Acquisitions

Stepp Commercial Facilitates $4.9M Sale of 20-Unit Apartment Building in Long Beach, California

by Amy Works June 12, 2018

LONG BEACH, CALIF. — Stepp Commercial has arranged the sale of San Antonio Apartments, an apartment community located at 1090 E. San Antonio Drive in the Bixby Knolls submarket of Long Beach. A private limited liability company sold the property to a private investor for approximately $4.9 million, or $245,000 per unit. Built in 1948, the 22,247-square-foot building features 16 one-bedroom/one-bath units and four studio units. Additionally, the property features balconies, landscaped grounds and 11 private parking garages. Robert Stepp and Michael Toveg of Stepp Commercial represented the seller in the transaction.

June 12, 2018

Acquisitions Colorado Retail Western

Pinnacle Real Estate Negotiates $3M Sale of Single-Tenant Retail Property in Denver

by Amy Works June 12, 2018

DENVER — Pinnacle Real Estate Advisors has arranged the sale of a single-tenant retail property located at 1200 W. Alameda Ave. in Denver. A local Colorado buyer acquired the property for $3 million. 7-Eleven occupies the 3,000-square-foot property, which was constructed in 2018, on a net-leased basis. Rob Edwards and Tom Ethington of Pinnacle represented the seller, a Colorado developer, in the deal.

June 12, 2018

Acquisitions Company News Hospitality Maryland Property Type Southeast Top Stories

Pebblebrook Hotel Trust Revises Offer to Acquire LaSalle Hotel Properties, New Deal Valued at $4.17B

by John Nelson June 12, 2018

BETHESDA, MD. — For the fourth time since March, Pebblebrook Hotel Trust (NYSE: PEB) has revised its merger proposal with LaSalle Hotel Properties (NYSE: LHO). Both hospitality REITs are based in Bethesda. Pebblebrook’s offer is contingent on LaSalle breaking off its current merger agreement with Blackstone Group. Pebblebrook submitted its offer to LaSalle’s board of trustees a few weeks after Blackstone and LaSalle came to terms on their merger. Blackstone’s deal was for $4.8 billion in an all-cash transaction. While a lower total dollar amount, Pebblebrook’s $4.17 billion offer excludes a debt portion, and The Wall Street Journal reports that Blackstone’s deal was valued at $3.7 billion when excluding debt. Pebblebrook’s board of trustees has unanimously approved the new deal. “The board of Pebblebrook remains convinced that a strategic combination with LaSalle represents a value-maximizing opportunity for the shareholders of both LaSalle and Pebblebrook,” said Jon Bortz, chairman, president and CEO of Pebblebrook. The hospitality REIT’s new offer represents a 13 percent premium over the Blackstone agreement. For each LaSalle common share held, each LaSalle shareholder may elect to receive $37.80 in cash (compared to Blackstone’s $33.50 per share offer) or a fixed exchange ratio of 0.92 Pebblebrook share. The …

June 12, 2018

Acquisitions Office Texas

NewQuest Brokers Sale of 4,100 SF Office Building in Houston

by Taylor Williams June 11, 2018

HOUSTON — NewQuest Properties has brokered the sale of a 4,100-square-foot office building located in the River Oaks/Montrose area of Houston. The property will serve as the new headquarters for oil and gas firm Pioneer Exploration LLC. Austen Baldridge and Brad Elmore of NewQuest represented the buyer of record, State Venture LLC, in the transaction. Mark Nicholas and Cliff West of JLL represented the seller, Canret LLC.

June 11, 2018

Acquisitions Industrial Self-Storage Texas

Bellomy Arranges Sale of 198-Unit Self-Storage Facility in Wichita Falls, Texas

by Taylor Williams June 11, 2018

WICHITA FALLS, TEXAS — Bellomy & Co. has arranged the sale of Hot Shots Storage, a 198-unit self-storage facility in the North Texas city of Wichita Falls. The facility spans 21,950 square feet of net rentable space. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. represented the Dallas-based buyer in the transaction. Chris Storm of Henry S. Miller (HSM) represented the undisclosed seller.

June 11, 2018

Acquisitions Multifamily Northeast Pennsylvania

IPA Negotiates $61M Sale of Apartment Community in Metro Pittsburgh

by Jeff Shaw June 11, 2018

WEXFORD, PENN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $61 million sale of Ascent Four Thirty, a 319-unit apartment community located in Wexford, roughly 15 miles north of Pittsburgh. A joint venture between Buligo Capital and Graycliff Capital acquired the asset from The NRP Group. Constructed in 2014, Ascent Four Thirty includes 17 three-story buildings and features a fitness center, resort-style swimming pool with a sundeck and a conference room. Joshua Wintermute, Michael Barron, Daniel Burkons and Victor Nolletti of IPA arranged the transaction on behalf of the seller, and procured the buyer.

June 11, 2018

Acquisitions Delaware Northeast

CBRE Arranges Sale of Nearly 100-Year-Old DuPont Country Club in Wilmington, Delaware

by Jeff Shaw June 11, 2018

WILMINGTON, DEL. — CBRE has brokered the sale of DuPont Country Club, which occupies more than 500 acres in northern Delaware’s Brandywine Valley, for an undisclosed price. A local investment group that includes former DuPont executives Ben duPont and Don Wirth acquired the property from DowDuPont Co. Jeff Woolson, an executive vice president with CBRE who serves as the managing director of its Golf & Resort Group, handled the transaction, along with fellow professionals in CBRE’s Wilmington office. Established in 1920, the club was originally built as an amenity for DuPont company employees. Recreational amenities include three 18-hole golf courses and 25 tennis courts, complemented by a stately clubhouse measuring approximately 113,000 square feet. A key component of the property is the 60-acre Brantwyn Estate, which features a three-story 28,000 square foot mansion surrounded by manicured gardens that is utilized for weddings and other special events. The new buyers plan to spend $18 million on improvements, which include a swimming pool, fitness center as well as a new driving range. The DuPont championship course has hosted many professional and prestigious amateur golf tournaments over the years, most notably serving as the home of the LPGA Tour’s McDonald’s Championship from 1987 …

June 11, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $45M Sale of Multifamily Portfolio in White Plains, New York

by Jeff Shaw June 11, 2018

WHITE PLAINS, N.Y. — Marcus & Millichap has arranged the sale of a three-property, 104-unit multifamily portfolio in White Plains. A Westchester-based investor acquired the properties for $45 million, or $433,000 per unit. Victoria Fisher of Marcus & Millichap’s Westchester office represented the sellers, Lighthouse Living and The Daten Group, which originally developed the properties. All three communities were completed in 2015 in downtown White Plains. The portfolio includes The Dylan, a four-story apartment building located at 42 Waller Ave.; La Gianna, a five-story property located at 10 Dekalb Ave.; The Reed, a three-story building located at 115 N. Broadway. The new owner plans to hold the properties for the long term, according to Marcus & Millichap.

June 11, 2018

Acquisitions New Jersey Northeast Office

PCCP, Vision Real Estate Acquire 66-Acre Office Campus in Morris Plains, New Jersey

by Jeff Shaw June 11, 2018

MORRIS PLAINS, N.J. — PCCP and Vision Real Estate Partners have acquired 185 and 201 Tabor Road in Morris Plains, about 20 miles west of Newark. The purchase price was not disclosed. The 66-acre office campus is comprised of two properties. Built in 2006, 185 Tabor Road is a 240,000-square-foot Class A office building. Constructed in phases from the 1950s to the 1990s, 201 Tabor Road is a series of Class B and C buildings totaling 644,000 square feet. The buyers plan to demolish the existing structure and redevelop the site at 201 Tabor Road. The previous occupant, Johnson & Johnson, was the seller. John Alascio, Sridhar Vankayala and Noble Carpenter III of Cushman & Wakefield acted as exclusive advisor to Vision Real Estate Partners in arranging joint venture equity for the acquisition.

June 11, 2018

Acquisitions New Jersey Northeast Retail

NAI Hanson Negotiates Sale of 3,321 SF Retail Building in Englewood, N.J.

by Jeff Shaw June 11, 2018

ENGLEWOOD, N.J. — New Jersey-based NAI Hanson has negotiated the sale of a 3,321-square-foot retail building located at 491 Grand Ave. in Englewood. The property is directly across the Hudson River from The Bronx. The price was undisclosed. The building, which is currently unoccupied, consists of two retail storefronts on the main level and a two-bedroom apartment on the second floor. The buyer, NWR Realty Corp., plans to convert the retail space into offices for its business. Pablo Castro of NAI Hanson represented the seller, 491 Grand Avenue LLC, in the transaction.

June 11, 2018

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