Building in Orange, New Jersey

by Taylor Williams October 28, 2020

ORANGE, N.J. — Marcus & Millichap has brokered the $14 million sale of 400 Highland Terrace, an 81-unit apartment building in Orange, an eastern suburb of Newark. The unit mix comprises 10 studios, 61 one-bedrooms and 10 two-bedrooms. Richard Gatto and Fahri Ozturk of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

October 28, 2020

Acquisitions Idaho Industrial Western

LDK Ventures Enters Idaho Market with Acquisition of Boise Logistics Center

by Amy Works October 28, 2020

BOISE, IDAHO — California-based LDK Ventures has purchased Boise Logistics Center located at 1001 E. Gowen Road in Boise. Terms of the transaction were not released. The vacant property, which Shopko occupied until 2019, is one of the largest industrial buildings in the Boise metropolitan area and is the only facility to more than 100,000 square feet of available distribution space in the Treasure Valley industrial market, according to LDK. The building features three loading sides, 39-foot to 40-foot clear heights, an ESFR sprinkler system and five acres of excess paved yard that can accommodate modern distribution requirements, including employee, van and trailer parking. LDK plans to reposition the property as a Class A distribution center. The site also includes 16 acres of undeveloped land that can accommodate an additional 250,000 square feet of industrial space. The buyer plans to proceed with entitling the parcel for an industrial development with a planned construction start in 2021. Devin Ogden and Michael McKnight of Colliers International represented the buyer, while Gavin Phillips of TOK Commercial represented the seller in the deal.

October 28, 2020

Acquisitions California Multifamily Western

Advanced Real Estate Acquires 215-Unit Multifamily Community in Riverside, California

by Amy Works October 28, 2020

RIVERSIDE, CALIF. — Advanced Real Estate Services has purchased an apartment property located on 10.5 acres in Riverside. The company acquired the asset from an undisclosed seller for just under $58 million. Advanced plans to implement a more than $10 million renovation program at the property, which will be rebranded The James. Renovations will include the installation of new windows, a new paint scheme, updated landscaping and modernized unit interiors. The 215-unit community features a pool, spa, clubhouse, turf soccer field with running track, pet park and playground. Sean Deasy and Ryan Fitzpatrick of JLL’s Newport Beach, Calif., office brokered the transaction. Alex Kane of JLL West Los Angeles secured an approximately $37.5 million Fannie Mae acquisition loan for the buyer.

October 28, 2020

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