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Acquisitions

Harbor-Freight-Tools-Burbank-CA
AcquisitionsCaliforniaRetailWestern

SBH Real Estate Sells 14,000 SF Retail Asset in Southern California for $7.8M

by Amy Works

BURBANK, CALIF. — Los Angeles-based SBH Real Estate Group has completed the disposition of a retail property in Burbank. A private investor acquired the asset for $7.8 million. SBH originally purchased the property in the first quarter of 2018 and proceeded to renovate and improve the building. Renovations included a new roof, updated electrical and lighting systems, new restrooms and new HVAC system. Harbor Freight Tools occupies the 14,000-square-foot property. Adam Friedlander and Kien Tsoi of JLL represented the seller, while Jeff Gerlach from CBRE represented the buyer in the deal.

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360-W-16th-St-Merced-CA
AcquisitionsCaliforniaRetailWestern

Hanley Investment Group Arranges $2.6M Sale of Two-Tenant Retail Property in Merced

by Amy Works

MERCED, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a two-tenant retail asset, located at 360 W. 16th St. in Merced. Novato, Calif.-based Ares Commercial Properties acquired the property from a Bakersfield, Calif.-based private investor for $2.6 million. Built in 2016, the 3,700-square-foot pad building features a 1,900-square-foot Starbucks Coffee with drive-thru and an 1,800-square-foot T-Mobile store. Bill Asher, Jeff Lefko and William Ito of Hanley Investment Group represented the seller, while Mort Rothman of San Francisco-based Starboard Commercial Real Estate represented the buyer in the transaction.

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FedEx-Ground
AcquisitionsIndustrialTop Stories

Investcorp Acquires Eight Distribution Centers Across U.S. for $170M

by Taylor Williams

NEW YORK CITY — Global asset manager Investcorp has acquired a portfolio of eight distribution centers located throughout the United States for $170 million. The names of the properties were not disclosed, but the portfolio totals approximately 1.4 million square feet. All eight distribution centers are located in high-growth markets, including Chicago, Phoenix, Jacksonville, St. Louis, Charlotte Cincinnati, Cleveland and San Antonio. The seller was not disclosed. In addition, the portfolio was fully leased at the time of sale to tenants such as courier FedEx Ground, supply chain operator XPO Logistics, packaged food distributor Conagra Foods and telecommunications provider Spectrum. Company officials noted that the average lease term within the portfolio is 15 years. “With the rapid growth of e-commerce driving increased demand for industrial assets nationwide, this portfolio underscores our ability to identify and then execute on long-term trends in real estate,” says Herb Myers, Investcorp’s managing director in real estate investment. Myers also cited the properties’ location near major highways and railways as a key factor in acquiring the portfolio. Following this transaction, Investcorp now owns 191 industrial buildings totaling 16 million square feet. In the last 18 months, Investcorp has acquired approximately $2 billion of U.S. real estate through …

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The-Grayson-Spring-Texas
AcquisitionsMultifamilyTexas

Passco Acquires 330-Unit Apartment Community in Metro Houston

by Taylor Williams

SPRING, TEXAS — Passco Cos., a California-based investment and development firm, has acquired The Grayson, a 330-unit multifamily community located in the northern Houston suburb of Spring. Situated near Interstate 45 and State Highway 99, the community offers one-, two- and three-bedroom floor plans with stainless steel appliances, island kitchens with granite countertops, modern cabinets and fixtures and individual washers and dryers. Amenities include a pool, fitness center, dog park, jogging trail, resident kitchen and a cyber café. Josh Goldfarb and John Carr of Cushman & Wakefield represented Passco and seller Bridgeview Louetta LLC in the deal. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing on behalf of Passco.

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AcquisitionsOfficeTexas

Valor Capital Partners Buys 160,000 SF Office Complex in Southwest Austin

by Taylor Williams

AUSTIN, TEXAS — Boutique investment firm Valor Capital Partners LLC has acquired Rialto I and II, a 160,000-square-foot office complex in southwest Austin. The two-building property, which is situated on 29 acres within the Lantana development, houses tenants such as LJA Engineering, Amica and Regus. Equitable Commercial Realty will handle leasing of the property, the seller of which was an undisclosed institutional owner. With this acquisition, Valor’s portfolio of office space in Austin now exceeds 500,000 square feet.

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Villas-at-Josey-Ranch-Carrollton-Texas
AcquisitionsMultifamilyTexas

HFF Negotiates Sale of 198-Unit Apartment Property in Metro Dallas

by Taylor Williams

CARROLLTON, TEXAS — HFF has negotiated the sale of Villas of Josey Ranch, a 198-unit apartment property situated on 12.3 acres in the northern Dallas suburb of Carrollton. The property, which was 96.5 percent occupied at the time of sale, comprises 19 two-story buildings with one- and two-bedroom units averaging 849 square feet. Amenities include multiple pools, outdoor picnic areas, a 24-hour fitness center and a business center. Bill Miller, Roberto Casas, Rob Key and Greg Toro of HFF represented the seller, a partnership between Harbert Management Corp. and Balfour Beatty Communities, in the transaction. HFF also procured the buyer, Houston-based Domain Communities.

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Reserve-atCopper-Chase-York-Pennsylvania
AcquisitionsMultifamilyNortheastPennsylvania

Larken Associates Acquires 132-Unit Apartment Community in York, Pennsylvania

by Taylor Williams

YORK, PA. — New Jersey-based Larken Associates has acquired The Reserve at Copper Chase, a 132-unit apartment community in York, a southern suburb of Harrisburg. The property was 90 percent occupied at the time of sale and offered amenities such as a pool and a playground. The new ownership will expand the community by an additional 107 units and rebrand it as Larken Luxury Living Community. As part of the expansion, Larken plans to add a new clubhouse, fitness center and upgrades to units’ floors, cabinets, appliances and plumbing fixtures. The seller was not disclosed.

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AcquisitionsNortheastOfficePennsylvania

Marcus & Millichap Brokers Sale of 44,500 SF Office Building in West Philadelphia

by Taylor Williams

PHILADELPHIA — Marcus & Millichap has brokered the sale of a 44,500-square-foot office building located at 5548 Chestnut St. in west Philadelphia. The property, which sold for $5.8 million, is situated near multiple public transit lines. Fred Paisley of Marcus & Millichap represented the seller, a limited liability company that acquired the property in 2006, in the transaction. Paisley also secured the buyer, another limited liability company.

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AcquisitionsHealthcareMassachusettsNortheast

Burgess Properties Negotiates $2.8M Sale of Medical Office Building in Malden, Massachusetts

by Taylor Williams

MALDEN, MASS. — Burgess Properties Inc., a brokerage firm serving the greater Boston area, has arranged the $2.8 million sale of a medical office building located at 450 Pearl St. in Malden, a northern suburb of Boston. The property spans 11,790 square feet, features 70 parking spaces and formerly housed the headquarters of North Suburban Orthopedics Inc. Steve Nohrden of Burgess Properties brokered the deal between the undisclosed seller and the buyer, MIC Pearl Property LLC.

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Courtyard-Fairfield-Napa-Valley-CA
AcquisitionsCaliforniaHospitalityWestern

Marcus & Millichap Negotiates $19.9M Sale of 137-Room Courtyard by Marriott in California’s Napa Valley

by Amy Works

FAIRFIELD, CALIF. — Marcus & Millichap has negotiated the sale of the Courtyard by Marriott Fairfield Napa Valley Area, a hotel located at 1350 Holiday Lane in Fairfield. A limited liability company purchased the property for $19.9 million. The transaction included the 137-room hotel and an adjacent 1.9-acre development parcel. Renovated in 2016, the hotel features interior-corridor rooms, heated outdoor pool and spa, fitness center, business center, guest laundry facilities and 5,845 square feet of meeting space, as well as The Bistro restaurant. Additionally, select suites include a separate living/dining area, balcony, whirlpool and/or wet bar. Gordon Allred, Matt Monahan and Shane Lupo of Marcus & Millichap represented the seller, a limited liability company, while Allred and Monahan also represented the buyer in the deal.

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