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Acquisitions

AcquisitionsDistrict of ColumbiaOfficeSoutheast

Penzance Buys Office Building in D.C.’s East End for $85M

by Alex Tostado

WASHINGTON, D.C. — Penzance, a real estate owner, operator and developer based in Washington, D.C., has bought a 212,780-square-foot office building located at 50 F St. NW in the District’s East End. Washington Business Journal reports Tokyo-based Unizo Holdings Co. sold the property for $85 million, $24.5 million less than when the company bought it in 2016. Developed as part of Capitol Place, 50 F features a 3,500-square-foot conference facility with a 128-person capacity, a ground-floor deli and 134 parking spaces. The asset is situated three blocks from the U.S. Capitol Building and two blocks from Union Station.

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AcquisitionsIndustrialSoutheastVirginia

New Home Media Acquires Warehouse in Virginia for $2.6M

by Alex Tostado

FREDERICKSBURG, VA. — New Home Media has acquired a 39,000-square-foot warehouse located at 50 Joseph Mills Drive in Fredericksburg, for $2.6 million. Mid-Atlantic Associates LLC sold the property, which is situated on 2.5 acres. Virgil Nelson of Cushman & Wakefield | Thalhimer represented the seller in the transaction.

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AcquisitionsConnecticutMultifamilyNortheast

IPA Brokers $28.5M Sale of Multifamily Property in Connecticut

by David Cohen

BEACON FALLS, CONN. — Institutional Property Advisors has arranged the $28.5 million sale of Beacon Mill Village, an eight-building, 188-unit multifamily property in Beacon Falls. Located at Two North Main St., the property was originally constructed between 1851 and 1911 as a mill. The buildings were converted to apartment units in 1988. Victor Nolletti, Eric Pentore of IPA and Was Klockner of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also undisclosed.

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AcquisitionsLoansMultifamilyNortheastPennsylvaniaSeniors Housing

BHI, Contemporary Healthcare Capital Arrange $9.5M Acquisition Loan for Skilled Nursing Facility in Pennsylvania

by David Cohen

CANONSBURG, PA. — BHI and Contemporary Healthcare Capital have arranged $9.5 million in acquisition financing for a 118-bed skilled nursing facility. The property is located in Canonsburg, approximately 18 miles southwest of downtown Pittsburgh. The borrower is Townview Realty LLC. BHI provided a $7.9 million senior loan that includes a $600,000 line of credit. The lender also has guaranteed a $2.1 million earnout feature based on pre-determined performance metrics. Contemporary Healthcare provided the $1.6 million mezzanine portion of the financing. Proceeds of the loans were used for the acquisition and operation of the facility, as well as to pay customary closing costs. This was the first joint loan transaction between BHI and CHC.  

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AcquisitionsIndustrialNortheastPennsylvania

Colliers, Max Spann Auctioneers Negotiate $6.5M Sale of 26-Acre Industrial Facility in Philadelphia

by David Cohen

PHILADELPHIA — Colliers International, in conjunction with Max Spann Auctioneers, has negotiated the $6.5 million sale of an industrial facility in the Nicetown-Tioga section of Philadelphia. Located at 2450 Hunting Park Ave., the property is the former home of metal fabricator Budd Co. The site has been vacant for more than a decade. The property is comprised of six buildings totaling 1,871,911 square feet. Rich Weitzman of Colliers represented the undisclosed seller in the transaction. The buyer was New York-based private equity and development firm Plymouth Group.

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AcquisitionsNew YorkNortheastRetail

NorthMarq Secures $2.7M Acquisition Financing for Retail Property in Seneca Falls, New York

by David Cohen

SENECA FALLS, N.Y. — NorthMarq has secured $2.7 million in acquisition financing for Liberty Center Plaza, an 80,846-square-foot retail property in Seneca Falls. The property’s major tenants include Tractor Supply Company and The Salvation Army. Robert Ranieri of NorthMarq secured the financing on behalf of the undisclosed borrower. Terms of the financing include a seven-year fixed term with a 25-year amortization schedule. The lender was undisclosed.

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The-Azure-Midland-Texas
AcquisitionsMultifamilyTexas

NKF Arranges Sale of 156-Unit Apartment Community in Midland

by Taylor Williams

MIDLAND, TEXAS — Newmark Knight Frank (NKF) has arranged the sale of The Azure, a 156-unit apartment community in the West Texas city of Midland. The Class A property, which was built in 2015 and was 100 percent occupied at the time of sale, is located near numerous retail and restaurant destinations, as well as employment hubs and parks. Floor plans consist of one-, two- and three-bedroom units, and amenities include a pool, fitness center, business center and a resident clubhouse. Bart Wickard, Brian Murphy and Brian O’Boyle Jr. of NKF represented the seller, Odyssey Residential Holdings LLC, in the sale. The buyer and sales price were not disclosed.

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AcquisitionsRetailTexas

Baceline Investments Acquires Austin Shopping Center for $4.2M

by Taylor Williams

AUSTIN, TEXAS — Baceline Investments LLC, a Denver-based boutique real estate investment firm, has acquired Dakota Plaza, a 21,700-square-foot retail center in Austin, for $4.2 million. The property, which was built in 2006 and is located at 8516 Anderson Mill Road, was acquired in conjunction with shopping centers in Milwaukee, Louisville, Ky., and Maybrook, Ill.

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Studio-710-Tempe-AZ
AcquisitionsArizonaMultifamilyWestern

Tara Investment Group Acquires 239-Unit Studio 710 in Arizona for $26.7M

by Amy Works

TEMPE, ARIZ. — San Francisco-based Tara Investment Group has purchased Studio 710, an apartment community located at 710 Hardy Drive in Tempe. Domain Communities sold the property for $26.7 million. Brad Cooke and Cindy Cooke of Colliers International represented the seller, while the buyer was self-represented in the deal. Built in 1975, Studio 710 features 239 apartments spread across 12 buildings totaling 98,500 square feet. Community amenities include two resort-style pools with cabanas, free Wi-Fi, fitness studio, outdoor jogging track, outdoor gathering areas, fire pits, outdoor yoga/Zen space, bike racks and entertainment areas.

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2888-Loker-Ave-East-Carlsbad-CA
AcquisitionsCaliforniaOfficeWestern

Cushman & Wakefield, SD Realty Partners Broker $17.6M Sale of Office Building in Carlsbad, California

by Amy Works

CARLSBAD, CALIF. — Cushman & Wakefield has arranged the sale of an office building, located at 2888 Loker Ave. East in Carlsbad. Zoe Office Center LLC acquired the property from Global Carlsbad I LLC for $17.6 million. Aric Starck of Cushman & Wakefield, along with Ron Jacobson of SD Realty Partners, represented the seller in the transaction. The 80,659-square-foot asset consists of more than 70 professional office suites surrounding an outdoor atrium, as well as a two-story parking structure on site. At the time of sale, the property was 99 percent leased.

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