Acquisitions

Drawbridge Realty Buys 253,720 SF Bank of America Office Campus in Westlake Village, California

by Amy Works February 19, 2020

WESTLAKE VILLAGE, CALIF. — San Francisco-based Drawbridge Realty has purchased an office building situated on 19.6 acres at 31303 Agoura Road in Westlake Village. Terms of the transaction were not released. Bank of America occupies the 253,720-square-foot campus on an 11-year, triple-net lease through 2031. The bank employs approximately 1,000 employees at the property. Todd Tydlaska, Sean Sullivan, Mike Longo and Anthony DeLorenzo of CBRE’s El Segundo, Calif., office represented the undisclosed seller in the deal. Drawbridge acquired the asset using a portion of a $240 million equity commitment secured in 2019, providing Drawbridge with discretionary capital to acquire $600 million of additional properties in target markets across the United States. The new equity commitment was led by KKR, which played an important role in procuring the new capital alongside others.

February 19, 2020

Acquisitions Arizona Industrial Lee & Associates Western

ViaWest Group Sells Industrial Portfolio in Phoenix for $16.6M

by Amy Works February 19, 2020

PHOENIX — ViaWest Group has completed the sale of Broadway Industrial Center and 45th Avenue Industrial Park in Phoenix. New York-based KKR acquired the three-building portfolio, located at 2950 E. Broadway Road and 77 N. 45th Ave., for $16.6 million. Will Strong of Cushman & Wakefield, along with Matt McDougall and Ken McQueen of Lee & Associates, handled the transaction. Constructed in 1984, 45th Avenue Industrial Park features 24-foot clear heights and a 125- to 150-foot truck court. Current tenants include Storopack and Western Millworks. Broadway Industrial Center consists of two buildings, totaling 95,094 square feet, with 24-foot clear heights and grade-level doors. Major tenants include Reddy Ice, Goldie’s Motors and Cereus Graphics. At the time of sale, both properties were fully leased.

February 19, 2020

Acquisitions Retail Washington Western

Kase Group Negotiates $8.4M Sale of Safeway-Occupied Retail Asset in Yakima, Washington

by Amy Works February 19, 2020

YAKIMA, WASH. — The Kase Group has arranged the sale of a single-tenant property located at 5702 Summitview Ave. in Yakima. A California-based investor acquired the property for $8.4 million. Safeway occupies the 45,584-square-foot building, which is situated along Interstate 82. The Safeway lease is guaranteed by Albertsons Co. Robert Walker of The Kase Group represented the buyer and undisclosed seller in the deal.

February 19, 2020

Acquisitions Industrial Self-Storage Texas

Bellomy Negotiates Sale of 208-Unit Self-Storage Facility in Central Texas

by Taylor Williams February 19, 2020

LITTLE RIVER-ACADEMY, TEXAS — Bellomy & Co. has negotiated the sale of Academy Mini Storage, a 208-unit self-storage facility in Little River-Academy, a city located just south of Temple in Central Texas. The property was built in 2003 and features 27,000 net rentable square feet as well as nine acres for additional expansion. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, a locally based family trust, in the transaction. Academy Mini Storage was 68 percent occupied at the time of sale.

February 19, 2020

Acquisitions Industrial Midwest Ohio

Covington Group Purchases 583,000 SF Volvo-Occupied Warehouse in Metro Columbus

by Kristin Harlow February 19, 2020

LEWIS CENTER, OHIO — An affiliate of Covington Group Inc. has purchased a 583,000-square-foot warehouse and distribution center located at 8355 Highfield Drive in Lewis Center, about 20 miles north of Columbus. The purchase price was undisclosed. Located on a 31-acre site, the property features a clear height of 24 feet and 32 dock doors. It is fully occupied by Volvo Group North America, which uses the building for its slow-moving parts division for trucks and heavy equipment. Dallas-based Covington owns and manages approximately 5.5 million square feet of industrial assets nationwide.

February 19, 2020

Acquisitions Massachusetts Northeast Retail

NKF Brokers Sale of Two Retail Spaces Totaling 418,970 SF in Plymouth, Massachusetts

by Alex Patton February 19, 2020

PLYMOUTH, MASS. — Newmark Knight Frank (NKF) has brokered the sale of two retail spaces totaling 418,970-square-feet within the Colony Place mixed-use development in Plymouth, located approximately 40 miles southeast of Boston. Texas-based investor The Rainier Cos. acquired the assets which include two spaces within the 1 million-square-foot Colony Place development: The Plaza, which comprises 230,497 square feet; and The Village, which comprises 188,473 square feet. The seller, Saxon Partners, will continue its role of master developer of Colony Place and will move forward with additions including a 320-unit apartment complex and a hotel. Robert Griffin, Geoffrey Millerd, Justin Smith and Paul Penman of NKF represented Saxon Partners in the transaction. The team also procured The Rainier Cos. as the buyer.

February 19, 2020

Acquisitions Industrial Midwest Minnesota

Ackerberg Acquires 75,480 SF Industrial Building in Maplewood, Minnesota

by Kristin Harlow February 19, 2020

MAPLEWOOD, MINN. — Ackerberg has acquired a 75,480-square-foot industrial building located at 1140 Gervais Ave. in Maplewood, just east of St. Paul. The purchase price was undisclosed. The property features a clear height of 22 feet and 19 dock doors. It is fully leased to Minneapolis food bank Second Harvest Heartland. This summer, the food bank plans to relocate some of its operations to Brooklyn Center, thereby creating approximately 50,000 square feet of available space within the building. Dave Stokes and Chris Weirens of Cushman & Wakefield will market the space for lease on behalf of Ackerberg. Tim Carlson and Jim Vos of Cresa Partners represented the seller, Second Harvest Heartland.

February 19, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of Two Multifamily Assets Totaling 222 Units in Fort Worth

by Taylor Williams February 19, 2020

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of two multifamily assets totaling 222 units in Fort Worth. The properties, the 104-unit Villas del Sol and the 118-unit Wedgewood, are located within a mile of each other near McCart Avenue on the city’s south side. Al Silva of Marcus & Millichap represented the seller, a Dallas-based limited liability company, in the transaction. Silva and Dan Mullen, also with Marcus & Millichap, procured the buyer, a private investor.

February 19, 2020

Acquisitions Retail South Carolina Southeast

Continental Realty Purchases Open-Air Shopping Center Near Charleston for $147M

by Alex Tostado February 18, 2020

MOUNT PLEASANT, S.C. — Continental Realty Corp. has purchased Mount Pleasant Towne Centre, a 510,000-square-foot, open-air shopping center in Mt. Pleasant, for $147 million. Anchor tenants at the property include Belk, Regal Cinemas, Bed Bath & Beyond, Barnes & Noble, Arhaus Furniture and Old Navy. Other tenants include Peloton, lululemon athletica, Bluemercury, Athleta, Ulta Beauty, Southern Tide, Francesca’s, Ann Taylor Loft, Bath & Body Works, Savi Cucina, Copper Penny, Palmetto Moon, Lizard Thicket, Reed’s Jewelers and Hustle Smoothie Bar. The center was 96 percent leased to nearly 70 tenants at the time of sale. The buyer funded the acquisition through its Continental Realty Fund V LP, a $210.8 million private fund focused on retail and multifamily properties in the Southeast. The asset is situated at 1218 Belk Drive, nine miles northeast of downtown Charleston. A joint venture between Miller Capital Advisory and California Public Employees’ Retirement System (CalPERS) sold the center. Stephen Livaditis, Eric Zimmermann, Michael Pagliari, and Conor Lalor of Eastdil Secured represented the seller in the transaction.

February 18, 2020

Acquisitions Florida Office Southeast

Crocker Partners Sells Office Building in Metro Orlando for $28M

by Alex Tostado February 18, 2020

MAITLAND, FLA. — Crocker Partners has sold Maitland Lakes, a 174,048-square-foot office building in Maitland, for $28 million. Crocker Partners acquired the Central Florida property in 2014 for $14.8 million. The firm upgraded the lobby, elevators, restrooms, corridors and redesigned the café. The building was 91 percent leased at the time of sale to tenants including Wiley Education Services and Sprint Nextel Corp., with an average lease term exceeding five years. Maitland Lakes is situated at 851 Trafalgar Court, eight miles north of downtown Orlando. Brightman-Gil Real Estate Investments acquired the asset. Ron Rogg of CBRE represented Crocker Partners in the transaction.

February 18, 2020

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