Acquisitions

SRS Brokers $8.3M Sale of Publix-Anchored Shopping Center in Southwest Florida

by Alex Tostado February 18, 2020

NORTH FORT MYERS, FLA. — SRS Investment Property Group has brokered the $8.3 million sale of Publix at Eagle Landing, a 57,840-square-foot, Publix-anchored shopping center in North Fort Myers. The center was built in 2012 and was 88 percent leased at the time of sale to tenants including Shoreline Vapor, China King, Boutique Nails & Spa and The Fat Apple. The property is situated at 6694-6704 Bayshore Road, seven miles north of downtown Fort Myers. Steve Miskew, Kyle Stonis and Pierce Mayson of SRS represented the seller, VAL Eagle Landing LLC, in the transaction. The buyer was an undisclosed private investor based in Alabama.

February 18, 2020

Acquisitions Mixed-Use Texas

JLL Negotiates Sale of 866,273 SF The Union Mixed-Use Development in Uptown Dallas

by Taylor Williams February 18, 2020

DALLAS — JLL has negotiated the sale of The Union, an 866,273-square-foot mixed-use development in the Uptown neighborhood of Dallas. According to The Dallas Morning News, the property sold for $370 million. Completed by RED Development in 2018, the office tower at The Union was 94.2 percent leased at the time of sale to tenants including Salesforce, Akin Group and Weaver. Office amenities include a tenant lounge, fitness center and outdoor green space. The Union Dallas also features 85,000 square feet of retail and restaurant space anchored by a Tom Thumb grocery store and a 309-unit apartment building that was developed by StreetLights Residential. JLL represented RED Development, which will retain minority stake in the property, in the transaction. JLL also procured KB Asset Management, the investment arm of Korean conglomerate KB Financial Group, as the buyer and secured a five-year, fixed-rate acquisition loan through Goldman Sachs on behalf of the new ownership.

February 18, 2020

Acquisitions Office Texas

Benderson Development Buys $218M Interest in Pioneer Headquarters Campus in Irving

by Taylor Williams February 18, 2020

IRVING, TEXAS — Florida-based Benderson Development has purchased a ground-lease interest in the Pioneer Natural Resources headquarters campus in Irving for $218 million. The 1.1 million-square-foot, 10-story campus, which was developed by KDC, is located within Hidden Ridge, a public transit-served mixed-use development in the Las Colinas district. Additional terms of the deal were not disclosed.

February 18, 2020

Acquisitions Mixed-Use New York Northeast

Urban Edge Properties Acquires Two Mixed-Use Buildings in Brooklyn for $165M

by Alex Patton February 18, 2020

NEW YORK CITY — Urban Edge Properties, a New York City-based REIT, has acquired Kingswood Center and Kingswood Crossing, a pair of adjacent mixed-use buildings in the Midwood neighborhood of Brooklyn, for $165 million. The two buildings comprise a total of approximately 335,000 square feet, including 134,000 square feet of Class A office space and 106,000 square feet of retail space. The properties also include 60,000 square feet of space available for office or residential development and 250 parking spaces. At the time of sale, retail tenants included Target, TJ Maxx and Marshalls. Visiting Nurse Services of New York was the anchor office tenant. A partnership between Infinity Real Estate and Nightingale Properties was the seller in the off-market transaction.

February 18, 2020

Acquisitions Industrial Northeast Pennsylvania

The Flynn Co. Brokers $12.2M Sale of Five-Building Industrial Portfolio in Pennsylvania

by Alex Patton February 18, 2020

HOLMES AND BROOMALL, PA. — The Flynn Co. has brokered the $12.2 million sale of a five-building industrial portfolio in Pennsylvania. Velocity Venture Partners, a Philadelphia-based industrial developer, acquired the properties, which are all located in Delaware County, directly southwest of Philadelphia. Four of the buildings are situated within the Ridley Business Center at 500 Pine St. in Holmes. The other building is located at 620 Parkway in Broomhall. All of the buildings were fully leased at the time of sale. Colin Flynn and Ben Conway of The Flynn Co. represented Velocity Venture Partners in the transaction. Holmes Partners LP was the seller of the Ridley Business Center buildings and 620 Parkway Partners LLC was the seller of the building at 620 Parkway.

February 18, 2020

Acquisitions Multifamily Utah Western

DB Capital Management Buys Two-Property Multifamily Portfolio Near Salt Lake City

by Amy Works February 18, 2020

SOUTH SALT LAKE CITY, UTAH — Playa Vista, Calif.-based DB Capital Management has acquired a two-property multifamily portfolio in South Salt Lake City for an undisclosed price in an off-market transaction. The properties are Haven Gardens, built in 1961, and Hidden Chalet, built in 1976. The buyer plans to spend approximately $24,000 per unit in interior and exterior renovations to the properties, as well as address deferred maintenance issues. Mark Jensen, Greg Ratliff and Rawley Nielson of Colliers International, Utah, arranged the transaction. Brian Eisendrath and Cameron Chalfant of CBRE Capital Markets arranged acquisition bridge financing for the buyer. The name of the seller was not released.

February 18, 2020

Acquisitions Arizona Multifamily Western

Bascom Arizona Ventures Acquires Dolce Villaggio Townhomes in Tempe for $11.5M

by Amy Works February 18, 2020

TEMPE, ARIZ. — Bascom Arizona Ventures, a subsidiary of Irvine, Calif.-based The Bascom Group, has purchased Dolce Villaggio Townhomes, a multifamily property in downtown Tempe. An undisclosed seller sold the property for $11.5 million, or $310,811 per unit. Dolce Villaggio features 37 apartments in a mix of two- and three-bedroom floor plans, all with attached two-car garages. Constructed in 2007, the property also features a swimming pool and spa. Bascom Arizona Ventures plans to invest in capital improvements to the property, including upgrades to the pool and unit interiors. Arizona-based MEB Management Services will operate the property. Comerica Bank provided debt financing for the acquisition, which Erich Pryor of Talonvest Capital arranged. Chris Roach, Matt Roach and Brad Cooke of Colliers International advised the buyer and seller in the transaction.

February 18, 2020

Acquisitions Midwest Wisconsin

Nicolet Bankshares Agrees to Acquire Commerce State Bank for Nearly $130M

by Kristin Harlow February 18, 2020

GREEN BAY, WIS. — Nicolet Bankshares Inc. has agreed to acquire Commerce Financial Holdings Inc. and its wholly owned subsidiary, Commerce State Bank. The deal is valued at approximately $129.6 million. The combined company is expected to have pro forma assets of $4.3 billion, deposits of $3.6 billion and loans of $3.2 billion. Commerce would represent approximately 16 percent of the combined company’s year-end assets. The transaction is expected to close in the third quarter. Nicolet Bankshares is the bank holding company of Nicolet National Bank. Founded in Green Bay in 2000, the bank operates branches in northeast and central Wisconsin as well as the upper peninsula of Michigan. West Bend-based Commerce was the 20th largest bank in the Milwaukee area last year, according to the Milwaukee Business Journal.

February 18, 2020

Acquisitions Kansas Midwest Multifamily

Sherman Residential Purchases 250-Unit Multifamily Community in Overland Park, Kansas

by Kristin Harlow February 18, 2020

OVERLAND PARK, KAN. — Sherman Residential has purchased The Sovereign at Overland Park for an undisclosed price. Constructed in 2013, the 250-unit apartment community spans 24 buildings on 42 acres. Amenities include a fitness center, pool, business center, resident lounge and pet washing station. Sherman will also assume management of the garden-style property.

February 18, 2020

Acquisitions Illinois Midwest Restaurant Retail

Baum Arranges $2.9M Sale of Chili’s-Occupied Property in Metro Chicago

by Kristin Harlow February 18, 2020

HOMER GLEN, ILL. — Baum Realty Group LLC has arranged the $2.9 million sale of a single-tenant property net leased to Chili’s in Homer Glen, located about 30 miles southwest of Chicago. The property serves as an outlot to Home Depot and The Square at Gooding’s Grove, a new 13.5-acre mixed-use development that will feature 76 townhomes. Patrick Forkin of Baum represented the seller, a private out-of-state investor. A major real estate fund based in Miami purchased the asset. The lease is guaranteed by Brinker International, a casual dining restaurant company.

February 18, 2020

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