Acquisitions

Charles River Realty Investors Acquires 116,490 SF Office Building in Massachusetts

by David Cohen April 11, 2019

MEDFORD, MASS. — Charles River Realty Investors has acquired a 116,490-square-foot office building in Medford for an undisclosed price. The transaction was a sale-leaseback with the seller, Citizens Bank. Located at 20 Cabot Road, the property was built in 1987. Citizens Bank, currently occupies 85,200 square feet at the property and has signed a 10-year lease with Charles River Realty for the space. The remaining 31,290 square feet will be leased to new tenants. National Development will serve as the property manager. Charles River plans to make significant improvements to the building, including an updated lobby and common areas, a new fitness center, landscape enhancements and updated signage.

April 11, 2019

Acquisitions North Carolina Office Southeast

FCP, SCP Sell Office Building in Research Triangle Park for $58.1M

by Alex Tostado April 11, 2019

MORRISVILLE, N.C. — FCP and Strategic Capital Partners (SCP) have sold Forty540, a 200,000-square-foot, five-story office building in Morrisville. The asset is located at 3030 Slater Road in the Research Triangle Park district. The joint venture acquired the site in November 2015 and delivered the office building in 2017. It was fully leased at the time of the sale. Brad Corsmeier and Ed Pulliam of CBRE | Raleigh represented the sellers in the transaction. Jason High and Ham Southworth also of CBRE | Raleigh represented the undisclosed buyer.

April 11, 2019

Acquisitions Office Texas

Northridge Capital Acquires 378,401 SF Hewlett-Packard Office Campus in Metro Houston

by Taylor Williams April 11, 2019

SPRING, TEXAS — Washington, D.C.-based Northridge Capital LLC has acquired HP Plaza, the 378,401-square-foot Hewlett-Packard office campus located within CityPlace at Springwoods Village in Spring, a northern suburb of Houston. Hewlett-Packard occupies the entirety of the two-building campus, which was completed in 2018. The developer, Patrinely Group, sold the property in partnership with USAA Real Estate and CDC Houston. Jeff Hollinden and Trent Agnew of HFF served as listing agents for the transaction.

April 11, 2019

Acquisitions Loans Multifamily Oregon Seniors Housing Western

CBRE Arranges $61M Acquisition Financing for Portland-Area Seniors Housing Portfolio

by Amy Works April 11, 2019

LAKE OSWEGO AND WILSONVILLE, ORE. — CBRE has arranged $61 million in financing for the acquisition of The Springs at Carman Oaks in Lake Oswego and The Springs Wilsonville in Wilsonville, both seniors housing communities in the greater Portland area. The borrower was The Springs Living, which sought to buy out its partner on the properties and become sole owner. Springs initially purchased the communities in 2012 with an institutional equity partner, and subsequently repositioned the assets. Springs will remain as operator following the transaction. The portfolio features a total of 145 independent living units, 82 assisted living units and 41 memory care units. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the four-year, floating-rate loan with 30 months of interest-only payments. A national bank provided the capital.

April 11, 2019

Acquisitions California Retail Western

Optimus Properties Sells Multi-Tenant Retail Asset in Los Angeles

by Amy Works April 11, 2019

LOS ANGELES — An affiliate of Optimus Properties has completed the disposition of a retail building located at 8036-8038 W. Third St. in Los Angeles. Terms of the transaction were not released. Built in 1946, the property features 2,200 square feet of retail space and 12 parking spaces. At the time of sale, the building was fully occupied by The Osso Good Co., a maker of bone broth and paleo soups; I Love Nails, a nail salon; and Shampoo, a hair salon.

April 11, 2019

Acquisitions Multifamily Texas

JPI Sells 422-Unit Apartment Community in Irving’s Las Colinas District

by Taylor Williams April 11, 2019

IRVING, TEXAS — Locally based multifamily developer JPI has sold Jefferson LasCo, a 422-unit apartment community in Irving’s Las Colinas district. JPI completed the community, which offers proximity to Toyota Music Factory and a local DART station, in 2018. Floor plans consist of one-, two- and three-bedroom units and amenities include a pool with cabanas, fitness center, outdoor grilling stations, coffee bar, game lounge, conference room, package lockers and a rooftop terrace. Womack + Hampton designed the community. The buyer was California-based insurance giant Pacific Life.

April 11, 2019

Acquisitions Industrial Massachusetts Northeast

Marcus & Millichap Negotiates $2.4M Sale of Industrial Facility in Massachusetts

by David Cohen April 11, 2019

WORCESTER, MASS. — Marcus & Millichap has negotiated the $2.4M sale of an industrial facility in Massachusetts. Located at 344 Franklin St., the 300,000-square-foot property was 60 percent occupied at the time of sale. Harrison Klein and Matthew Pierce in Marcus & Millichap’s Boston office represented the undisclosed seller in the transaction. An existing tenant purchased the property pursuant to a right of first refusal.

April 11, 2019

Acquisitions Florida Georgia Industrial Southeast

Industrial Outdoor Ventures Buys Facilities in Georgia, Florida for Combined $8.9M

by Alex Tostado April 10, 2019

NEWNAN, GA. AND ORLANDO, FLA. — Industrial Outdoor Ventures (IOV) has acquired two industrial facilities, one located in Newnan and the other in Orlando. IOV purchased the metro Atlanta property from Spancrete for $5.5 million. The vacant former concrete facility sits on 41.3 acres and will be fully redeveloped into a transportation and heavy equipment storage facility. The site is located at 95 Newnan South Industrial Drive, three miles from Interstate 85 and 42 miles southwest of downtown Atlanta. The Orlando asset was bought for $3.4 million from a private seller. Sitting on 6.5 acres at 3732 Bryn Mawr St., the property offers 63 dock-high doors and three drive-thru bays. The facility is fully leased to ABF Freight System Inc.

April 10, 2019

Acquisitions Retail South Carolina Southeast

Marcus & Millichap Arranges $7.1M Sale of Shopping Center Near Augusta

by Alex Tostado April 10, 2019

AIKEN, S.C. — Marcus & Millichap has arranged the $7.1 million sale of Aiken Exchange, a 101,488-square-foot shopping center in Aiken that is shadow-anchored by Target. Built in 2002 about 20 miles northeast of downtown Augusta, the property is anchored by PetSmart and Planet Fitness. Zach Taylor and Taylor McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, Lamar Cos., in the transaction. Marc Strauss, also of Marcus & Millichap, represented the buyer, Aiken Exchange Plaza LLC. The buyer purchased the shopping center in a 1031 exchange.

April 10, 2019

Acquisitions New York Northeast Retail

Cushman & Wakefield Negotiates $1.6M Sale of Retail Building in Queens

by Kristin Harlow April 10, 2019

NEW YORK CITY — Cushman & Wakefield has arranged the $1.6 million sale of a retail building in Ridgewood, Queens. Located at 57-45 Myrtle Ave., the three-story property is currently operating as a pet store but the tenant is expected to vacate the space. Stephen Preuss and Andreas Efthymiou of Cushman & Wakefield represented the seller, Robert F. Gentile, in the transaction. The buyer was investor Isaac Azizian.

April 10, 2019

Newer Posts

Older Posts