Acquisitions

Cushman & Wakefield Arranges $41.5M Sale of Apartment Community in Metro Savannah

by Alex Tostado January 24, 2019

RICHMOND HILL, GA. — Cushman & Wakefield has arranged the $41.5 million sale of Lullwater at Richmond Hill, a 280-unit apartment community in Richmond Hill. The asset is situated about 22 miles southwest of downtown Savannah. Amenities include a fitness center, clubroom, outdoor kitchen, dog park, car care center, walking trail and a swimming pool. Taylor Bird, Nelson Abels and Robert Stickel of Cushman & Wakefield represented the seller, Fickling & Co., in the transaction. PEM Real Estate Group acquired the property.

January 24, 2019

Acquisitions Hospitality New York Northeast Top Stories

Ashford Hospitality Trust Acquires Embassy Suites in Manhattan for $195M

by Alex Tostado January 24, 2019

NEW YORK CITY — Ashford Hospitality Trust Inc. (NYSE: AHT) has acquired the Embassy Suites by Hilton New York Midtown Manhattan for $195 million, or $629,000 per room. The 41-story, 310-room hotel is located on 37th Street between 5th and 6th avenues, near Bryant Park and Times Square. While the seller was not disclosed, The Real Deal reports that AIG Global Real Estate owned the majority stake in the property. This is Ashford’s first direct hotel investment in New York City. According to data analytics firm STR, the number of hotel rooms in Manhattan that opened in 2018 was down 32 percent from 2017. Furthermore, for the first time since 2013, demand outpaced supply in both 2017 and 2018. “The hotel is a high-quality, well-positioned asset that we expect will benefit from the positive trends occurring in the dynamic Manhattan market,” says Douglas Kessler, Ashford’s president and CEO. “Having recently opened in 2018, the property is still ramping up operations, and we believe there is significant growth and upside to occur.” Indeed, Ashford reports that there are several new development projects in Midtown that are expected to fuel growth in the area. On a trailing three-month basis ending Dec. 31, 2018, the …

January 24, 2019

Acquisitions California Industrial Western

HFF Arranges $33M Acquisition of Vacant 340,000 SF Industrial Building in the Inland Empire

by Amy Works January 24, 2019

SAN BERNARDINO, CALIF. — HFF has brokered the sale of a vacant industrial building in San Bernardino. Bixby Land Co. acquired the Class A asset for $33 million. The newly built, 340,000-square-foot property is located at 4982 Hallmark Parkway within the Inland Empire. The acquisition is part of a joint venture with AXA Investment Managers – Real Assets to aggregate $400 million of industrial assets across the Western United States. Andrew Briner and Michael Roberts of HFF represented the buyer, while CBRE represented the undisclosed seller in the transaction.

January 24, 2019

Acquisitions California Office Western

South Korean Gaming Developer Acquires Pettebone Building in Los Angeles for New Headquarters

by Amy Works January 24, 2019

LOS ANGELES — NHN Global, a South Korean video game developer, has purchased the historic Pettebone Building, located at 501 S. Broadway in Los Angeles. RYDA sold the property for $22 million, or $595 per square foot. The video game developer plans to relocate its headquarters, which is currently in Koreatown, to the new location in downtown Los Angeles. Andrew Tashjian and Michael Gooch of Cushman & Wakefield represented the seller, while Carle Pierose of Industry Partners represented the buyer in the transaction. Originally built in 1905, Pettebone Building is designated a Historic-Cultural Monument and underwent an extensive renovation in 2015. The property features updated elevators, fiber internet, and a 3,000-square-foot rooftop deck. Retail tenants at the office building include Mezcalero and YAKIDO.

January 24, 2019

Acquisitions California Multifamily Western

Burbank Housing Development Corp. Buys Parkwood Apartments in Santa Rosa for $15M

by Amy Works January 24, 2019

SANTA ROSA, CALIF. — Burbank Housing Development Corp. has acquired Parkwood Apartments, a garden-style multifamily property in Santa Rosa. L.E.E. & J. Inc. sold the property for $15 million, or $268,000 per unit. Located adjacent to Rincon Valley Community, Parkwood Apartments features 56 units. Vincent Schwab and John Garrett of Marcus & Millichap represented the seller and procured the buyer in the deal.

January 24, 2019

Acquisitions Colorado Development Industrial Western

J.A. Green Development Buys 175 Acres for Expansion at JAG Logistics Center at Denver Airport

by Amy Works January 24, 2019

AURORA, COLO. — J.A. Green Development Corp. has acquired approximately 175 acres of land, located at 26100-26120 E. 68th Ave. in Aurora. The property, situated adjacent to the 75-acre parcel that JAG purchased in 2018, will be part of the JAG Logistics Center at DIA (Denver International Airport). ACP DIA 1287 Investors LLC sold the property for an undisclosed price. Situated at the southern border of Denver International Airport, the business park will ultimately contain more than 3 million square feet of Class A warehouse space in two phases. The logistics center will feature flexible build-to-suit sites ranging from 100,000 square feet to 1 million square feet with an available delivery in fourth-quarter 2020. Alec Rhodes, Tyler Smith and Aaron Valdez of Cushman & Wakefield’s Denver Industrial team are the exclusive listing agents for JAG Logistics Center at DIA, which is part of the Porteos master-planned development and located within a confirmed Opportunity Zone.

January 24, 2019

Acquisitions California Industrial Self-Storage Western

Gelt Inc. Purchases 665-Unit Self-Storage Facility in California for $16.5M

by Amy Works January 24, 2019

SOUTH PASADENA, CALIF. — Los Angeles-based Gelt Inc. has acquired Southmark Storage, a self-storage facility located in South Pasadena. Southmark Storage LLC, a California-based private investor, sold the property for $16.5 million. Situated on a 1.8-acre site at 919 Mission St., the six-building property features 623 indoor storage units, 42 outdoor rental units, a site office and a two-bedroom manager’s apartment. At the close of escrow, the property, which was built in 1986, was 99 percent occupied. Immediately upon closing, Gelt hired Extra Space Storage to streamline operations at the property. Gelt also plans to install new roofs, asphalt and paint, as well as signage, property access systems and the addition of a web payment platform. Greg Nassir and Edward Matevosian of CBRE represented the seller, while Gelt was self-represented in the transaction.

January 24, 2019

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 723-Unit Self-Storage Facility in Metro Austin

by Taylor Williams January 23, 2019

ROUND ROCK, TEXAS — Marcus & Millichap has brokered the sale of Mustang Storage, a 723-unit self-storage facility in Round Rock, a northern suburb of Austin. The property, which features 161,590 square feet of traditional storage space, includes 509 storage spaces for boats and recreational vehicles. Brian Kelly, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. The trio also procured the buyer, GYS Development, which specializes in development and management of self-storage assets. Tim Speck of Marcus & Millichap also assisted in closing the deal.

January 23, 2019

Acquisitions Retail Texas

Brixmor Sells 136,747 SF Grocery-Anchored Retail Center in Houston

by Taylor Williams January 23, 2019

HOUSTON — Brixmor Property Group Inc., a New York City-based shopping center REIT, has sold Northwood Plaza, a 136,747-square-foot retail center in Houston. Anchored by local grocer Food City, the property was 91 percent leased at the time of sale to tenants such as Beauty Supply, Family Dollar, Burger King and Subway. Ryan West, John Indelli and Charles Strauss of HFF represented Brixmor in the transaction. Michael Johnson and Stuart Hepler of HFF arranged acquisition financing through Amerant Bank on behalf of the undisclosed buyer.

January 23, 2019

Acquisitions Retail Texas

STRIVE Arranges Sale of 6,333 SF Strip Retail Center in Irving

by Taylor Williams January 23, 2019

IRVING, TEXAS — Dallas-based retail brokerage firm STRIVE has arranged the sale of Victory Shops @ Riverside II, a 6,333-square-foot strip retail center in Irving. The property was built in 2017 and was 100 percent occupied at the time of sale by tenants on triple-net leases including Domino’s Pizza. STRIVE represented the seller, a Dallas-based investor, and procured the buyer in the transaction. Both parties requested anonymity.

January 23, 2019

Newer Posts

Older Posts