Acquisitions

Unico Properties Buys Historic Washington Park Building in Seattle’s Pioneer Square District

by Amy Works April 26, 2019

SEATTLE — Unico Properties, a subsidiary of Unico Investment Group, has purchased Washington Park Building, a historic building located in Seattle’s Pioneer Square submarket. Terms of the sale were not disclosed. The four-story Washington Park Building features 36,000 square feet of office space, with 83 percent leased to a number of small tenants. Originally constructed in 1890, the building was built for the Lowman & Hanford Stationery and Printing Co. for its printing and bindery operations. The building features 16-foot to 18-foot ceilings, as well as the original Carnegie steel beams. MaKensay Real Estate Services will continue to operate and manage the building on behalf of the ownership group. The acquisition marks Unico’s seventh investment along Seattle’s waterfront since 2014. With the addition of Washington Park Building, the company now owns and manages more than 840,000 square feet along the waterfront.

April 26, 2019

Acquisitions Florida Office Southeast

CBRE Negotiates $32.5M Sale of Two-Building Office Portfolio in Orlando

by John Nelson April 26, 2019

ORLANDO, FLA. — CBRE has negotiated the $32.5 million sale of a two-building office portfolio totaling 182,753 square feet in Orlando. The assets include Windsor at Metrocenter located at 2101 Park Center Drive and Berkshire at Metrocenter located at 2145 Metrocenter Blvd., with both locations offering convenient access to the downtown area and the Florida Turnpike. The Class A portfolio was 89 percent leased at the time of sale to 11 tenants. Ron Rogg and Chip Wooten of CBRE represented the undisclosed seller in the transaction. The buyer was a locally based limited liability company, Metrocenter Office LLC.

April 26, 2019

Acquisitions Georgia Industrial Southeast

Newmark Knight Frank Brokers $19.8M Sale of Distribution Center in Metro Atlanta

by John Nelson April 26, 2019

ROSWELL, GA. — Newmark Knight Frank (NKF) has brokered the $19.8 million sale of Roswell Distribution Center, a two-building, 259,641-square-foot industrial park in Roswell. Longpoint Realty Partners acquired the asset from an undisclosed institutional investor. Matt Tritschler and Peter Everett of NKF represented the seller in the transaction. Built in 2006 on Hembree Park Drive, the distribution center was 55 percent leased at the time of sale to tenants such as Room & Board Inc., Central EMS and Ferguson Enterprises. Located along Hembree Park Drive, the office building includes 26 dock doors, two drive-in doors and clear ceiling heights up to 24 feet.

April 26, 2019

Acquisitions Retail Texas Top Stories

Four Retail Centers in Texas Trade for $90.8M

by Kristin Harlow April 26, 2019

KYLE, TEMPLE, SAN ANTONIO AND GARLAND, TEXAS — Four retail centers spanning more than 634,000 square feet in Texas have sold for a combined $90.8 million. Elm Creek Real Estate and Reserve Development LLC purchased Kyle Crossing, a 121,485-square-foot center in Kyle, about 20 miles south of Austin. Target is the anchor tenant at the 16.8-acre property. SITE Centers was the seller. Dallas-based Clearview Investments Ltd. acquired Temple Towne Center in Temple, approximately 70 miles north of Austin. Kimco Realty Corp. sold the 274,799-square-foot property, which is situated on 26.8 acres. In San Antonio, Stonefield Investment Advisory & REATA Assets purchased Brooks Corner, a 173,041-square-foot center located at 3143 Southeast Military Drive. InvenTrust sold the asset, which is situated on 35.4 acres. Lastly, Los Angeles-based Shayan Holdings LLC acquired Firewheel Commons in Garland, about 20 miles northeast of Dallas. The 64,719-square-foot property is situated on 5.6 acres at 3046 Lavon Drive. Elm Creek Real Estate and Reserve Development LLC was the seller. Adam Howells, Tom Salanty and Caroline Binning of JLL represented the seller in each transaction. All four properties are located in high-growth markets backed by exceptional demographic fundamentals. The DFW metroplex topped the nation in population growth in …

April 26, 2019

Acquisitions Multifamily Southeast Tennessee

Woodyard Realty Brokers $13.5M Sale of New Loft Apartment Community in Downtown Memphis

by John Nelson April 25, 2019

MEMPHIS, TENN. — Woodyard Realty Corp. has brokered the $13.5 million sale of Phase II of 266 Lofts in downtown Memphis. Pittsburgh-based Alpha Capital Partners purchased the second phase, which was fully occupied at the time of sale. The seller, VS Developments, delivered the 74-unit second phase in late 2018 and the 77-unit first phase in 2017. Lea Heilig of Woodyard Realty represented the seller and procured the buyer. Phase II also added two street-level retail spaces leased to a restaurant/bar and a boutique salon. Situated in the South Main Arts district in Memphis, the three-story multifamily community features units ranging from 790 to 1,300 square feet and amenities such as a fitness center, pool and a poolside restaurant that delivers room-service meals to residents.

April 25, 2019

Acquisitions Office Texas

Stanton Road Capital Acquires 210,000 SF Former AT&T Building in Metro Dallas

by Taylor Williams April 25, 2019

RICHARDSON, TEXAS — Los Angeles-based Stanton Road Capital LLC has acquired Campbell Glen II, a 210,000-square-foot office building located in the northeastern Dallas suburb of Richardson. The Class A building, which is currently vacant, was formerly 100 percent leased to AT&T. Stanton Road Capital will undertake a capital improvements program that will overhaul the property’s lobby and common areas and introduce new amenities, including a fitness center, tenant lounge and outdoor recreational spaces. Cushman & Wakefield will handle leasing of the property under the new ownership.

April 25, 2019

Acquisitions California Retail Western

Brixton Capital Sells 290,000 SF Towngate Center in Moreno Valley for $50.9M

by Amy Works April 25, 2019

MORENO VALLEY, CALIF. — Brixton Capital has completed the sale of Towngate Center, a community shopping center located at 12625 Frederick St. in Moreno Valley. An Asian-Pacific-based 1031 exchange buyer acquired the asset for $50.9 million. At the time of sale, the 290,000-square-foot property was 95 percent occupied by national and regional credit tenants, including TJ Maxx/Home Goods, BevMo, Ross Dress for Less, Dollar Tree, ULTA Beauty, Regency Theaters, Planet Fitness, Chipotle and Wells Fargo Bank. Phillip Voorhees of CBRE’s National Retail Partners-West represented the seller in the transaction.

April 25, 2019

Acquisitions Hospitality Nevada Western

MCR Acquires 139-Room Hilton Garden Inn Las Vegas/Henderson in Nevada

by Amy Works April 25, 2019

HENDERSON, NEV. — MCR has purchased Hilton Garden Inn Las Vegas/Henderson, a hotel located approximately six miles from McCarran International Airport. Terms of the deal were not released. Located at 1340 W. Warm Springs Road, the hotel features 139 pet-friendly guestrooms with microwaves, coffee makers and refrigerators; free Wi-Fi; Rachel’s Kitchen, serving breakfast, lunch and dinner; The Pavilion Pantry, a 24-hour convenience store; 1,300 square feet of meeting and event space for up to 100 people; 24-hour business center; fitness center; heated outdoor swimming pool and hot tub; and on-site laundry service.

April 25, 2019

Acquisitions California Industrial Western

Cushman & Wakefield Brokers $14.4M Sale of Industrial Facility Near San Diego

by Amy Works April 25, 2019

CARLSBAD, CALIF. — Cushman & Wakefield has brokered the sale of an industrial facility, located at 3248 Lionshead Ave. in Carlsbad. Badiee Development sold the property to a San Diego-based high-net-worth family for $14.4 million. Built in 2017, the property features 55,573 square feet of Class A industrial space with dock- and grade-level loading, designed ingress/egress, outdoor amenities and an efficient layout for warehouse and showroom use. Bryce Aberg, Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey, Zach Harmam and Devin Muna of Cushman & Wakefield’s San Diego and Orange County, Calif., offices represented the seller in the transaction. Additionally, Brant Aberg and Dennis Visser of Cushman & Wakefield provided local market advisory for the deal.

April 25, 2019

Acquisitions Arizona Office Western

Pathfinders Partners, Global Building Divest of 32,741 SF Office Property in Phoenix for $5.2M

by Amy Works April 25, 2019

PHOENIX — Pathfinders Partners and Global Building LLC have completed the sale of an office building located at 2730 W. Agua Fria Freeway in Phoenix. Devil Dogs Properties acquired the property for $5.2 million. Located in the Deer Valley/Interstate 17 submarket, the asset features 32,741 square feet of office space. At the time of sale, the multi-tenant property was fully leased. Darren Tappen and Peter Beauchamp of Kidder Mathews represented the seller, while Michelle Gardner, also of Kidder Matthews, represented the buyer in the transaction.

April 25, 2019

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