Acquisitions

PCCP Provides $268.4M in Financing for Acquisition of Two Apartment Towers in Los Angeles

by Amy Works July 30, 2019

LOS ANGELES — PCCP has provided $268.4 million in financing for the acquisition of two newly built, 28-story apartment towers in downtown Los Angeles. Known as The Grace and The Griffin, the Class A properties offer a total of 575 units and were delivered in late 2018 by the seller, Holland Partners. The properties are located at 732 and 755 South Spring St. Totaling 275 units, The Griffin features a mix of six studios, 155 one-bedroom, 55 two-bedroom and 59 three-bedroom apartments and 9,726 square feet of ground-floor retail space. The Grace offers 300 units in a mix of 18 studios, 195 one-bedroom, 61 two-bedroom and 26 three-bedroom layouts, as well as 7,569 square feet of ground-floor retail space. The units feature open floor plans with integrated kitchens, quartz countertops, stainless steel hardware and appliances, in-unit washers/dryers, recessed light fixtures, vinyl plank flooring and 9.5-foot ceiling heights. Each building features a resort-style infinity pool and spa, observatory rooftop lounge, bar and entertainment lounge, dog wash and run, two-story fitness center and yoga studio, business center, package delivery lockers, dry cleaning drop-off, electric vehicle charging stations and a coffee bar. Currently nearly 50 percent leased, the undisclosed buyer plans to hold …

July 30, 2019

Acquisitions Industrial Nevada Western

BKM Capital Partners Buys 898,389 SF Pacific Business Center in Nevada for $111M

by Amy Works July 30, 2019

HENDERSON, NEV. — BKM Capital Partners has purchased Pacific Business Center, a light multi-tenant industrial property in Henderson, for $111.2 million. The 13-building asset is located at 1045-1175 American Pacific Drive, 160-194 Gallagher Crest Road and 1060-1110 Mary Crest Road and offers a total of 898,389 square feet of industrial space. Constructed between 1996 and 1998, Pacific Business Center has undergone more than $12.4 million in capital improvements since 2010. Renovations included high-quality HVAC and EVAP systems, LED lighting, upgraded office finishes and new exterior paint. The property features 24-foot to 28-foot clear heights, ESFR sprinkler systems and new thermoplastic polyolefin (TPO) roofs. At the time of sale, the property was 85 percent occupied by a diverse mix of tenants. BKM was self-represented, while CBRE represented the undisclosed seller in the deal.

July 30, 2019

Acquisitions Arizona Industrial Western

CapRock Partners Acquires 226,436 SF Papago Distribution Center in Phoenix

by Amy Works July 30, 2019

PHOENIX — CapRock Partners, along with an institutional client advised by CenterSquare Investment Manager, has purchased Papago Distribution Center, a Class A industrial property located at 1010 N. 47th Ave. in Phoenix. A global asset manager sold the property for an undisclosed price. Updike Distribution Logistics, a third-party logistics company, fully occupies the 226,436-square-foot facility. The property features 5,000 square feet of office space, 30-foot clear heights, 60 dock-high doors and three drive-in ramps. Situated on 12 acres, the asset features a 130-foot truck court and heavy power capacity. Additionally, the property is rail-service capable with seven knock-out doors and nearly 200 parking spaces. Bo Mills and Mark Detmer of JLL represented the CapRock in the acquisition.

July 30, 2019

Acquisitions Arizona Office Western

NAI Horizon Arranges Sale of 28,312 SF Office Building in Phoenix for $4.6M

by Amy Works July 30, 2019

PHOENIX — NAI Horizon has arranged the sale of an office building, located at 2944 N. 44th St. in Phoenix. Alva Pinchot LLC sold the asset to Curran Properties for $4.6 million. The property features 28,312 square feet of office space. Lane Neville and Logan Crum of NAI Horizon represented the seller in the deal.

July 30, 2019

Acquisitions Multifamily Texas

Saxony Capital Acquires 310-Unit Apartment Community in Longview, Texas

by Taylor Williams July 30, 2019

LONGVIEW, TEXAS — Saxony Capital Management has acquired Pine Knoll, a 310-unit multifamily community in Longview, located about 120 miles east of Dallas. Built in 1983, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, business center, a spa and onsite laundry facilities. Mark Brandenburg of JLL originated an undisclosed amount of fixed-rate acquisition financing through Freddie Mac for the deal. The seller was not disclosed.

July 30, 2019

Acquisitions Industrial Texas

Brennan Investment Group Sells 129,061 SF Industrial Property in Dallas

by Taylor Williams July 30, 2019

DALLAS — Chicago-based Brennan Investment Group has sold 8820 Ambassador Row, an industrial property located near Love Field Airport and Interstate 35 in Dallas. According to LoopNet Inc., the property was built in 1966 on 5.9 acres and totals 129,061 square feet. The building serves as the corporate headquarters of Delivery Limited and houses all of its storage, logistics and administrative functions. The buyer was not disclosed.

July 30, 2019

Acquisitions Development Illinois Midwest New York Northeast Student Housing Top Stories

Core Spaces Aligns with Goldman Sachs in $600M Student Housing Deal

by John Nelson July 30, 2019

CHICAGO AND NEW YORK CITY — Student housing developer Core Spaces has entered into a partnership with Goldman Sachs (NYSE: GS) to recapitalize nine of its properties in a deal valued at $600 million. The national portfolio consists of seven operating student housing properties and two projects under development, totaling 4,358 beds. The Wall Street Journal reports that Goldman Sachs will likely utilize its newly launched, $2.5 billion real estate investment fund for the Core student housing portfolio. The newspaper reports that the New York-based financial giant has purchased more than $30 billion in real estate since 2012 mostly using its own capital. Core will keep a small ownership percentage in the portfolio and keep the assets under its management. The deal is a strategic decision by the Chicago-based firm to aggregate its portfolio with an institutional investor and retain an interest in its developed properties for the long haul, says Core’s founder and CEO, Marc Lifshin. “We believe in the long-term performance of our assets,” he says. “Our assets have proven to perform over time. We would rather be involved for the growth period. It creates a much more sustainable model for us going forward.” The operating properties that …

July 30, 2019

Acquisitions Multifamily South Carolina Southeast

Spectrum Sells Multifamily Community in Charleston for $51.1M

by Alex Tostado July 29, 2019

CHARLESTON, S.C. — The Spectrum Cos. has sold Paxton Point Hope, a 274-unit multifamily community in Charleston, for $51.1 million. Paxton Point offers studio through three-bedroom floor plans. Communal amenities include a 4,100-square-foot fitness center, 7,500-square-foot clubhouse, saltwater swimming pool, dog park, game room and an outdoor grilling area. The Spectrum Cos. delivered the property earlier this summer and it was 35 percent occupied at the time of sale. Capstone Apartment Partners represented the seller in the transaction and procured the buyer, VTT Management.

July 29, 2019

Acquisitions North Carolina Office Southeast

JPB Raleigh Holdings Acquires Office Campus in Raleigh for $39.8M

by Alex Tostado July 29, 2019

RALEIGH, N.C. — JPB Raleigh Holdings has acquired Northchase Executive Center, a two-building office campus in Raleigh, for $39.8 million. The property has a total of 176,620 square feet of office space. The two buildings were built in the mid-1980s and were 95.6 percent leased at the time of sale. The previous owners invested more than $14 million in renovations across the property, which is located at 6601 Six Forks Road. Jimmy Barnes of NAI Carolantic represented the buyer in the transaction. The seller was not disclosed.

July 29, 2019

Acquisitions Industrial New Jersey Northeast

Kiss Products Purchases Distribution Facility in Piscataway, New Jersey, for $65.7M

by Alex Patton July 29, 2019

PISCATAWAY, N.J. — Kiss Products Inc., a manufacturer and distributor of nail care products, based in New York, has purchased a distribution facility in Piscataway, located in northeast New Jersey, for $65.7 million. The 469,000-square-foot property is part of Rockefeller Group Logistics Center, a 2.2 million-square-foot distribution center with other tenants that include Best Buy and Fujitsu General America Inc. Jules Nissim, Stan Danzig and Marc Petrella of Cushman & Wakefield represented the Rockefeller Group in the transaction. Greg Brown and Tom Kirczow of NAI DiLeo-Bram & Co. represented Kiss Products. Citibank, City National Bank and Shinhan Bank America financed the acquisition.

July 29, 2019

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