DEWITT, N.Y. — New York-based brokerage firm Jacobson Properties has arranged the sale of a 41,333-square-foot medical office building in DeWitt, an eastern suburb of Syracuse. The building is located within Widewaters Office Park. An entity doing business as SYR Office LLC sold the building to the anchor tenant, Arthritis Health Associates PLLC, for an undisclosed price. Lisa Menin of Jacobson Properties brokered the deal.
TACOMA, WASH. — Investors Management Group (IMG) has completed the disposition of Valley Vista Apartments, a multifamily community in Tacoma, to m5x2 for $15.8 million. IMG originally acquired the asset in October 2016 for $11.4 million. Located at 6830 Tacoma Mall Blvd., Valley Vista features 108 apartments. IMG implemented a $2.5 million capital improvements program during its ownership. The program included a new exercise and community room, an updated community deck, a refreshed leasing office, new signage, conversion of the playground to a dog park and ongoing site improvements. Elijah Piper and Tony Herrmann of Kidder Mathews’ Simon | Anderson Multifamily Team, along with Brian Richardson of Kidder Mathews, represented the seller in the deal. The buyer was self-represented in the transaction.
LITTLETON, COLO. — Pinnacle Real Estate Advisors has arranged the sale of Chatfield Plaza, a medical office property situated within Ken Caryl Business Park in Littleton. The asset traded for $3.2 million. Located at 10789 Bradford Road, the 20,034-square-foot building is home to 10 tenants, abundant parking and upgraded solar paneling on the roof. RC Myles, Eric Shaw and Kianna Starin of Pinnacle Real Estate Advisors represented the seller, while Craig Myles and Joe Owston represented the buyer in the deal. The names of the seller and buyer were not released.
Peachtree Group Acquires 600,000 SF Distribution Center Near Savannah Leased to Hasbro, Launches DST
MIDWAY, GA. — Peachtree Group has acquired a newly built, 600,000-square-foot distribution center in Midway, about 32 miles southwest of Savannah. The property is fully leased to Hasbro Inc., a toy and game manufacturing company behind brands including NERF, Transformers, G.I. Joe, My Little Pony, Monopoly, Play-Doh, Dungeons & Dragons, Furby, Power Rangers and Magic: The Gathering. Located in Liberty County, the property represents approximately 25 percent of Hasbro’s U.S. distribution footprint and services brick-and-mortar stores and direct-to-consumer operations. The seller and sales price were not disclosed. As part of the transaction, Peachtree Group has launched a Delaware Statutory Trust (DST) called PG Savannah Industrial DST, allowing 1031 users and other investors to acquire fractional interests in the property via a trust structure. The lease has an initial 10-year term with two five-year extension options with 3.25 percent annual rent escalations. Hasbro is responsible for operating expenses at the facility, according to Peachtree Group.
ROCKVILLE, MD. — Comstock Holding Cos. Inc. has purchased The Reed, a 417-unit apartment community located at 15955 Frederick Road in Rockville, about 21 miles north of Washington, D.C. Comstock acquired the property in a joint venture with an institutional fund advised by Benefit Street Partners, with additional capital coming from Comstock affiliate Comstock Partners LC. The seller and sales price were not disclosed, but the Washington Business Journal reports that a person familiar with the transaction stated the property traded for $110 million. NewPoint Real Estate Capital provided Freddie Mac financing and arranged equity capital for the transaction. CHCI Residential Management and ParkX Management, both affiliates of Comstock, will operate The Reed. Built in 2015, the community is adjacent to the Shady Grove Metro Station and features one-, two- and three-bedroom apartments, as well as a resort-style swimming pool, fitness center with a yoga/boxing studio, clubroom, outdoor gathering spaces, multiple resident lounges and a private parking garage.
AUSTIN, TEXAS — Austin-based Evergen Equity has acquired a portfolio of three industrial buildings totaling 254,457 square feet in the Houston area. The portfolio includes an 85,797-square-foot building at 7601 N. Sam Houston Parkway W on the city’s northwest side; a 69,140-square-foot facility at 1001 Shaw Ave. in the eastern suburb of Pasadena; and a 99,250-square-foot structure at 10101 Fountaingate Drive in the southwestern suburb of Stafford. The buildings were fully leased at the time of sale. The seller and sales price were not disclosed.
RANCHO SANTA MARGARITA, MISSION VIEJO AND COSTA MESA, CALIF. — Archer Property Partners has acquired an outpatient medical office portfolio in Orange County for $17.8 million. Andy Knott and Austin Kanzler of CBRE represented the seller in the transaction. Totaling 39,689 square feet, the portfolio includes a 12,450-square-foot property at 23512 Madero Road in Mission Viejo, a 10,064-square-foot building at 722 Baker St. in Costa Mesa and a 17,175-square-foot asset at 29472 Avenida de las Banderas in Rancho Santa Margarita. MemorialCare fully occupies the buildings in Mission Viejo and Costa Mesa and occupies 12,169 square feet of the facility in Rancho Santa Margarita.
HAWTHORNE, CALIF. — Avatar Financial Group has provided a $16.1 million bridge loan for the acquisition of The Yukon, an industrial campus in Hawthorne. The two-year loan carries a 62 percent loan-to-value ratio and financed the undisclosed sponsor’s purchase of the property through a bankruptcy sale. Additionally, the loan provided capital to improve one of the buildings that is vacant and execute a lease-up strategy. Situated on 2.3 acres at 13100-13130 Yukon Ave., the 52,074-square-foot campus features three single-story flex office/light industrial buildings built between 1960 and 1966. The buildings offer 16- to 19-foot ceilings, a secured gated yard, approximately 100 surface parking spaces, six roll-up garage-style doors and 1,600 to 3,000 amps of power. Two of the three buildings, totaling 25,707 square feet, are fully occupied under long-term net leases. The remaining 26,367-square-foot building is currently vacant and will be built out and marketed for lease.
TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of Harrison Professional Plaza, a mixed-use building at 1020 S. Harrison Road in Tucson. RGR16 LLC purchased the asset from BSH Investments LLC for $2 million. The property features 15,023 square feet of retail and office space. Bryce Horner of Cushman & Wakefield | PICOR represented the seller in the deal.
MADISON, WIS. — Mid-America Real Estate Corp. has negotiated the sale of a newly developed Whole Foods Market net lease totaling 51,361 square feet at Madison Yards in Madison. The store serves as the anchor to the Madison Yards mixed-use development within the University Hill Farms neighborhood. The property is located less than two miles from the heart of the University of Wisconsin-Madison. Dan Rosenfeld, Andrew Lund, Nick Kohlmann and George Ghattas of Mid-America represented the seller, Summit Smith Development. The asset sold to a private buyer.