Acquisitions

Pinnacle Storage Acquires 572-Unit Self-Storage Facility in Conroe, Texas

by Taylor Williams November 2, 2018

CONROE, TEXAS — Pinnacle Storage Properties, a self-storage development and investment firm based in the Houston area, has acquired Preferred Mini Storage, a 572-unit facility in Conroe, roughly 40 miles north of Houston. The property was built in 1996 and expanded in 2017. About 76 percent (434) of the units are climate-controlled. Daniel Hartnett of Greysteel arranged a non-recourse bridge loan on behalf of Pinnacle for the acquisition. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, Copra Holdings LLC.

November 2, 2018

Acquisitions Retail Texas

Weitzman Negotiates Sale of 86,777 SF Grocery-Anchored Center in Arlington

by Taylor Williams November 2, 2018

ARLINGTON, TEXAS — Weitzman has negotiated the sale of Matlock Oaks, an 86,777-square-foot retail center in Arlington. Specialty grocer Indo Pak World Market anchors the center, which was renovated in 2014. Other tenants include Subway, Allstate Insurance and Matlock Family Dental. Kevin Butkus of Weitzman represented the seller, a Dallas-based joint venture. Michael Uhm of The Michael Group represented the buyer. Both parties requested anonymity.

November 2, 2018

Acquisitions Multifamily Oregon Western

Security Properties Acquires 440-Unit Apartment Community in Oregon for $84.3M

by Amy Works November 2, 2018

BEAVERTON, ORE. — Security Properties has purchased Arbor Creek, a garden-style apartment community located at 3280 SW 170th Ave. in the Portland suburb of Beaverton. Jackson Square Properties sold the property for $84.3 million. Charles Halladay, Scott Gilson and Charlie Watson of HFF arranged a seven-year, floating-rate loan through Freddie Mac’s CME Program for the buyer. Situated on 22 acres and originally completed in 1984, Arbor Creek features one- and two-bedroom units, averaging 768 square feet, 360 of which have been renovated since 2012. Community amenities include a swimming pool, spa, fitness center, basketball/sport court, indoor racquetball court, playground, clubhouse and business center. Ira Virden and Carrie Kahn of HFF represented the seller in the transaction.

November 2, 2018

Acquisitions California Retail Western

NAI Negotiates $11.4M Sale of Safeway Grocery Property in Eureka, California

by Amy Works November 2, 2018

EUREKA, CALIF. — NAI Northern California has negotiated the $11.4 million sale of the Eureka Safeway, located at 2555 Harris St. in Eureka. Doug Sharpe of NAI Northern California represented the undisclosed buyer in the deal. Safeway occupies the 49,145-square-foot grocery store on a new 20-year, absolute triple-net lease with fixed rent increases. The name of the seller was not released.

November 2, 2018

Acquisitions Arizona Office Western

G2 Capital Buys Two-Building Office Asset in Phoenix for $10.9M

by Amy Works November 2, 2018

PHOENIX — G2 Capital has acquired an office property, located at 3925-3945 E. Broadway Road in Phoenix, for $10.9 million. The seller was Glasir Capital Partners, which purchased the property 30 days prior from RBR Capital. Totaling 136,000 square feet, the asset is a pair of two-story office buildings at the intersection of 40th Street and Broadway Road. The property at 3945 E. Broadway Road is fully occupied by a long-term credit tenant, which has been in place since 2001. The other building is 50 percent leased to the State of Arizona, which has been a tenant since 2016. G2 Capital plans to renovate a 37,000-square-foot speculative suite to be move-in ready by January at the property. Brian Ackerman of JLL represented the buyer in the deal. G2 Capital has retained Karsten Peterson, Dave Seegar and Mark Gustin of JLL to handle leasing for the property.

November 2, 2018

Acquisitions California Retail Western

Epsteen & Associates, Progressive Real Estate Broker $4M Sale of Shops at Mission Square in Montclair

by Amy Works November 2, 2018

MONTCLAIR, CALIF. — Epsteen & Associates San Diego and Progressive Real Estate Partners have arranged the sale of Shops at Mission Square, a retail center located at 4467 Mission Blvd. in Montclair. A San Diego-based private investor sold the property to a Yorba Linda-based private investor for $4 million, or $692 per square foot. Built in 2007, the 5,852-square-foot property is fully leased to four national retailers: Panda Express, Little Caesars, Dairy Queen and Boost Mobile. Joe Wojdowski of Epsteen & Associates and Greg Bedell of Progressive Real Estate represented the seller, while Scott Chang of 168 Realty represented the buyer in the all-cash transaction.

November 2, 2018

Acquisitions North Carolina Office Southeast

HLM Realty Buys Office Complex in Metro Raleigh for $69M

by Amy Works November 2, 2018

CARY, N.C. — New York-based HLM Realty has purchased Crescent Lakeside I and II, an office complex located within The Crescent business park in Cary, a suburb of Raleigh. Crescent Lakeside LLC sold the asset for $69 million. Scot Humphrey, Ryan Clutter, Chris Lingerfelt and Zack Drozda of HFF, along with Frank Baird of Capital Associates Management, represented the seller in the transaction. Located at 1225 and 1255 Crescent Green Drive, the two-building asset features 254,796 square feet of Class A office space. Completed in 2001 and 2009, respectively, the three-story Crescent Lakeside I and the four-story Crescent Lakeside II were 98.9 percent leased to a variety of tenants at the time of sale, including Hill-Rom and Precision Lender. Capital Associates Management, in partnership with Boddie-Noell Enterprises, developed the office properties. The Crescent is a mixed-use development featuring entertainment, retail, lifestyle amenities, the Koka Booth Amphitheater, walking/jogging trails and the 30-acre Symphony Lake.

November 2, 2018

Acquisitions Illinois Midwest

LaSalle to Acquire Majority Stake in Latitude Management Real Estate Investors

by Kristin Harlow November 2, 2018

CHICAGO — LaSalle Investment Management, an arm of Chicago-based JLL, has entered into an agreement to make a majority acquisition of the $1.2 billion debt fund business of Latitude Management Real Estate Investors. The transaction is expected to close during the first quarter of 2019. Latitude is a commercial real estate lender providing short-term, floating-rate loans against middle-market commercial real estate assets. Latitude’s primary focus has been originating new bridge loans for value-add and transitional properties in sustainable growth markets throughout the United States. Upon closing, the Latitude debt business will join LaSalle’s North America Private Equity platform, which comprises $21 billion of the company’s total $60 billion in assets under management and is led by Americas CEO Jason Kern. Nathaniel Marrs, Allen Ashley, Richard Ashley, Jason Veit and Amy Kluesner of DLA Piper represented LaSalle. Berkshire Capital served as financial advisor and Sheppard Mullin acted as legal advisor to Latitude.

November 2, 2018

Acquisitions Healthcare Illinois Midwest

Sterling Bay Purchases 119,415 SF Medical Research Center in Chicago

by Kristin Harlow November 2, 2018

CHICAGO — Sterling Bay has purchased the Stanley Manne Children’s Research Institute in Chicago for an undisclosed price. Ann & Robert H. Lurie Children’s Hospital of Chicago was the seller. The hospital will lease the 119,415-square-foot research center from Sterling Bay until its research operations are fully consolidated at the Simpson Querry Biomedical Research Center in Streeterville in summer 2019. Originally built in 1995, the research center was expanded in 2003. In recent years, Sterling Bay has been one of the most active developers and acquirers within the city. This purchase is the latest of several high-profile recent and pending acquisitions within Sterling Bay’s portfolio of Chicago properties, including Prudential Plaza, Lincoln Yards, the tech campus at 600 W. Chicago, and 875 N. Michigan, formerly known as the John Hancock building.

November 2, 2018

Acquisitions Multifamily North Carolina Southeast

TH Real Estate Sells Apartment Community in Durham for $42.7M

by Amy Works November 2, 2018

DURHAM, N.C. — TH Real Estate, an affiliate of Nuveen (the investment manager of TIAA), has completed the sale of Southpoint Glen, a multifamily property located at 5800 Tattersall Drive in Durham. Washington, D.C.-based StoneBridge Investments acquired the property for $42.7 million. Located within minutes of Research Triangle Park (RTP), the garden-style apartment community features 346 units, a swimming pool and a fitness center. The buyer plans to renovate portions of the property, including adding upgraded cabinets, faux granite countertops, tile backsplashes, two-inch blinds and plank flooring with soundproofing to individual apartments. StoneBridge also plans to expand the swimming pool and fitness center, add an outdoor fitness area and repurpose the existing sand volleyball court. Elliott Throne and Roger Edwards of HFF secured a seven-year fixed-rate acquisition loan through Freddie Mac’s CME Program for Stonebridge.

November 2, 2018

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