Acquisitions

CBRE Negotiates $40.5M Sale of Bank of America-Anchored Office Building in Uptown Charlotte

by John Nelson March 21, 2019

CHARLOTTE, N.C. — CBRE has negotiated the $40.5 million sale of Gateway Center, a 10-story, 310,745-square-foot office building in Uptown Charlotte. Hamilton EQ, an affiliate of New York-based Hamilton Equity Partners, purchased the asset, which is located at 901 W. Trade St. Gateway Center was 91 percent leased at the time of the sale, with Bank of America occupying 78 percent of the property. The seller was not disclosed, but Charlotte Business Journal reports that Chicago-based GEM Realty Capital sold the tower three years after purchasing it for $30.5 million. Patrick Gildea, Matt Smith and Grayson Hawkins of CBRE represented the seller in the transaction. Hamilton EQ entered the Charlotte market earlier this month with a portfolio acquisition in the suburbs.

March 21, 2019

Acquisitions Retail Utah Western

CIM Sells The Family Center Retail Asset in Utah to CCA Acquisition Co. for $48.2M

by Amy Works March 21, 2019

RIVERDALE, UTAH — CIM has completed the disposition of The Family Center at Riverdale, a shopping center located on 42 acres at 1083 W. Riverdale Road in Riverdale, approximately 35 miles from downtown Salt Lake City. CCA Acquisition Co. acquired the property for $48.2 million. At the time of sale, the 427,828-square-foot property was 97 percent occupied by Target (165,550 square feet), Sportsman’s Warehouse, Best Buy, Pier 1 Imports, Show Carnival, PetSmart, Dollar Tree and Joann Fabrics. The retail center was built in phases from 1995 to 2008. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark Knight Frank, along with Ben Brown and Brandon Goodman of Mountain West, represented the seller. The buyer was self-represented.

March 21, 2019

Acquisitions Colorado Development Industrial Western

Etkin Johnson Buys 28 Acres in Southeast Denver for 334,000 SF Industrial/Flex Development

by Amy Works March 21, 2019

DENVER — Etkin Johnson Real Estate Partners has purchased a 28.3-acre land parcel at the southwest corner of South Chambers Road and Compark Boulevard within Compark Business Park in Southeast Denver. The buyer plans to develop EDGE 470 on the site. Construction of the 334,000-square-foot, Class A industrial/flex campus will take place in two phases. Slated for delivery in first-quarter 2020, Phase I will include two approximately 80,000-square-foot buildings on 12.8 acres. Each building will feature prominent E-470 tenant signage opportunities, 24-foot clear ceilings, 10-foot glass lines, ESFR sprinklers, multiple loading capabilities, car charging stations and an environmentally responsible design.

March 21, 2019

Acquisitions California Net Lease Retail Western

SRS Arranges $5.3M Sale of Grocery Outlet Bargain Market in Riverside, California

by Amy Works March 21, 2019

RIVERSIDE, CALIF. — SRS Real Estate Partners’ National Net Lease Group is arranged the sale of a freestanding, single-tenant property located on 1.9 acres at 3490 Madison St. in Riverside. A Newport Beach, Calif.-based private developer sold the property to a Newport Beach-based physician for $5.3 million. Grocery Outlet Bargain Market occupies the 17,889-square-foot retail property on a 15-year triple-net lease. Patrick Luther and Matthew Mousavi of SRS Real Estate Partners represented the seller, while Marcus & Millichap represented the buyer. Additionally, Garrett Colburn and Townsend Cropsey of SRS secured the long-term lease with Grocery Outlet on behalf of the ownership.

March 21, 2019

Acquisitions Nevada Retail Western

Marcus & Millichap Negotiates $5.2M Sale of 10,500 SF Retail Building in Las Vegas

by Amy Works March 21, 2019

LAS VEGAS — Marcus & Millichap has arranged the sale of Mountain’s Edge Pad E, a retail property in Las Vegas. An undisclosed seller sold the property for $5.2 million. Located at 8085 Blue Diamond Road, the property features 10,500 square feet of retail space. Dustin Alvino and Jake Wasserkrug of Marcus & Millichap represented the seller and undisclosed buyer in the deal.

March 21, 2019

Acquisitions Office Texas

TerraCap Management Buys 367,543 SF Office Property in Plano

by Taylor Williams March 20, 2019

PLANO, TEXAS — Florida-based TerraCap Management LLC has purchased Preston Park Financial Center, a 367,543-square-foot office property located in the northeastern Dallas suburb of Plano. The Class A complex offers amenities such as a fitness center, deli, conference center and tenant lounge. Gary Carr and Robert Hill of CBRE represented the seller, a joint venture between Griffin Partners and San Francisco-based Stockbridge Capital Group, in the transaction. Dallas-based Lincoln Property Co. has been hired to lease and manage the property. IberiaBank provided debt for the acquisition on behalf of TerraCap.

March 20, 2019

Acquisitions Multifamily Texas

ClearWorth Capital Acquires 252-Unit Apartment Community in Corpus Christi

by Taylor Williams March 20, 2019

CORPUS CHRISTI, TEXAS — Multifamily investment firm ClearWorth Capital LLC has acquired Arbors on Saratoga, a 252-unit apartment community in Corpus Christi. Built in 1998, the Class B property offers amenities such as a clubhouse with a conference room and business center, fitness center, pool, outdoor kitchen, pet park and a sports court. The new ownership will upgrade the unit interiors, including the flooring, cabinetry, countertops and appliances, as well as the amenity spaces and landscaping. The seller was not disclosed.

March 20, 2019

Acquisitions District of Columbia Office Southeast

Office Properties Income Trust Sells Office Building in Downtown D.C. for $70M

by Alex Tostado March 20, 2019

WASHINGTON, D.C. — Office Properties Income Trust (OPI), a REIT, has sold a 129,035-square-foot office building located at 500 First St. NW in downtown Washington, D.C. The Bureau of Prisons is expected to leave the office by the end of April, leaving the property vacant. According to OPI CEO David Blackman, OPI planned to renovate the asset, “but at a sales price of more than $540 per square foot for a to-be vacant building, we decided to be opportunistic and focus our capital elsewhere.” Proceeds from the sale will go toward repaying a portion of OPI’s unsecured term loans. The buyer was not disclosed, although Washington Business Journal reports Georgetown University bought the property. The university plans to relocate many Georgetown Law centers and institutes and some McCourt School of Public Policy centers and institutes into the building, according to the report.

March 20, 2019

Acquisitions Florida Office Southeast

Grover Corlew Purchases Office Center in South Florida for $32.5M

by Alex Tostado March 20, 2019

DEERFIELD BEACH, FLA. — Grover Corlew, a real estate investment management group, has purchased Hillsboro Center, a five-building, 216,101-square-foot office park in Deerfield Beach for $32.5 million. Hillsboro Center includes a six-story, 116,250-square-foot office building and four two-story office buildings totaling 99,851 square feet. The asset is situated at 600 and 700 Hillsboro Blvd. in South Florida’s Broward County. Hillsboro Center was 90 percent leased at the time of the sale to tenants such as Dart Container Corp., Humana and Old Republic National Title Co. Amenities include onsite management and security teams, landscaped walkways, courtyard sitting areas, a tranquil pond, waterfalls and an on-site café. Cushman & Wakefield represented the undisclosed seller in the transaction.

March 20, 2019

Acquisitions Industrial Southeast Tennessee

Fortress, Sansone Group Acquire Industrial Facility in Metro Nashville for $23.6M

by Alex Tostado March 20, 2019

MT. JULIET, TENN. — Fortress Investment Group LLC and Sansone Group have acquired a 709,651-square-foot industrial building in Mt. Juliet for $23.6 million. The property is located along Interstate 840 at 245 Couchville Industrial Blvd., about 32 miles east of downtown Nashville. The buyers also finalized a five-year, more than 237,000-square-foot lease with Superior 3rd Party Logistics Inc. The asset underwent a multimillion-dollar capital improvement project completed in 2018. Terry Smith and Max Smith of Colliers International will handle leasing efforts for the new ownership.

March 20, 2019

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