Acquisitions

NKF Arranges $209.1M Sale of McPherson Building in Downtown D.C.

by Alex Tostado November 12, 2019

WASHINGTON, D.C. — Newmark Knight Frank (NKF) has arranged the $209.1 million sale of the McPherson Building, a 12-story, 255,968-square-foot office building in downtown Washington, D.C. The property is located at 901 15th St. NW, one block from The White House and The Treasury Building. McPherson Building was 97 percent leased at the time of sale to tenants including Booz Allen Hamilton, New York Life Insurance Co. and law firm Davis Polk & Wardwell LLP. Forrester Construction recently completed a $30 million renovation to the building’s lobby, fitness center, elevators, common areas and restrooms. James Cassidy and Jud Ryan of NKF represented the undisclosed seller in the transaction. Northwestern Mutual acquired the building.

November 12, 2019

Acquisitions Retail Southeast Tennessee

SunTrust, BB&T Agree to Sell 30 Bank Branches in Three States to First Horizon

by Alex Tostado November 12, 2019

MEMPHIS, TENN. — SunTrust Bank and BB&T have agreed to sell 30 SunTrust branches in Georgia, Virginia and North Carolina to First Horizon National Corp. As part of the agreement, Memphis-based First Horizon will assume approximately $2.4 billion in deposits and will purchase approximately $410 million in loans. SunTrust and BB&T are selling the banking locations to satisfy regulatory requirements in connection with the previously announced “merger of equals” between SunTrust and BB&T. The transaction is expected to close in early 2020. There are nine branch locations in the Winston-Salem area; 11 in the Raleigh-Durham area; two near Roanoke, Va.; three near Martinsville, Va.; two near Eastern Shore, Va.; one in South Boston, Va.; and two in north Georgia. All 30 branches will operate under the First Horizon flag. First Horizon operates about 270 bank locations across the Southeast. The acquisition also includes all the employee teams at the locations.

November 12, 2019

Acquisitions Maryland Office Southeast

Frederick Health Acquires Former State Farm Campus in Suburban Maryland for $18.6M

by Alex Tostado November 12, 2019

FREDERICK, MD. — Frederick Memorial Healthcare Systems (Frederick Health) has acquired the former State Farm office campus in Frederick for $18.6 million in an effort to expand its footprint in the area. Located at 1 State Farm Drive four miles north of downtown Frederick, the campus comprises a 387,000-square-foot office building, 1,600 parking spaces and 20,000 square feet of warehouse space. The newly named Frederick Health Village will allow Frederick Health to move its call center, home healthcare services, hospice and other administrative offices to the site, plus plan for further expansion. Frederick Health currently has offices in downtown Frederick. Jim Fitzgerald and Seamus Fitzgerald of Fitzgerald Realty Group represented the buyer in the transaction. The seller was not disclosed.

November 12, 2019

Acquisitions North Carolina Office Southeast

Longfellow Purchases Swabia Court Office Building in Research Triangle Park for $12.2M

by Alex Tostado November 12, 2019

DURHAM, N.C. — Longfellow Real Estate Partners has purchased Swabia Court, a 112,340-square-foot office building within Research Triangle Park in Durham, for $12.2 million. Longfellow plans to renovate the property in first-quarter 2020 to add lab space and implement its amenities and hospitality program, Elevate, which includes amenities such as fitness centers, tailored lunch and learns, pop-up shops, gathering spaces and services such as salon, dental and dry cleaning. Swabia Court was built in 1987 and is situated at 1035 Swabia Court, 10 miles south of downtown Durham. Capital Square 1031 LLC was the seller.

November 12, 2019

Acquisitions Multifamily Southeast Virginia

Hamilton Zanze Buys 244-Unit Oasis at Montclair Apartments in Metro D.C.

by Alex Tostado November 12, 2019

DUMFRIES, VA. — Hamilton Zanze has bought Oasis at Montclair Apartments, a 244-unit multifamily community in Dumfries. The property is located at 16500 Stedham Circle, 31 miles south of downtown Washington, D.C., and 28 miles south of Amazon’s planned HQ2. The property offers one-, two- and three-bedroom floor plans averaging 1,016 square feet. Communal amenities include a fitness center, car wash, coffee bar, dog park, internet café, movie theater, clubhouse, outdoor fitness center, outdoor cabanas with grills, pool and a yoga room. Hamilton Zanze plans to renovate 219 units to include vinyl plank flooring, stainless steel appliances, new lighting and smart home technology. The company will also refresh all community amenities and replace the theater room and outdoor workout area. Mission Rock Residential will manage the property. The seller was not disclosed.

November 12, 2019

Acquisitions Office Texas

Reserve Capital, 2GR Equity Acquire 180,504 SF Office Building in Metro Dallas

by Taylor Williams November 12, 2019

FARMERS BRANCH, TEXAS — A partnership between locally based investment firms Reserve Capital Partners and 2GR Equity has acquired Two Colinas Crossing, a 180,504-square-foot office building located in the northern Dallas metro of Farmers Branch. The Class A property was built in 2000 and houses tenants such as IBM, S&P Global, BBVA and Home Point Financial. Clint Coe, Jason Piering and Jack Crews of JLL brokered the deal. The seller was not disclosed.

November 12, 2019

Acquisitions Retail Texas

Weingarten Realty Buys 117,893 SF Kroger-Anchored Shopping Center in Houston

by Taylor Williams November 12, 2019

HOUSTON — Weingarten Realty Investors has purchased The Shops at Hilshire Village, a 117,893-square-foot, Kroger-anchored shopping center in Houston. Located adjacent to Memorial Villages, the property is situated in a trade area that has 135,000 people within a three-mile radius of the center and an average household income of $117,000. Other tenants include Walgreens, Petco, Starbucks and Domino’s Pizza. The seller was not disclosed.

November 12, 2019

Acquisitions California Loans Office Western

JLL Arranges $193M Sale of, $160M Financing for Pasadena Office Portfolio

by Amy Works November 12, 2019

PASADENA, CALIF. — JLL has brokered the $193 million sale and secured $160 million in financing for The Pasadena Collection, an institutional-quality office portfolio in Pasadena. Swift Real Estate Partners acquired the asset from a global investment manager. Totaling 516,890 square feet, the portfolio includes a 146,313-square-foot building at 790 E. Colorado Blvd., a 211,792-square-foot building at 155 N. Lake Ave. and a 158,785-square-foot building at 35 N. Lake Ave. At the time of sale, the portfolio was 68 percent occupied. Michael Leggett, Andrew Harper and Matt McRoskey of JLL Capital Markets represented the seller, while Paul Brindley, Todd Sugimoto, Jeff Sause and Steven Paskover of JLL Capital Market secured acquisition financing for the buyer.

November 12, 2019

Acquisitions California Industrial Western

Rexford Industrial Buys 120,250 SF Property in Southern California for $27.6M

by Amy Works November 12, 2019

BREA, CALIF. — Rexford Industrial Realty has acquired an industrial property, located at 404-407 Berry Way in Brea, for $27.6 million, or $53.72 per land square foot. Situated on 11.8 acres, the 120,250-square-foot asset was fully leased at the time of sale. The low-coverage site comprises three industrial buildings with excess paved land. The name of the seller was not released. Rexford funded the acquisition using cash on hand and the re-investment of proceeds from a previously announced disposition through a tax-deferred 1031 exchange.

November 12, 2019

Acquisitions Nevada Office Western

PREH Paseo Verde Acquires 60,499 SF Office Building in Nevada for $19.4M

by Amy Works November 12, 2019

HENDERSON, NEV. — PREH Paseo Verde LLC has purchased 2200 Paseo Verde, a Class A office building located at 2200 Paseo Verde Parkway in Henderson. Pacific Oak SOR II sold the asset for $19.4 million. Situated within The District at Green Valley Ranch, the 60,499-square-foot property features 24-hour access, a courtyard, balcony and on-site property management. At the time of sale, the building was 94 percent leased to a variety of tenants, including Berkadia Real Estate Advisors, Ticor Title, Umpqua Bank, Michaelson & Assoc. LTD and Ford & Friedman. Charles Moore, Marlene Fujita and Hunter Bradshaw of Cushman & Wakefield brokered the transaction. Cushman & Wakefield also handles leasing and property management for the building.

November 12, 2019

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