Acquisitions

PN Hoffman Buys Seaboard Station in Raleigh, Plans $250M Redevelopment

by Alex Tostado December 14, 2018

RALEIGH, N.C. — PN Hoffman has purchased Seaboard Station in the north end of downtown Raleigh from William Peace University (WPU) for $34 million. The Washington, D.C.-based developer plans to build a $250 million, 800,000-square-foot mixed-use development consisting of approximately 650 apartments, 150 hotel rooms and 135,000 square feet of retail space. The development sits on seven acres and will be built in three phases, though a timeline was not disclosed. TradeMark Properties represented WPU in the sale. The liberal arts college will remain an active voice in the future of Seaboard Station, according to PN Hoffman.

December 14, 2018

Acquisitions Northeast Office

Savanna Acquires 126,256 SF Office Building in Manhattan for $100M

by David Cohen December 14, 2018

NEW YORK CITY — New York City-based real estate investment owner/operator Savanna has acquired a 12-story, 126,256-square-foot office and retail building in the NoMad neighborhood of Manhattan. The sales price was $100 million. Located at 48 W. 25th St., the property was built in 1920. Savanna plans to implement a $21 million capital improvement plan at the property, which will include a complete lobby renovation as well as roof and façade repairs. Adam Spies, Adam Doneger and Josh King of Cushman & Wakefield represented the seller, a longtime family owner, in the transaction.

December 14, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $3.6M Sale of BP Gas Station in Jersey City

by David Cohen December 14, 2018

JERSEY CITY, N.J. — Marcus & Millichap has brokered the $3.6 million sale of a net-leased BP gas station in Jersey City. The property is located at 1505 John Fitzgerald Kennedy Blvd., directly off I-78, a major highway connecting Pennsylvania, New Jersey and New York. Preet Sabharwal, Dan Corcoran and Michael Grunberg of Marcus & Millichap’s Manhattan office represented the undisclosed seller in the transaction. The buyer was also undisclosed.

December 14, 2018

Emery-Bay-at-Lakepointe-Lewisville-Texas

Acquisitions Multifamily Texas

American Landmark Acquires 360-Unit Apartment Community in Metro Dallas

by Taylor Williams December 14, 2018

LEWISVILLE, TEXAS — Tampa-based multifamily owner-operator American Landmark has acquired Emery Bay at Lakepointe, a 360-unit multifamily community located in the northern Dallas metro of Lewisville. Built in 1997, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, spa, business center, dog park and a volleyball court. American Landmark will invest $3.5 million in capital improvements to the unit interiors and amenity spaces. Mitch Sinberg, Matt Robbins, Robert Falese and Matthew Cullison of Berkadia secured a $36.5 million Fannie Mae acquisition loan on behalf of American Landmark for the transaction. The seller was not disclosed.

December 14, 2018

Acquisitions Multifamily Texas

JLL Arranges Acquisition Financing for 264-Unit Apartment Property in Fort Worth

by Taylor Williams December 14, 2018

FORT WORTH, TEXAS — JLL has arranged an undisclosed amount of acquisition financing for Vieux Coulee Apartments, a 264-unit multifamily property in Fort Worth, on behalf of Los Angeles-based investment firm Frontline Holdings. Built in 1984, the community features a pool, fitness center, business center and a resident clubhouse. Mark Brandenburg and David Godvin of JLL arranged the financing through Bridge Investment Group. The seller was not disclosed.

December 14, 2018

Acquisitions Multifamily Texas

Olympus Property Purchases 260-Unit Multifamily Asset in Metro Houston

by Taylor Williams December 14, 2018

KATY, TEXAS — Fort Worth-based Olympus Property has purchased Echo at Katy Ranch, a 260-unit multifamily asset in Katy, a western suburb of Houston. The property has since been rebranded Olympus Katy Ranch. The Class A community features a resort-style pool, six gas grills, a fireside lounge, resident clubhouse, fitness center and a dog park. The transaction, the seller in which was not disclosed, marks the 12th acquisition for Olympus Property this year. Tucker Knight and Nicholas Murphy of Berkadia secured a 10-year, fixed-rate loan through Freddie Mac with seven years of interest-only payments for the transaction.

December 14, 2018

Acquisitions Illinois Midwest Retail

Faris Lee Investments Brokers $16.7M Sale of Shopping Center in Saint Charles, Illinois

by Kristin Harlow December 14, 2018

SAINT CHARLES, ILL. — Faris Lee Investments has brokered the sale of Main Street Commons in suburban Chicago for $16.7 million. The 171,564-square-foot shopping center is situated on 20 acres. At the time of the sale, the property was 85 percent leased to tenants such as Ross, TJ Maxx, Five Below, Ulta and Cost Plus. Rick Chichester, Donald MacLellan and Shaun Riley of Faris Lee represented the seller, Sabal Financial Group LP. The buyer was not disclosed.

December 14, 2018

Acquisitions California Retail Western

Investec Real Estate Acquires The Esplanade Shopping Center in Oxnard, California

by Amy Works December 14, 2018

OXNARD, CALIF. — Investec Real Estate Cos., in partnership with DRA Advisors, has purchased The Esplanade Shopping Center. The retail center is situated on 31.4 acres on the southeast corner of North Oxnard Boulevard and the 101 Freeway in Oxnard. The acquisition price was not released. Redeveloped in 2002 from an enclosed mall into an open-air center, the regional power center features 356,864 square feet of retail space. Tenants include Dick’s Sporting Goods, Walmart Neighborhood Market, Bob’s Discount Furniture, Nordstrom Rack, TJ Maxx, Cost Plus World Market, Party City, Staples, Starbucks Coffee and In & Out Burger. At the time of sale, the property was 93 percent occupied with only one vacancy, a 25,000-square-foot end-cap anchor space. The buyers were self-represented, while Bill Bauman, Kyle Miller and Matthew Schwartz of NKF Capital Markets of Los Angeles advised the undisclosed seller in deal.

December 14, 2018

Acquisitions Arizona Retail Western

SRS Real Estate Partners Directs $5.1M Sale of The Shops at Arizona in Anthem

by Amy Works December 14, 2018

ANTHEM, ARIZ. — SRS Real Estate Partners has arranged the sale of The Shops at Arizona, a neighborhood shopping center located at 3434 Anthem Way in Anthem. Abington Emerson, a private real estate investment company, sold the property to an individual buyer for $5.1 million. Built in 2003 and situated on 6.7 acres, the property features 35,710 square feet of retail space. Current tenants include Ace Hardware, Coldwell Banker, Pizza Hut, Princess Nails and Shanghai Club. Sean Thomas and Patrick Luther of SRS’ National Net Lease Group represented the seller in the transaction.

December 14, 2018

Acquisitions Development Georgia Office Southeast

Norfolk Southern to Relocate Headquarters to Atlanta, Buys Midtown Site for $575M

by Alex Tostado December 13, 2018

ATLANTA — Transportation giant Norfolk Southern will relocate its headquarters from Norfolk, Va., to Midtown Atlanta. The railroad company is expected to buy a site at 650 W. Peachtree St. from Cousins Properties for $575 million. The Atlanta-based real estate owner and developer will manage the office campus when the project is completed. Norfolk Southern president and CEO Jim Squires says the headquarters will be complete in 2021. The announcement comes on the heels of Norfolk Southern selling its land in downtown Atlanta’s Gulch area for a reported $115 million to Los Angeles-based CIM Group. CIM Group plans to redevelop the 16.3-acre site into a “mini-city,” with office buildings, residential units, hotels, shops and restaurants. The Atlanta City Council approved the plans in November. Norfolk Southern is expected to put money from the sale toward its new headquarters.

December 13, 2018

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