Acquisitions

Cushman & Wakefield Arranges Sale-Leaseback of Industrial Facility in Parsippany

by David Cohen October 30, 2018

PARSIPPANY, N.J. — Cushman & Wakefield has arranged the sale and leaseback of a 540,103-square-foot industrial facility in Parsippany. The sales price was undisclosed. Located at 100 Jefferson Road, the property currently serves at the global headquarters for the seller, PNY Technologies. Gary Gabriel, Kyle Schmidt, Andrew Merin, David Bernhaut, Brian Whitmer and Ryan Larkin of Cushman & Wakefield represented PNY Technologies in the transaction. The buyer was a joint venture between Turnbridge Equities and Harbor Group International. PNY Technologies leased back approximately 25 percent of the building on a long-term basis, leaving 400,000 square feet of industrial space for Turnbridge Equities to rent. Turnbridge and HGI have commenced a $4.5 million capital improvement program at the facility that will include new parking and loading areas, new office space and building entrances, as well as new mechanical systems.

October 30, 2018

Acquisitions New Jersey Northeast Office

NKF Brokers $11M Sale of Office Building in Marlton, New Jersey

by David Cohen October 30, 2018

MARLTON, N.J. — NKF Capital Markets has brokered the sale of an 88,000-square-foot office building in Marlton. The sales price was undisclosed. Located at 50 Lake Center, the Class A office building was built in 2006 and features a two-story granite atrium. The property is located three miles from the New Jersey Turnpike. Steven M. Schultz and John Howley represented the undisclosed seller in the transaction. The buyer was Twenty Lake Holdings.

October 30, 2018

Acquisitions Connecticut Multifamily Northeast

Blue Garden Apartments Acquires Multifamily Portfolio in Bridgeport, Connecticut for $4.3M

by David Cohen October 30, 2018

BRIDGEPORT, CONN. — Blue Garden Apartments LLC has acquired the Bridgeport Multifamily Portfolio, a three-property, 62-unit portfolio in Bridgeport for $4.3 million. The sales price equates to a capitalization rate of 7.3 percent based on current net operating income. The properties are located at 2445 Main St., 24,38-42 Federal St., 2646 Fairfield Ave. and 858-872 Park Ave. Bradley Balletto, Rich Edwards and Jeff Wright of Northeast Private Client Group represented the seller, McDillon Holdings, in the transaction.

October 30, 2018

Acquisitions Multifamily Texas

ClearWorth Capital Acquires 284-Unit Apartment Community in Houston

by Taylor Williams October 30, 2018

HOUSTON — ClearWorth Capital LLC has acquired The Edge at City Centre, a 284-unit multifamily community located near the Texas Medical Center in Houston. The property was built in 1983 and features a mix of one- and two-bedroom units averaging 765 square feet. Amenities include two pools, a business center, fitness center and Wi-Fi lounge. Chris Young, Joey Rippel and Connor Phillips of HFF represented ClearWorth Capital and the seller, 29th Street Capital, in the transaction. The Edge at City Centre was 94 percent occupied at the time of sale.

October 30, 2018

Acquisitions Office Texas

NAI Partners Negotiates Sale of 68,794 SF Office Building in Houston

by Taylor Williams October 30, 2018

HOUSTON — NAI Partners has negotiated the sale of a 68,794-square-foot office building located at 1155 Brittmoore Road in Houston. The property was built in 1978, according to LoopNet Inc. Jon Silberman of NAI Partners represented the buyer, Endeavor Behavioral, in the transaction. Additional terms of sale were not disclosed.

October 30, 2018

Acquisitions Multifamily North Carolina Southeast

Passco Acquires Newly Built Apartment Community in Asheville for $56.6M

by Amy Works October 30, 2018

ASHEVILLE, N.C. — Passco Cos. has purchased Asheville Exchange, a Class A multifamily property located at 105 Exchange Circle in Asheville. Hathaway Development sold the property for $56.6 million. This transaction is Passco’s first multifamily acquisition in Asheville, and its first North Carolina purchase in nearly five years. Completed in 2017, Asheville Exchange features 312 units in a mix of one-, two- and three-bedroom layouts with energy-efficient appliances, granite kitchen countertops and tiled backsplash, wine racks, modern cabinetry and full-sized washers and dryers in select units. Community amenities include bike and kayak storage, a clubhouse with Wi-Fi, controlled-access gates, car care center, dog park and pet care station, fitness center, game room with billiards, bocce ball court, outdoor lounge and grilling area, resident business center, saltwater swimming pool, tanning salon and massage room and valet trash service. Marc Robinson, Jordan McCarley and Brooks Colquitt of Cushman & Wakefield represented the buyer and seller in the deal. Additionally, Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco.

October 30, 2018

Acquisitions Georgia Industrial Self-Storage Southeast

Ackerman Sells 105,800 SF Warehouse in Metro Atlanta for $5.3M, Buyer Planning Self-Storage Conversion

by Amy Works October 30, 2018

TUCKER, GA. — Ackerman & Co. has sold an industrial building, located at 2232 Mountain Industrial Blvd. within Stone Mountain Industrial Park in Tucker. Mequity Cos. purchased the property for $5.3 million. The buyer, an Atlanta-based real estate development and investment firm, is redeveloping the 105,800-square-foot warehouse into a build-to-suit project for CubeSmart. The climate-controlled self-storage facility is slated for completion by year’s end. Brett Buckner, Jimmy Stevens and Major Martin of Ackerman & Co. provided in-house representation for the seller. Ackerman & Co. originally acquired the 4.1 million-square-foot Stone Mountain industrial portfolio in 2015.

October 30, 2018

Acquisitions California Industrial Western

IDS Real Estate Group Buys 544,864 SF Industrial Portfolio in San Diego

by Amy Works October 30, 2018

SAN DIEGO — An affiliate of IDS Real Estate Group has purchased a four-building industrial portfolio within Siempre Viva Business Park in San Diego’s Otay Mesa submarket, for an undisclosed price. Situated on 28.1 acres, the 99 percent-leased portfolio is located at 8690 Kerns St., 2660 Sarnen St. and 8863 and 9043 Siempre Viva Road. Totaling 544,864 square feet, the properties feature 24- to 32-foot clear heights, wide truck courts, loading via 98 dock-high and 14 grade-level doors, an above-standard parking ratio, and low office built-out. The properties were originally constructed between 2001 and 2003. Nick Frasco, Nick Psyllos and Andrew Briner of HFF represented the undisclosed seller in the deal.

October 30, 2018

Acquisitions Midwest Office Ohio

Zamir Equities Acquires 559,299 SF Office Tower in Cleveland

by Kristin Harlow October 30, 2018

CLEVELAND — Zamir Equities LLC has acquired 1111 Superior Avenue, a 559,299-square-foot office tower in downtown Cleveland. While the purchase price is not available, The Plain Dealer reports that Zamir took out a $46 million mortgage on the property. The property is positioned along the city’s main thoroughfare and overlooks Lake Erie. The 28-story tower was renovated in 2014. Amenities include a conference facility, fitness facility, yoga room and David’s Deli. Anchored by the Cleveland Metropolitan School District, the property is 83.4 percent leased to tenants such as Asurint and MetLife Services & Solutions. Jaime Fink, Jeffrey Bramson, John Merrill, Bryan Rosenberg and Patrick Shields of HFF represented the seller, American Landmark Properties Corp. The team also procured the buyer.

October 30, 2018

Acquisitions Office Utah Western

Terracom Acquires 120,000 SF Office Campus in Provo, Utah

by Amy Works October 30, 2018

PROVO, UTAH — Terracom has purchased The Park at Riverwoods, an office campus situated on 9.2 acres in Provo. Brentwood Provo sold the property for an undisclosed price. The two-building, 120,000-square-foot property formerly served as headquarters for Ancestry.com. Brandon Fugal, Josh Smith and James Bullington of Colliers International represented both parties in the transaction.

October 30, 2018

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