Acquisitions

REDA Sells Two-Building Medical Office Complex in Southern California

by Amy Works September 4, 2019

NEWPORT BEACH, CALIF. — Newport Beach-based Real Estate Development Associates (REDA) has completed the disposition of Newport Heights Medical Center (NHMC), a 59,978-square-foot Class A medical office campus located in Newport Beach. LaSalle Investment Management acquired the fully leased asset for an undisclosed price. Built in 2017, NHMC consists of Building One, a 18,303-square-foot building located at 20350 Birch St., and Building Two, a 41,675-square-foot asset located at 20360 Birch St. Current tenants includes Starpoint Health Outpatient Surgery Center, UCI Health Newport, Eden Fertility Management, Newport Foot and Ankle, Grover Aesthetics and Lea Plastic Surgery. Chris Bodnar, Anthony DeLorenzo and Ryan Lindsley of CBRE represented the seller in the deal. REDA acquired the four-acre site in 2015 for $8.8 million and proceeded to re-entitle the land for construction of two two-story medical office buildings. The development team included Bank of the West, Bascom Group, Westminster Funds, Millie Severson and California Commercial.

September 4, 2019

Acquisitions California Industrial Western

Rexford Industrial Buys 27,267 SF Industrial Building in San Diego for $8.2M

by Amy Works September 4, 2019

SAN DIEGO — Southern California-based Rexford Industrial Realty has acquired an industrial building located 5725 Eastgate Drive in San Diego’s Miramar neighborhood. Valley Investment Services sold the asset for $8.2 million. Bill Dolan of CBRE represented the seller in the deal. The 27,267-square-foot property features 22-foot clear heights, eight grade-level loading doors, excess land and a secured yard. At the time of closing, the property was vacant. However, Rexford secured a long-term tenant prior to closing.

September 4, 2019

Acquisitions Colorado Mixed-Use Office Retail Western

Cushman & Wakefield Brokers Acquisition of Historic Mixed-Use Building in Denver for $6.4M

by Amy Works September 4, 2019

DENVER — Cushman & Wakefield has facilitated the sale of 1925 Blake Street, a 129-year-old mixed-use building in Denver’s Lower Downtown neighborhood. The property traded for $6.4 million, or $418 per square foot. The names of the seller and buyer were not released. Jon Hendrickson and Aaron Johnson of Cushman & Wakefield’s Denver Capital Markets group handled the transaction. Originally constructed in 1890 as a warehouse, the three-level building was converted into an office building in 1934. At the time of sale, the 15,375-square-foot building was fully leased to four tenants.

September 4, 2019

Acquisitions California Office Retail Western

Marcus & Millichap Arranges $3.2M Sale of Commercial Asset in Los Angeles’ Melrose District

by Amy Works September 4, 2019

LOS ANGELES — Marcus & Millichap has arranged the sale of a retail and creative office building located at 6721 Melrose Ave. in Los Angeles’ Melrose district. A limited liability company sold the property to another limited liability company for $3.2 million, or $1,067 per square foot. Situated on 7,091 square feet of land, the 3,046-square-foot building was delivered vacant. The property offers the redevelopment potential and utilize the current C4 zoning. The asset features 14 parking spaces. Brandon Michaels of Marcus & Millichap’s Encino, Calif., office represented the seller and the buyer in the deal.

September 4, 2019

Acquisitions Civic Kansas Midwest

Easterly Government Properties Acquires EPA Regional Headquarters in Lenexa, Kansas

by Kristin Harlow September 4, 2019

LENEXA, KAN. — Easterly Government Properties Inc., a publicly traded real estate investment trust, has acquired a 169,585-square-foot Environmental Protection Agency (EPA) regional headquarters in Lenexa. Originally constructed in 2007, the two-story office building is situated on a 30.5-acre parcel. The EPA completed a renovation of the property in 2012. While headquartered in Washington, D.C., the EPA also operates 10 regional offices throughout the country.

September 4, 2019

Acquisitions Midwest Retail Wisconsin

Consolidated-Tomoka Purchases Alpine Valley Music Theatre in Wisconsin for $7.5M

by Kristin Harlow September 4, 2019

EAST TROY, WIS. — Consolidated Tomoka Land Co. has purchased the Alpine Valley Music Theatre in East Troy for $7.5 million. The amphitheater can accommodate up to 37,000 people and includes a 7,500-seat pavilion and extensive green space. Live Nation Entertainment Inc. occupies the property on a net-lease basis. There are approximately 11 years remaining on the lease. Zilber Property Group sold the venue, according to the Milwaukee Business Journal.

September 4, 2019

Acquisitions Arizona Hospitality Top Stories Western

Trinity Investments, Elliott Management Acquire JW Marriott Phoenix Desert Ridge Resort & Spa for $602M

by Kristin Harlow September 4, 2019

PHOENIX — A joint venture between funds managed by Trinity Real Estate Investments LLC and Elliott Management Corp. has acquired the JW Marriott Phoenix Desert Ridge Resort & Spa, the largest resort in Phoenix. Blackstone reportedly sold the asset for $602 million, according to Pacific Business News. Spanning 396 acres, the resort features a 950-room hotel, 212,500 square feet of meeting space and seven food and beverage options. Amenities include a spa, lazy river, five pools and two championship golf courses designed by Arnold Palmer and Nick Faldo. The transaction follows Trinity and Elliott’s joint purchase of the Grande Lakes Orlando Resort in December 2018. The partnership says its strategy is to acquire large hotel properties with value-add opportunities. Trinity and Elliott intend to implement a multi-million-dollar capital improvement plan to further enhance the offerings at the JW Marriott Phoenix Desert Ridge. In addition to guestroom renovations, plans call for upgrades to the resort’s meeting spaces, ballrooms, water features and food offerings. “Large, luxury group-business resort and conference center properties continue to be attractive investment opportunities,” says Tim Mackey, portfolio manager at Elliott. “The JW Marriott Phoenix Desert Ridge is a market leader in terms of number of rooms, meeting …

September 4, 2019

Acquisitions Midwest Retail Wisconsin

Mid-America Brokers Sale of 259,962 SF Shopping Center in West Allis, Wisconsin

by Kristin Harlow September 3, 2019

WEST ALLIS, WIS. — Mid-America Real Estate Corp. has brokered the sale of West Allis Center in Wisconsin for $18.1 million. The 259,962-square-foot shopping center, built in 1964, is located along the 108th Street retail corridor, four miles southwest of downtown Milwaukee. Tenants include Pick ‘n Save, Kohl’s, Marshalls, HomeGoods, BMO Harris Bank and Walgreens. Ben Wineman and Dan Rosenfeld of Mid-America represented the seller, Ohio-based Retail Value Inc. Tennessee-based GBT Realty Corp. purchased the asset.

September 3, 2019

Acquisitions Industrial Midwest Wisconsin

Zilber Acquires 121,000 SF Industrial Building in Pleasant Prairie, Wisconsin

by Kristin Harlow September 3, 2019

PLEASANT PRAIRIE, WIS. — Zilber Property Group has acquired a 121,000-square-foot industrial building located at 8778 100th St. in Pleasant Prairie. The purchase price was undisclosed. The vacant property is situated within LakeView Corporate Park. It features a clear height of 26 feet, six docks, two drive-in doors, 12,000 square feet of office space and 115 car parking stalls. MG Design formerly occupied the property. Eric Fischer of Cushman & Wakefield represented the undisclosed seller. Michael Kleber of Zilber represented Zilber.

September 3, 2019

Acquisitions Massachusetts Multifamily Northeast

Boston Realty Advisors Arranges $11.5M Sale of Multifamily Property in Cambridge

by Alex Patton September 3, 2019

CAMBRIDGE, MASS. — Boston Realty Advisors (BRA) has arranged the $11.5 million sale of The Emerson, a 31-unit apartment building in Cambridge, a northeastern suburb of Boston. The property offers studio and one-bedroom apartments and is situated close to Harvard University and the Massachusetts Institute of Technology (MIT). Jason Weissman, Nicholas Herz and Kevin Benzinger of BRA represented the buyer, New York-based Columbia Partners, in the transaction. The buyer was 922 Massachusetts Ave. LLC.

September 3, 2019

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