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Acquisitions

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AcquisitionsCaliforniaOfficeWestern

Cushman & Wakefield Arranges Sale of 101,374 SF Office/R&D Campus in Northern California

by Amy Works

NORTH SAN JOSE, CALIF. — Cushman & Wakefield has arranged the sale of Orchard Corporate Campus, a Class A office/R&D campus located in North San Jose. Silicon Valley-based South Bay Development Co. sold the property to a private investor for an undisclosed price. Completed in 2017, the two-building property features 101,374 square feet of space. At the time of sale, the property was 100 percent leased. Situated on 5.3 acres at 2755 and 2777 Orchard Parkway, the asset features a 15,000-square-foot outdoor courtyard. Eric Fox, Adam Lasoff, Seth Siegel, Steve Hermann and Ryan Venezia of Cushman & Wakefield’s Northern California Capital Markets Group represented the seller in the disposition. Nick Lazzarini and Kalil Jenab of Cushman & Wakefield’s Silicon Valley offices provided local market advisory and negotiated the leases with the current tenants.

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AcquisitionsHospitalityTexas

CBRE Arranges Sale of 56-Room La Quinta Hotel Near Southwest Houston

by Taylor Williams

ROSENBERG, TEXAS — CBRE has arranged the sale of La Quinta Inn & Suites, a 56-room hotel located at 28332 Southwest Freeway in Rosenberg on the southwestern outskirts of Houston. Illinois-based Imeri Enterprises Inc. purchased the asset from Houston-based Gayatri International LLC. Michael Yu, Rahul Bijlani, Tyler Bean, Dennis Drake and Manasvini Sridhar of CBRE handled the transaction.

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AcquisitionsColoradoOfficeWestern

Graham Street Realty Buys Three-Building Office Portfolio in Boulder

by Amy Works

BOULDER, COLO. — San Francisco-based Graham Street Realty has purchased a three-building office portfolio in Boulder from SteelWave for an undisclosed price. The portfolio features a total of 114,862 square feet of leasable office and lab space. The portfolio includes: Plaza III — Located at 3005 Center Green Court, the property features 43,421 square feet, views of the Flatirons and covered parking. Built in 1984, the asset was 87.5 percent occupied at the time of acquisition. A two-story Class B property, located at 2945 Wilderness Place, that features traditional office space with lab improvements and surface parking. The property is fully leased to a single biotechnology tenant and has maintained 100 percent occupancy for more than 20 years. A 40,554-square-foot office property, located at 5665 Flatiron Parkway, that features a double-height lobby, glass roll-up door and modernized common areas and landscaping. The buyer plans to continue the seller’s building renovation program.

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La-Palma-Convenience-Center-La-Palma-CA
AcquisitionsCaliforniaRetailWestern

Marcus & Millichap Brokers $15.7M Sale of Walgreens-Anchored Asset in Orange County

by Amy Works

LA PALMA, CALIF. — Marcus & Millichap has directed the sale of La Palma Convenience Center, a retail property located at the corner of La Palma Avenue and Valley View Boulevard in La Palma. An undisclosed buyer acquired the property for $15.7 million, or $425.68 per square foot. Built in 1975 and renovated in 2007, the property features 36,882 square feet of retail space. Walgreens is the anchor tenant. David Ridgway of Marcus & Millichap represented the buyer and undisclosed seller in the deal.

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AcquisitionsHospitalityMidwestMinnesota

Apple Hospitality REIT Acquires Hampton Inn & Suites Hotel in St. Paul for $31.7M

by Kristin Harlow

ST. PAUL, MINN. — Apple Hospitality REIT Inc. has acquired the 160-room Hampton Inn & Suites by Hilton Downtown St. Paul for $31.7 million. The property, which opened in November 2016, is located across the street from Xcel Energy Center and within five miles of the recently opened Allianz Field. Apple Hospitality acquired the asset from a subsidiary of Vista Host.

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AcquisitionsIllinoisMidwestMultifamily

Essex Brokers $5.7M Sale of Apartment Building in Chicago’s Edgewater Neighborhood

by Kristin Harlow

CHICAGO — Essex Realty Group Inc. has brokered the sale of a 43-unit apartment building in Chicago’s Edgewater neighborhood for $5.7 million. The property, located at 6031-6043 N. Paulina St., has been owned by the same family for more than 50 years. The building includes 37 one-bedroom units and six two-bedroom units. Doug Imber, Kate Varde and Clay Maxfield of Essex brokered the transaction. Brad Desent and his siblings sold the asset to a private investor completing a 1031 tax-deferred exchange. Records indicate the property was purchased in 1965 for $260,000.

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AcquisitionsIndianaIndustrialMidwest

Gladstone Commercial Purchases Industrial Building in Indianapolis for $3.5M

by Kristin Harlow

INDIANAPOLIS — Gladstone Commercial Corp. has purchased a 34,800-square-foot industrial building in Indianapolis for $3.5 million. The property, located within Park 100, is expandable by approximately 13,000 square feet. Indianapolis Fruit Co. Inc. fully occupies the freezer storage and distribution facility. The company provides fresh, frozen and packaged produce to a variety of customer types, including grocery stores, restaurants, schools and food management companies. The seller was not disclosed.

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AcquisitionsOfficeSoutheastTennessee

Dilweg Sells 171,523 SF Office Building in Nashville to Innovatus Capital Partners

by Alex Tostado

NASHVILLE, TENN. — The Dilweg Cos. has sold Vantage Place, a 171,523-square-foot office building in Nashville. Innovatus Capital Partners LLC acquired the asset, which spans five stories and was built in 1981. Vantage Place is situated about three miles north of downtown Nashville in the city’s Metrocenter district. The building was 99 percent leased at the time of sale to tenants including AO Smith, Centerstone Research Institute, CGS and Young Williams. Dilweg, which purchased the property in April 2017, modernized the elevators and upgraded the building management systems. The sales price was not disclosed.

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AcquisitionsOfficeSoutheastVirginia

Colliers Arranges $24.9M Sale of Two-Building Office Campus in Norfolk

by Alex Tostado

NORFOLK, VA. — Colliers International has arranged the $24.9 million sale of Twin Oaks, two four-story office buildings totaling 171,000-square-feet in Norfolk. The two buildings are situated at 5700 and 5800 Lake Wright Drive within Lake Wright Executive Center. Florida-based SF Partners purchased the assets from Bethesda, Md.-based Guardian Realty Investors. Twin Oaks’ tenant roster includes Booz Allen Hamilton and Titan America. J. Scott Adams, Mac Weaver and Don Crigger of Colliers represented the seller in the transaction.

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AcquisitionsRetailSoutheastTennessee

Rise Partners Purchases Vacant Kmart Property Near Nashville

by Alex Tostado

CLARKSVILLE, TENN. — Rise Partners has purchased a vacant 95,000-square-foot retail property in Clarksville that formerly housed Kmart. The investment firm said construction will begin immediately on Clarksville Commons so that five national retailers can move in by late fall. Gary Shanks of The Shopping Center Group is handling leasing of the center. The names of the retailers have not yet been announced. The asset, which also has a vacant fuel center, is situated at 2300 Madison St., about 43 miles northwest of downtown Nashville. The fuel center will be replaced with restaurant and retail space. The seller and sales price were not disclosed.

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