Acquisitions

KKR Buys Newly Constructed Industrial Building in California for $43.5M

by Amy Works January 31, 2019

PERRIS, CALIF. — Rockefeller Group has completed the sale of an industrial distribution building located within Optimus Logistics Center in Perris. KKR, through its Real Estate Partners Americas II Fund, acquired the newly constructed asset for $43.5 million. The 406,650-square-foot building is the second building to be completed and sold at Optimus Logistics Center, a 1.45 million-square-foot industrial complex. Rockefeller Group, in a joint venture with MBK Real Estate, completed the construction of Optimus Logistics Center in September 2018. Mike McCrary, Peter McWilliams, Sharon Wortmann and Scott Coyle of JLL represented both Rockefeller Group and KKR in the transaction.

January 31, 2019

Acquisitions Northeast Office Pennsylvania Top Stories

Equity Commonwealth to Sell 55-Story Office Tower in Philadelphia for $451.6M

by Alex Tostado January 31, 2019

PHILADELPHIA — Equity Commonwealth (NYSE: EQC) is under contract to sell BNY Mellon Bank Center, a 55-story, 1.3 million-square-foot office building located at 1735 Market St. in downtown Philadelphia. The price is $451.6 million. The buyer was undisclosed, though multiple media outlets report that a partnership between New York-based Silverstein Properties Inc. and Philadelphia-based Arden Group is acquiring the building. Proceeds after credits for capital costs, contractual lease costs, and rent abatements are expected to be approximately $435.6 million. The sale is slated to close by March 27. The asset is the fourth-largest building in Philadelphia. Amenities include The Lounge at 1735, a 19,000-square-foot space offering a 100-person classroom-style conference facility, fireplaces, wine lockers and TVs; Pyramid Club, a lounge on the 52nd floor offering a 360-degree view of Philadelphia, a bistro bar and a sit-down restaurant; the Philadelphia Sports Club, a 25,000-square-foot, two-story fitness center offering a sauna, rowing machine, group fitness classes, and massage therapy; and covered bike parking. BNY Mellon Bank Center was built in 1990 and designed by Kohn Pedersen Fox Associates. The building is situated less than a mile from Philadelphia City Hall and Logan Square, and less than two miles from the Liberty Bell. Chicago-based …

January 31, 2019

Acquisitions California Loans Multifamily Seniors Housing Western

CBRE Arranges $35.2M Acquisition Financing for Seniors Housing Community in Oakland

by Amy Works January 31, 2019

OAKLAND, CALIF. — CBRE has arranged $35.2 million in financing for the acquisition of The Point at Rockridge, a Class A, 148-unit assisted living and memory care community in Oakland. The borrower is a joint venture between Angelo Gordon & Co. and Auctus Capital Partners. The property is located near the University of California Berkeley in the affluent submarket of Rockridge. Home values in a one-mile radius average over $1 million and the average household income is nearly $130,000 per year. The property has undergone two multimillion-dollar renovations in recent years. The first renovation was in 2013, converting 30 assisted living units into a dedicated memory care wing. The second renovation occurred in 2016, providing updates to interior and exterior common areas, community amenities, units and landscaping. The buyers plan to make further improvements to the community. Integral Senior Living, which has operated the property since 2013, will continue to manage The Point at Rockridge following the acquisition. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the seven-year, fixed-rate Freddie Mac loan with 48 months of interest-only payments.

January 31, 2019

Acquisitions California Industrial Western

Shaw Development, Penwood Real Estate Divest Industrial Property in the Inland Empire

by Amy Works January 31, 2019

SAN BERNARDINO, CALIF. — A joint venture between Shaw Development and Penwood Real Estate Investment Management has completed the disposition of a single-tenant industrial asset located at 5080 Hallmark Parkway in the San Bernardino submarket of the Inland Empire. Terms of the transaction were not disclosed. Situated on 7.6 acres, the 197,100-square-foot property is triple-net leased on a long-term basis to Tree Island Steel, a wire products producer. The facility features 25-foot to 30-foot clear heights, 16 dock-high loading doors, two grade-level doors, one door with ramp-to-grade level and low office finish. Andrew Briner and Michael Roberts of HFF, along with Frank Geraci and Juan Gutierrez of Voit Real Estate Services, represented the seller in the deal.

January 31, 2019

Acquisitions California Restaurant Retail Western

Paragon Commercial Sells In-N-Out Burger Ground Lease in San Jose for $6.9M

by Amy Works January 31, 2019

SAN JOSE, CALIF. — Paragon Commercial Group has completed the sale of a ground lease for an In-N-Out Burger located at the corner of Great Oaks Parkway and Cottle Road in San Jose. A private Bay Area buyer acquired the property for $6.9 million. In 2014, Paragon began work to acquire a former parking lot site and concurrently entered into a ground lease with In-N-Out Burger for a single-tenant restaurant. The property is currently under construction and is expected to open in first-quarter 2019. Christopher Sheldon of Cushman & Wakefield represented Paragon, while Andy Chana of Sands Investment Group represented the buyer in the deal.

January 31, 2019

Acquisitions Illinois Industrial Midwest

NKF Negotiates Sale of 59,206 SF Manufacturing Facility in Elk Grove Village, Illinois

by Kristin Harlow January 31, 2019

ELK GROVE VILLAGE, ILL. — Newmark Knight Frank (NKF) has negotiated the sale of a 59,206-square-foot manufacturing facility located at 801 Estes Ave. in Elk Grove Village. The sales price was not disclosed. Located on three acres, the property features three interior docks, three drive-in doors, 47 car parking spaces and a clear height of 18 feet. Adam Marshall, Tatsuru Kono and Mark Deady of NKF represented the seller, Tigerflex Corp. Cory Ramey and Shamus Coneely of John Greene Industrial represented the buyer, Diesel Radiator Co.

January 31, 2019

Acquisitions Northeast Office Pennsylvania

CBRE Brokers $8M Sale of Office Campus in Harrisburg, Pennsylvania

by David Cohen January 30, 2019

HARRISBURG, PA. — CBRE has brokered the $8 million sale of a two-building, 50-acre office campus in Harrisburg. Located at 100 and 200 Amp Drive, the 250,000-square-foot property includes a full-service cafeteria and electric car charging stations. 100 Amp Drive totals 170,000 square feet while 200 Amp Drive totals 80,000 square feet. Michael Curran, William Krisztal and Nicholas Westley of CBRE’s Los Angeles South Bay office represented the seller, TE Connectivity Corp., in the transaction. Garrett Rothman of RSR Realtors represented the buyer, D&H Distributing Co., which will relocate its headquarters to the property.

January 30, 2019

Acquisitions Industrial New Jersey Northeast

NAI Hanson Negotiates Sale of 7,800 SF Industrial Facility in Hackensack

by David Cohen January 30, 2019

HACKENSACK, N.J. — NAI James Hanson has negotiated the sale of a 7,800-square-foot industrial/flex building in Hackensack. The sales price was undisclosed. Located at 238 High St., the property includes 16-foot ceilings and three overhead doors. Anthony Cassano of NAI James Hanson represented the seller, High Street Hackensack LLC, in the transaction. The buyer was Hackensack-based Vanore Electric, which was drawn to the property’s sizable footprint and ample truck parking in a highly accessible area, according to NAI Hanson.

January 30, 2019

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Orchestrates $1.6M Sale of Multifamily Building in New Jersey

by David Cohen January 30, 2019

IRVINGTON, N.J. — Marcus & Millichap has arranged the $1.6 million sale of a multifamily building in Irvington. The 23-unit property is located at 818 Stuyvesant Ave. The property recently underwent extensive capital improvements. Kevin Taub of Marcus & Millichap’s New Jersey office represented the seller, a limited liability company. The buyer was a private investor.

January 30, 2019

Acquisitions Georgia Retail Southeast

Marcus & Millichap Brokers $1.3M Sale of New Family Dollar-Occupied Building Near Athens, Georgia

by Alex Tostado January 30, 2019

HULL, GA. — Marcus & Millichap has arranged the $1.3 million sale of a Family Dollar-occupied building in Hull, about seven miles north of Athens. The 8,247-square-foot building was delivered in 2018. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, Butler Properties & Development, in the transaction. Joe Siemienowski of Siemienowski & Associates represented the buyer, ALBOC137 LLC.

January 30, 2019

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