Acquisitions

Knotel Files for Bankruptcy, Newmark to Acquire Ailing Coworking Provider

by John Nelson February 2, 2021

NEW YORK CITY — Knotel Inc., a New York City-based flexible workspace provider, has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware. Knotel concurrently has agreed to sell the business to an affiliate of commercial real estate services firm Newmark Group Inc. (Nasdaq: NMRK), which is providing Knotel with $20 million of debtor-in-possession (DIP) financing to help fund day-to-operations. The DIP financing, provided by a Newmark-backed entity known as Digiatech LLC, is subject to court approval. Founded in 2016, Knotel provides custom offices for company’s using an in-house team of architects, interior designers and workplace strategists. The total number of existing Knotel locations was not available, but Knotel has a presence in several global cities, including Amsterdam, Atlanta, Berlin, Boston, Dublin, London, Los Angeles, New York, Paris, San Francisco, Tokyo, Toronto and Washington, D.C. Amol Sarva, co-founder and CEO of Knotel, cites the COVID-19 pandemic as a black swan event for his firm, which was hampered by companies opting to work from home during the outbreak. “The pandemic created a uniquely challenging operating environment, with significant impacts on leasing velocity and the rate of renewals in key markets, particularly New York …

February 2, 2021

Acquisitions Features Multifamily Seniors Housing

Seniors Housing Sellers Are Highly Motivated Coming Out of COVID-19, Webinar Panel Concludes

by Jeff Shaw February 1, 2021

Seniors housing investors may be switching from development to acquisitions in the near term, as highly motivated sellers seek to unload existing properties at a lower price than the cost of building a new community. The prospect of highly motivated sellers has largely come as a result of the stresses of operating seniors housing during a global pandemic. “We’re starting to see valuations that are well below what we can develop for,” said Bill Pettit of R.D. Merrill Co. “If it’s the right business model and the right locations, we’ll be much more active on the acquisitions side moving forward.” Pettit’s comments came during a webinar entitled “Seniors Housing Valuation Outlook: What’s Ahead for 2021?” The event, held Thursday, Jan. 28, also included Rich Lerner of Housing & Healthcare Finance, Adam Heavenrich of Heavenrich & Co., Michelle Kelly of National Health Investors (NHI), Chris Kronenberger of Blue Moon Capital Partners and moderator JP LoMonaco of Valuation & Information Group. “Value by nature is a long-term concept,” said LoMonaco. “Value is created by the anticipated benefits of ownership over the long term. But short-term issues can cause short-term impacts on value.” LoMonaco noted that the acquisitions market for seniors housing was …

February 1, 2021

Acquisitions Georgia Southeast

IMG Acquires Metro Atlanta Apartment Complex for $42.9M

by John Nelson February 1, 2021

SANDY SPRINGS, GA. — Investors Management Group Inc. (IMG) has acquired a metro Atlanta apartment complex known as the Veridian at Sandy Springs. IMG paid $42.9 million for the 272-unit property, or approximately $157,700 per unit. The Veridian was built in 1980 at 1800 Windridge Drive in Sandy Springs, near Ga. Highway 400 and Interstate 285. The community’s amenities include a clubhouse, fitness center, pool and picnic areas. The property includes 17 buildings with one- and two-bedroom units that recently received over $5 million in upgrades. IMG plans to invest an additional $2.3 million in capital improvements. IMG is a Woodland Hills, Calif.-based real estate investment and asset management firm. Mike Kemether and Travis Presnell of Cushman & Wakefield served as brokers in the transaction. Charlie Mentzer of Capital One Multifamily Finance originated Freddie Mac acquisition financing on behalf of IMG.

February 1, 2021

Acquisitions Florida Hospitality Southeast

Coldwell Banker Arranges $23.5M Sale of Gulf Beach Resort Motel in Sarasota, Florida

by John Nelson February 1, 2021

SARASOTA, FLA. — Coldwell Banker Commercial and Coldwell Banker Realty in Florida have represented the sellers of the former Gulf Beach Resort Motel in a transaction valued at $23.5 million. Elliot Rose with Coldwell Banker Commercial NRT and Judy Kepecz-Hays with Coldwell Banker Realty’s Longboat Key, Fla., office co-listed the property. The undisclosed buyer plans to redevelop the 2.3-acre site as a beachfront luxury condominium tower. The Gulf Beach Resort Motel is located at located at 930 Benjamin Franklin Drive in the Lido Key area of Sarasota. It was built in 1950 and was part of the post-World War II motel construction boom that addressed the needs of a growing number of tourists to the area. In 1977, the motel was converted into a condominium form of ownership containing 43 units.

February 1, 2021

Acquisitions Georgia Retail Southeast

SRS Brokers Sale of 18,550 SF Retail Center in Norcross, Georgia

by John Nelson February 1, 2021

NORCROSS, GA. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of an 18,550-square-foot retail strip center in Norcross. The seller, an entity doing business as OMI 5770 IB LLC, sold the property to Shallya Wholesale Distributing LLC for $4.3 million. The property, known as Peachtree Corners Pavilion, is located at 5770 Peachtree Industrial Blvd. The center is situated on the border of Norcross and Peachtree Corners, and sits on roughly 1.9 acres. It was fully leased at the time of sale to retailers including TapOut Fitness, Avis, Shane’s Rib Shack and CBD Plus USA. The retail center was built in 2006. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group represented the seller in the transaction. Chase Murphy of Skyline Seven Real Estate represented the buyer.

February 1, 2021

Acquisitions Healthcare Nevada Office Western

White Oak Healthcare Buys Medical Office Building in Henderson, Nevada for $18.8M

by Amy Works February 1, 2021

HENDERSON, NEV. — White Oak Healthcare MOB REIT has purchased a medical office building located at 2779 W. Horizon Ridge in Henderson. Stable Development sold the asset for $18.8 million. The property features 38,129 square feet of medical office space within close proximity of Dignity Health’s hospital campus. Mark Schuessler and Mike Tabeek of Newmark represented the buyer and seller in the transaction.

February 1, 2021

Acquisitions Arizona Industrial Western

Kanasardas Investment Acquires Single-Tenant Industrial Facility in Chandler, Arizona for $10M

by Amy Works February 1, 2021

CHANDLER, ARIZ. — Orange County, Calif.-based Kanasardas Investment has purchased a Class A industrial property located at 3167 W. Armstrong Place in Chandler. An undisclosed seller sold the property for $10 million. Will Strong, Phil Haenel, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the deal. Built in 2010, the 62,415-square-foot property is fully leased on a long-time basis to a regional credit tenant, one of the nation’s largest integrated designers, manufacturers and installers of products for the commercial building envelope.

February 1, 2021

Acquisitions California Multifamily Western

Colliers Brokers $3.4M Sale of Apartment Building in Escondido, California

by Amy Works February 1, 2021

ESCONDIDO, CALIF. — Colliers International has arranged the sale of an apartment building located at 1015 E. Ohio Ave. in Escondido. Hama Investments acquired the property from Cunningham Family Trust for $3.4 million. The recently renovated, 9,472-square-foot property features 15 one-bedroom/one-bath units. Recent renovations included new windows, fencing, paint, landscaping and light fixtures. Unit interiors feature upgraded plank flooring, recessed lighting, upgraded kitchens, luxury gas ranges, new bathrooms, mirrored closet doors and designer two-tone interior paint. Peter Scepanovic and Corey McHenry of Colliers International San Diego Region’s Multifamily Advisory team represented the buyer, while Ray Adams of Cushman & Wakefield represented the seller in the deal.

February 1, 2021

Acquisitions California Retail Western

Laemmle Theatres Completes Sale-Leaseback of its Pasadena, California Location

by Amy Works February 1, 2021

PASADENA, CALIF. — Laemmle Theatres, a Los Angeles-based art-house cinema chain, has completed the sale-leaseback of Laemmle Playhouse 7 in Pasadena. Arash Danialifar of Los Angeles-based GD Realty Group acquired the property from Laemmle Theaters. The acquisition price was not released. The 22,897-square-foot property is located at 673 E. Colorado Blvd. in Old Pasadena in the Playhouse District. The Laemmel Playhouse 7 is available for auditorium rentals for private and public screenings or full-week engagements, and offers feature films, documentaries and shorts for viewing. Matthew May of May Realty Advisors represented the seller, while Carlos Lopez of Hanley Investment Group Real Estate Advisors represented the buyer in the transaction.

February 1, 2021

Acquisitions Retail Texas

Stan Johnson Brokers $68.4M Sale of 27-Property Single-Tenant Retail Portfolio

by Taylor Williams February 1, 2021

TULSA, OKLA. — Tulsa-based Stan Johnson Co. has brokered the $68.4 million sale of a 27-property, single-tenant retail portfolio located across 18 states. The 340,000-square-foot portfolio includes properties ranging from 5,100 square feet to 23,500 square feet. The buildings are leased to tenants including dollar stores, discount retailers, automotive suppliers, farm stores and home improvement retailers. Zach Harris, Jeff Hughes and Melissa McKenzie of Stan Johnson Co. represented the seller, a Midwest-based private family office, in the disposition of the properties to an undisclosed institutional investor.

February 1, 2021

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