Acquisitions

Cushman & Wakefield Brokers Sale of Historic Republic Building in Downtown Houston

by Taylor Williams June 30, 2020

HOUSTON — Cushman & Wakefield has brokered the sale of the Republic Building, a 19,850-square-foot office property located at 1018 Preston St. in downtown Houston. The building was originally constructed in 1907, housed the U.S. District Court in 1910 and was admitted to the National Register of Historic Places in 1979. Scott Miller, David Cook and Jeff Peden of Cushman & Wakefield represented the seller, Republic Building TX LP, in the transaction. Fred Ghabriel of Bejjani & Associates Inc. represented the buyer, a subsidiary of government contractor MVL Group.

June 30, 2020

Acquisitions Industrial Texas

NAI Partners Arranges Sale of 17,400 SF Industrial Building in Houston

by Taylor Williams June 30, 2020

HOUSTON — NAI Partners has arranged the sale of a 17,400-square-foot industrial building located at 1702 Nance St. in Houston. According to LoopNet Inc., the property was built in 1978. Chris Caudill and Jake Wilkinson of NAI Partners represented the seller, 125 West Crosstimbers Ltd., in the transaction. Clark Dalton of Dosch Marshall represented the buyer, Urban Genesis LLC.

June 30, 2020

Acquisitions California Company News Development Mixed-Use New York Northeast Office Top Stories Western

Hudson Pacific, Blackstone Form Joint Venture to Grow Movie Studio and Office Platform in Hollywood

by John Nelson June 30, 2020

LOS ANGELES AND NEW YORK — Hudson Pacific Properties Inc. and Blackstone have formed a joint venture to expand the film and TV production platform for both publicly traded companies. Hudson Pacific is bringing on Blackstone as a partner to help capitalize a portfolio of studios and offices in Hollywood that have been used sparingly since the outbreak of COVID-19 and the subsequent stay-at-home directives in Los Angeles. As part of the deal, Blackstone (NYSE: BX) will buy a 49 percent stake in Hudson Pacific’s 2.2 million-square-foot Hollywood Media Portfolio, which spans three studios and five office buildings. Hudson Pacific (NYSE: HPP) will remain responsible for the day-to-day operations of the portfolio, which is valued at $1.65 billion. “Our latest joint venture with Blackstone unlocks a portion of the value we’ve created for our shareholders and provides us with significant capital to grow both our studio and office portfolios,” says Victor Coleman, chairman and CEO of Hudson Pacific. The portfolio includes Sunset Bronson, Sunset Gower and Sunset Las Palmas Studios (formerly Hollywood Center Studios), which comprises 35 stages and production and support spaces totaling 1.2 million square feet. The offices in the portfolio include 6040 Sunset, Icon, Cue, Epic and …

June 30, 2020

Acquisitions Industrial Loans North Carolina Self-Storage Southeast

Berkadia Arranges Two Acquisition Loans Totaling $11.8M for Self-Storage Facilities in Raleigh, Durham

by Alex Tostado June 29, 2020

RALEIGH AND DURHAM, N.C. — Berkadia has arranged two acquisition loans totaling $11.8 million for self-storage properties in Raleigh and Durham. An undisclosed life insurance company provided the five-year, fixed-rate loans on behalf of the borrower, Orlando, Fla.-based Liberty Investment Properties. Liberty plans to rebrand the Extra Space Storage facilities to its flagship brand, My Neighborhood Storage Center. The first property is a two-story, 685-unit facility located at 6401 Town Center Drive in Raleigh. The 72,614-square-foot facility was built in 2016. The other property is a four-story, 684-unit property located at 112 W. Seminary Ave. in Durham. The asset was built in 2017. The seller of the two facilities was not disclosed.

June 29, 2020

Acquisitions Multifamily North Carolina Southeast

Newmark Knight Frank Negotiates $38M Sale of Apartment Complex in Durham

by Alex Tostado June 29, 2020

DURHAM, N.C. — Newmark Knight Frank (NKF) has negotiated the sale of Parc at University Tower, a 186-unit apartment complex in Durham. KnightVest acquired the property for an undisclosed price, but the Triangle Business Journal reports the sales price was $38 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, lighted tennis court, 24-hour fitness center, pet park, 24-hour business center, poolside BBQ grilling station, clubhouse with billiards, Amazon Hub package lockers and complimentary bike exchange. The garden-style community is located at 20 Morcroft Lane, four miles west of downtown Durham. Sean Wood, John Heimburger, Dean Smith, Alex Okulski, John Munroe and Jason Kon of NKF represented the seller, Duck Pond Realty, in the transaction.

June 29, 2020

Acquisitions Georgia Office Southeast

Skyline Seven Brokers $2.2M Sale of Office Building in Metro Atlanta

by Alex Tostado June 29, 2020

CHAMBLEE, GA. — Skyline Seven Real Estate has brokered the $2.2 million sale of 5115 New Peachtree Road, a 16,740-square-foot office building in Chamblee. The property was 95 percent leased at the time of sale to nine tenants, including Emory University, MARTA, Improve IT! of Atlanta and BryTech. The asset, which was built in 1973, is located adjacent to the Chamblee MARTA Station and 13 miles northeast of downtown Atlanta. Elliott Kyle of Skyline Seven represented the seller, Atlanta-based First American Exchange Co., in the transaction. Southern First Bank provided an acquisition loan on behalf of the buyer, Old Ivy Property Re Fund I.

June 29, 2020

Acquisitions Multifamily Texas

IPA Negotiates Sale of 144-Unit Parkwood Terrace Apartments in Metro Austin

by Taylor Williams June 29, 2020

ROUND ROCK, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Parkwood Terrace, a 144-unit multifamily community located in the northern Austin suburb of Round Rock. Built in 2000, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center and resident clubhouse. Jordan Featherston, Will Balthrope, Drew Kile, Drew Garza and Kent Myers of IPA represented the seller, private investor James Pinheiro, in the transaction. Los Angeles-based investment firm Langdon Street Capital purchased the asset for an undisclosed price.

June 29, 2020

Acquisitions Industrial Texas

Marcus & Millichap Arranges Sale of 18,400 SF Industrial Complex in Arlington

by Taylor Williams June 29, 2020

ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Crowley Business Park, an 18,400-square-foot industrial complex in Arlington. The property was built on 0.9 acres in 1980. Adam Abushagur and Cliff Zimmerman of Marcus & Millichap represented the seller, and procured the buyer, both of which were private investors that requested anonymity.

June 29, 2020

Acquisitions Illinois Midwest Multifamily

JLL Brokers Sale of 111-Unit Luxury Apartment Community in Metro Chicago

by Kristin Harlow June 29, 2020

LAKE FOREST, ILL. — JLL Capital Markets has brokered the sale of Apartment Homes at Kelmscott Park in Lake Forest, about 30 miles north of Chicago. The sales price was undisclosed. The luxury apartment property consists of three buildings with 111 units that average 1,220 square feet. The community is 92 percent occupied and the majority of renters are age 50 and older. Monthly rents start at $2,141. Marty O’Connell, Wick Kirby, Kevin Girard and Amanda Friant of JLL represented the sellers, Focus and funds managed by Castlelake LP. Matt Schoenfeldt and Chris Knight of JLL originated acquisition financing on behalf of the buyer, Intercontinental Real Estate Corp. The Fannie Mae loan has a 10-year term. Steve Centrella and Chris LaFrance of Intercontinental led the transaction on behalf of Intercontinental.

June 29, 2020

Acquisitions Indiana Midwest Retail

Muinzer, T2 Capital Acquire Ownership Stake in Chauncey Hill Mall Next to Purdue University

by Kristin Harlow June 29, 2020

WEST LAFAYETTE, IND. — Muinzer, together with T2 Capital Management, has acquired a 50 percent stake in the ownership of Chauncey Hill Mall and Chauncey Hill Annex in West Lafayette. Trinitas Ventures was the seller. The purchase price was undisclosed. The properties are located next to Purdue University. The acquisition makes Muinzer the largest residential, retail and land owner near the university, according to the company.

June 29, 2020

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