Acquisitions

Cousins Properties to Acquire Office Tower in Downtown Austin for $521.8M

by John Nelson December 10, 2024

AUSTIN, TEXAS — Cousins Properties (NYSE: CUZ) is under contract to acquire Sail Tower, a trophy office building located at 601 W. 2nd St. in downtown Austin. The Atlanta-based REIT agreed to a net purchase price of $521.8 million for the 804,000-square-foot property. Sail Tower was delivered in 2022 and its offices are fully leased to a Fortune 20 company through 2038, according to Cousins. The tenant name was not disclosed, but multiple media outlets report that Google is the occupant. The seller was also not mentioned, but Dallas-based Trammell Crow Co. developed the tower, which was formerly known as Block 185. The name “Sail Tower” derives from its curved appearance. The LEED Platinum property is situated near Austin’s Second Street entertainment district and offers unobstructed views of Lady Bird Lake. “We are thrilled to add this iconic office property, with a strong investment grade customer, to our Austin portfolio,” says Colin Connolly, president and CEO of Cousins. “This exciting transaction enables Cousins to enhance the quality of our leading lifestyle office portfolio and is immediately accretive to earnings.” Cousins’ existing downtown Austin office portfolio is situated near Sail Tower and is currently 93 percent leased. The assets include 300 Colorado, …

December 10, 2024

Acquisitions Industrial Southeast Tennessee

Cushman & Wakefield Commercial Advisors Brokers $63M Sale of Memphis Industrial Facility

by John Nelson December 9, 2024

MEMPHIS, TENN. — Cushman & Wakefield Commercial Advisors has brokered the $63 million sale of a manufacturing and logistics facility located on 35.7 acres at 5106 Tradeport Drive in Memphis. AAON Inc., an HVAC equipment manufacturer based in Tulsa, Okla., purchased the 787,000-square-foot property from Conwood Co. LLC, an affiliate of tobacco manufacturer American Snuff Co. Landon Williams, Katie Hargett and Mark Jenkins of Cushman & Wakefield Commercial Advisors represented the seller in the transaction, and John Beach and Susan Arledge of Newmark represented the buyer.

December 9, 2024

Acquisitions Florida Retail Southeast

Marcus & Millichap Negotiates $15.5M Sale of Shopping Center in Lakeland, Florida

by John Nelson December 9, 2024

LAKELAND, FLA. — Marcus & Millichap has negotiated the $15.5 million sale of Northtowne Square, a 96,009-square-foot shopping center located in Lakeland. Built in 1988, the property was fully leased at the time of sale to tenants including Harbor Freight Tools, Fancy Fruit & Produce and Brewlands Bar & Billiards. Tarek Chbeir of Marcus & Millichap represented the seller in the transaction, and Garrett Fierstein of Marcus & Millichap Capital Corp. (MMCC) arranged $6.5 million in acquisition financing on behalf of the buyer.

December 9, 2024

Acquisitions Industrial Texas

Bendetti Acquires Two Arlington Industrial Properties Totaling 114,390 SF

by Taylor Williams December 9, 2024

ARLINGTON, TEXAS — California-based investment firm Bendetti has acquired two industrial properties totaling 114,390 square feet in Arlington. The building at 1173 109th St. totals 35,000 square feet, and the property at 1114-1118 W. Harris Road comprises two buildings totaling 79,390 square feet, including 1,400 square feet of office space. Both facilities were fully leased at the time of sale. Stephen Bailey of Newmark represented the seller, Dallas-based CanTex Capital, in the off-market transaction. The sales price was not disclosed.

December 9, 2024

Acquisitions Industrial Texas

Colliers Brokers Sale of 14,165 SF Industrial Building in College Station

by Taylor Williams December 9, 2024

COLLEGE STATION, TEXAS — Colliers has brokered the sale of a 14,165-square-foot industrial building in College Station. The building at 5936 Imperial Loop Drive sits within Aggieland Business Park, a 133-acre development on the city’s southwest side. The property is a build-to-suit for global agricultural company Advanta Seeds. Todd Moore, Connor Duffy and Zack Martin of Colliers represented the seller, Dark Horse Real Estate, in the transaction. Bill Byrd of Colliers and Judd Harrison of KBC Advisors represented the undisclosed buyer.

December 9, 2024

Acquisitions Retail Texas

Marcus & Millichap Negotiates Sale of 8,246 SF Retail Strip Center in Saginaw, Texas

by Taylor Williams December 9, 2024

SAGINAW, TEXAS — Marcus & Millichap has negotiated the sale of Victory Shops at Basswood VI, an 8,246-square-foot retail strip center in Saginaw, located north of Fort Worth. The center was built in 2021 and was fully leased at the time of sale to four tenants: Mooyah Burger, Thrive Pet Healthcare, Bazooka Charlie’s Barber Co. and Swig. Chris Gainey and Philip Levy of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

December 9, 2024

Acquisitions New York Northeast Office

AmTrust RE Acquires Midtown Manhattan Office Building for $65.5M

by Taylor Williams December 9, 2024

NEW YORK CITY — Locally based investment firm AmTrust RE has acquired a 260,000-square-foot office building located at 360 Lexington Ave. in Midtown Manhattan for $65.5 million. Constructed in 1959, the 24-story building has received significant renovations in the past few years, including a new lobby and upgraded elevators and common areas. AmTrust plans to implement further capital improvements by adding several new amenities, including conference rooms and lounges. Adam Spies, Adam Doneger, Joshua King and Marcella Fasulo of Newmark represented both AmTrust RE and the undisclosed seller in the transaction.

December 9, 2024

Acquisitions Arizona Office Western

U-Haul International Buys 548,938 SF Office Tower in Midtown Phoenix for Corporate Headquarters

by Amy Works December 9, 2024

PHOENIX — U-Haul International, a Phoenix-based moving and self-storage company, has acquired 20 E Thomas, a 25-story office tower at 20 E. Thomas Road in Phoenix’s Midtown submarket, from an entity controlled by Bank of America for $23.7 million. The 548,938-square-foot asset is part of a 10.5-acre mixed-use development containing 1.5 million square feet of office space, 30,500 square feet of retail space, a 242-room Embassy Suites hotel and an 11-story parking garage immediately adjacent to 20 E. Thomas Road. The sale also included 49 E Thomas, a 1.1-acre excess land parcel for additional parking. U-Haul intends to occupy most of the building, in what will be a real estate expansion for the company. U-Haul plans to consolidate its team members from other nearby buildings it currently owns. The company will continue to lease approximately 16 percent of space at the building to existing tenants. Eric Wichterman, Chris Toci and Mike Coover of Cushman & Wakefield represented a Bank of America entity in the sale after foreclosing on the property in summer 2024, several months after leases covering more than two-thirds of the building expired. Cushman & Wakefield’s Jerry Roberts and Pat Boyle also provided leasing advisory services. Ryan Eustice of …

December 9, 2024

Acquisitions California Loans Multifamily Western

Berkadia Brokers $44M Sale of Marquee Apartment Community in North Hollywood

by Amy Works December 9, 2024

LOS ANGELES — Berkadia has arranged the sale of Marquee, a garden-style multifamily community in the North Hollywood neighborhood of Los Angeles. Post Investment Group and Walker & Dunlop Investment Partners acquired the asset for $44 million in an off-market transaction from an undisclosed seller. Located at 12300 Sherman Way, Marquee offers 236 apartments, a swimming pool with sundeck, large on-site leasing center with leasing offices, a 24-hour fitness center and landscaped fountains and walkways. Built in 1965 and subject to Los Angeles City Rent Control, the community offers 194 studios, 36 one-bedroom units and six two-bedroom units. Adrienne Barr and Nancy Badzey of Berkadia Los Angeles led the transaction. Tim Leonhard and Jeremy Kanter of Berkadia secured $32.9 million in acquisition financing on behalf of the buyer.

December 9, 2024

Acquisitions Colorado Office Western

Centerpoint Holdings Acquires 373,916 SF Office Property in Denver

by Amy Works December 9, 2024

DENVER — Tom Saurey, manager of Centerpoint Holdings LLC and founder and CEO of Tuff Shed, has purchased Centerpoint I and II, two office buildings located at 3900 E. Mexico Ave. and 1777 S. Harrison St. in Denver, from TerraCap Management LLC for $23 million. At the time of sale, the properties were 70 percent leased. Totaling 373,916 square feet, Centerpoint I and II offer a renovated, modern lobby and tenant lounge, a new conference facility and new full-service deli/café. The property has also undergone updates to the elevators and mechanical systems. The new ownership plans to complete some amenities and fitness upgrades. Tuff Shed recently renewed its 29,087-square-foot, long-term lease in the building at 1777 S. Harrison St., which includes a large indoor showroom and sales center on the first level, as well as two floors of office space. Tributary Real Estate brokered the sale, and Dunton Commercial will manage the property for the new owner.

December 9, 2024

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