Acquisitions

American Nevada Co. Sells Three Office Buildings in Southern Nevada for $34M

by Amy Works November 14, 2018

HENDERSON, NEV. — American Nevada Co. has completed the disposition of three office buildings totaling 162,940 square feet in Henderson. San Francisco-based JMA Ventures acquired the assets for $34 million. This deal is the final transaction to complete the sale of American Nevada’s 1.2 million-square-foot master portfolio in Southern Nevada. The properties are located at 2475, 2485 and 2495 Village View Drive within the master planned Green Valley Corporate Center. Completed in 2004 and situated on 12.7 acres, the subportfolio consists of two two-story and one three-story Class A office buildings with reflective glass, well-designed lobby entries, common areas and tenant interiors, and large, flexible floor plates. Rick Reeder, Brad Tecca, Geoffrey West, Jayne Cayton and Michael Dunn of Cushman & Wakefield’s Capital Markets team in San Diego represented the seller in the transaction.

November 14, 2018

Acquisitions California Industrial Office Western

BLT Enterprises Divests 54,000 SF Flex Building in San Diego’s Kearny Mesa for $18M

by Amy Works November 14, 2018

SAN DIEGO — Santa Monica, Calif.-based BLT Enterprises has completed the sale of an R&D and flex building, located at 5454 Ruffin Road in San Diego’s Kearny Mesa district. San Diego Unified School District acquired the asset for $18 million, or $330 per square foot. BLT acquired the property in 2017. During its ownership, the company converted the 77,000-square-foot, two-story office building back to its original 54,000-square-foot size by removing the dated addition of a second-story office space that was constructed in the late 1980s. Additionally, BLT modernized the property and added an outdoor amenity space, new lobby, exposed high ceilings, skylights, dual-pane, energy-efficient glazing and LED lighting. Ron Jacobson of SD Realty Partners, in conjunction with Brad Black and Chris Pascale of CBRE, represented the seller, while Tom Mercer of Colliers International represented the buyer in the deal.

November 14, 2018

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Brokers $5.1M Sale of Shady Brook Apartments in Englewood, Colorado

by Amy Works November 14, 2018

ENGLEWOOD, COLO. — Pinnacle Real Estate Advisors has arranged the sale of Shady Brook Apartments, a multifamily property located at 3655 S. Pennsylvania St. in Englewood. An undisclosed buyer acquired the 38-unit property for $5.1 million, or $134,211 per unit. Kevin Calame of Pinnacle represented the undisclosed seller, while Josh Newell, also of Pinnacle, represented the buyer in the deal.

November 14, 2018

Acquisitions Retail Southeast Virginia

Heidenberg Properties Acquires Shopping Center in Culpeper, Virginia from Regency Centers for $32.7M

by John Nelson November 13, 2018

CULPEPER, VA. — Heidenberg Properties Group (HPG) has acquired Culpeper Colonnade in Culpeper, located midway between Charlottesville and Washington, D.C. HPG bought the property from Regency Centers for $32.7 million. The 307,000-square-foot shopping center is anchored by Martin’s Food Market, Dick’s Sporting Goods and PetSmart. HPG plans to replace the center’s existing Staples location with a Michael’s store. The center, which is 100 percent occupied, also has Chick-fil-A, Panera Bread, Glory Days Grill, Chipotle Mexican Grill and IHOP as tenants. The property is shadow-anchored by a 127,000-square-foot Target. Since January 2017, Heidenberg Properties and its partners have acquired more than 900,000 square feet of retail.

November 13, 2018

Acquisitions Multifamily Southeast Virginia

Zeke Capital Sells Apartment Community in Metro D.C. to Klingbeil Capital for $23M

by John Nelson November 13, 2018

ALEXANDRIA, VA. — Zeke Capital, based in Berwyn, Pa., has sold Hermitage Hill in Alexandria for $23 million to Columbus, Ohio-based Klingbeil Capital Management. The 122-unit apartment community is situated five miles southwest of the Pentagon and six miles southwest of Arlington National Cemetery. Hermitage Hill’s amenities include a fitness center and pet-friendly units. CBRE’s Bill Roohan, Robert Dean, Jonathan Greenberg, John McFadden, Yalda Ghamarian and Tom Leachman represented Zeke Capital in the transaction.

November 13, 2018

Acquisitions Development Industrial Northeast Pennsylvania

Binswanger Brokers $1.7M Sale of Development Site in Warminster, Pennsylvania

by David Cohen November 13, 2018

WARMINSTER, PA. — Binswanger has brokered the $1.7 million sale of a six-acre development site in Warminster. Located at 273 West County Line Road, the property is zoned as an industrial office district. Patagon Storage LLC acquired the property with plans to develop a self-storage facility. Chris Pennington and Jason Ostach of Binswanger represented the undisclosed seller in the transaction.

November 13, 2018

Acquisitions Industrial Midwest Missouri

Marcus & Millichap Brokers $14.8M Sale of Industrial Building in Hazelwood, Missouri

by Kristin Harlow November 13, 2018

HAZELWOOD, MO. — Marcus & Millichap has brokered the $14.8 million sale of a 261,380-square-foot industrial building in Hazelwood, a northwest suburb of St. Louis. Located at 8840-8850 Pershall Road, the property was originally built as a Pillsbury baking facility before being converted to a food production facility housing two different tenants. Claire Roberts of Marcus & Millichap secured the buyer, St. Paul Properties. Bradley Barham assisted in closing the transaction. The seller was not disclosed.

November 13, 2018

Acquisitions Multifamily Nevada Western

Northcap Commercial Directs $7.1M Sale of 72-Unit Multifamily Portfolio in Las Vegas

by Amy Works November 13, 2018

LAS VEGAS — Northcap Commercial Multifamily has negotiated the sales of two multifamily properties located in Las Vegas. iA Financial Group sold the properties for $7.1 million, or $99,305 per unit, in an all-cash transaction. Built in 2004 and totaling 72 units, the properties are Casa Bonita Apartments at 1411 N. 23rd St. and Valley Vista Apartments at 2930 Mountain Vista St. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Commercial represented the seller in the transaction.

November 13, 2018

Acquisitions Industrial Kansas Midwest

Colliers Negotiates Sale of 46,748 SF Industrial Property in Olathe, Kansas

by Kristin Harlow November 13, 2018

OLATHE, KAN. — Colliers International has negotiated the sale of a 46,748-square-foot industrial building in Olathe for an undisclosed price. The property is located at 220 N. Mahaffie St. John Stafford of Colliers represented the seller, Steven Rogers. Chimney Corner Investments LLC purchased the asset. Tenants were not disclosed.

November 13, 2018

Acquisitions District of Columbia Office Southeast

PRP, GMF Capital Acquire 334,000 SF Office Building on Pennsylvania Avenue in D.C.

by Amy Works November 12, 2018

WASHINGTON, D.C. — PRP, in partnership with GMF Capital, has acquired the Presidential Building, an office building located at 1111 Pennsylvania Ave. N.W. in Washington, D.C. The name of the seller and acquisition price were not released, but media outlets report the asset sold for $338 million. Originally built in 1967, the property was renovated and expanded in 2002 from 12 stories and 253,000 square feet to 14 stories and 334,000 square feet. The property also includes a four-story underground parking structure. Law firm Morgan, Lewis & Bockius occupies the entire building on a long-term lease through 2032. SKB redesigned the building’s interior space in 2017 as part of Morgan Lewis’ lease renewal. Since 2010, $35 million has been spent on base building and tenant space improvements.

November 12, 2018

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