Acquisitions

Brax Realty Arranges $6.5M Sale of Manhattan Multifamily Property, Sesame Street Set

by Alex Patton February 10, 2020

NEW YORK CITY — Brax Realty has arranged the $6.5 million sale of an eight-unit multifamily property in the Chelsea neighborhood of Manhattan. Located at 220 W. 16th St., the property is situated near the Google corporate office between 7th and 8th avenues. The ground-floor retail space is currently being used as a production set for the upcoming season of “Sesame Street.” Alan Stenson of Brax represented the seller, a private family that owned the property for 35 years. Stenson also represented the buyer, a private investor that acquired the asset via a 1031 exchange.

February 10, 2020

Acquisitions California Office Western

Lincoln Property, Goldman Sachs Acquire 90,000 SF Creative Office Building in San Francisco

by Amy Works February 10, 2020

SAN FRANCISCO — Lincoln Property Co., led by Lincoln’s LPC West team in San Francisco, has partnered with affiliates of the Goldman Sachs Merchant Banking Division to purchase 1045 Sansome Street, a four-story creative office building in San Francisco’s North Waterfront/Jackson Square neighborhood. Constructed in 1926, the nearly 90,000-square-foot building was originally home to a printing press before its conversion to creative office space. The property has undergone several improvements, including high ceilings on the ground level, a unique sawtooth glass roof, open floor plans, polished concrete floors and large windows throughout. At the time of sale, the building was 95 percent leased to a diverse mix of tenants in a variety of fields, including technology, architecture, nonprofit, business and media. Terms of the transaction were not released.

February 10, 2020

Acquisitions Colorado Industrial Office Western

H.I.G. Realty Partners Provides $33.1M Acquisition Loan for Industrial/Office Portfolio in Denver

by Amy Works February 10, 2020

DENVER — H.I.G. Realty Partners, an affiliate of H.I.G. Capital, has funded a $33.1 million loan for the acquisition of an industrial/flex office portfolio located in Denver. The borrower is CW Capital Partners. The three-building portfolio features 264,000 square feet of industrial and flex office space. At the time of acquisition, the portfolio was 80 percent occupied by a diverse group of tenants. The floating-rate, five-year loan allows for future advances for the lease-up of the portfolio over time.

February 10, 2020

Acquisitions California Multifamily Seniors Housing Western

ESI Brokers Sale of Cedar Creek Senior Living in Madera, California

by Amy Works February 10, 2020

MADERA, CALIF. — Evans Senior Investments (ESI) has arranged the sale of Cedar Creek Senior Living, a 112-unit independent living, assisted living and memory care community. The property is located in Madera, approximately 25 miles northwest of Fresno. Originally built in 2005, the community averaged 87.6 percent occupancy in the year leading up to the sale. ESI represented the seller, an independent owner. A California-based REIT acquired the property for an undisclosed price.

February 10, 2020

Acquisitions Retail Top Stories

Simon Property Group to Acquire Majority Interest in Taubman Centers for $3.6B

by Taylor Williams February 10, 2020

INDIANAPOLIS — Simon Property Group (NYSE: SPG) has agreed to acquire an 80 percent interest in Taubman Centers Inc. (NYSE: TCO), a Michigan-based retail owner-operator, for approximately $3.6 billion. Under the terms of the agreement, Simon is buying all of Taubman’s common stock at a price of $52.20 per share in an all-cash deal. The transaction is expected to close in mid-2020. The purchase price represents a 51 percent premium over Taubman’s closing price of $34.67 per share on Friday, Feb. 7. Taubman’s existing debt, which Simon will assume, was factored into the price, which represents a capitalization rate of 6.2 percent. Taubman will continue to operate as a separate entity. Taubman’s portfolio spans 26 super-regional malls and power centers totaling more than 25 million square feet of gross leasable space in the United States and Asia. “By joining together, we will enhance the ability of Taubman to invest in innovative retail environments that create exciting shopping and entertainment experiences for consumers, immersive opportunities for retailers and substantial new job prospects for local communities,” says David Simon, CEO of Simon Property Group. Simon Property Group’s stock price opened at $142.11 per share on Monday, Feb. 10, down from $185.30 per …

February 10, 2020

Acquisitions Retail Texas

JLL Negotiates Sale of 417,167 SF Market Heights Shopping Center in Central Texas

by Taylor Williams February 7, 2020

HARKER HEIGHTS, TEXAS — JLL has negotiated the sale of Market Heights Shopping Center, a 417,167-square-foot regional lifestyle center in the Central Texas city of Harker Heights. Built in 2008, the property sits on 62.2 acres and was 89.4 percent leased at the time of sale. Tenants include Cinemark, Dick’s Sporting Goods, Barnes & Noble, Ross Dress for Less, Old Navy, Petco, Ulta Beauty and Bed Bath & Beyond. Adam Howells of JLL represented the undisclosed institutional seller in the off-market transaction, and procured the buyer, Direct Retail Partners. Mark Brandenburg and Tim Jordan of JLL arranged a four-year, floating-rate acquisition loan for the buyer through Bayview Asset Management.

February 7, 2020

Acquisitions Retail Southeast Tennessee

DRA Advisors, RCG Ventures Sell 180,960 SF Retail Center in Western Tennessee

by Alex Tostado February 7, 2020

JACKSON, TENN. — A partnership between DRA Advisors and RCG Ventures has sold West Towne Commons, a 180,960-square-foot retail center in Jackson. The property was 97 percent leased at the time of sale to tenants including T.J. Maxx, Five Below, Dollar Tree, Petco, Stein Mart and Office Max. Academy Sports + Outdoors, Kroger and Target shadow-anchor the site, which is situated at 41 Stonebrook Place, seven miles north of downtown Jackson. Jim Hamilton, Brad Buchanan and Mike Allison of JLL represented the seller in the transaction. An affiliate of Yale Realty Services Corp. acquired the property for an undisclosed price.

February 7, 2020

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Arranges Sale of 334-Unit Multifamily Property in Tampa Bay Area

by Alex Tostado February 7, 2020

ST. PETERSBURG, FLA. — Cushman & Wakefield has arranged the sale of Promenade at Carillon, a 334-unit multifamily community in St. Petersburg. Promenade at Carillon comprises 13 three-story buildings offering a mix of one-, two- and three-bedroom floor plans. Communal amenities include a pool with sundeck, outdoor grilling area, dog park and a renovated clubhouse/leasing center with resident lounge, business center and a fitness facility. Furthermore, the property encircles a nature preserve. The property is situated on 15 acres at 540 Carillon Parkway, 15 miles west of downtown Tampa. Robert Given, Capas, Michael Mulkern, Nicholas Meoli, Michael Donaldson, Jay Ballard, Ken Delvillar, Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis of Cushman & Wakefield represented the seller, Boston-based TA Realty, in the transaction. Robert Kaplan, Chris Lentz and Mark Rutherford of Cushman & Wakefield arranged acquisition financing on behalf of the buyer, Toronto-based Starlight Investments. Further details of the transaction and financing were not disclosed.

February 7, 2020

Spectrum-Centre-Business-Park-Lake-Forest-CA

Acquisitions California Industrial Western

BKM Capital Buys 11-Property Industrial Portfolio in Four Western Markets for $425.4M

by Amy Works February 7, 2020

NEWPORT BEACH, CALIF. — Newport Beach-based BKM Capital Partners has purchased an 11-property industrial portfolio in four Western markets for a total consideration of $425.4 million. The properties are located in Phoenix, Northern and Southern California and Tigard, Ore. BKM acquired eight of the properties through BKM Industrial Value Fund II and three of the properties in partnership with Canyon Catalyst Fund, a program Canyon Partners manages on behalf of the California Public Employees’ Retirement System. The portfolio contains 2.7 million square feet of space and 493 units. At the time of sale, the portfolio was nearly 90 percent occupied. The newly acquired properties include: A four-property, $157.7 million Phoenix-area portfolio, including: Magnolia, a 35,385-square-foot building at 2655 Magnolia St. in Phoenix Hohokam 10E, an 82-unit, multi-tenant property in Tempe, Ariz. Broadwood, a four-building, 34-unit, multi-tenant facility at 2450-2452 W. Broadway Road in Mesa Broadway 101 Commerce Park, a 55-unit, multi-tenant asset in Mesa A four-property, $124.2 million Northern California portfolio, including: Bradshaw, a 33-unit, multi-tenant asset at 9828, 9912, 9940 and 9960 Business Park Drive in Sacramento Horn Road, a 48-unit, multi-tenant property at 9901-9981 Horn Road in Sacramento Concord Business Park, a 27-unit, multi-tenant facility on Imhoff Drive …

February 7, 2020

Acquisitions Industrial Midwest Missouri

NGZ Brokers Sale of Seven-Building Industrial Flex Portfolio in Kansas City’s Executive Park

by Kristin Harlow February 7, 2020

KANSAS CITY, MO. — Newmark Grubb Zimmer (NGZ) has brokered the sale of a seven-building industrial flex portfolio located in Kansas City’s Executive Park. The 210,751-square-foot portfolio is home to 17 tenants and was 89 percent occupied at the time of sale. Mark Long and John Hassler of NGZ represented the seller, Odyssey Real Estate Capital. A local investment group purchased the asset for an undisclosed price.

February 7, 2020

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