Acquisitions

Skanska Divests Majority Interest in Downtown Houston’s Bank of America Tower for $373M

by Taylor Williams December 12, 2019

HOUSTON — Sweden-based international developer Skanska has divested its 90 percent interest in Bank of America Tower, a 780,000-square-foot office building in downtown Houston, for $373 million. Construction of Bank of America Tower, which houses tenants such as Bank of America, Waste Management, Winston & Strawn LP, Quantum Energy Partners and Skanska, began in 2017 and was completed earlier this year. The property features an open-air community hub that includes a full-service restaurant and a culinary market with seven chef-driven concepts and a cocktail bar. Skanska sold its majority interest to an affiliate of Boston-based Beacon Capital Partners. Eastdil secured arranged a $240 million acquisition loan through PGIM Real Estate Finance for the transaction.

December 12, 2019

Acquisitions Industrial New Hampshire Northeast

Cushman & Wakefield Brokers $58.5M Sale of Industrial Portfolio in New Hampshire

by Alex Patton December 12, 2019

MANCHESTER, HUDSON AND NASHUA, N.H. — Cushman & Wakefield has brokered the $58.5 million sale of a four-building, 593,026-square-foot industrial portfolio in Manchester, located approximately 15 miles south of Concord. The portfolio includes Manchester Air Center, a 145,675-square-foot, single-story building; Brady Sullivan Airport Center, a two-story, 151,484-square-foot manufacturing property; 5 Wentworth Drive, a 139,000-square-foot warehouse and office building in Hudson; and Birch Pond Business Center, a 153,700-square-foot office complex at 22 Cotton Road in Nashua. The portfolio was 96.8 percent leased at the time of sale. Tom Farrelly, Denis Dancoes and Sue Ann Johnson of Cushman & Wakefield’s New Hampshire team partnered with Dave Pergola and Brian Doherty of Cushman & Wakefield’s Boston Capital Markets team to represent the seller, Brady Sullivan Properties, in the transaction. Boston-based Albany Road Real Estate Partners was the buyer.

December 12, 2019

Acquisitions Office Texas

JLL Negotiates Sale of 155,047 SF Office Building in Houston’s Energy Corridor

by Taylor Williams December 12, 2019

HOUSTON — JLL has negotiated the sale of 1311 Broadfield Boulevard, a 155,047-square-foot office building located in the Energy Corridor area of Houston. Built in 2000, the Class A building is situated on 3.9 acres within the Park 10 Regional Business Center and was 66 percent leased at the time of sale. Kevin McConn, Rudy Hubbard and Rick Goings of JLL represented the seller in the transaction and procured the buyer, an affiliate of Houston-based Rycore Capital LP. Matt Kafka, Cameron Cureton and Michael Johnson of JLL arranged a three-year, floating-rate acquisition loan for the buyer through Boston-based Crossharbor Capital Partners.

December 12, 2019

Acquisitions Industrial New York Northeast

Marcus & Millichap Arranges $4.2M Sale of Industrial Property in Brooklyn

by Alex Patton December 12, 2019

NEW YORK CITY — Marcus & Millichap has arranged the $4.2 million sale of 17-27 Herkimer Place, a 12,825-square foot industrial property in Brooklyn. The property is located near the Nostrand Avenue Station and Flatbush Avenue Station Commuter Rails. Jakub Nowak and Jason Grunberg of Marcus & Millichap represented the seller, a limited liability company. The team also represented the buyer, a private investor.

December 12, 2019

Acquisitions Arizona Office Western

Stockdale Capital Partners Buys 371,937 SF Research, Creative Office Building in North Scottsdale

by Amy Works December 12, 2019

SCOTTSDALE, ARIZ. — Los Angeles-based Stockdale Capital Partners has acquired a medical laboratory and creative office building, formerly known as Henkel Corporate Center, in the Scottsdale Airpark submarket. Terms of the sale including acquisition price and the name of the seller were not released. Located at 7201 E. Henkel Way, the 371,937-square-foot property features large, open floorplans, a rooftop amenity deck and ready-for-use medical lab and R&D space. Originally developed as a build-to-suit for Henkel’s North American headquarters in 2009, the property features wet-lab build-outs, rooftop garden, cafetorium and auditorium suites, and subterranean parking. Mark Stratz of Transwestern will provide leasing services for the property, which is available to new renters for the first time.

December 12, 2019

Acquisitions Colorado Multifamily Western

Castle Lanterra Acquires 84-Unit RiDE at RiNo Apartment Complex in Downtown Denver

by Amy Works December 12, 2019

DENVER — New York-based Castle Lanterra Properties has purchased RiDE at RiNo, a newly built, Class A multifamily community located in the River North (RiNo) neighborhood of downtown Denver. McWhinney sold the property for $23 million. Located at 3609 Wynkoop St., RiDE at RiNo features 84 modern suites and large live/work units, ranging in size from 369 square feet to 849 square feet, with loft-style 12- or 18-foot ceilings. Community amenities include a 24-hour fitness center, a rooftop deck with a barbecue area, club and conference rooms, lounge, underground parking, bicycle repair station and a video intercom systems. Terrance Hunt and Shane Ozment of Newmark Knight Frank’s Denver office brokered the transaction.

December 12, 2019

Acquisitions Net Lease Nevada Office Western

JLL Arranges $18.3M Sale of 66,780 SF Office Building in Las Vegas

by Amy Works December 12, 2019

LAS VEGAS — JLL has negotiated the sale of an office building situated on 4.5 acres at 1551 Hillshire Drive in Las Vegas. A private capital investor acquired the property from Las Vegas-based Moonwater Capital for $18.3 million. Shift4, a payment processing and technology company, occupies the single-tenant, 66,780-square-foot property on a triple-net lease basis. Completed in 1993, the office building recently underwent a complete renovation between 2018 and 2019. The property serves as a mission-critical location for the tenant, which merged with Lighthouse Network in 2018 and expanded its Las Vegas presence. Tivon Moffitt, Peter Bauman and Bret Davis of JLL Capital Markets represented the seller in the deal.

December 12, 2019

Acquisitions California Office Western

West Coast Capital Partners Purchases 121,841 SF Airport Plaza Office Property in Southern California

by Amy Works December 12, 2019

LONG BEACH, CALIF. — West Coast Capital Partners has acquired the leasehold interest of Airport Plaza, two-building office property located at 500 and 5001 Airport Plaza Drive in Long Beach. FRO II Airport Plaza sold the plaza for an undisclosed price. Built in 1983 and 1984, the 121,841-square-foot asset was fully renovated in 2016. Situated on 2.7 acres, the buildings feature remodeled lobbies, modern finishes, new interior signage and lighting upgrades. At the time of sale, the office complex was 90 percent occupied by the Federal Aviation Administration, Embry Riddle and Advanced Medical Management, among others. Kevin Shannon, Scott Schumacher, Ken White, Sean Fulp and Ryan Plummer of Newmark Knight Frank represented the seller, while the buyer was self-represented in the transaction.

December 12, 2019

Acquisitions Illinois Midwest Office Top Stories

KORE Investments Acquires Class A Office Building in Metro Chicago for $128.5M

by Alex Patton December 12, 2019

DOWNERS GROVE, ILL. — Colorado-based KORE Investments has acquired Esplanade II, a Class A office building totaling 583,982 square feet in the Chicago suburb of Downers Grove, for $128.5 million. Located at 3500 Lacey Road, the property is situated on 19 acres of the Esplanade office campus at the convergence of I-355 and I-88 in the East-West Corridor submarket. Building amenities include a deli, conference facility, parking deck and car wash service. Additional campus amenities include an on-site daycare and a fitness center. A Doubletree Hotel is also located on the campus, and a shuttle service offers transportation to the nearby Metra BNSF Line Belmont Station. The property offers direct access to the Oak Brook and Yorktown retail corridors. At the time of sale, Esplanade II was 96.9 percent leased to tenants including Cooper’s Hawk Winery & Restaurant, Kia Motors and Glanbia Performance Nutrition. Skidmore Owings Merrill designed the building, which was originally built in 1992 and has undergone more than $7.4 million of capital improvements since 2014. Patrick Shields, Jeff Bramson, Jaime Fink, Sam DiFrancesca and Bruce Miller of JLL represented the seller, BentallGreenOak’s U.S. Core Fund. — Alex Patton and Kristin Hiller

December 12, 2019

Acquisitions Florida Retail Southeast

Consolidated-Tomoka Land Acquires Strand Shopping Center in Jacksonville for $62.7M

by Alex Tostado December 11, 2019

JACKSONVILLE, FLA. — Consolidated-Tomoka Land Co. has acquired The Strand, a 212,000-square-foot retail center in Jacksonville, for $62.7 million in a 1031 tax exchange. The Strand was 95 percent leased at the time of sale to 20 tenants, including four anchors: Hobby Lobby, PGA Superstore, 2nd & Charles and Best Buy. The property is located at 1401 Riverplace Blvd., 12 miles southeast of downtown Jacksonville and adjacent to St. Johns Town Center, home to more than 150 retailers. Colliers International’s Northeast Florida office will handle leasing efforts on behalf of the new owner. The seller was not disclosed.

December 11, 2019

Newer Posts

Older Posts