Acquisitions

Joint Venture Acquires 208,904 SF Former Hughes Aircraft Facility in Carlsbad

by Amy Works December 12, 2018

CARLSBAD, CALIF. — A joint venture between SteelWave and funds managed by Angelo Gordon has purchased a former Hughes Aircraft Co. facility, located at 2051 Palomar Airport Road in Carlsbad. Palomar Acquisitions Partners sold the single-story, multi-tenant property for an undisclosed price. Situated on more than 13 acres, the property was originally developed as a build-to-suit campus for Hughes Aircraft Co. in the early 1980s, with a series of renovations over the decades. The buyer plans to convert the 208,904-square-foot asset into a modern creative office/R&D campus. Renovations will include exterior upgrades and improved amenities, as well as a re-branding that will both honor the property’s history and embrace its future use as a creative environment for tech, biotech and creative industry tenants. Upgrades will include a new full-service fitness center, a bistro with indoor/outdoor seating, contemporary architecture, common areas with gaming and lounge areas, and multiple outdoor patios and workspaces. Aric Starck and Rick Reeder of Cushman & Wakefield’s San Diego office represented the seller in the deal.

December 12, 2018

Acquisitions California Multifamily Western

Levin Johnston Negotiates $24.2M Sale of Vista Del Sol Apartments in Bay Area

by Amy Works December 12, 2018

PLEASANTON, CALIF. — Levin Johnston of Marcus & Millichap has directed the sale of Vista Del Sol, a multifamily property located at 2451-2529 Santa Rita Road in downtown Pleasanton. A private LLC sold the property to a local investor for $24.25 million. Situated on 3.4 acres, Vista Del Sol features 73 apartments, 50 of which were recently remodeled. The property underwent a $1.4 million capital improvement campaign consisting of extensive exterior and interior upgrades, including a remodeled clubhouse, updated gym and outdoor pool/barbecue area, and new signage. Adam Levin and Robert Johnston of Levin Johnston represented the seller and buyer in the deal.

December 12, 2018

Acquisitions California Industrial Western

Voit Real Estate Directs $19.6M Sale of Three-Building Industrial Portfolio in Corona, California

by Amy Works December 12, 2018

CORONA, CALIF. — Voit Real Estate Services’ Anaheim office has brokered the sale of a three-building industrial portfolio located in Corona. A private investor sold the assets to TH Real Estate, a real estate investment manager, for $19.6 million. Located at 1467 and 1468 Davril Circle and 1461 Railroad St., the portfolio features 130,474 square feet of industrial space. Thoro Packaging occupies all three buildings under a long-term lease. The packaging company uses the properties for its corporate headquarters, manufacturing and distribution. Thoro Packaging is a wholly owned subsidiary of Autajon, a French company with more than 4,200 employees and 36 subsidiaries worldwide. Mike Hefner of Voit represented the seller and buyer in the deal.

December 12, 2018

Acquisitions Michigan Midwest Ohio Retail Top Stories

Sherwin Williams to Sell, Lease Back More than 100 Stores for $150M

by David Cohen December 12, 2018

BLOOMFIELD HILLS, MICH. — The Sherwin-Williams Co. (NYSE: SHW) has agreed to a sale-leaseback transaction with net lease REIT Agree Realty Corp. (NYSE: ADC) for more than 100 retail properties. Agree will pay more than $150 million for the portfolio. The transaction is expected to close on or before the end of December. The undisclosed properties are located in more than 25 states. The five states with the largest concentration of properties include Florida, New York, North Carolina, Texas and Georgia. “We are pleased to have entered into this agreement with Sherwin-Williams,” said Joey Agree, President of Agree Realty Corp. “This unique transaction is incremental to our operating strategy, demonstrates additional differentiated capabilities and further solidifies the strength of our first-class real estate portfolio.” Bloomfield Hills-based Agree Realty Corp. currently owns and operates a portfolio of 537 properties in 45 states for a total of 10.6 million square feet of gross leasable space. Cleveland, Ohio-based Sherwin-Williams was founded in 1866 and is a leader in the manufacture, development, distribution, and sale of paints, coatings and related products to professional, industrial, commercial, and retail customers. The company operates more than 4,900 retail stores across the United States. Sherwin Williams’ stock price closed …

December 12, 2018

Acquisitions Alabama Civic Southeast

Easterly Government Acquires 83,676 SF Civic Building in Birmingham

by Alex Tostado December 11, 2018

BIRMINGHAM, ALA. — Easterly Government Properties Inc., a real estate investment trust focused on the acquisition, development and management of Class A commercial properties leased to the U.S. government, has acquired the 83,676-square foot U.S. Department of the Treasury facility in Birmingham. Known as TREAS-Birmingham, the property is a three-story, Class A build-to-suit facility that was constructed in 2014. The building is 100 percent leased to the Treasury on an initial 15-year, non-cancelable term expiring in December 2029. The sales price and seller were not disclosed.

December 11, 2018

Acquisitions Hospitality Northeast Pennsylvania

MCR Acquires Residence Inn by Marriot Harrisburg Carlisle in Pennsylvania

by David Cohen December 11, 2018

CARLISLE, PA. — Hotel owner-operator MCR has acquired the 78-room Residence Inn by Marriott Harrisburg Carlisle in Carlisle. The sales price was undisclosed. Located at 1 Hampton Court, the hotel is approximately two miles from the U.S. Army War College. Amenities at the property include free Wi-Fi, a convenience store, heated indoor pool and whirlpool spa, a 24-hour fitness center and on-site laundry service. The seller was not disclosed.

December 11, 2018

Acquisitions New Jersey Northeast Office

CBRE Negotiates Sale of 110,000 SF Office Complex in Princeton, New Jersey

by David Cohen December 11, 2018

PRINCETON, N.J. — CBRE Institutional Properties has negotiated the sale of a 110,000-square-foot, two-building office complex in Princeton. The sales price was undisclosed. Located at 100 and 101 Thanet Circle, the property sits on 15 acres and is less than two miles from downtown Princeton and Princeton University. Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zachary McHale of CBRE represented the undisclosed seller in the transaction. The buyer was KABR Group.

December 11, 2018

Acquisitions Hospitality New York Northeast

HREC Brokers Sale of 106-Room Fairfield Inn & Suites in Ithaca, New York

by David Cohen December 11, 2018

ITHACA, N.Y. — HREC Investment Advisors has brokered the sale of the 106-room Fairfield Inn & Suites in Ithaca. The sales price was undisclosed. The property is located at 359 Elmira Road, approximately two miles from both Cornell University and Ithaca College. Ketan Patel of HREC Investment Advisors represented the seller, Titan Hotel Group, in the transaction. The buyer was undisclosed.

December 11, 2018

Acquisitions Arizona Multifamily Western

Greystar Purchases 188-Unit River Ranch Apartments in Metro Phoenix for $32M

by Amy Works December 11, 2018

CHANDLER, ARIZ. — Greystar GP II, an entity formed by Charleston, S.C.-based Greystar, has acquired River Ranch, a multifamily property located at 6152 W. Oakland St. in Chandler. PHX Oakland 2010, a company formed by San Mateo, Calif.-based Acacia Capital Corp., sold the property for $32 million. Jim Crews of Cushman & Wakefield’s Phoenix office represented the seller in the deal. River Ranch is a two-story, 11-building, garden-style complex that features 188 units in a mix of one- and two-bedroom floor plans, averaging 742 square feet. Built in 1986, the property has undergone $2.5 million of capital improvements over the last seven years, including washers/dryers installed in all units, roof replacement, exterior paint and new black appliance packages in 31 units.

December 11, 2018

Acquisitions California Retail Western

Paragon Commercial Group Sells Walmart Property in Palm Desert for $13.5 Million

by Amy Works December 11, 2018

PALM DESERT, CALIF. — Paragon Commercial Group has sold a single-tenant, 45,648-square-foot, Walmart-occupied property in Palm Desert. A private investor from Chicago acquired the property for $13.5 million. William Bauman, Kyle Miller and Matthew Schwartz of Newmark Knight Frank represented seller in the transaction while Mike Mintz of Millennium Properties represented the buyer. The property sold at a cap rate of 5 percent and a price per square foot of approximately $296. The triple-net leased asset is situated on 5.37 acres at 72314 Highway 111.

December 11, 2018

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