Acquisitions

BKM Capital Purchases Multi-Tenant Industrial Park in Metro Los Angeles for $85M

by Amy Works August 7, 2018

BURBANK, CALIF. — BKM Capital Partners has acquired Backlot Burbank, a 12-building industrial business park located at 4100-4210 W. Vanowen Place, 2303-2333 N. Valley St. and 4400-4510 W. Vanowen St. in Burbank. A joint venture between Shubin Nadal Associates and Penwood Real Estate Investment Management, through its Penwood Select Industrial Partners IV value-added investment vehicle, sold the property for $85 million. At the time of sale, the 302,869-square-foot asset was 100 percent occupied by 16 tenants with unit sizes ranging from 6,000 square feet to 100,217 square feet. BKM Capital Partners plans to implement a series of capital improvements to the property, including new roofs, paint and tenant and monument signage. CBRE represented the seller in the deal.

August 7, 2018

Acquisitions Midwest Net Lease Ohio Retail

EXP Realty Advisors Brokers $1.4M Sale of Property Net Leased to Dollar General in Amherst, Ohio

by Kristin Harlow August 7, 2018

AMHERST, OHIO — EXP Realty Advisors has brokered the $1.3 million sale of a single-tenant property net leased to Dollar General in Amherst, about 30 miles west of Cleveland. The 9,100-square-foot building is located on a 1.4-acre lot at 1651 Cooper Foster Park Road. Andrew Greenberg of EXP Realty Advisors brokered the transaction. A southern California-based real estate investor completing a 1031 tax-deferred exchange purchased the asset at a cap rate of 6.3 percent. Dollar General has 11 years remaining on its lease.

August 7, 2018

Acquisitions Arizona Office Western

NKF Capital Markets Negotiates $51M Sale of 14-Building Office Campus in Scottsdale

by Amy Works August 7, 2018

SCOTTSDALE, ARIZ. — NKF Capital Markets has arranged the sale of The Quad, a creative office campus located on 13.4 acres at 6200-6390 E. Thomas Road in Scottsdale. A joint venture between EverWest, George Oliver Cos. and WHI Real Estate Partners sold the property to Vancouver-based City Office REIT for $51 million. Built in 1982, the 14-building, 166,606-square-foot campus recently underwent a $23 million renovation. The property features a connected design, efficient floor plans, fitness center with showers, on-site restaurant and coffee bar, community lounge/conference center, pet-friendly environment, walking/biking paths and accessible Wi-Fi throughout the campus. At the time of sale, the multi-tenant property was 98 percent leased. CJ Osbrink, Kevin Shannon, Ken White, Paul Jones, Brunson Howard and Rick Stumm of NKF Capital Markets represented the seller, while the buyer was self-represented in the transaction.

August 7, 2018

Acquisitions California Industrial Western

Terreno Realty Acquires Multi-Building Industrial Property in Bay Area for $36M

by Amy Works August 7, 2018

SAN LEANDRO, CALIF. — Terreno Realty Corp. has purchased a multi-building industrial asset located at 2700 Merced St. in San Leandro. An undisclosed seller sold the property for $36 million. Situated on 14.8 acres, the asset consists of three distribution buildings totaling 209,000 square feet, a 16,000-square-foot office building and an improved land parcel. The property features 12 dock-high and four grade-level loading positions and parking for 374 cars. At the time of acquisition, the asset was 81.6 percent leased to seven tenants, four of which have no renewal options and leases that will expire on or before Dec. 31, 2020. Depending on the leasing outcomes over the next year, Terreno Realty may choose to redevelop part of all of the property.

August 7, 2018

Acquisitions Healthcare Office Washington Western

CBRE Arranges $23M Sale of Medical Office Building in Edmonds, Washington

by Amy Works August 7, 2018

EDMONDS, WASH. — CBRE has brokered the sale of Edmonds Professional Center, a medical office building located at 7315 212th St. SW in Edmonds. Edmonds Professional Center LLC sold the property to an undisclosed buyer for $23 million. Built in 1991, the two-story property features 54,516 square feet of medical office space. At the time of acquisition, the building was 100 percent leased to nine tenants, including Virginia Mason Health System and Swedish Health Services. Chris Bodnar and Lee Asher of CBRE’s Healthcare Capital Markets group partnered with Paul Carr, Steve Perovich and Marcus Yamamoto of CBRE Puget Sound Healthcare represented the seller in the deal.

August 7, 2018

Acquisitions Retail Texas

Texas-Based Jamba Juice to be Acquired by Focus Brands for $200M

by Taylor Williams August 6, 2018

FRISCO, TEXAS — Frisco, Texas-based Jamba Juice, which as of 2016 had about 875 locations across the country, has entered into an agreement to be acquired by Atlanta-based Focus Brands Inc. (FBI) for approximately $200 million. The terms of the agreement call for FBI to acquire Jamba Juice for $13 per share in cash. The deal is expected to close during the third quarter. Jamba Juice relocated to Texas from Emeryville, Calif., in May 2016. Focus Brands owns other restaurant chains, such as Schlotzsky’s, Moe’s Southwest Grill, Cinnabon and McAlister’s Deli.

August 6, 2018

Acquisitions Multifamily Texas

Michaelson Purchases Four Multifamily Properties in Dallas for $52.6M

by Taylor Williams August 6, 2018

DALLAS — Florida-based investment firm Michaelson Real Estate Group LLC has purchased four multifamily properties totaling 692 units in Dallas for approximately $52.6 million. Included in the sold portfolio was Corey Place, a 276-unit asset that sold for $21.4 million; Brittney Place, which totals 169 units and traded for $12.3 million; Spanish Square, a 168-unit community that drew a winning offer of $13.2 million; and The Heights, which spans 79 units and commanded a price of $5.7 million. With these acquisitions, Michaelson’s multifamily portfolio now includes more than 15,000 units.

August 6, 2018

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Brokers $50.5M Sale of Industrial Park in Northern New Jersey

by David Cohen August 6, 2018

ALLENDALE, N.J.— Cushman & Wakefield has brokered the $50.5 million sale of the Allendale Industrial Park, a seven-building, 368,863-square-foot industrial property in Allendale. The 35-acre industrial park, which includes 985 parking spaces, is currently occupied by a tenant roster that includes Volkswagen Group of America and Stryker Spine, a global medical company. Cushman & Wakefield represented the seller, High Street Realty Co., in the transaction. A joint venture between Camber Real Estate Partners, Advance Realty and AIG purchased the property.

August 6, 2018

Acquisitions Multifamily Texas

TS Asset Encore Acquires 218-Unit Apartment Property in Grapevine, Texas

by Taylor Williams August 6, 2018

GRAPEVINE, TEXAS — Southlake, Texas-based TS Asset Encore LLC has acquired The Encore on Mustang, a 218-unit apartment property in Grapevine, a northern suburb of Fort Worth. The community features one-, two- and three-bedroom units and amenities such as a pool, outdoor picnic areas, playground, business center and onsite laundry facilities. Dougherty Mortgage LLC arranged a 12-year acquisition loan, which includes a 30-year amortization schedule, on behalf of TS Asset Encore.

August 6, 2018

Acquisitions Multifamily Texas

CBRE Negotiates Sale of 62-Unit Multifamily Property in Dallas

by Taylor Williams August 6, 2018

DALLAS — CBRE has negotiated the sale of Haskell Flats, a 62-unit multifamily property in Dallas. The property was built in 2017 and includes a fitness center and a package locker system. Chris Deuillet, Chandler Sims, Nita Stewart and Jeremy Faltys of CBRE represented the seller, Haskell Flats LLC, in the transaction. The buyer was California-based Fisch Properties LP.

August 6, 2018

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