Acquisitions

Cushman & Wakefield Negotiates Sale of 562,758 SF Industrial Facility in Metro Orlando

by Alex Tostado October 12, 2020

LAKE MARY, FLA. — Cushman & Wakefield has negotiated the sale of Innovation Center at Lake Mary, a 562,758-square-foot industrial facility in Lake Mary. The property is located at 2452 Lake Emma Road, 18 miles north of downtown Orlando and three miles from Interstate 4. The asset features 28-foot clear heights, ESFR sprinklers, 50 dock-high doors and a 50-slip trailer parking lot. Innovation Center was 97 percent leased at the time of sale to tenants including recycling center A1 Assets Inc., Alliance Building Material Supply, Orlando Wedding & Party Rentals and Dream Maker Spas. Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Zachary Eicholtz, Ryan Jenkins, David Perez and Jared Bonshire of Cushman & Wakefield represented the seller, a partnership between IP Capital Partners and Blue Vista Capital Management, in the transaction. ATCAP Partners acquired the asset. Jason Hochman and Mike Ciadella of Cushman & Wakefield arranged acquisition financing on behalf of the buyer. Terms of the loan and the sale were not disclosed.

October 12, 2020

Acquisitions Mississippi Retail Southeast

SRS Brokers $6.3M Sale of Walgreens-Occupied Property in Jackson, Mississippi

by Alex Tostado October 12, 2020

JACKSON, MISS. — SRS Real Estate Partners has arranged the $6.3 million sale of a single-tenant retail property triple-net leased to Walgreens in Jackson. The 14,550-square-foot building spans 1.7 acres and was built in 2015. There are 15 years remaining on the corporate-guaranteed lease. The Walgreens is situated at 310 Meadowbrook Road, four miles north of downtown Jackson. Matthew Mousavi, Patrick Luther and Parker Walter of SRS represented the seller, an undisclosed family office completing a 1031 exchange. Mark Ruble of Marcus & Millichap represented the undisclosed seller, which also developed the property, in the transaction.

October 12, 2020

Acquisitions Industrial Massachusetts Northeast

Cabot, Cabot & Forbes Acquires Industrial Flex Property in Cambridge for $49.6M

by Taylor Williams October 12, 2020

CAMBRIDGE, MASS. — Locally based developer Cabot, Cabot & Forbes has acquired a 66,964-square-foot industrial flex property located at 67 Smith Place in Cambridge for $49.6 million. The site is adjacent to The Quad, the firm’s master-planned development that includes 485 multifamily units, 60,000 square feet of retail space and 575,000 square feet of lab space. Cabot, Cabot & Forbes raised $21 million on CrowdStreet to help fund the acquisition and will implement a capital improvement program.

October 12, 2020

Acquisitions Industrial Northeast Pennsylvania

Binswanger Arranges Sale of 171,646 SF Industrial Property Near Philadelphia

by Taylor Williams October 12, 2020

MONTGOMERYVILLE, PA. — Binswanger Commercial Real Estate Services has arranged the sale of a 171,646-square-foot industrial property located at 425 Stump Road in Montgomeryville, a northern suburb of Philadelphia. The sales price was $8.5 million. Built on 9.8 acres in 1970, the property features 12 dock-high doors, 16-foot clear heights and 20,000 square feet of office space. Chris Pennington and Tim Pennington of Binswanger represented the seller, specialty gift maker Harriet Carter, in the transaction.

October 12, 2020

Acquisitions California Company News Office Western

Allianz Real Estate Buys Stake in 221 Main Street Office Building in San Francisco for $180M

by Amy Works October 12, 2020

SAN FRANCISCO — Columbia Property Trust and Allianz Real Estate have completed the formation of a joint venture to recapitalize 221 Main Street, a LEED Platinum- and Energy Star-certified office building in San Francisco’s South Financial District. Allianz contributed $180 million in cash for a 45 percent ownership in the joint venture, which values 221 Main Street at $400 million. Columbia will retain a 55 percent ownership stake in the property, function as general partner for the venture and continue to oversee day-to-day operations of the asset. Acquired by Columbia in 2014, 221 Main Street features 381,000 square feet of office space, Bay views and abundant outdoor space. The property is fully leased, primarily to tech tenants such as DocuSign and Prosper Marketplace. With this transaction, Columbia and Allianz now own five properties as joint venture partners. The joint venture portfolio has a collective gross asset value of $2.3 billion.

October 12, 2020

Acquisitions Multifamily Utah Western

Buchanan Street Partners Sells 160-Unit Ascent in Cottonwood Apartments Near Salt Lake City

by Amy Works October 12, 2020

COTTONWOOD HEIGHTS, UTAH — Buchanan Street Partners has completed the sale of Ascent in Cottonwood, a multifamily property located at 1151 E. 6720 S in Cottonwood Heights. Warmington Properties acquired the community for an undisclosed price. Built in 1996, the property features 160 apartments, a swimming pool with poolside pergola, outside television, bocce ball court and dog park. Danny Shin, Brock Zylstra, Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction.

October 12, 2020

Acquisitions Colorado Net Lease Retail Western

Taylor Street Brokers $7.8M Acquisition of Animal Clinic in Parker, Colorado

by Amy Works October 12, 2020

PARKER, COLO. — Taylor Street Advisors has arranged the purchase of Animal Emergency & Specialty Center, located at 17701 Cottonwood Drive in Parker. Woodridge Apartment Holdings acquired the single-tenant property from Veterinary Property Management for $7.8 million. Compassion-First Pet Hospitals occupies the 19,338-square-foot building with more than 10 years remaining on its triple-net lease. The building sits on a 69,696-square-foot lot. Jake Baratz and Boston Chauthani of Taylor Street Advisors represented the buyer, while Andrew Evans of Mathews Real Estate Investment Services represented the seller in the deal.

October 12, 2020

Acquisitions California Industrial Western

Dovetail Furniture Acquires Industrial Warehouse Property in Los Angeles for $7.2M

by Amy Works October 12, 2020

LOS ANGELES — Dovetail Furniture & Designs has purchased a warehouse asset located at 14150 S. Figueroa St. in Los Angeles. AJ Wholesale sold the asset for $7.2 million. With its corporate headquarters located next door at 14000 S. Figueroa St., Dovetail plans to use the 41,723-square-foot building for warehouse and distribution space. The company sells handmade furniture, accessories and textiles from around the world. Matthew Stringfellow, Courtney Bell and Tyler Rollema of The Klabin Company/CORFAC International represented the buyer, while the seller was self-represented in the transaction.

October 12, 2020

Acquisitions Multifamily Texas

Barvin Sells 137-Unit Oak Lawn Heights Apartments in Dallas

by Taylor Williams October 12, 2020

DALLAS — Barvin, a privately held investment firm based in Houston, has sold Oak Lawn Apartments, a 137-unit multifamily community in the Oak Lawn neighborhood of Dallas. The property was built in 1970 and offers one- and two-bedroom units and amenities such as a pool, clubhouse and onsite laundry facilities. Barvin acquired the property in 2011 and implemented a value-add program. The buyer was not disclosed.

October 12, 2020

Acquisitions Multifamily Seniors Housing Texas

Blueprint Brokers Sale of Three-Property Seniors Housing Portfolio in East Texas

by Taylor Williams October 12, 2020

CHICAGO — Blueprint Healthcare Real Estate Advisors has arranged the portfolio sale of three assisted living communities totaling 132 units in East Texas. Two of the communities were vacant at the time of sale. The other was operational and 90 percent occupied. Dallas-based owner-operator WindRiver Cos. acquired the properties. The seller and price were not disclosed.

October 12, 2020

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