Acquisitions

HCP Agrees to Purchase Life Sciences Building Near Boston from Davis Cos., Invesco for $332.5M

by John Nelson September 10, 2019

CAMBRIDGE, MASS. — HCP Inc. (NYSE: HCP), a healthcare and seniors housing REIT, has agreed to acquire a 224,000-square-foot life sciences building in the Cambridge submarket of Boston for $332.5 million. The Davis Cos. and Invesco Real Estate are selling the LEED Gold-certified property, which is located at 35 CambridgePark Drive. Known as Alewife Research Center, 35 CambridgePark Drive is fully leased to five life sciences firms. The leases have a weighted average term exceeding 10 years. The recently delivered property offers more than 10,000 square feet of amenity space, including a lobby with dedicated collaboration spaces, a full-service restaurant, fitness center, lockers, bike storage and green space with outdoor seating. The transit-oriented property is located two miles from Harvard University and directly across the street from the MBTA Alewife Red Line station and bus terminal. “With the acquisition, we’re pleased to report that in less than two years we have expanded our presence in the Boston life science market to more than 1.3 million square feet and at a very compelling blended yield,” says Scott Brinker, executive vice president and chief investment officer of HCP. HCP expects to close the acquisition in December. The REIT also recently purchased the …

September 10, 2019

Acquisitions Office Texas

Admiral Capital Group Acquires 249,564 SF Office Building in Dallas

by Taylor Williams September 9, 2019

DALLAS — Private equity investment firm Admiral Capital Group has acquired Fourteen555, a 249,564-square-foot, Class A office building located in the Lower Tollway submarket of Dallas. The seller, Cawley Partners, developed the asset in 2018. Amenities at the six-story property a full-service restaurant, a fitness center and a covered terrace with lounge seating. BOKA Powell designed the building.

September 9, 2019

Acquisitions New York Northeast Office

Jacobson, Pyramid Negotiate $13.6M Sale of Medical Office Building in Upstate New York

by Alex Patton September 9, 2019

KINGSTON, N.Y. — Jacobson Properties and Pyramid Brokerage, two New York-based firms, have arranged the $13.6 million sale of a Benedictine Cancer Center, a medical office building in Kingston. The 36,479-square-foot facility, located about 50 miles south of Albany, is 100 percent leased to HealthAlliance Hospital: Mary’s Avenue Campus. Lisa Menin of Jacobson Properties and Leo Jones of Pyramid Brokerage represented the undisclosed seller in the transaction. The buyer was a private equity investor.

September 9, 2019

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 30,942 SF Retail Strip Center in Houston

by Taylor Williams September 9, 2019

HOUSTON — Marcus & Millichap has arranged the sale of a 30,942-square-foot retail strip center located at 5301 Telephone Road in Houston. Pep Boys and Melrose, an apparel retailer, anchor the property. Gus Lagos and Nik Kapetanakis of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Lagos also secured the buyer, another limited liability company.

September 9, 2019

Acquisitions Maryland Office Southeast

JLL Arranges Sale of 327,000 SF Office Complex in Metro D.C.

by Alex Tostado September 9, 2019

ROCKVILLE, MD. — JLL has arranged the sale of Executive Plaza, a 327,000-square-foot office complex in Rockville. The property comprises two eight-story buildings located at 6120 and 6130 Executive Blvd., about 15 miles north of downtown Washington, D.C. The buildings were recently renovated to include a new fitness center, 3,500-square-foot conference center, cyber café and an outdoor plaza. Jim Meisel and Matt Nicholson of JLL represented the seller, a partnership between Monument Realty and Angelo, Gordon & Co., in the transaction. MC Real Estate and an institutional partner acquired the asset for an undisclosed price. MC Real Estate has retained The Polinger Co. to provide onsite property management services and Bob Dickman of Avison Young as the leasing agent.

September 9, 2019

Acquisitions Multifamily Southeast Virginia

Hamilton Zanze Acquires 248-Unit Multifamily Community in Northern Virginia

by Alex Tostado September 9, 2019

ALEXANDRIA, VA. — Hamilton Zanze has acquired Abbotts Run, a 248-unit multifamily community in Alexandria. The property offers one- and two-bedroom floor plans ranging in size from 693 to 1,352 square feet. Amenities include a 24-hour clubhouse, game room, swimming pool, playground, tennis and volleyball courts, car washing station and outdoor picnic and grilling stations. The previous owner renovated all but 17 units. Hamilton Zanze plans to complete the renovation of the property, which was built in 1988. Abbotts Run is located at 5711 Woodlawn Gable Drive, 20 miles southwest of downtown Washington, D.C.

September 9, 2019

Acquisitions Florida Industrial Southeast

Pinch A Penny Sells Two Industrial Buildings Totaling 224,192 SF in Central Florida

by Alex Tostado September 9, 2019

CLEARWATER, FLA. — Pinch A Penny, a swimming pool retail, service and repair franchise, has sold two industrial buildings totaling 224,192 square feet in Clearwater. The buildings are located at 14480 and 14550 62nd St., three miles west of St. Pete-Clearwater International Airport and 19 miles west of downtown Tampa. Pinch A Penny sold the assets after vacating the property to expand its footprint into new facilities. The buyer was not disclosed, but the Tampa Bay Business Journal reports Blue Steel Development acquired the two industrial buildings. The buyer plans to significantly renovate the two Class C buildings. Rick Narkiewicz of Newmark Knight Frank (NKF) represented the seller in the transaction.

September 9, 2019

Acquisitions California Retail Western

GIGU Inc. Buys 105,297 SF Stockton Plaza in California’s Central Valley for $17M

by Amy Works September 9, 2019

STOCKTON, CALIF. — GIGU Inc., a private buyer, has purchased Stockton Plaza, a shopping center located at 2323 W. Hammer Lane in Stockton. PPC-Stockton Plaza L.P. sold the asset for $17 million. At the time of sale, the 105,297-square-foot property was 97 percent occupied. Tenants include Food Source (Raley’s), AutoZone, BBVA Compass Bank, Great Clips, McDonald’s and Little Caesars. Chris Tramontano, John Redfield and Steve Kalyk of SRS Real Estate Partners’ Investment Properties Group represented the seller in the deal.

September 9, 2019

Santa-Ana-Tustin-Medical-Pavilion-Tustin-CA

Acquisitions California Healthcare Office Western

Camelot West Commercial Negotiates $4.8M Sale of Medical Office Building in Tustin, California

by Amy Works September 9, 2019

TUSTIN, CALIF. — Camelot West Commercial has arranged the sale of Santa Ana – Tustin Medical Pavilion, a medical office building in Tustin. TKL Westminster acquired the property from Santa Ana Tustin Medical Pavilion LLC for $4.8 million with no concessions or repairs. Developed in 1968, the 17,594-square-foot building is located at 17400 Irvine Blvd. in Tustin. The building features 13 separate suites, each with examination rooms, lobbies, offices and private bathrooms. The building also features a full-service pharmacy. Jennifer Esser of Camelot West Commercial represented the seller, while Mia Pham of Lee & Associates represented the buyer in the transaction.

September 9, 2019

Acquisitions California Net Lease Retail Western

Marcus & Millichap Arranges $2.9M Sale of Net-Leased Building in Livermore, California

by Amy Works September 9, 2019

LIVERMORE, CALIF. — Marcus & Millichap has brokered the sale of a retail building, located at 2287 Second St. in downtown Livermore. A limited liability company acquired the building from tenants in common for $2.9 million. Bank of the West occupies the 7,108-square-foot building with one year remaining on the triple-net lease with no options to extend. Constructed in 1960 on a 0.41-acre lot, the building features multiple drive-in lanes and ample parking. Ethan Pintard and Jarrod Senechal of Marcus & Millichap’s East Bay, Calif., office represented the seller and the buyer in the deal.

September 9, 2019

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