Acquisitions

OA Development Buys Four-Building Office Portfolio in Durham from Two Different Sellers for $31.4M

by Camren Skelton June 22, 2018

DURHAM, N.C. — OA Development has acquired four buildings located within Durham’s Imperial Center office park for $31.4 million. The Atlanta-based company acquired the Canterbury, Cambridge, Chelsea and Oxford buildings from two different sellers — ROC III Fairlead Imperial Center LLC and Crown Realty — and combined the assets to assemble one 211,308-square-foot portfolio. The Class B buildings were constructed in the late 1980s and are situated on 15 acres at the entrance of the 456-acre park. Scot Humphrey, Ryan Clutter and Chris Lingerfelt of HFF arranged the transaction on behalf of the sellers. Patterson Real Estate Advisory Group arranged acquisition financing for OA Development through SunTrust Bank.

June 22, 2018

Acquisitions Office Texas

JLL Brokers Sale of Former Halliburton Office Campus in Houston

by Taylor Williams June 21, 2018

HOUSTON — JLL has brokered the sale of Halliburton’s former Oak Park campus, a 48-acre office property located in the Westchase District of Houston. The property includes a 568,000-square-foot office building, a 17,500-square-foot fitness center, daycare, central plant and a five-level parking garage. The office building was built in 1979 and upgraded in 2013. Rudy Hubbard, Kevin McConn, Rick Goings and Dan Bellow of JLL led the sales effort. A local private investment group purchased the asset for an undisclosed price.

June 21, 2018

Acquisitions Industrial Northeast

CBRE Negotiates $18M Sale of Industrial Facility in New Jersey

by David Cohen June 21, 2018

KEASBEY, N.J. — CBRE has negotiated the $18 million sale of a 133,032-square-foot industrial facility in Keasbey. The building is located at 100 Crows Mill Rd. William Waxman, Mindy Lissner, Steven I. Beyda and Robert Pine of CBRE represented the seller, TA Realty, in the transaction. Dorothy Chuang of CBRE represented the buyer, California-based Seville Gateway Investments. Built in 1971, the property is located at the crossroads of the New Jersey Turnpike and the Garden State Parkway. The facility was recently renovated and offers on-site trailer parking and LED lighting.

June 21, 2018

Acquisitions Loans Massachusetts Multifamily Northeast

EagleBridge Capital Secures $21.5M Acquisition Loan for Multifamily Portfolio in Southern New England

by David Cohen June 21, 2018

SOUTHERN NEW ENGLAND — EagleBridge Capital has secured a $21.5 million acquisition loan for a 370-unit multifamily portfolio in Southern New England. The portfolio is made up of multiple buildings ranging in size from two to 18 units. Brian Sheehan and Ted Sidel of EagleBridge arranged the financing through an agency lender. The borrower was undisclosed. The 10-year non-recourse mortgage carries a long-term fixed interest rate with a 30-year amortization.

June 21, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $2.9M Sale of Apartment Building in Brooklyn

by David Cohen June 21, 2018

NEW YORK CITY — Marcus & Millichap has arranged the sale of 934 Sterling Place, an eight-unit apartment property in Brooklyn. The sales price was $2.9 million. Shaun Riney of Marcus & Millichap represented the seller, a private investor, and the buyer, also a private investor, in the transaction. The four-story property was built in 1905 and is located in the Crown Heights neighborhood of Brooklyn.

June 21, 2018

Acquisitions Florida Multifamily Southeast

Lloyd Jones Acquires 444-Unit Apartment Community in Tallahassee for $57.8M

by Camren Skelton June 21, 2018

TALLAHASSEE, FLA. — Lloyd Jones has acquired The Westcott Apartments, a 444-unit multifamily community located at 3909 Reserve Drive in Tallahassee, for $57.8 million. The name of the seller was not disclosed. Constructed in 2000 and 2005, the community offers a mix of one-, two- and three-bedroom floor plans and features two swimming pools, two fitness center, playgrounds and tennis courts. Lloyd Jones plans to renovate The Westcott, which is the Miami-based private equity investor’s second acquisition in the Tallahassee area.

June 21, 2018

Acquisitions Multifamily North Carolina Southeast

Cushman & Wakefield Arranges $39M Sale of Multifamily Property in Charlotte

by Camren Skelton June 21, 2018

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the $39 million sale of 1420 Magnolia, a 204-unit apartment community in Charlotte. Jordan McCarley, Watson Bryant and Marc Robinson of Cushman & Wakefield arranged the transaction on behalf of the seller, Estates & Cos. Hudson Capital Properties acquired the asset. Constructed in 1999, 1420 Magnolia features a car care center, controlled access gates, dog park, fitness center, grilling and picnic areas, business center, yoga/Pilates room and a swimming pool.

June 21, 2018

Acquisitions Industrial North Carolina Southeast

HFF Brokers $32.2M Sale of Five-Building Industrial Campus Near Airport in Greensboro, North Carolina

by Camren Skelton June 21, 2018

GREENSBORO, N.C. — HFF has brokered the $32.2 million sale of Airport Distribution Center, a five-building industrial campus located roughly seven miles from Piedmont Triad International Airport. Situated on 41 acres at 202, 204, 206, 311-F and 311-G N. Chimney Rock Road in Greensboro, the center is minutes from the FedEx Mid-Atlantic Hub, the carrier’s fifth largest U.S. hub. Chris Norvell and Patrick Nally of HFF arranged the transaction on behalf of the seller, a joint venture between Somerset Properties and Thackeray Partners. The name of the buyer was not disclosed. Airport Distribution Center features front-load facilities, clear heights ranging from 24 to 35 feet and rail access to 316,532 square feet of space within buildings 311F and 311G.

June 21, 2018

Acquisitions Industrial Nevada Western

Panattoni Development Sells Two Industrial Buildings in Reno for $81.1M

by Amy Works June 21, 2018

RENO, NEV. — Panattoni Development Co. has completed the disposition of buildings A1 and B of the North Valleys Commerce Center (NVCC) in Reno. PRISM-IQ Nevada LLC and GOF Nevada LLC purchased the properties for $81.1 million. Panattoni made the sale through CP Logistics NVCC and CP Logistics NVCC Building A-1, two joint ventures between Panattoni and a public retirement fund. Building A1, totaling 352,957 square feet, and Building B, totaling 707,660 square feet, are located on 56 acres at 9460 N. Virginia St. in Reno. Trademark Global, Exxel Outdoors, Microflex Corp. and SupplyHouse.com are tenants at the properties. Completed in 2018, the buildings are cross-docked distribution facilities with a 36-foot clear height and low-cost LED lighting. JLL and Kidder Mathews represented the sellers in the deal.

June 21, 2018

Acquisitions California Office Western

Ensign Group Purchases 115,517 SF Office Building in Southern California

by Amy Works June 21, 2018

SAN JUAN CAPISTRANO, CALIF. — The Ensign Group, on behalf of a wholly owned subsidiary, has acquired an office building located in San Juan Capistrano. The name of the seller and acquisition price were not released. The Ensign Group plans to enter into a lease with its wholly owned subsidiary, Ensign Services, and expects Ensign to occupy a portion of the 115,517-square-foot property upon termination of its existing office leases in 2019. At the time of acquisition, the property was 92 percent occupied by third-party tenants. The Ensign Group is the parent company of the Ensign line of skilled nursing, rehabilitative care services, home healthcare, hospice care and assisted living companies. Mitch Lundquist and Ryan Hawkins of JLL represented the buyer in the transaction.

June 21, 2018

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