Acquisitions

Birtcher Anderson Sells Industrial Property in Tampa for $15.8M

by Alex Tostado October 11, 2019

TAMPA, FLA. — Birtcher Anderson has sold Park 6, a 184,500-square-foot industrial property in Tampa, for $15.8 million. Park 6 was previously part of the 676,735-square-foot Tri County Business Park that Birtcher Anderson purchased for $40.4 million in December 2017. The property was subdivided for sale and includes six of Tri County Business Park’s 20 buildings. Park 6 was 93 percent leased at the time of the sale. Ryan Vaught and Robyn Hurrell of Colliers International represented the seller in the transaction. The buyer was not disclosed.

October 11, 2019

Acquisitions Multifamily Texas

Praedium Group Acquires 387-Unit Everly Apartments in West Houston

by Taylor Williams October 11, 2019

HOUSTON — The Praedium Group, a New York-based investment firm, has acquired Everly Apartments, a 387-unit multifamily community in West Houston. Built in 2018, the property offers one- and two-bedroom units that range in size from 659 to 1,292 square feet and feature stainless steel appliances, granite or quartz countertops and custom wood cabinetry. Amenities include a pool with cabanas, a fitness center, indoor golf simulator, outdoor beer garden and a Wi-Fi lounge with private conference rooms. The seller was not disclosed.

October 11, 2019

Acquisitions Industrial Michigan Midwest

Innovative Industrial Properties Acquires 156,000 SF Property in Michigan for $19M

by Kristin Harlow October 11, 2019

WARREN, MICH. — Innovative Industrial Properties Inc. (IIP) has acquired a 156,000-square-foot industrial property in Warren, a northern suburb of Detroit. The purchase price was $19 million. Concurrent with the acquisition, IIP entered into a long-term, triple-net lease agreement with LivWell Michigan LLC, a licensee of LivWell Holdings Inc. The tenant intends to operate the property as a licensed cannabis cultivation and processing facility. LivWell is expected to complete tenant improvements at the property and IIP has agreed to provide reimbursement of up to $23 million.

October 11, 2019

Acquisitions Multifamily Texas

Limited Liability Company Acquires Two Multifamily Assets Totaling 217 Units in Amarillo

by Taylor Williams October 10, 2019

AMARILLO, TEXAS — AWF Fund I LLC has acquired Lambie Lane and Park Lane, two apartment complexes totaling 217 units in Amarillo. The market-rate properties were built in 1976 and 1982, respectively, on contiguous parcels. Dougherty Mortgage arranged $7.3 million in Fannie Mae Green Rewards acquisition financing on behalf of the fund. The loan, which was secured through a partnership with Old Capital Lending, carries a 12-year term and a 30-year amortization schedule.

October 10, 2019

Acquisitions Oklahoma Retail Texas

Disney Investment Group Brokers Sale of 70,376 SF Shopping Center in Tulsa

by Taylor Williams October 10, 2019

TULSA, OKLA. — Disney Investment Group has brokered the sale of Memorial Crossing, a 70,376-square-foot shopping center in Tulsa. Anchored by HomeGoods, Petsmart and ULTA Beauty and shadow-anchored by Costco, the center was 97 percent leased at the time of sale. Disney Investment Group represented the seller, Dallas-based Leon Capital Group, in the transaction, and procured the undisclosed buyer.

October 10, 2019

Acquisitions Retail Texas

Marcus & Millichap Negotiates Sale of 19,338 SF Retail Center in Metro Austin

by Taylor Williams October 10, 2019

CEDAR PARK, TEXAS — Marcus & Millichap has negotiated the sale of The Shops at East Park, a 19,338-square-foot retail center in the Austin suburb of Cedar Park. Built in 2014 on 2.3 acres, the property was 94 percent leased at the time of sale to tenants including Blooming Dental, Master Yang’s Karate Studio and Vista Donuts. Philip Levy, Chris Gainey and Parker Yates of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was a Dallas-based private investment partnership.

October 10, 2019

Residence-Inn-Marriott-Portland-Downtown-RiverPlace-Portland-OR

Acquisitions California Hospitality Oregon Western

Summit Hotel Properties to Acquire Four-Asset West Coast Hotel Portfolio for $249M

by Amy Works October 10, 2019

PORTLAND, HILLSBORO, ORE., AND SOUTH SAN FRANCISCO AND MILPITAS, CALIF. — Through its recently formed joint venture with GIC, Summit Hotel Properties has agreed to acquire four hotels located on the west coast for $249 million. The portfolio is located in three high-growth markets. The properties are the 258-key Residence Inn by Marriott Portland Downtown/RiverPlace in Portland; the 122-guestroom Residence Inn by Marriott Portland Hillsboro in Hillsboro; the 169-key Hilton Garden Inn San Francisco Airport North in South San Francisco; and the 161-room Hilton Garden Inn San Jose/Milpitas in Milpitas, Calif. The total purchase price of $249 million, or approximately $351,000 per key, represents an average capitalization rate of 8.4 percent based on management’s current estimate of the hotels’ net operating income for the full-year 2019. The joint venture plans to invest approximately $23 million of capital on the four hotels during the first three years of ownership. The pending transaction is expected to close in fourth-quarter 2019.

October 10, 2019

Acquisitions California Office Western

Joint Venture Sells 306,243 SF Office Tower in LAX Submarket for $45M

by Amy Works October 10, 2019

LOS ANGELES — An affiliate of San Francisco-based The Roxborough Group, in partnership with Los Angeles-based The Ruth Group, has completed the disposition of an office tower located at 5901 W. Century Blvd. in Los Angeles’ LAX submarket. A partnership led by North Sea Capital acquired the property for $45 million. Kevin Shannon, Michael Moore, Ken White and Sean Fulp of Newmark Knight Frank represented the seller, while the buyer was self-represented in the transaction. The 15-story tower features 306,243 square feet of office space along Century Boulevard. At the time of sale, the property was 92 percent leased. Along with recent building systems upgrades, 5901 Century was heavily rebranded and features a newly renovated lobby and common areas, an executive clubhouse, dog park and bicycle-sharing program. The seller acquired the asset in early 2017 and invested in excess of $8 million to renovate and reposition the property.

October 10, 2019

Acquisitions California Office Retail Western

BrandWilson Buys 43,437 SF Retail/Office Property in California for $18.1M

by Amy Works October 10, 2019

GLENDALE, CALIF. — A private investor operating under the entity of BrandWilson LLC has purchased a mixed-use property located at 201 N. Brand Blvd. in Glendale. Bow Truss Capital sold the asset for $18.1 million. Warren Berzack and Slavic Zlatkin of Lee & Associates – LA North/Ventura represented the buyer, while Trevor Carl Nelson of Newmontis Real Estate Investment Management represented the seller in the deal. The historic Woolworth Building was recently renovated. The 43,437-square-foot property comprises a storefront retail space on the ground floor and office space on the second floor. At the time of sale, the property was fully leased to a variety of tenants, including AT&T, Unify Credit Union, 85° and Regus.

October 10, 2019

Acquisitions Oregon Retail Western

Marcus & Millichap Brokers $4.1M Sale of Retail Property in Milwaukie, Oregon

by Amy Works October 10, 2019

MILWAUKIE, ORE. — Marcus & Millichap has arranged the sale of Westwood Marketplace, a retail asset located in Milwaukie. A limited liability company sold the property to an undisclosed buyer for $4.1 million. Located at 14880 SE Webster Road, Westwood Marketplace features 14,189 square feet of retail space. Safeway anchors the property, which was 100 percent leased to long-term tenants at the time of sale. Joseph Blatner and Scott Logan of Marcus & Millichap’s Portland, Ore., office represented the seller in the transaction.

October 10, 2019

Newer Posts

Older Posts