Acquisitions

Avison Young Brokers $16.8M Acquisition of Industrial Building in Temecula, California

by Amy Works June 21, 2018

TEMECULA, CALIF. — Avison Young has arranged the acquisition of MCA Business Center, a newly constructed industrial building located on Dendy Parkway in Temecula. An undisclosed buyer purchased the property from MCA Realty for $16.8 million. The buyer plans to occupy the entire 143,689-square-foot facility. Completed in 2018, MCA Business Center features 32-foot clear-height ceilings, 120-foot truck courts, 26 dock-high loading doors, three grade-level doors, 255 skylights and unobstructed views of the Temecula Valley. The property is located within Westside Business Center, a 385-acre master-planned business park that is 95 percent built out. Stan Nowak and Cody Lerner of Avison Young represented the buyer, while Lee & Associates, along with CBRE, represented the seller in the deal.

June 21, 2018

Acquisitions Retail Washington Western

Marcus & Millichap Negotiates $3.1M Sale of Retail Property in Seattle

by Amy Works June 21, 2018

SEATTLE — Marcus & Millichap has brokered the sale of a retail property located at 5201 Ballard Ave. NW in Seattle. A limited liability company acquired the property from a private investor for $3.1 million. Built in 1905, the two-story building features 10,540 square feet of retail space. Brian Mayer and Clayton Brown of Marcus & Millichap’s Seattle office represented the seller, while Mayer also represented the buyer in the transaction.

June 21, 2018

Acquisitions Illinois Industrial Midwest Self-Storage

U-Haul to Acquire, Repurpose Former Kmart Building in Alton, Illinois

by Kristin Harlow June 21, 2018

ALTON, ILL. — U-Haul plans to acquire an 84,180-square-foot building formerly occupied by Kmart in Alton, about 25 miles north of St. Louis, in August. U-Haul, which currently leases the property, will transform the space into 700 climate-controlled, self-storage units with truck and trailer sharing and towing equipment onsite. The building, which had previously been vacant for eight months, is located within the Seminary Plaza shopping center. Madison Plaza Associates was the seller. U-Haul’s acquisition of the property was driven by its corporate sustainability initiative. The company says the adaptive reuse of existing buildings reduces the amount of energy and resources required for new-building materials and helps cities reduce their unwanted inventory of unused buildings.

June 21, 2018

Acquisitions Midwest Net Lease Ohio Retail

Boulder Group Arranges $5.2M Sale of Two Properties Net Leased to CVS in Ohio

by Kristin Harlow June 21, 2018

HARTVILLE AND NORTH ROYALTON, OHIO — The Boulder Group has arranged the sale of two single-tenant properties net leased to CVS Pharmacy in Ohio for $5.2 million. The properties are located at 600 W. Maple St. in Hartville, about 15 miles north of Canton, and 8001 W. 130th St. in North Royalton, about 15 miles south of Cleveland. CVS has approximately five years remaining on its leases, which expire in January 2023. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate investment company. The buyer was a Southeast-based real estate partnership.

June 21, 2018

Acquisitions Retail Texas Top Stories

Rent-A-Center Stock Rebounds Following News of Buyout

by Taylor Williams June 21, 2018

PLANO, TEXAS — After announcing on Monday, June 18, it had entered into an agreement to be acquired by Vintage Capital Management, Rent-A-Center Inc. (NASDAQ/NGS: RCII) has seen its stock price increase steadily throughout the week. The company’s stock price opened at $14.78 per share on Thursday, June 21. This figure represents a nearly 23 percent increase in the span of just one week, but remains a far cry from the peak price of $40 per share in summer 2013. Vintage Capital agreed to acquire Rent-A-Center for $15 per share in a transaction that is valued at approximately $1.4 billion and which will take the Plano-based retailer private. The deal is expected to close before year’s end. The price represents a premium of approximately 49 percent over Rent-A-Center’s closing stock price of $10.07 per share on Oct. 30, 2017. According to one retail analyst, Rent-A-Center’s struggles stemmed from several factors, including a high number of new competitors in the home goods sector and the lack of financial resources to establish robust online sales. “Rent-A-Center is an interesting case because it kind of bleeds into that personal services category, yet it’s not especially resistant to e-commerce because of the physical goods …

June 21, 2018

Acquisitions Industrial Texas

Cravey Arranges Sale of 103,338 SF Industrial Development in Alice, Texas

by Taylor Williams June 20, 2018

ALICE, TEXAS — Cravey Real Estate Services Inc. has arranged the sale of a 103,338-square-foot industrial development located at 850 Commerce St. in Alice, about 45 miles west of Corpus Christi. The 17-building development is situated on 19.2 acres and features 22-foot clear heights. Matthew Cravey of Cravey Real Estate Services and Rafik Ibrahim of JLL represented the seller, Halliburton Energy Services Inc., in the transaction. Richard Perry, also of Cravey, represented the buyer, Alice Management Co. LLC.

June 20, 2018

Acquisitions Industrial Office Texas

J. Beard Brokers Sale of Three Flex Buildings Totaling 13,850 SF in Houston

by Taylor Williams June 20, 2018

HOUSTON — The J. Beard Real Estate Co. has brokered the sale of three flex buildings totaling 13,850 square feet of office and warehouse space in Houston. Ryan Hutson of J. Beard represented the seller, Continuum Investments, in the transaction. Vicky Kuczbel-Rogers of Walzel Properties represented the buyer, G. Ramirez, which will also occupy the buildings.

June 20, 2018

Acquisitions Mixed-Use New York Northeast

Meridian Capital Arranges $68M in Acquisition Financing for Mixed-Use Building in Brooklyn

by David Cohen June 20, 2018

NEW YORK CITY — Meridian Capital Group has arranged $68 million in acquisition financing for a 12-story mixed-use building in Brooklyn. Drew Anderman, Grant Carlson and Josh Berman of Meridian represented the borrower, Trinity Place Holdings, in the transaction. The 24-month loan, which an undisclosed lender provided, features a floating rate of 3.72 percent over the 30-day LIBOR and full-term interest-only payments. Located at 237 11th St. in the Park Slope neighborhood of Brooklyn, the newly built property contains 105 residential units and 6,200 square feet of retail space, which is partially leased to Starbucks. Amenities include washers and dryers in all units, tenant-controlled HVAC systems, a doorman, rooftop terrace, fitness center and parking garage.

June 20, 2018

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Brokers $15.4M Sale of Two Apartment Buildings in Plainfield, New Jersey

by David Cohen June 20, 2018

PLAINFIELD, N.J. — Gebroe-Hammer Associates has brokered the $15.4 million sale of two apartment buildings in Plainfield. Stephen Tragash and Gehane Triarsi of Gebroe-Hammer represented the undisclosed seller of Cornell Arms and Pingry Arms apartments, which are located a half-mile apart at 735 Park Ave. and 606 Crescent Ave., respectively. The buyer was also undisclosed. Comprised of 114 total units, the six-story mid-rise properties each feature a mix of studio and one-, two- and three-bedroom layouts. Amenities include elevators, laundry facilities and paved-surface parking.

June 20, 2018

Acquisitions Northeast Pennsylvania Retail

The Stro Companies Acquires 26,500 SF Retail Building in New Jersey

by David Cohen June 20, 2018

LODI, N.J. — The Stro Companies has acquired 240 Route 17, a 26,500-square-foot retail building in Lodi for $4 million. The property was home to a local party good store for decades but was vacant at the time of the sale. Stro purchased the property from the former owner occupant and has plans to upgrade and reposition the asset. The Bank of New Jersey provided acquisition financing.

June 20, 2018

Newer Posts

Older Posts