Acquisitions

Cushman & Wakefield Arranges $30M Sale of Multifamily Community South of Atlanta

by Camren Skelton July 23, 2018

COLLEGE PARK, GA. — Cushman & Wakefield has arranged the $30 million sale of The Parc at 1875, a 352-unit apartment community in College Park, roughly four miles south of Hartsfield-Jackson Atlanta International Airport. Tyler Averitt and Nathan Swenson of Cushman & Wakefield arranged the transaction on behalf of the sellers, Sage Equities and M. Banks Realty Partners. Two Waters Capital Management acquired the property. Constructed in 1988, The Parc at 1875 features a car care center, fitness center, pet walk and care stations, playground, sports court and a swimming pool.

July 23, 2018

Acquisitions Midwest Missouri Office

Lingerfelt, CrossHarbor Acquire Office Tower in Kansas City

by Kristin Harlow July 23, 2018

KANSAS CITY, MO. — Lingerfelt CommonWealth Partners LLC, in a joint venture with CrossHarbor Capital Partners LLC, has acquired a 28-story, 538,741-square-foot office tower in Kansas City. The purchase price was not disclosed. The seller was Franklin Street Partners, according to the Kansas City Business Journal. Gina Anderson, Gary Carr, Robert Hill and Russell Ingrum of CBRE arranged the transaction on behalf of the seller. The Class A property, located at 2345 Grand Blvd., includes a parking garage and an adjacent four-story annex building. Architect Mies van der Rohe designed the property, which was developed by Shorenstein Co. in 1977. Anchored by law firm Lathrop Gage, the tower is approximately 73 percent occupied. Lingerfelt plans to make a capital investment in the building with a renovation of the lobby and common areas, as well as a reconfiguration and renovation of the ground-floor retail portion of the annex building. Upgrades are planned for the fitness center, locker room, conference center and tenant lounge. Commonwealth Commercial Partners, the company’s property management affiliate, will handle all aspects of the day-to-day asset and property management. Miles McCune, Jeff Winters and Travis Helgeson of Cushman & Wakefield will handle the leasing and marketing of the building’s available …

July 23, 2018

Acquisitions Industrial Midwest Minnesota

Coldwell Banker Arranges Sale of 821,190 SF Industrial Warehouse in Waseca, Minnesota

by Kristin Harlow July 23, 2018

WASECA, MINN. — Coldwell Banker Commercial Fisher Group (CBCFG) has arranged the sale of an 821,190-square-foot industrial warehouse in Waseca, which is located in southern Minnesota. The sales price was not disclosed. The property, located at 2300 Brown Ave., features 54,000 square feet of office space as well as climate-controlled storage and rail access. A group of Minnesota-based developers purchased the asset. The seller was not disclosed. David Schooff of CBCFG is marketing the property for lease. Brown Printing occupied the building upon its opening in 1949, and Quad/Graphics occupied the property until about four years ago, according to local media. The building now sits vacant.

July 23, 2018

Acquisitions California Healthcare Office Western

Pinnacle Capital, Harrison Street Buy Medical Office Building Near San Francisco for $30M

by Amy Works July 23, 2018

DALY CITY, CALIF. — A joint venture between Pinnacle Capital Management Services and Harrison Street Real Estate Capital has purchased Physicians Medical Center. The medical office building is located at 901 Campus Drive in Daly City, south of San Francisco. Swift Real Estate Partners sold the property for $30 million. Situated on 2.4 acres, the purpose-built medical office building features 70,705 square feet of space. At the time of sale, the three-story property was 92 percent leased to a variety of tenants, including Palo Alto Medical Foundation, Sutter Health, Campus Surgery Center and AmSurg/Envision Healthcare. Evan Kovac, Andrew Milne and David Dokko of HFF represented the seller and procured the buyer in the deal. Additionally, HFF’s Zack Holderman, John Chun and Trent Jemmett arranged a $25 million, non-recourse, floating-rate acquisition loan for the buyer.

July 23, 2018

Acquisitions California Retail Western

Progressive Arranges Sale of Gas Station Near Los Angeles for $2.9M

by Amy Works July 23, 2018

CHINO, CALIF. — Progressive Real Estate Partners has facilitated the sale of a retail property located at 12510 Central Ave. in Chino. An undisclosed buyer acquired the property and business for $2.9 million. A Shell-branded gas station and convenience store occupies the free-standing property. Built in the mid-1980s, the property features four 10,000-gallon tanks and an 840-square-foot, 24-hour convenience store. The full-service store offers a variety of snacks, to-go coffee, drinks, beer, wine and ATM. Victor Buendia and Mike Lin of Progressive Real Estate represented the buyer and the undisclosed seller in the transaction.

July 23, 2018

Acquisitions California Retail Western

SRS Real Estate Negotiates $2.8M Sale of Retail Property in Orange County

by Amy Works July 23, 2018

ORANGE, CALIF. — SRS Real Estate Partners has arranged the sale of retail property located at the intersection of East Katella Avenue and North Tustin Street in Orange. A San Francisco-based private investor acquired the property from a Los Angeles-based private investor for $2.8 million. BIG-O Tires occupies the 3,380-square-foot property on a triple-net lease basis with 5.5 years remaining on the lease at the close of escrow. Matthew Mousavi and Michael Walseth of SRS’ National Net Lease Group represented the seller, while Eric Chin of Coldwell Banker Residential Brokerage represented the buyer in the transaction.

July 23, 2018

Acquisitions California Office Top Stories Western

Boston Properties, CPPIB Acquire 47-Acre Business Park in Santa Monica for $627.5M

by Taylor Williams July 23, 2018

SANTA MONICA, CALIF. — A joint venture between Boston Properties Inc. (NYSE: BXP) and Canada Pension Plan Investment Board (CPPIB) has acquired the 47-acre Santa Monica Business Park for approximately $627.5 million. The seller was not disclosed. Santa Monica Business Park consists of 21 buildings totaling roughly 1.2 million square feet of office and retail space in Santa Monica, a coastal city just west of downtown Los Angeles. The property is located near Interstates 10 and 405 and features a variety of on-site services, including a health club, restaurants, banks, a car wash and a dog park. The property lies within the Ocean Park neighborhood and was 94 percent leased at the time of sale. Boston Properties will invest $147.4 million in the acquisition, yielding a 45 percent ownership stake, while CPPIB will invest $180.1 million. An undisclosed lender provided a $300 million acquisition loan to fund the remainder of the acquisition. The loan features a 4.06 percent interest rate and matures in July 2025. Approximately 70 percent of the rentable square footage is subject to a ground lease with 80 years remaining, including renewal periods. The ground lease provides the joint venture with the right to purchase the land …

July 23, 2018

Acquisitions Mixed-Use New York Northeast

Marcus & Millichap Brokers Sale of Two Mixed-Use Buildings in Brooklyn for $18.7M

by David Cohen July 20, 2018

NEW YORK CITY — Marcus & Millichap has brokered the $18.7 million sale of two mixed-use properties in Brooklyn located at 984-994 Winthrop St. and 4512-4524 Church Ave. Matt Fotis, Matt Shapiro and Tyler Workman of Marcus & Millichap represented the seller, Renaissance Realty Associates, in the transaction. The Bauta Family purchased both properties. The first property, 984-994 Winthrop St., is a four-story building consisting of five retail units and 39 residential units. The second, 4512-4524 Church Ave., is a six-story building consisting of eight retail units and 50 residential units.

July 20, 2018

Acquisitions Mixed-Use New York Northeast

TerraCRG Negotiates Sale of Mixed-Use Portfolio in Brooklyn for $8.5M

by David Cohen July 20, 2018

NEW YORK CITY — TerraCRG has negotiated the $8.5 million sale of a mixed-use portfolio in the Bushwick neighborhood of Brooklyn. The three adjacent properties are located at 373, 375 and 379 Knickerbocker Ave. and total 16,390 square feet, featuring three ground-level retail stores and four residential apartments. The properties also have approximately 8,900 square feet of additional buildable square footage. TerraCRG represented the sellers, Beth and Sue Kneller, in the transaction. Keller Williams Realty Gold Coast represented the buyers, Karthik Gujja and Gopi Punukollu. Long-term tenants currently occupy all three retail stores.

July 20, 2018

Acquisitions Hospitality Northeast Rhode Island

MCR Acquires Hilton Garden Inn at T.F. Green International Airport in Rhode Island

by David Cohen July 20, 2018

WARWICK, R.I. — MCR Development has acquired the Hilton Garden Inn Providence Airport/Warwick in Warwick. The price was not disclosed. The 160-room hotel opened in 2005 and is located at Rhode Island’s T.F. Green International Airport, which serves 4 million passengers annually. Amenities at the hotel include a fitness center, indoor pool, 24-hour convenience store, free airport shuttle and a connection to the Iron Works Tavern, a community bar housed in the historic 1867 R.I. Malleable Iron Works Factory building. The seller was not disclosed.

July 20, 2018

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