Acquisitions

Sumitomo Corp. Acquires SPS Office Tower in Minneapolis for $144M

by Taylor Williams February 7, 2019

MINNEAPOLIS — Sumitomo Corp. of Americas, a New York City-based subsidiary of Japanese general trading firm Sumitomo Corp., has acquired SPS Tower, a 31-story office building located in Minneapolis’ central business district. The seller was not disclosed, but The Minneapolis Star Tribune reports that the sales price was $144 million. The building, which totals 655,070 square feet of rentable office space, was 84 percent occupied at the time of sale. SPS Commerce, a provider of cloud-based supply chain management software, and Accenture LLP, a global management and consulting firm, serve as the anchor tenants. Amenities at SPS Tower include a fitness center and conference facilities, as well as banking, dry cleaning and concierge services. The property is connected to three adjacent buildings via a pedestrian skyway and sits atop a 630-space underground parking garage. “This is our first real estate investment in Minneapolis,” says Yurika Sugimoto, real estate manager at Sumitomo Corp. of Americas. “We believe the expertise we’ve cultivated throughout our several years within the U.S. real estate market will allow us to bring insights and improvements related to building management and tenant relationships.” — Taylor Williams

February 7, 2019

Acquisitions Florida Multifamily Southeast

CBRE Arranges $64M Sale of Island Club Multifamily Community in Orlando

by Alex Tostado February 6, 2019

ORLANDO, FLA. — CBRE has arranged the $64 million sale of Island Club, a 472-unit multifamily community in Orlando. The asset is situated at 1401 Kirkman Road, about six miles west of downtown Orlando. Built in 1990, Island Club offers one-, two- and three-bedroom floor plans. Amenities include a car care center, tennis court, volleyball court, two lake-side swimming pools, playground, game room and fitness center. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the undisclosed seller in the transaction. Brian Eisendrath of CBRE originated a 10-year Freddie Mac loan on behalf of the buyer, TruAmerica Multifamily. The acquisition loan features five years of interest-only payments.

February 6, 2019

Acquisitions Arkansas Industrial Southeast

Apex Tool Group Sells 242,000 SF Manufacturing Facility in Arkansas

by Alex Tostado February 6, 2019

SPRINGDALE, ARK. — Apex Tool Group LLC has sold its 242,000-square-foot manufacturing facility in Springdale to Trickling Creek Properties LLC. The buyer plans to look for new tenants for the building. The facility sits on 52.8 acres less than a mile from the Springdale Municipal Airport, and about 10 miles north of downtown Fayetteville. The building includes eight- to 10-inch reinforced concrete floors, seven-inch concrete block walls, ceiling heights ranging from 20 feet to 32 feet, approximately 24,000 square feet of air-conditioned office space, four eight-by-10-foot and two eight-by-eight-foot dock-high loading doors, and paved and lighted parking for approximately 430 vehicles. Holmes Davis of Binswanger represented the seller in the transaction. Marshall Saviers of Sage Partners represented the buyer. The price was not disclosed.

February 6, 2019

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Brokers $50M Sale of Victoria Landing Apartment Complex in Central Florida

by Alex Tostado February 6, 2019

LAKELAND, FLA. — Cushman & Wakefield has arranged the $50 million sale of Victoria Landing, a 352-unit apartment complex in Lakeland. Tampa-based Blue Roc Premier purchased the asset and has rebranded it as The Park at Palazzo. The asset totals 383,212 square feet across 12 buildings on 24 acres. The Park at Palazzo offers one-, two- and three-bedroom floor plans and was 98 percent occupied at the time of the sale. Amenities include a resort-style swimming pool, hot tub, athletic facility, business center, sand volleyball court, car care facility, game room, playground, indoor basketball and racquetball courts, two dog parks and a pet washing station. Brad Capas, Luis Elzora and Robert Given of Cushman & Wakefield represented the seller, Minnesota-based Mercury Investment, in the transaction.

February 6, 2019

Acquisitions Hospitality Louisiana Southeast

Stonebridge Buys 280-Room Hotel Near New Orleans Convention Center

by Alex Tostado February 6, 2019

NEW ORLEANS — Stonebridge Cos. has acquired the 280-room Embassy Suites by Hilton New Orleans Convention Center hotel in New Orleans’ Art and Warehouse District. The hotel offers modern guest rooms, two- and three-room suites, a fitness center, outdoor pool, complimentary breakfast, complimentary drinks and appetizers nightly, on-site restaurant Stacks, a 24-hour business center and more than 8,000 square feet of versatile function space. This is the first hotel acquisition in New Orleans for Denver-based Stonebridge and the company’s third Embassy Suites by Hilton in the United States, joining locations in Austin, Texas, and Anchorage, Alaska. The seller and sales price were not disclosed.

February 6, 2019

Acquisitions Office Texas

Marcus & Millichap Arranges Sale of 25,000 SF Office Portfolio in Grapevine, Texas

by Taylor Williams February 6, 2019

GRAPEVINE, TEXAS — Marcus & Millichap has arranged the sale of a portfolio of five office buildings totaling 25,000 square feet in Grapevine, located on the fringe of DFW International Airport. Cody Payne of Marcus & Millichap represented the seller and procured the buyer, an out-of-state private investor, in the transaction. Other terms of sale were not disclosed.

February 6, 2019

Acquisitions Healthcare Illinois Midwest

Marcus & Millichap Brokers Sale of 61,174 SF Medical Office Building in Rockford, Illinois

by Kristin Harlow February 6, 2019

ROCKFORD, ILL. — Marcus & Millichap has brokered the sale of the Cornerstone Medical Building in Rockford for an undisclosed price. Constructed in 1988 and renovated in 2003, the 61,174-square-foot medical office building is 84 percent leased to a variety of healthcare providers, including pain management, retina care, dermatology, gynecology and orthopedics. Ben Tashakorian and David Benjamin of Marcus & Millichap marketed the property on behalf of the seller, Ephraim LLC. Cornerstone Cos. Inc. purchased the asset.

February 6, 2019

Acquisitions Arizona California Industrial Western

BKM Capital Partners Acquires Three Industrial Portfolios in California, Arizona for $138.7M

by Amy Works February 6, 2019

NEWPORT BEACH, CALIF. — Newport Beach, Calif.-based BKM Capital Partners, through its BKM Industrial Value Fund II, has acquired three industrial portfolios for a combined consideration of $138.7 million. The company purchased a two-property portfolio consisting of four buildings totaling 99,187 square feet in metro San Diego. 3G Properties sold the properties for $16.6 million. At the time of sale, the property was 96 percent occupied with rents that range from 20 percent to 39 percent below market rate. The properties include Del Abeto Commerce Center, located at 6325 and 6354 Corte del Abeto in Carlsbad, Calif.; and Waples Industrial Centre, located at 9540 and 9550 Waples St. in Sorrento Mesa, Calif. Mark Avilla at Cushman & Wakefield represented the seller, while BKM was self-represented in the deal. BKM also acquired South Bay Portfolio, a five-building light industrial portfolio in Fremont, Calif., from Stockbridge for $49 million. Located at 48430-48490 Lakeview Blvd. and 48500-48560, 48400, 47745-47787 and 47703-47737 Fremont Blvd., the portfolio totals 221,651 square feet. At the time of sale, the portfolio was 94 percent occupied by a diverse range of 13 tenants with unit sizes ranging from 4,800 square feet to 42,500 square feet. Eastdil Secured represented the seller, …

February 6, 2019

Acquisitions Arizona Industrial Western

EastGroup Purchases 23.6 Acres in Arizona, Plans Industrial Park

by Amy Works February 6, 2019

GILBERT, ARIZ. — EastGroup Properties has acquired a 23.6-acre land site, located near Germann and Gilbert roads in Gilbert, from the Rockefeller Group for $6.4 million. The REIT plans to develop Gilbert Crossroads Business Park, a two-phase industrial park at the site. Slated to break ground in April, the first phase of the project will include the construction of a 58,000-square-foot building and an 82,000-square-foot facility. Both buildings are speculative development and available for lease. Paul Sieczkowski, Rob Martensen and Phil Breidenbach of Colliers International in Arizona negotiated the land sale. Colliers is also serving as exclusive leasing agent for the new project.

February 6, 2019

Acquisitions Arizona Multifamily Western

JLL Arranges $31.8M Sale of 266-Unit Apartment Community in Phoenix

by Amy Works February 6, 2019

PHOENIX — JLL has negotiated the sale of Sanctuary on 22nd, a multifamily community located in Phoenix. Laguna Point Properties sold the property to a private investor for $31.8 million. Built in 1985, Sanctuary on 22nd features 266 apartments in a mix of one- and two-bedroom layouts with an average unit size of 788 square feet. Each unit features an oversized patio and full-size washer and dryer, while select units offer a fireplace. On-site amenities include two swimming pools, a modern fitness center, clubhouse and business center. John Cunningham and Charles Steele of JLL’s Multifamily Capital Markets represented the seller in the deal.

February 6, 2019

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