Acquisitions

Ivanhoé Cambridge Acquires Callahan Capital Properties in Investment Firm Merger

by Kristin Harlow September 21, 2018

CHICAGO AND NEW YORK CITY — Ivanhoé Cambridge has acquired Callahan Capital Properties (CCP) for an undisclosed price. The transaction will internalize all investment and asset management responsibilities. In 2012, Ivanhoé Cambridge partnered with CCP to expand its U.S. office properties platform. At the time of closing, the platform’s assets under management were in excess of $10 billion. Some prominent office properties that the partnership owns in New York include 85 Broad St., 1411 Broadway and Three Bryant Park. In Chicago, the duo owns 125 S. Wacker Drive and 180 North LaSalle. Canada-based Ivanhoé Cambridge, which has an office in New York, develops and invests in real estate properties, projects and companies. The company is the real estate investment arm of Quebec’s public pension fund manager. Through subsidiaries and partnerships, the company holds interests in more than 1,000 buildings, primarily in the residential, office, retail, industrial and logistics sectors. Chicago-based CCP is a real estate private equity firm founded in 2006 by Tim Callahan, the former CEO of Trizec Properties, an office real estate investment trust. Eastdil Secured advised on the transaction. — Kristin Hiller

September 21, 2018

Acquisitions Healthcare Massachusetts Northeast Office

Thor Equities Acquires Medical Office Building Near Boston for $23.5M

by David Cohen September 20, 2018

NORWOOD, MASS. — Thor Equities has acquired the Norwood Medical Center, a three-story, 92,000-square-foot medical office building in Norwood for $23.5 million. The seller was undisclosed but was reported by various media outlets as Grander Capital Partners. Located at 825 Washington St., the 4.7-acre property is currently 95 percent occupied by a tenant roster that includes Steward Health Care and Quest Diagnostics. The facility serves as the primary medical office and outpatient services complex for Steward Norwood Hospital located directly across the street.

September 20, 2018

Acquisitions California Multifamily Western

TruAmerica, ASB Real Estate Purchase Multifamily Community in Orange County for $85.8M

by Amy Works September 20, 2018

FOUNTAIN VALLEY, CALIF. — TruAmerica Multifamily, in partnership with ASB Real Estate Investments on behalf of its Allegiance Real Estate Fund, has acquired Corte Bella, a multifamily property located 9580 El Rey Ave. in Fountain Valley. An undisclosed seller sold the property for $85.8 million. Built in 1969 and situated on 12 acres, the property features 251 units in a mix of one- and two-bedroom layouts spread across multiple two-story buildings. Community amenities include seven swimming pools, a fitness center, dog park, courtyards and barbecue picnic areas. At the time of closing, Corte Bella was 97 percent occupied. Mike Murphy, Tom Moran Jr. and Mary Ann King of Moran & Co. represented the seller in the transaction.

September 20, 2018

Acquisitions New Jersey Northeast Office

NKF Capital Markets Brokers Sale of Two-Building Office Portfolio Near Trenton

by David Cohen September 20, 2018

HAMILTON, N.J. — NKF Capital Markets has brokered the sale of a two-building office portfolio in Hamilton. Steven Schultz, Kevin Welsh, Steve Tolkach, Tony Georgiev and Brian Schulz of NKF Capital Markets represented the seller, Mack-Cali, in the transaction. Located at 600 and 700 Horizon Drive, the two buildings are net leased to Verizon Communications and AAA respectively. 600 Horizon sold to a private investor and is a single-story building that was built in 2002 as a call center. 700 Horizon sold to VEREIT and features advanced fiber optics as well as on-site jogging paths.

September 20, 2018

Acquisitions California Industrial Western

Duke Realty Acquires 25.5-Acre Industrial Development Site in Irwindale, California

by Amy Works September 20, 2018

IRWINDALE, CALIF. — Duke Realty has purchased a 25.5-acre land parcel located at 13131 Los Angeles St. in Irwindale for an undisclosed amount. The site is zoned and entitled for heavy industrial users and can accommodate a variety of layouts, including a nearly 500,000-square-foot warehouse. Additionally, the property features Interstate 605 frontage. Darla Longo and Barbara Perrier of CBRE and Andy White of Colliers International represented the undisclosed private seller in the deal.

September 20, 2018

Acquisitions California Retail Western

Newman International Buys 159,324 SF Shopping Center in Southern California for $20M

by Amy Works September 20, 2018

SAN BERNARDINO, CALIF. — Newman International has acquired Seley Plaza, a neighborhood shopping center located at 2002-2383 E. Highland Ave. in San Bernardino. A joint venture between Robhana Group and SAFCO Capital Corp. sold the property for $20 million, or $125 per square foot. At the time of sale, the 159,324-square-foot property was 91 percent occupied by 21 tenants. Current tenants include 99 Cents Only, Rite Aid Pharmacy, Big 5 Sporting Goods, Dollar Tree, Chase Bank, Rent-A-Center, Western Dental, Del Taco and Goodyear Tire. Dixie Walker and Charley Simpson of Cushman & Wakefield represented the seller, while Max Wang and John Griffin, also of Cushman & Wakefield, represented the buyer in the deal.

September 20, 2018

Acquisitions Midwest Missouri Multifamily

Berkadia Arranges Sale of 380-Unit Multifamily Property in Kansas City

by Kristin Harlow September 20, 2018

KANSAS CITY, MO. — Berkadia has arranged the sale of Plaza East, a garden- and townhome-style apartment community in Kansas City. Located at 1500 E. 46th St., Plaza East is convenient to The Country Club Plaza, Nelson Atkins Museum of Art and The University of Missouri-Kansas City. The 380-unit property was originally constructed in 1950 and has been partially upgraded over the last three years. Brett Meinzer and Michael Sullivan of Berkadia arranged the sale on behalf of a local private partnership. Time Equities Inc. purchased the asset for an undisclosed price.

September 20, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Negotiates $4.8M Sale of Retail Property in New Jersey

by David Cohen September 20, 2018

RIVERVALE, N.J. — Marcus & Millichap has negotiated the $4.8 million sale of a 14,900-square-foot retail property in Rivervale also known as the Rudd O’Connor Building. Located at 184 Rivervale Road, the property is fully occupied by a mix of tenants. Alan Cafiero, Ben Sgambati, David Cafiero and John Moroz of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was a limited liability company.

September 20, 2018

Acquisitions Multifamily Texas

American Landmark Acquires 208-Unit Apartment Community in Metro Houston

by Taylor Williams September 20, 2018

CONROE, TEXAS — Multifamily owner/operator American Landmark has acquired Hilltops Apartments, a 208-unit multifamily community in Conroe, located about 40 miles north of Houston. Built in 2017, the property offers one- and two-bedroom units averaging 881 square feet. Amenities include a pool, business center, game room, a fitness center and onsite laundry facilities. American Landmark plans to invest about $800,000 in capital improvements to the property, which was 92 percent occupied at the time of sale. The seller was not disclosed.

September 20, 2018

Acquisitions Retail Southeast Tennessee

HFF Brokers $18.5M Sale of Publix-Anchored Retail Center Near Chattanooga

by Camren Skelton September 20, 2018

OOLTEWAH, TENN. — HFF has brokered the $18.5 million sale of Snow Hill Village, an 86,108-square-foot shopping center in Ooltewah, roughly 18 miles east of Chattanooga. Jim Hamilton, Mike Allison and Andrew Kahn of HFF arranged the transaction on behalf of the seller, Six Pines Realty. Publix Super Markets — which anchors the center — was the buyer. Snow Hill Village was constructed in 2008 and was 95 percent leased at the time of sale. In addition to Publix, the center is home to tenants such as Beef O’Brady’s, Edward Jones, H&R Block, The UPS Store, Dr. Hammontree, Ooltewah Vision Center, Unique Nails, Marco’s Pizza, SunTrust Bank, Open Spigot Liquor and Great Clips.

September 20, 2018

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