Acquisitions

Paramount to Sell 208,776 SF Office Building in Washington D.C. for $220M

by David Cohen August 8, 2018

WASHINGTON, D.C. — New York-based real estate investment trust Paramount Group has agreed to sell 2099 Pennsylvania Ave., a 12-story, 208,776-square-foot office building in Washington, D.C. for $220 million. The buyer is undisclosed. Designed by architectural firm Pei Cobb Freed & Partners, the building is situated in the heart of the nation’s capital, within walking distance of the White House, U.S. Treasury and Executive Office Building. The floor-to-ceiling glass façade and outdoor terraces offer views of national monuments, the Potomac River, White House and the city skyline. The LEED Gold-certified property features 24-hour security, floor sizes ranging from 12,100 to 17,500 square feet, a two-story marble lobby, tenant-only fitness center and on-site parking. Paramount acquired the building in 2012 from Vico Capital for $155 million. At the time, the property had large blocks of vacancy. “We have been creating value at 2099 Pennsylvania Ave. by increasing leased occupancy to 98.5 percent from 31.6 percent. With this sale, we are harvesting that value,” says Albert Behler, CEO and president of Paramount. “Our strong leasing team converted an asset with large blocks of vacancy into one of the best Class A properties in the Washington, D.C. market, valued at over $1,050 per square …

August 8, 2018

Acquisitions Multifamily Texas

Cortland, GTIS Acquire 582-Unit Apartment Community in Irving

by Taylor Williams August 7, 2018

IRVING, TEXAS — A partnership between two investment firms, Atlanta-based Cortland Partners and New York-based GTIS Partners, has acquired a 582-unit apartment community located within Irving’s Las Colinas district. Cortland Waters Edge was built in phases between 2014 and 2016 and features one-, two- and three-bedroom units. Cortland and GTIS acquired the complex in a two-property portfolio featuring a 330-unit apartment community in Orlando. The seller was not disclosed.

August 7, 2018

Acquisitions Retail Texas

SHOP Cos. Arranges Sale of 22,327 SF Retail Center in Metro Dallas

by Taylor Williams August 7, 2018

CARROLLTON, TEXAS — SHOP Cos. has arranged the sale of Hebron Crossing, a 22,327-square-foot retail center located in the northern Dallas metro of Carrollton. Shadow-anchored by Kroger, the property was 100 percent leased at the time of sale to tenants such as Chipotle Mexican Grill, Verizon Wireless and Sylvan Learning. Tommy Tucker, Tim Axilrod and Cameron Burk of SHOP Cos. represented the Los Angeles-based seller in the transaction. The buyer was a private partnership also based in California.

August 7, 2018

Acquisitions Florida Georgia Healthcare North Carolina Southeast Tennessee Virginia

Catalyst HRE Acquires Healthcare Portfolio Located Across Eight States for $150M

by Camren Skelton August 7, 2018

PENSACOLA, FLA. — Pensacola-based Catalyst Healthcare Real Estate (Catalyst HRE) has acquired a 21-property healthcare portfolio for $150 million. Of the properties, 17 were purchased directly from Physicians Realty Trust. The portfolio is located across eight states and totals 530,182 square feet. Florida has the most significant square footage of buildings at 149,824, and Tennessee has the largest number of buildings at six. The rest of the properties are located in Georgia, Texas, Virginia, Illinois, Indiana and North Carolina. Regional and hospital orthopaedic, oncology, neurology and surgical practices represent 40 percent of the portfolio’s leased space; primary care and internal medicine practices of regional and hospital tenants represent 33 percent; and women’s health and gastroenterology combined represent 10 percent of the leased space. The remainder of the portfolio is leased to physical therapy, imaging, behavioral health and pain management providers. Capital One provided senior debt financing for the acquisition.

August 7, 2018

Acquisitions Office Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $18.6M Sale of Office Tower in Downtown Norfolk

by Camren Skelton August 7, 2018

NORFOLK, VA. — Cushman & Wakefield | Thalhimer has arranged the $18.6 million sale of Main Street Tower, a 14-story office building located at 300 E. Main St. in downtown Norfolk. A Chicago-based investment fund acquired the asset from an undisclosed seller. Eric Robison and Rob Wright of Cushman & Wakefield | Thalhimer arranged the transaction. The 199,621-square-foot office building was 73 percent leased to seven tenants at the time of sale. The United States Coast Guard anchors the building.

August 7, 2018

Acquisitions Florida Retail Southeast

HFF Brokers Sale of 178,557 SF Retail Center in Florida Panhandle

by Camren Skelton August 7, 2018

PENSACOLA, FLA. — HFF has brokered the sale of Tradewinds Shopping Center, a 178,557-square-foot retail center in Pensacola. Brad Peterson and Whitaker Leonhardt of HFF arranged the transaction on behalf of the undisclosed seller. Hackney Real Estate Partners acquired the asset. Tradewinds Shopping Center was 91.8 percent leased at the time of sale to a T.J. Maxx/HomeGoods combination store, Jo-Ann Fabric & Crafts, Shoe Station, Tuesday Morning, Dollar General, Sprint, Massage Envy, GNC and Advanced Dental Care.

August 7, 2018

Acquisitions Multifamily New York Northeast

Rosewood Realty Negotiates $50M Sale of Apartment Building in Coney Island

by David Cohen August 7, 2018

NEW YORK CITY — Rosewood Realty has negotiated the $50 million sale of a 250-unit apartment building in the Coney Island neighborhood of Brooklyn. Located at 2911 West 36th St., the 20-story building spans 229,865 square feet and also includes five retail units. Aaron Jungreis of Rosewood Realty represented both the buyer, Spencer Equity, and the seller, Orbach Group, in the transaction. The building is part of the federal government’s Section 8 Housing program and is under a 20-year contract with the Department of Housing and Urban Development (HUD), which ends in 2034. The deal was approved by HUD and the city’s Department of Housing Preservation and Development.

August 7, 2018

Acquisitions New Jersey Northeast Office

Cushman & Wakefield Brokers Sale of 233,000 SF Office Property in New Jersey

by David Cohen August 7, 2018

BEDMINSTER, N.J. — Cushman & Wakefield has brokered the sale of the Somerset Financial Center, a 233,000-square-foot office property in Bedminster. Kevin Donner, David Bernhaut, Gary Gabriel, and Ryan Larkin of Cushman & Wakefield represented the seller, Related Cos., in the transaction. P3 Properties purchased the asset for an undisclosed amount. The property currently serves as the New Jersey headquarters of pharmaceutical company Mallinckrodt, which houses 480 employees at Somerset.

August 7, 2018

Acquisitions Multifamily New York Northeast

Sinatra & Co., Windsor Capital Acquire Multifamily Community in Syracuse for $58.5M

by David Cohen August 7, 2018

SYRACUSE, N.Y. — Sinatra & Co Real Estate and Windsor Capital Group have acquired the Nob Hill Apartments, a 761-unit multifamily community in Syracuse. The joint venture purchased the property, which is located at 101 Lafayette Road, for $58.5 million. The seller was undisclosed. A team from Pyramid Brokerage and Cushman & Wakefield brokered the transaction. Situated on 27 acres, Nob Hill Apartments consists of four mid-rise apartment buildings, a clubhouse and an indoor parking garage. Amenities include a fitness center, clubroom and outdoor swimming pool with large sun deck.

August 7, 2018

Acquisitions Midwest Office Ohio

Cantor Fitzgerald, Rodin Global Acquire 241,493 SF Office Building in Columbus for $46.9M

by Kristin Harlow August 7, 2018

COLUMBUS, OHIO — Cantor Fitzgerald Investors LLC and Rodin Global Property Trust Inc. have acquired a 241,493-square-foot office building in the Easton submarket of Columbus for $46.9 million. The Class A property is fully leased through September 2032 to Comenity Servicing LLC, a subsidiary of Alliance Data Systems Corp., which serves as guarantor of the lease. Constructed in 2017, the asset is part of a three-building office campus that houses more than 1,700 employees and serves as the headquarters for Alliance Data Card Services.

August 7, 2018

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