Acquisitions

Cushman & Wakefield Arranges $110M Sale of Downtown Tampa Office Tower

by Amy Works October 31, 2018

TAMPA, FLA. — Cushman & Wakefield has brokered the sale of Tampa City Center, an office tower located at 201 N. Franklin St. in downtown Tampa. A partnership between affiliates of Miami-based Banyan Street Capital and funds managed by Oaktree Capital Management acquired the 38-story property for $110 million. An affiliate of Alliance Partners HSP, the East Coast operating arm of the Shilder Group, sold the property. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield represented the seller in the deal. Ernst & Young, Deloitte, Masonite, Morgan & Morgan, FieldCore (a division of GE), CDW, PNC Bank and The University Club are tenants at the 757,425-square-foot, Class A office building. Via a skybridge, the tower is connected to the 520-room Hilton Tampa Downtown, with 30,000 square feet of meeting and conference space; 211 Restaurant; Starbucks Coffee; and Fort Brooke parking garage, a covered parking facility owned by the City of Tampa. Jason Hochman, Chris Lentz, Michael Ryan and Brian Linnihan of Cushman & Wakefield’s Equity, Debt & Structured Finance Group assisted the buyer in securing an $84 million acquisition loan. Funded by HSBC Bank, the loan includes proceeds at acquisition plus future funding for capital improvements to …

October 31, 2018

Acquisitions Development Industrial Kentucky Self-Storage Southeast

Ziff Properties Acquires Warehouse in Lexington for Self-Storage Conversion

by Amy Works October 31, 2018

LEXINGTON, KY. — Ziff Properties has purchased the former Golden Burley Tobacco Warehouse and Building Materials Warehouse located on Angliana Avenue in Lexington for an undisclosed price. Fred Pfister of Silvestri Craig Realtors facilitated the transaction. The name of the seller and sales price were not released. Ziff Properties plans to convert the property, which is situated on 3.5 acres, into a Class A self-storage facility with 103,500 square feet of climate- and non-climate-controlled units. CubeSmart Self Storage will manage the asset.

October 31, 2018

Acquisitions Multifamily Texas

29th Street Capital Acquires 368-Unit Multifamily Asset in Houston

by Taylor Williams October 31, 2018

HOUSTON — 29th Street Capital, a privately held investment firm with offices in San Francisco and Chicago, has acquired Cali Sommerall Apartments, a 368-unit multifamily asset located in Houston’s Copperfield/Bear Creek submarket. The company will invest in new countertops and paint for the unit interiors, as well as upgrades to the amenity spaces, which include a pool, coffee bar, dog park, fitness center and a grilling station. The seller was not disclosed.

October 31, 2018

Acquisitions Industrial Kentucky Southeast

Brennan Investment Buys 194,519 SF Industrial Facility in Louisville for Sale-Leaseback Deal

by Amy Works October 31, 2018

LOUISVILLE, KY. — Brennan Investment Group has acquired an industrial property located at 1300 W. Park Road in the Bullitt submarket of Louisville. Concurrent with the acquisition, the 194,519-square-foot property was leased back to the seller, a joint venture between Westfall Technik and a client of Arch Street Capital Advisors. The building is fully occupied by Amaray, a specialized global plastic packaging company, which was simultaneously acquired by Westfall Technik. Amaray has occupied the property since 2003.

October 31, 2018

Acquisitions Industrial Texas

Meritex Purchases 121,520 SF Light Industrial Building in Houston

by Taylor Williams October 31, 2018

HOUSTON — The Meritex Co., a Minnesota-based investment firm, has purchased Park 225, a 121,520-square-foot light industrial building located at the interchange of Highway 225 and Beltway 8 in Houston. The property was fully leased to four tenants at the time of sale. Tom Lynch of CBRE brokered the deal. Stream Realty Partners will manage the property. With this acquisition, Meritex now owns more than 500,000 square feet of industrial space in the metro Houston area.

October 31, 2018

Acquisitions Retail Texas

STRIVE Arranges Sale of 55,944 SF Shopping Center in Metro Houston

by Taylor Williams October 31, 2018

NEW CANEY, TEXAS — Dallas-based retail brokerage firm STRIVE has arranged the sale of Brookshire Brothers Shopping Center, a 55,944-square-foot retail asset in New Caney, a northern suburb of Houston. The five-mile radius around the property, which is anchored by a 42,000-square-foot Brookshire Brothers, has seen its population increase by more than 25 percent since 2010. Daniel Wenz of STRIVE represented the Florida-based seller in the transaction and procured the local buyer. Both parties requested anonymity.

October 31, 2018

Acquisitions California Office Western

Newmark Knight Frank Negotiates $106.2M Sale of Gateway Towers in Los Angeles

by Amy Works October 31, 2018

LOS ANGELES — Newmark Knight Frank (NKF) has negotiated the sale of Gateway Towers, an office property located at 970 and 990 190th St. in Los Angeles. Equity Office Properties sold the asset to The Ruth Group, along with Roxborough Group as its capital partner, for $106.5 million. Kevin Shannon, Ken White, Scott Schumacher and Guillermo Boisson of NKF represented the seller in transaction. Additionally, David Milestone and Brett Green, also of NKF, secured financing for the buyer. At the time of sale, the 443,517-square-foot asset was 91 percent leased. Herbalife International of America is the anchor tenant at the twin nine-story towers. The buyer plans to develop the land between the towers, creating restaurant, amenity and creative office space.

October 31, 2018

Acquisitions Nevada Retail Western

Weingarten Realty Sells Dual Grocery-Anchored Shopping Center in Las Vegas for $59M

by Amy Works October 31, 2018

LAS VEGAS — Houston-based Weingarten Realty has completed the sale of Tropicana Beltway Shopping Center, a retail property located in Las Vegas. Affiliates of San Francisco-based The Krausz Cos. acquired the property for $59 million. Mark Lucescu of Lucescu Realty represented the seller and procured the buyer in the deal. Walmart Supercenter, Lowe’s, Ross Dress for Less, PetSmart, Office Depot, 99 Cents Only (featuring a grocery department) and Pier 1 Imports anchor the 617,821-square-foot shopping center. At the time of sale, the property was 99.7 percent occupied. Additional tenants include Applebee’s, Bank of America, IHOP, Panera Bread, Chase Bank, Pacific Dental Services, Chipotle, Del Taco, Leslie’s Pool Supplies, Panda Express, T-Mobile, Club Pilates, Cricket Wireless, Sally Beauty Supply, Starbucks Coffee, MetroPCS, Subway, The UPS Store, GNC, GameStop, Sport Clips and The Joint Chiropractic. Neither Walmart Supercenter or Lowe’s Home Improvement Warehouse were included the in the sale.

October 31, 2018

Acquisitions California Office Western

GM Properties Brokers $12.5M Sale of 104,000 SF Office Park in Santa Fe Springs, California

by Amy Works October 31, 2018

SANTA FE SPRINGS, CALIF. — GM Properties has brokered the sale of Imperial Square, a multi-tenant office park located at 12631 E. Imperial Highway in Santa Fe Springs. An undisclosed buyer acquired the property for $12.5 million. Situated on 5.8 acres, the five-building, 104,000-square-foot office complex features more than 100 suites. At the time of sale, the property was 90 percent occupied. Ben Greer and Dustin Wheelan of GM Properties represented the undisclosed seller in the transaction.

October 31, 2018

Acquisitions Mixed-Use New York Northeast

Marcus & Millichap Negotiates $15.2M Sale of Two Mixed-Use Properties in Manhattan

by David Cohen October 30, 2018

NEW YORK CITY — Marcus & Millichap has negotiated the $15.2 million sale of two mixed-use properties in Manhattan. Located at 162 Third Ave. and 317 E. 5th St., the two properties consist of 24 residential units and ground-floor retail space. 162 Third Ave. is a four-story, 9,500-square-foot building, 317 E. 5th St. is a six-story, 8,100-square-foot building. Barbara Dansker and Steven Lusby of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also undisclosed.

October 30, 2018

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