Acquisitions

HFF Negotiates Sale of 433,132 SF Office Building in Houston’s Greenway Area

by Taylor Williams June 25, 2019

HOUSTON — HFF has negotiated the sale of 20 Greenway Plaza, a 433,132-square-foot office building in Houston. The 10-story property was renovated in 2014 and was 95 percent leased at the time of sale to tenants such as Merrill Lynch, Sunnova Energy Corp., REALEC Technologies, Mitsubishi and Koch Industries. Dan Miller and Trent Agnew of HFF represented the seller, Principal Real Estate Investors, in the transaction and procured the buyer, Stockdale Capital Partners. Wally Reid of HFF arranged acquisition financing through Cigna Realty Investors on behalf of the buyer. The loan was structured with a seven-year term and a fixed interest rate.

June 25, 2019

Acquisitions Arizona Multifamily Western

MIG Real Estate Acquires 168-Unit Del Sol Apartments in Scottsdale for $34.5M

by Amy Works June 25, 2019

SCOTTSDALE, ARIZ. — MIG Real Estate has purchased Del Sol Apartments, a multifamily property located at 10888 N. 70th St. in Scottsdale. Aukum Group sold the asset for $34.5 million, or $205,357 per unit. Built in 1984, Del Sol Apartments features 168 units and is approximately six miles from downtown Scottsdale. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

June 25, 2019

Acquisitions Industrial Self-Storage Texas

Strategic Storage Acquires 637-Unit Facility in Houston

by Taylor Williams June 25, 2019

HOUSTON — Strategic Storage Growth Trust II Inc., a private real estate investment trust sponsored by SmartStop Asset Management LLC, has acquired a 637-unit facility in Houston. The property, the name of which was not disclosed, features climate-controlled and drive-up units. The new ownership also notes that the facility is located within an area with a high concentration of multifamily and retail development. The transaction marks the REIT’s third acquisition.

June 25, 2019

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Arranges Sale of 320-Unit Self-Storage Facility in Spicewood, Texas

by Taylor Williams June 25, 2019

SPICEWOOD, TEXAS — Marcus & Millichap has arranged the sale of A-Max Self Storage, a 320-unit facility in Spicewood, about 35 miles west of Austin. The property is located along State Highway 71 and features 47,530 square feet of rentable space. Jon Danklefs and Mark Diebold of Marcus & Millichap represented the seller, a partnership, and procured the buyer, a limited liability company. Both parties requested anonymity.

June 25, 2019

Acquisitions California Office Western

RAF Pacifica Buys 121,541 SF Office Building in Southern California for $20.2M

by Amy Works June 25, 2019

CARLSBAD, CALIF. — San Diego-based RAF Pacifica Group has acquired an office building, located at 1950 Camino Vida Roble in Carlsbad, from an institutional investor for $20.2 million. The buyer plans to rebrand the 121,541-square-foot property as fu*sion, an office/industrial building with a large amenity space. Constructed in 1996 and situated on 10.9 acres, the one-story property features a mezzanine space and loading capabilities. Amenities planned for the new space include a full basketball court, volleyball court, an amphitheater, outdoor seating and dining areas, a fire pit, barbecue grills, hammock space, a wall mural and drought-resistant landscaping. REF has retained Aric Starck of Cushman & Wakefield as the leasing broker for the property.

June 25, 2019

Acquisitions Arizona Retail Western

Weingarten Realty Investors Sells 39,763 SF Laveen Village Marketplace in Arizona

by Amy Works June 25, 2019

LAVEEN, ARIZ. — Houston-based Weingarten Realty Investors has completed the disposition of Laveen Village Marketplace, a retail center located at the intersection of 51st and Baseline avenues in Laveen. The name of the buyer and acquisition price were not released. At the time of sale, the 39,763-square-foot property was fully leased to Fry’s Food & Drug, Chipotle, Wing Stop, Jersey Mikes Subs, Med Post Urgent Care and Starbucks Coffee, as well as McDonald’s and Wells Fargo on outparcels. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller in the deal.

June 25, 2019

Acquisitions California Retail Western

Marcus & Millichap Arranges $2.5M Sale of Retail Asset in Anaheim

by Amy Works June 25, 2019

ANAHEIM, CALIF. — Marcus & Millichap has arranged the sale of a retail property located at the intersection of Lemon Street and Orangethorpe Avenue in Anaheim. An undisclosed developer acquired the asset from a private investor for $2.5 million. The buyer plans to make improvements to the 5,752-square-foot property. At the time of sale, six local tenants occupied the two-building asset. Michael Matter and Nicholas Phillips of Marcus & Millichap’s South Bay, Calif., office represented the seller in the deal.

June 25, 2019

Acquisitions Indiana Midwest Retail

Cooper Group Brokers $1M Sale of Retail Property in Evansville, Indiana

by Kristin Harlow June 25, 2019

EVANSVILLE, IND. — The Cooper Commercial Investment Group has brokered the sale of Diamond Center in Evansville for $1 million. The 10,000-square-foot retail property is fully occupied. Tenants include Dollar General and Subway. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an Indiana-based private investment group. A New Jersey-based private group purchased the asset at a cap rate of 7.3 percent.

June 25, 2019

Acquisitions Massachusetts Northeast Office

CBRE Brokers $20.7M Sale-Leaseback of Office, Lab Property Near Boston

by Taylor Williams June 25, 2019

FRAMINGHAM, MASS. — CBRE has brokered the $20.4 million sale of a 153,000-square-foot office and laboratory property located within Framingham Technology Park on the western outskirts of Boston. Zell Partnership represented the seller, biotech firm Sanofi Genzyme, which will continue to operate out of the property until it takes occupancy of a new build-to-suit space at Cambridge Crossing. That property is under construction, and Sanofi Genzyme expects to move in by late 2021 or early 2022. Steve Purpura, Chris Skeffington and Roy Sandeman of CBRE represented the buyer, King Street Properties, which plans to redevelop the property into a multi-tenanted R&D lab facility after Sanofi moves out.

June 25, 2019

Acquisitions Company News Hospitality Nevada Retail Top Stories Western

Eldorado Resorts to Acquire Caesars Entertainment for $17.3B, Creating World’s Largest Gaming Company

by John Nelson June 25, 2019

RENO AND LAS VEGAS, NEV. — Eldorado Resorts Inc. (NASDAQ: ERI) and Caesars Entertainment Corp. (NASDAQ: CZR) have agreed to merge operations in a cash and stock deal valued at $17.3 billion. Eldorado plans to purchase the assets and operations of Caesars, creating the world’s largest gaming company. If approved and executed, the combined company would operate under the Caesars name and continue to trade on the Nasdaq Global Select Market. The combined company would own and operate approximately 60 casino-resorts and gaming facilities across 16 states. The combined company will also oversee the completion of the $1.2 billion room remodeling program of Caesars’ Las Vegas Strip assets. Eldorado will acquire all the outstanding shares of Caesars using $7.2 billion in cash, approximately 77 million Eldorado common shares and the assumption of Caesars outstanding net debt, excluding face value of the existing convertible note (i.e. short-term debt that converts to equity). Eldorado and Caesars shareholders will hold approximately 51 percent and 49 percent of the combined company’s outstanding shares, respectively. The combined company’s board of directors will consist of 11 members, six from Eldorado’s board of directors and five from Caesars’ board of directors. The board of directors for both …

June 25, 2019

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