Acquisitions

CBRE Brokers Sale of 283,500 SF Industrial Facility in Philadelphia

by Alex Patton September 12, 2019

PHILADELPHIA — CBRE has brokered the sale of a 283,500-square-foot industrial facility in Philadelphia. The buyer, a partnership between Wharton Industrial Partners and Walton Street Capital, plans to invest $10 million in an extensive repositioning of the site, which will be rebranded SoPhi Logistics Center. Improvements will include installation of a new roof and lights, as well as leveling the interior floors, expanding and upgrading the loading docks and repaving and repainting the entire site. Construction is expected to be complete in early 2020. CBRE’s Patrick Green and Michael Mullen represented the seller, an individual investor based in Switzerland who purchased the property in 2006. The sales price was undisclosed.

September 12, 2019

Acquisitions California Multifamily Seniors Housing Western

Healthcare Trust Buys 117-Bed Seniors Housing Community Near San Diego

by Amy Works September 12, 2019

ESCONDIDO, CALIF. — Healthcare Trust Inc., a New York-based public, non-traded REIT, has acquired Felicita Vida, a seniors housing community located in Escondido, for an undisclosed price. The seller was Torrey Pines Development Group. Built in 2015 on 4.3 acres, Felicita Vida features 91 units, totaling 117 beds, in a mix of 53 assisted living units and 38 memory care units. Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker, Tim Hosmer and Bailey Nygard of Cushman & Wakefield represented the seller in the transaction.

September 12, 2019

Acquisitions New Jersey Northeast Office

Cushman & Wakefield Arranges Sale of 42,000 SF Office Building in Summit, New Jersey

by Alex Patton September 12, 2019

SUMMIT, N.J. — A joint venture of Saxum Real Estate and The Becker Organization has purchased a 42,000-square-foot office building in Summit, a western suburb of New York City. The property was built in 2001 and was fully leased to three tenants at the time of sale. Cushman & Wakefield’s Gary Gabriel, Frank DiTommaso, David Bernhaut, Andy Merin and Brian Whitmer represented the seller, The Silverman Group, in the transaction. The Cushman & Wakefield team also procured the buyer.

September 12, 2019

Acquisitions California Restaurant Retail Western

Valore Ventures Sells Oggi’s Pizza & Brewery Site in Garden Grove, California

by Amy Works September 12, 2019

GARDEN GROVE, CALIF. — Valore Ventures has completed the disposition of an Oggi’s Pizza & Brewery location at 12362 Chapman Ave. in Garden City. The restaurant’s franchisee, a local private investor, acquired the property for an undisclosed sum. The 6,500-square-foot restaurant is part of a four-property, fee-simple restaurant portfolio that Valore Ventures acquired in January. Built between 2001 and 2008, the restaurants are part of a larger development that includes three high-rise hotels and a 2.8-acre parking lot owned by the hotels, but reserved exclusively for restaurant use. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller in the deal.

September 12, 2019

Acquisitions Office Top Stories Washington Western

Kennedy Wilson, Security Benefit Life Insurance Acquire Office Campus in Metro Seattle for $227M

by Alex Tostado September 12, 2019

BELLEVUE, WASH. — A new joint venture between Kennedy Wilson (NYSE: KW) and Security Benefit Life Insurance Co. has acquired Sunset North, a 464,000-square-foot, three-building office campus in Bellevue for $227 million. The property’s three buildings, which are certified LEED Silver, were constructed between 1999 and 2000. They were 99 percent leased at the time of sale to 10 long-term tenants with a weighted-average lease term of eight years. Sunset North is located near the intersection of Interstates 405 and 90, three miles southeast of downtown Bellevue and 10 miles east of downtown Seattle. The joint venture acquired the property with $77 million of equity and a $150 million, 10-year acquisition loan with a 3.25 percent fixed interest rate. The lender was not disclosed. The joint venture targets real estate investment opportunities in the Western United States. “Sunset North is an ideal first acquisition for our joint venture,” says Matt Windisch, executive vice president of Kennedy Wilson. Security Benefit is a Kansas-based insurance company that has been in business for more than 127 years. Kennedy Wilson owns, operates and manages multifamily and office properties in the Western U.S., United Kingdom and Ireland. Kennedy Wilson’s stock price closed Wednesday at $22.63 …

September 12, 2019

Acquisitions Georgia Leasing Activity Office Southeast

Cobb Chamber Sells Headquarters Building in Atlanta, Will Move Office Near SunTrust Park

by Alex Tostado September 11, 2019

ATLANTA — The Cobb County Chamber of Commerce has sold its headquarters building located at 240 Interstate N. Parkway in Atlanta to Pope & Land for an undisclosed price. The Cobb Chamber and other tenants, including the Cumberland Community Improvement District and Cobb Community Foundation, will relocate to the 10th floor of 1100 Circle 75, where they will occupy 17,517 square feet of office space by early 2020. SK Commercial Realty is the owner and landlord.The new office space is located across from The Battery Atlanta and SunTrust Park, home to Major League Baseball’s Atlanta Braves. The new space will feature meeting rooms, event spaces, modern workspaces, huddle rooms to foster collaboration and a bistro-style break room. Chad Koenig and Trey Dove of Cushman & Wakefield represented Cobb Chamber in the lease negotiations, and Andrew Walker of Colliers International represented the on the sale of its former headquarters building. Rule Joy Trammell + Rubio will serve as the architectural design firm and Darden will serve as project manager of building out the space. Choate Construction will serve as the general contractor. Turnerboone is the project’s furnishings vendor, and Unified Technology Systems is providing the audio-visual design and installation.

September 11, 2019

Acquisitions Multifamily Southeast Tennessee

Monument Capital Acquires 216-Unit Multifamily Community in Eastern Tennessee

by Alex Tostado September 11, 2019

JOHNSON CITY, TENN. — Monument Capital Management has acquired Sterling Hills Apartment Homes, a 216-unit multifamily community in Johnson City. The buyer will implement a $2.3 million renovation plan to upgrade the property. Sterling Hills was built in 1980 and offers one-, two- and three-bedroom floor plans averaging 876 square feet. Communal amenities include a fitness center, basketball court, swimming pool, courtyard, grill and a picnic area. Located at 1 Milligan Lane, the property is situated five miles east of downtown Johnson City. Sterling Hills Apartments LLC sold the asset for an undisclosed price.

September 11, 2019

Acquisitions Multifamily Texas

West Shore Acquires 261-Unit Apartment Community in Bryan, Texas

by Taylor Williams September 11, 2019

BRYAN, TEXAS — Multifamily investment firm West Shore LLC has acquired Broadstone Traditions, a 261-unit residential community located in the Central Texas city of Bryan. Broadstone Traditions will be integrated into the adjacent 8085 at Traditions community, a 396-unit property owned and operated by West Shore since 2018. Units feature quartz or granite countertops, stainless steel appliances, full-size washing machines and dryers, walk-in closets, private patios or balconies and wine refrigerators and beverage centers in select units. Amenities include three pools with cabanas and sun decks, three fitness centers, outdoor kitchens and grilling stations, an outdoor putting green, three dog parks with pet washing stations, two business centers with private conference rooms and complimentary Starbucks coffee bars.

September 11, 2019

Acquisitions Office Texas

NAI Robert Lynn Arranges Sale of 47,280 SF Office Building in Metro Dallas

by Taylor Williams September 11, 2019

FARMERS BRANCH, TEXAS — NAI Robert Lynn has arranged the sale of Midway Crowne Center, a 47,280-square-foot office building located at 14240 Midway Road in Farmers Branch, a northern suburb of Dallas. A California-based partnership sold the asset to Twinrose Investments for an undisclosed price. Jim Hancock and Chad Albert with NAI Robert Lynn handled the sale with Cullen Dickey of Dickey Property Co.

September 11, 2019

Acquisitions Industrial Northeast Pennsylvania

Novaya Foxfield Buys 20 Acres of Land for Industrial Development in Elizabethtown, Pennsylvania

by Alex Patton September 11, 2019

ELIZABETHTOWN, PA. — Novaya Foxfield Industrial (NFI) has purchased 20 acres in Elizabethtown, located about 75 miles north of Baltimore. NFI is currently developing two industrial warehouses totaling 200,000 square feet on the site. The buildings will feature concrete panel construction and 32-foot clear heights. The property will be located within the 3.5 million-square-foot Conewago Industrial Park, which houses several large warehouse and industrial tenants. NFI expects to complete construction by the end of 2019.

September 11, 2019

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