Acquisitions

Dermody Properties Acquires 14-Acre Parcel in Northern California for Industrial Development

by Amy Works September 6, 2018

VACAVILLE, CALIF. — Dermody Properties has purchased a 14-acre land parcel on Icon Way in Vacaville for an undisclosed price. The company plans to develop LogistiCenter at Vacaville on the site, with construction scheduled to begin in October and finish in June 2019. The facility will feature 252,160 square feet of Class A space for industrial and logistics tenants, featuring 36-foot clear heights, and extra trailer and car parking to accommodate e-commerce companies. LogistiCenter at Vacaville will be located midway between the San Francisco Bay area and the Sacramento markets, offering access to interstates 550 and 80. Jason Ovadia of JLL represented Dermody in the land transaction, which was facilitated by Tom Schaal of Schaal Realty Advisors. The name of the seller was not released.

September 6, 2018

Acquisitions Multifamily Student Housing Utah Western

Vintage Capital Partners Sells 265-Bed Student Housing Community Near Dixie State University

by Amy Works September 6, 2018

ST. GEORGE, UTAH — Vintage Capital Partners, an investment affiliate of Redstone Residential, has sold Vintage Tabernacle, a 265-bed student housing community located near Dixie State University in St. George. The property opened in 2018 and offers two-, four- and five-bedroom units with shared amenities including a swimming pool and fitness center. An investor based in California acquired the community for an undisclosed price. Brock Zylstra and Danny Shin of Marcus & Millichap brokered the transaction. Redstone Residential will continue to manage the project for the new owner. “We are proud of what we have built at Dixie and look forward to our continued association with the property in a management role,” says Grant Collard, CEO at Redstone Residential. “We had contemplated holding the property for many years, but received an attractive, unsolicited offer at our year-eight pro-forma price.”

September 6, 2018

Acquisitions California Retail Western

PacWest Management Purchases 89,473 SF Shopping Center Near Los Angeles for $16.4M

by Amy Works September 6, 2018

NORTHRIDGE, CALIF. — PacWest Management has purchased Northridge Promenade, a neighborhood shopping center located at 19510-19530 Nordhoff St. in Northridge. The buyer acquired the property for $16.4 million through the Ten-X online auction platform. The seller was LNR Partners. Situated on 4.9 acres, the 89,473-square-foot property was 82 percent occupied by 25 tenants at the time of sale. Guitar Center is the anchor tenant. Additionally, the property sold as a “covered land play,” which provides the opportunity for potential residential and/or mixed-use development while receiving a definable income stream in the interim. Dixie Walker and Charley Simpson of Cushman & Wakefield represented the seller, while the buyer was self-represented in the deal.

September 6, 2018

Acquisitions Data Centers Industrial Texas

Lincoln Rackhouse, Principal Acquire 454,421 SF Data Center in Plano

by Taylor Williams September 6, 2018

PLANO, TEXAS — A partnership between Lincoln Rackhouse, the data center division of Lincoln Property Co., and Principal Real Estate Investors has acquired a 454,421-square-foot data center located at 1000 Coit Road in Plano, a northern suburb of Dallas. The seller was an undisclosed Fortune 500 financial institution. The property has 8 megawatts immediately available for lease with the capacity to expand to 16 megawatts. The facility was acquired as part of a 1 million square-foot portfolio of data centers that includes properties in Kansas City and Phoenix.

September 6, 2018

Acquisitions Office Texas

KBS Sells 388,024 SF Office Complex in Austin

by Taylor Williams September 6, 2018

AUSTIN, TEXAS — California-based private equity firm KBS Realty Advisors has sold Stonebridge Plaza I and II, a 388,024-square-foot office complex located at 9600 and 9606 N. MoPac Expressway in Austin. The Class A property, which was fully leased at the time of sale, consists of two nine-story office towers adjoined by a seven-story parking garage. Michael McDonald and Evan August of Eastdil Secured represented KBS in the transaction. The buyer was Intercontinental Real Estate Corp., which acquired the property for an undisclosed price on behalf of one of its managed funds.

September 6, 2018

Acquisitions Office Texas

CBRE Negotiates Sale of 213,585 SF Office Building in Metro Dallas

by Taylor Williams September 6, 2018

ADDISON, TEXAS — CBRE has negotiated the sale of The Addison, a 213,585-square-foot office building in Addison, a northern suburb of Dallas. The 11-story, Class A property was built in 1981, renovated in 2016 and was 83 percent leased at the time of sale. The Addison is located off the Dallas North Tollway north of LBJ Freeway and includes structured parking, a fitness center, conference center and a tenant lounge. Gary Carr, Evan Stone, John Alvarado, Eric Mackey, Robert Hill and Jared Chua of CBRE represented the seller, a joint venture between Frontier Equity and Artemis Real Estate Partners, in the transaction. CBRE also arranged acquisition financing through Chicago-based NXT Capital. The buyer was Florida-based TerraCap Management LLC.

September 6, 2018

Acquisitions Office Texas

HHC Acquires Two Office Buildings, Land in Metro Houston for $53M

by Taylor Williams September 6, 2018

THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHC) has acquired two office buildings totaling 257,025 square feet in The Woodlands, located about 30 miles north of Houston, for $53 million. The sale includes a parcel of land for additional office development. The existing office buildings, which were completed in 2002 and 2012, are currently vacant. HHC intends to re-tenant the properties as soon as possible. The seller was not disclosed.

September 6, 2018

Acquisitions Illinois Industrial Midwest

Bridge Development Sells 899,278 SF Industrial Park in Cicero, Illinois

by Kristin Harlow September 6, 2018

CICERO, ILL. — Bridge Development Partners has sold Bridge Point 290 Business Park in Cicero for an undisclosed price. Cabot Properties purchased the industrial development, a large portion of which is currently under construction. When completed, the development will total 899,278 square feet across three buildings. In March, Bridge delivered the 323,343-square-foot Building 1, which is fully leased to Royal Box Group. Buildings 2 and 3 are slated for completion in August 2019. Michael Caprile, Ryan Bain and Zach Graham of CBRE represented Bridge and its joint venture partner, Banner Oak Capital Partners LP, in the sale. Steve Connolly and Mark Moran of NAI Hiffman are marketing Buildings 2 and 3 for lease.

September 6, 2018

Acquisitions Midwest Office Wisconsin

MBH Brokers Sale of Historic Sentinel Building in Downtown Milwaukee

by Kristin Harlow September 6, 2018

MILWAUKEE — MBH Investment Real Estate LLC has brokered the sale of the historic Sentinel Building in downtown Milwaukee. Sentinel Suites LLC purchased the 31,848-square-foot office property, located at 225 E. Mason St., for an undisclosed price. The 10-story building was 51 percent occupied at the time of sale. The Milwaukee Journal Sentinel originally occupied a three-story building on the site beginning in 1864. As the newspaper grew in circulation, the current 10-story building was constructed in 1893 to replace the smaller building. The newspaper continued to operate at the site until 1930. The new owner plans to rebrand the office building as Sentinel Suites. Matson Holbrook of MBH marketed the property on behalf of the seller, 225 East Mason Property LLC.

September 6, 2018

Acquisitions Mixed-Use New York Northeast

Marx Realty Purchases Two Mixed-Use Properties in Manhattan for $48.5M

by David Cohen September 5, 2018

NEW YORK CITY — Marx Realty has purchased two mixed-use properties on the Lower East Side of Manhattan for $48.5 million. Located at 135 and 161 Bowery, the two properties include 48,000 square feet of office and retail space combined. Built in 2016, 135 Bowery is an eight-story building that includes street-level retail and office space on floors two through eight. The building is fully leased to a tenant roster that includes visual effects company Lola, creative agency Minds + Assembly, trading technology firm Tradewind and attorneys Martin Liu & Associates. Originally built in 1920 and redeveloped in 2016, the seven-story building at 161 Bowery also includes street-level retail and office space. Tenants at the fully leased building include Warner Music, Kik Interactive, advertising firm Space 150, and educational startup Brainly. Artemis Real Estate Partners was the seller for 135 Bowery, while 161 Bowery was sold by a joint venture in partnership with Ultimate Realty.

September 5, 2018

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