Acquisitions

CBRE Arranges $20M Sale of Bergen Medical Center in Paramus, New Jersey

by Alex Patton August 9, 2019

PARAMUS, N.J. — CBRE has arranged the $20 million sale of Bergen Medical Center, a 75,000-square-foot healthcare complex in Paramus, about 20 miles north of New York City. The property is located in close proximity to Valley Medical Center, Bergen Regional Medical Center and Hackensack University Medical Center. Nat Gambuzza, Jeffrey Babikian, Bob L’Abbate, Nor Ramos and Allyson L’Abbate of CBRE represented the seller, the Eye Institute of New Jersey, in the transaction and procured the buyer, a private investor.

August 9, 2019

Acquisitions California Retail Western

DJM, Gaw Capital USA Acquire Hollywood & Highland in Los Angeles

by Amy Works August 9, 2019

LOS ANGELES — San Jose, Calif.-based DJM and Hong Kong- and Los Angeles-based Gaw Capital USA have purchased Hollywood & Highland, a shopping destination located in Los Angeles, for an undisclosed amount. Jerry Tang and Greg Murphy of Natixis secured a financing package, which included an acquisition loan along with a future funding component. Over the next 24 to 30 months, the buyers plans to reimagine the 463,000-square-foot retail development, which is situated on 7.6 acres. Built in 2001, the property is located at the crossroads of Hollywood Boulevard and Highland Avenue, adjacent to the acclaimed TCL Chinese Theater. The buyers plan to upgrade the retail hub through rebranding, upgrading common areas for enhanced gathering and programming spaces, increasing entertainment events, optimizing the merchandise mix and incorporating new concepts and uses. Renovations are slated to begin in 2020, with completion expected in 2021. Eastdil Secured advised the transaction, which is the largest single-asset retail transaction to take place outside of Manhattan in nearly three years.

August 9, 2019

Acquisitions Colorado Retail Western

Gart Properties Buys 155,000 SF Orchard Plaza Retail Center in Denver

by Amy Works August 9, 2019

DENVER — Gart Properties, a Denver-based privately held real estate company, has purchased Orchard Plaza, a retail and service center located at the northwest corner of East Orchard Road and South Yosemite Street in the heart of the Denver Tech Center. Terms of the transaction were not released. Primrose School, Starbucks Coffee, Federal Express and Specialty Appliance are tenants at the 155,000-square-foot property. Additionally, Spice Trade Brewery & Restaurant recently joined the tenant roster and will open before year-end.

August 9, 2019

Acquisitions Development Illinois Industrial Midwest

Logistics Property Co. Acquires Infill Site in DuPage County, Plans 274,855 SF Industrial Development

by Kristin Harlow August 9, 2019

ADDISON, ILL. — Logistics Property Co. (LPC) has acquired a 15-acre infill site in Addison within DuPage County. LPC plans to develop two industrial facilities totaling 274,855 square feet. Known as Swift & Lake, the site is situated on the southeast corner of Swift Road and Lake Street. Construction will commence immediately with delivery slated for the second quarter of 2020. Doug Pilcher of Cushman & Wakefield will market the properties for lease.

August 9, 2019

Acquisitions Iowa Midwest Missouri Retail

Disney Investment Group Brokers Sales of Five Retail Centers in Missouri, Iowa

by Kristin Harlow August 9, 2019

MISSOURI AND IOWA — Disney Investment Group (DIG) has brokered the sales of five retail centers in Missouri and Iowa. Sales prices were not disclosed. The properties total 438,861 square feet and are 91 percent occupied on average. Major tenants include Aldi, Gerbes, County Market, Orscheln, Fresenius Medical, Dollar Tree and Dollar General. David Disney and Adam Crockett of DIG brokered the sales on behalf of the seller, a private investment partnership. The team also procured the buyers for each property.

August 9, 2019

Acquisitions Hospitality Michigan Midwest

Marcus & Millichap Negotiates $2.1M Sale of Days Inn & Suites in Michigan

by Kristin Harlow August 9, 2019

BENTON HARBOR, MICH. — Marcus & Millichap has negotiated the $2.1 million sale of the Days Inn & Suites in Benton Harbor in southwest Michigan. The 49-room hotel is located at 1598 Mall Drive near the Southwest Michigan Regional Airport. Robert Marro, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap brokered the transaction. Buyer and seller information was not disclosed.

August 9, 2019

Acquisitions Industrial Michigan Midwest

Reichle Klein Group Arranges $1.3M Sale of Industrial Building in Dearborn, Michigan

by Kristin Harlow August 9, 2019

DEARBORN, MICH. — Reichle Klein Group has arranged the sale of a 57,846-square-foot industrial building in Dearborn for $1.3 million. The manufacturing facility sits on 3.5 acres at 6340 Miller Road. Lynette Reichle and Wyen Koan of Reichle Klein Group represented the seller, Nopac LLC. Hussein Bazzi of Real Estate One represented the buyer, Dearborn-based Dabazzi Properties LLC.

August 9, 2019

Acquisitions Office Oregon Western

Norris & Stevens Arranges $2.6M Sale of 12,000 SF Office Asset in Oregon

by Amy Works August 9, 2019

HILLSBORO, ORE. — Norris & Stevens Inc. has brokered the acquisition of an office building, located at 5625 NE Elam Young Parkway in Hillsboro. Pioneer Utility Resources, formerly known as Ruralite Services Corp., purchased the building for $2.6 million. The buyer plans to move its corporate offices into the building vacancy. The remainder of the building is occupied by medical and professional tenants. Tim Budelman of Norris & Stevens represented the buyer in the transaction.

August 9, 2019

Acquisitions California Company News Multifamily Western

Steadfast to Merge Three REITs, Creating $3.3B REIT Focused on Moderate Income Apartments

by Amy Works August 8, 2019

IRVINE, CALIF. — Steadfast Apartment REIT (STAR), Steadfast Income REIT (SIR) and Steadfast Apartment REIT III (STAR III) have entered into definitive merger agreements in which STAR will acquire SIR and STAR III in separate stock-for-stock, tax-free transactions. The merger will create a combined company with approximately $3.3 billion in gross real estate assets. The transactions are expected to close in the first quarter of 2020, subject to certain closing conditions, including the approval of the respective mergers by SIR and STAR III stockholders. The merger transactions are expected to close concurrently, but are not conditioned on the consummation of each other. The merger agreements were negotiated on behalf of STAR, SIR and STAR III by their respective special committees, each of which is composed exclusively of independent directors, along with each special committee’s independent financial and legal advisors. “We believe the strategic merger of these three highly complementary portfolios with similar investment strategies will create an enhanced and diversified portfolio, concentrated in high-growth markets,” said Rodney Emery, chairman of STAR, SIR and STAR III. “The enhanced size, scale and prominence of the combined portfolio will greatly improve the company’s access to attractive capital sources, which can be used to …

August 8, 2019

Acquisitions Industrial Office Texas

JLL Negotiates Sale of 1.1 MSF Office, Industrial Campus, 95 Acres in Austin

by Taylor Williams August 8, 2019

AUSTIN, TEXAS — JLL has negotiated the sale of Research Park, a 1.1 million-square-foot office and industrial campus located within Austin’s Silicon Hills neighborhood. The sale included approximately 95 acres of undeveloped land on the city’s northwest side. Originally part of a 466-acre tract owned by Texas Instruments, Research Park includes 1 million square feet of manufacturing space that is leased to a subsidiary of Flex Ltd., a global electronics manufacturing firm. JLL marketed the property on behalf of the seller, Equity Commonwealth. Parmer Innovation Centers, an affiliate of Los Angeles-based Karlin Real Estate, purchased the assets.

August 8, 2019

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