Acquisitions

Roxborough Group Sells Perimeter Parkview Corporate Center in Scottsdale for $30M

by Amy Works June 4, 2020

SCOTTSDALE, ARIZ. — An affiliate of San Francisco-based The Roxborough Group has completed the sale of Perimeter Parkview Corporate Center, an office building located at 8377 E. Hartford Drive in Scottsdale. San Diego-based Cush Enterprises acquired the property for $30 million, or roughly $286 per square foot. Chris Toci, Chad Littell, Tim Whittemore, Grey Mayer and Patrick Schrimscher of Cushman & Wakefield’s Phoenix office represented the seller in the deal. Completed in 2006, the two-story, 104,956-square-foot, Class A office asset features a subterranean parking garage with direct tenant access. At the time of sale, the property was 90 percent leased to three tenants.

June 4, 2020

Acquisitions Retail Texas

Elm Creek Acquires 159,703 SF Woodlake Crossing Power Center in San Antonio

by Taylor Williams June 4, 2020

SAN ANTONIO — Dallas-based Elm Creek Real Estate has acquired Woodlake Crossing, a 159,703-square-foot retail power center located at 6212 Woodglen Drive in San Antonio. Tenants include Ross Dress for Less, Petco and Office Max. Kevin Catalani of CBRE represented the seller, Illinois-based InvenTrust Properties, in the transaction. Elm Creek also owns the building that shadow-anchors the center, which was previously occupied by Target.

June 4, 2020

Acquisitions Arizona Retail Western

SRS Brokers $11.7M Sale of Six-Building Shopping Center in Sedona, Arizona

by Amy Works June 4, 2020

SEDONA, ARIZ. — SRS Real Estate Partners has arranged the sale of The Collective Sedona, a shopping center located at 7000 AZ-179 in Sedona. An Arizona-based private investor sold the asset to a California-based private investor for $11.7 million. Built in 2000 and 2003, the six-building property features 52,518 square feet of retail space on 6.2 acres. At the time of sale, the property was 84 percent occupied by a variety of tenants, including Hilton Resorts, AmTrust Bank, Bay Equity Home Loans, Cucina Rustica and Snap Fitness. Sean Thomas of the SRS National Net Lease Group’s Phoenix office represented the seller, while Jim Ashcraft of Ashcraft Investment Co. represented the buyer in the transaction.

June 4, 2020

Acquisitions Multifamily Texas

IPA Brokers Sale of 288-Unit Vantage at Waco Apartments

by Taylor Williams June 4, 2020

WACO, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Vantage at Waco, a 288-unit apartment community. The property was built on 20.2 acres in 2017 and is located about four miles from Baylor University. Vantage at Waco offers one-, two- and three-bedroom units averaging 838 square feet and amenities such as a pool, fitness center, dog park, business center and outdoor grilling areas. Will Balthrope, Tommy Lovell III and Richard Robson of IPA represented the seller, Vantage Communities, in the transaction. The buyer was an undisclosed 1031 exchange investor based in another state.

June 4, 2020

Acquisitions Office Texas

Koontz Corp. Sells 58,574 SF Parkview Plaza Office Building Near San Antonio

by Taylor Williams June 4, 2020

NEW BRAUNFELS, TEXAS — Locally based developer Koontz Corp. has sold Parkview Plaza, a 58,574-square-foot office building in the San Antonio suburb of New Braunfels. The property and was fully leased to PNC Bank at the time of sale. The buyer was New York-based Royal Oak Realty Trust. Once a golf course, the site of Parkview Plaza is located within Sundance Business Park, about a mile from Interstate 35.

June 4, 2020

Acquisitions Multifamily Texas

Wellington Arranges Sale of 56-Unit Sam Maverick Apartments in Arlington

by Taylor Williams June 4, 2020

ARLINGTON, TEXAS — Wellington Realty has arranged the sale of Sam Maverick Apartments, a 56-unit multifamily community located at 711 Grand Court in Arlington. The property, built in 1982, consists of 40 one-bedroom units and 16 two-bedroom residences. It was 90 percent occupied at the time of sale. David Shaffer, Caleb Jones, Will Miller and William Hubbard of Wellington brokered the deal. The buyer and seller were both undisclosed.

June 4, 2020

Acquisitions Colorado Development Healthcare Office Top Stories Western

AGC Biologics Acquires Vacant AstraZeneca Plant in Colorado, Plans to Invest $100M

by Alex Tostado June 4, 2020

BOULDER, COLO. — AGC Biologics has acquired a vacant, 300,000-square-foot pharmaceutical plant in Boulder from AstraZeneca. The Japan-based company plans to invest $100 million in the plant and create 280 jobs, according to multiple news outlets. The facility will provide AGC with additional capacity and significantly larger production scale. AGC expects to move into the facility in April 2021, 18 months sooner than it would take to build a new facility, according to the company. In February, the Colorado Economic Development Commission approved a tax credit on the property worth up to $6.4 million. AstraZeneca vacated the 20-acre property in January 2019, according to the Denver Post. The sales price was not disclosed, though the Boulder Daily Camera reports the property traded for $40 million. The Camera also reports jobs at the plant will pay an average of $96,253 per year. “This facility will enable us to continue to advance the development, manufacturing and commercial functions within our dynamic global company,” says AGC Biologics CEO Patricio Massera. Although the specific drugs and research planned for the facility were not disclosed, Massera made reference to “mammalian projects,” suggesting that animal research will take place there. The property is located at 5550 Airport …

June 4, 2020

Acquisitions New York Northeast Retail

Cushman & Wakefield Arranges Sale of 51,794 SF Grocery-Anchored Shopping Center in Boonton, New Jersey

by Alex Patton June 3, 2020

BOONTON, N.J. — Cushman & Wakefield has arranged the sale of Del’s Village Shopping Center, a 51,794-square-foot grocery-anchored retail property in Boonton, a northwestern suburb of New York City. The sales price was $12.5 million. Kings Food Market anchors the shopping center, which is located at 115 Hawkins Place, and the property was 97 percent leased at the time of sale. Seth Pollack, Andrew Merin and David Bernhaut led a Cushman & Wakefield team that represented the seller, ROI Management, in the transaction. The team also procured the buyer, a private investor.

June 3, 2020

Acquisitions Georgia Industrial Southeast

Transwestern Investment Group Acquires 238,533 SF Industrial Property in Metro Atlanta

by Alex Tostado June 3, 2020

FAIRBURN, GA. — Transwestern Investment Group has acquired Bohannon Logistics Center, a 238,533-square-foot industrial building in Fairburn. The seller, DHL Supply Chain, delivered the asset earlier this year. The property is situated at 5002 Bohannon Road, 13 miles southwest of Hartsfield-Jackson Atlanta International Airport and 22 miles southwest of downtown Atlanta. The building features 47 dock doors, 32-foot clear heights, 130 auto parking spaces, 54 trailer parking spaces and a 185-foot concrete truck court. Transwestern Real Estate Services will provide property management services. Reed Davis and Bob Currie of JLL are handling leasing efforts. Mike Chambers and Bill Kee of NAI Brannen Goddard represented the seller in the transaction. The sales price was not disclosed.

June 3, 2020

Cedar-Crossing-Distribution-Center-Houston

Acquisitions Industrial Texas

JLL Negotiates Sale of 129,527 SF Cedar Crossing Distribution Center in Metro Houston

by Taylor Williams June 3, 2020

BAYTOWN, TEXAS — JLL has negotiated the sale of Cedar Crossing Distribution Center, a 129,527-square-foot industrial property located in the eastern Houston suburb of Baytown. Built in 2009, the property was fully leased at the time of sale to Merih Cotton Corp., a family-owned cotton distributor. The front-load building is situated on 7.3 acres within Cedar Port Industrial Park and features 24-foot clear heights and 33 dock-high doors. Trent Agnew, Rusty Tamlyn, Charlie Strauss, Ethan Goldberg and Richard Quarles of JLL represented the seller, a partnership between Mountain West Industrial Properties and American National Insurance Co., in the transaction. High Street Logistics Properties purchased the asset for an undisclosed price.

June 3, 2020

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