Acquisitions

BKM Enters Denver Market with $20.2M Purchase of 215,000 SF Industrial Park

by Amy Works March 30, 2018

ENGLEWOOD, COLO. — BKM Capital Partners has entered the Denver market with the purchase of Inverness Business Park, located at 14 Inverness Drive East in Englewood. A private family office sold the property for $20.2 million. The eight-building asset features 215,268 square feet of Class A industrial space. At the time of acquisition, the park was 91 percent occupied by 86 tenants averaging approximately 2,750 square feet each. BKM plans to invest $2 million in upgrades to the asset, including a complete rebrand as well as fresh paint, upgraded landscaping, cosmetic upgrades to the lobby and signage, and various structural improvements. Newmark Knight Frank represented the seller in the transaction.

March 30, 2018

Acquisitions California Healthcare Office Western

Commercial Asset Group Brokers $13.7M Sale of Medical Office Building in Mission Hills, California

by Amy Works March 30, 2018

MISSION HILLS, CALIF. — Commercial Asset Group has arranged the acquisition of a medical office building located at 11155-11166 Sepulveda Blvd. in Mission Hills. Porter Ranch, Calif.-based San Fernando Professional Building sold the property to a Burbank, Calif.-based family investment group for $13.7 million. Facey Medical Group, a division of Providence Hospitals, occupies the 33,438-square-foot building. David Aschkenasy of Commercial Asset Group represented the buyer, while Mark Oliver of Realty Executives Valencia represented the seller in the deal.

March 30, 2018

Acquisitions California Industrial Lee & Associates Western

Lee & Associates Negotiates $3.1M Acquisition of Industrial Building in Lompoc, California

by Amy Works March 30, 2018

LOMPOC, CALIF. — Lee & Associates has arranged the purchase of a two-story industrial building located at 1641 W. Central Ave. in Lompoc. An undisclosed buyer acquired the property for $3.1 million. The 56,560-square-foot property features a 300-seat auditorium, large banquet hall, kitchen space and office space, as well as 30,000 square feet of manufacturing and distribution space with three loading docks, six roll-up doors and 100 spaces available for parking. Paul Davies of Lee & Associates represented the buyer in the deal.

March 30, 2018

Acquisitions Georgia Multifamily Property Type Southeast

Greystone Brown Brokers $58.3M Sale of Apartment Community in Metro Atlanta’s Vinings District

by Camren Skelton March 30, 2018

VININGS, GA. — Greystone Brown Real Estate Advisors has arranged the $58.3 million sale of Stone Ridge at Vinings, a 440-unit apartment community in Vinings, roughly 11 miles north of downtown Atlanta. Barden Brown, Cory Sams, Taylor Brown, Chandler Brown and Bo Brown of Greystone Brown arranged the transaction on behalf of both the seller, Florida-based Ventron Management LLC, and the buyer, New York-based Broadtree Residential. Stone Ridge at Vinings features a fitness center, pool, playground, tennis court and hiking and biking trails. Greystone Brown Real Estate Advisors is a joint venture formed in 2016 between Greystone and Brown Realty Advisors.

March 30, 2018

Acquisitions Florida Property Type Retail Southeast

GBT Realty Acquires 243,000 SF Shopping Center in Tallahassee for $25.5M

by Camren Skelton March 30, 2018

TALLAHASSEE, FLA. — GBT Realty Corp. has acquired Governor’s Marketplace, a 243,000-square-foot shopping center located on Governor’s Square Boulevard in Tallahassee, for $25.5 million. Bill Fishel and Matthew Stewart of HFF arranged acquisition financing through MidCap Financial on behalf of GBT Realty, which acquired the property from Retail Properties of America Inc. (RPAI). Governor’s Marketplace was 97 percent leased at the time of sale to tenants such as Carter’s, Five Below, Marshall’s, Michaels, Bed Bath & Beyond, Old Navy, Ulta Beauty, Petco and David’s Bridal. The center’s newest tenant is Urban Air, a family entertainment center with an indoor trampoline park that backfilled a former Sports Authority.

March 30, 2018

Acquisitions Florida Multifamily Property Type Southeast

American Landmark Purchases 216-Unit Multifamily Community in Tampa

by Camren Skelton March 30, 2018

TAMPA, FLA. — American Landmark has acquired Waters Edge, a 216-unit apartment community located at 7610 W. Waters Ave. in Tampa. The name of the seller and the sales price were not disclosed. American Landmark plans to invest $1.5 million in capital improvements, and will rename the property WestEnd at 76Ten. The community was originally constructed in 1985 and features a business center, fitness center, swimming pool, tennis court, racquetball/basketball court, dog park, laundry facility and a car care center. Planned interior upgrades include plank wood flooring, resurfaced countertops, contemporary cabinet faces and hardware and lighting upgrades. Exterior upgrades will include updated clubhouse amenities, fitness center upgrades, landscape enhancement, new pool furniture, a package locker system and community signage. The property was 96 percent occupied at the time of sale.

March 30, 2018

Acquisitions California Retail Top Stories Western

Rodeo Drive Retail Property Sells for $110M, Double the Purchase Price from 24 Hours Earlier

by Kristin Harlow March 30, 2018

BEVERLY HILLS, CALIF. — A subsidiary of Paris-based LVMH has purchased a 6,200-square-foot retail building at 456 N. Rodeo Drive in Beverly Hills for $110 million. Just one day earlier, Palm Beach, Fla.-based Sterling Organization purchased the same asset for $55 million from The Karl B. Schurz Trust. According to a news release, an intermediary had approached LVMH, parent company of Louis Vuitton, to lease space at the property, but the luxury goods conglomerate expressed interest in acquiring the space instead. The sale equates to roughly $17,750 per square foot and a net gain of approximately $55 million for Sterling and its institutional investor partners in its Sterling Value Add Partners II fund. The property is located in the Golden Triangle, between Santa Monica Boulevard and Brighton Way. Rodeo Drive is home to luxury retailers such as Louis Vuitton, Chanel, Celine, Hermes, Ralph Lauren, Hugo Boss, Vera Wang, Salvatore Ferragamo, Versace, Tiffany & Co., Gucci, Cartier, Fendi, Givenchy, Loro Piana, Rimowa, Prada and Burberry. “On the West Coast, it’s all about those three, high-value blocks of Rodeo Drive where the world’s premier luxury brands must have a presence by planting their flag,” says Brian Kosoy, president and CEO of Sterling. In contrast, he says luxury …

March 30, 2018

Acquisitions Massachusetts Multifamily Northeast

Colliers Brokers Sale of 185-Unit Apartment Portfolio in Suburban Boston for $45.2M

by David Cohen March 29, 2018

WAKEFIELD AND ACTON, MASS. — Colliers International has brokered the $45.2 million sale of a two-community, 185-unit apartment portfolio outside of Boston. The two apartment properties are located at 105-109 Hopkins St. in Wakefield and 117 Central St. in Acton. The properties offer close proximity to the MBTA commuter rail stations in Wakefield and Acton, respectively. Colliers represented both the buyer, OBP Partners, and the seller, True North Capital Partners, in the transaction.

March 29, 2018

Acquisitions Connecticut Northeast Retail

HFF Brokers Sale of 382,864 SF Shopping Center in Connecticut

by David Cohen March 29, 2018

WATERBURY, CONN. — HFF has brokered the sale of Naugatuck Valley Shopping Center, a 382,864-square-foot, grocery-anchored shopping center in Waterbury. HFF represented the undisclosed seller and procured the buyers, Premium Property and BH Premium Quality Waterbury. The 50.5-acre shopping center at 950 Wolcott St. offers 2,155 parking spaces and is anchored by the region’s highest grossing Walmart. Other tenants include Panera Bread, Bob’s Stores and Wendy’s. The sale price was not disclosed.

March 29, 2018

DoubleTree-by-Hilton-Austin-Northwest-Arboretum

Acquisitions Hospitality Texas

HFF Negotiates Sale of 194-Room Hilton-Branded Hotel in Austin

by Taylor Williams March 29, 2018

AUSTIN, TEXAS — HFF has negotiated the sale of the 194-room DoubleTree by Hilton Hotel Austin Northwest Arboretum on Austin’s north side. The property is situated adjacent to two mixed-use developments, The Domain and The Arboretum, and features a 24-hour business center, outdoor pool and 6,600 square feet of meeting and event space. John Bourret, Austin Brooks and Daniel Peek of HFF represented the seller, Florida-based Driftwood Hospitality Management, in the transaction. San Diego-based Pinnacle Hotels USA purchased the property for an undisclosed price.

March 29, 2018

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