Acquisitions

Rexford Acquires 48-Property Southern California Industrial Portfolio from Blackstone for $1B

by Jeff Shaw March 29, 2024

LOS ANGELES — Blackstone Real Estate has sold a portfolio of industrial properties in Southern California to Rexford Industrial Realty Inc. (NYSE: REXR) for a total of $1 billion. The portfolio comprises 48 properties and approximately 3 million square feet, for a sales price of $332 per square foot. At the time of the sale, the portfolio was 98 percent leased. Almost all of the properties are located within infill submarkets in Los Angeles and Orange counties. A list of the properties was not released. Rexford Industrial, headquartered in Los Angeles, financed the transaction using proceeds from its recent exchangeable senior note offerings and cash on hand. According to Michael Frankel and Howard Schwimmer, co-CEOs of Rexford Industrial, the REIT’s current acquisition pipeline also includes $300 million of investments under contract or accepted offer. “Infill Southern California is the nation’s highest-barrier and lowest supply industrial market,” said Frankel and Schwimmer via a press release. “These strategic investments in exceptionally well-located, high-quality assets represent a significant opportunity to drive accretive cash flow growth, increased operating margins and long-term value creation.” Rexford is already a major industrial investor, with its entire 422-property, 49.1 million-square-foot portfolio located in Southern California. The company’s stock price closed at $50.30 per share …

March 29, 2024

Acquisitions Industrial Texas

EQT Exeter Acquires New Industrial Building Leased to CAF Energy in Georgetown, Texas for $60.9M

by Taylor Williams March 28, 2024

GEORGETOWN, TEXAS — Philadelphia-based investment firm EQT Exeter has acquired a 449,642-square-foot industrial building in the northern Austin suburb of Georgetown that is fully leased on a long-term basis to solar panel manufacturer CAF Energy. The sales price was $60.9 million. Located at 110 SE Inner Loop Road, the building was completed in 2023 and features 106 loading doors, 36-foot clear heights and parking for 123 trailers and more than 500 cars. At full operation, CAF Energy expects to employ more than 240 people at the facility.

March 28, 2024

Acquisitions Office Texas

Shorenstein Properties Sells 248,000 SF Office Building in Austin’s Mueller District

by Taylor Williams March 28, 2024

AUSTIN, TEXAS — Shorenstein Properties, an investment firm with offices in San Francisco and New York City, has sold a 248,000-square-foot office building in Austin’s Mueller district. The Teacher Retirement System of Texas (TRS) purchased the six-story complex, which is known as The Bravo Building, with plans to relocate its headquarters to the facility. The sale included an 845-space parking garage. TRS sold its former headquarters building at 1000 Red River St. in downtown Austin in fall 2022.

March 28, 2024

Acquisitions Office Texas

Bradford Cos. Buys Bent Tree Green Office Building in North Dallas, Plans $9.6M Renovation

by Taylor Williams March 28, 2024

DALLAS — Bradford Cos. has purchased Bent Tree Green, a 139,069-square-foot office building in North Dallas, with plans to invest about $9.6 million in capital improvements. Bent Tree Green is a three-story building that overlooks the 190-acre country club of the same name. Bradford plans to add a fitness center, outdoor tenant lounge, putting green and speculative suites to the property. JLL represented the seller, Silver Star Properties REIT, in the transaction.

March 28, 2024

Acquisitions Life Sciences Massachusetts Northeast

Boston Properties Completes Sale of 45 Percent Interest in Cambridge Life Sciences Development

by Taylor Williams March 28, 2024

CAMBRIDGE, MASS. — Boston Properties (NYSE: BXP) has completed the previously announced sale of its 45 percent interest in a 577,000-square-foot life sciences development in Cambridge. The buyer was Norges Bank Investment Management. Construction is underway on the 16-story building, which is located at 290 Binney St. in the Kendall Square neighborhood and is fully preleased to AstraZeneca. Delivery is slated for spring 2026.

March 28, 2024

Acquisitions Midwest Ohio Retail

SRS Real Estate Partners Brokers $11.9M Sale of Shopping Center in Toledo, Ohio

by Kristin Harlow March 28, 2024

TOLEDO, OHIO — SRS Real Estate Partners has brokered the $11.9 million sale of Airport Square, a 187,252-square-foot shopping center located on Airport Highway in Toledo. Situated on approximately 23 acres, the property is 99 percent occupied by tenants such as Urban Air Adventure Park, Discount Fashion Warehouse, American Freight and DaVita Healthcare. Urban Air recently signed a 10-year lease at the center. Jack Cornell, Matthew Mousavi and Patrick Luther of SRS, along with Mac Lehrer of Hoty Enterprises, represented the seller, Oklahoma City-based Frayer Properties. SRS also represented the buyer, a private investor based in Las Vegas. Matt Shane of SF Capital Group procured the debt.

March 28, 2024

Acquisitions Illinois Midwest Multifamily

Kiser Group Negotiates $7.2M Condo Deconversion Sale in Chicago’s Lakeview Neighborhood

by Kristin Harlow March 28, 2024

CHICAGO — Kiser Group has negotiated a $7.2 million condo deconversion sale in Chicago’s Lakeview neighborhood. Originally listed for sale in 2021 by the condominium association’s property manager, the 41-unit property went in and out of contract for two years. Andy Friedman and Jake Parker of Kiser represented the buyer, Langdon Partners, which plans to fully renovate the building. “Condominium buildings with a high percentage of investor-owned units, such as 505 Melrose, reach a point where owners are no longer able to properly maintain a building and a deconversion sale is an excellent solution,” says Friedman. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The threshold is 85 percent for the City of Chicago. Sellers then have the option to either move out of their units or lease them back from the new owner.

March 28, 2024

Acquisitions Arizona Multifamily Student Housing Western

CBRE Brokers Sale of 484-Bed Student Housing Community Near University of Arizona

by Amy Works March 28, 2024

TUCSON, ARIZ. — CBRE has brokered the sale of The Parker, a 484-bed student housing community located across the street from the University of Arizona’s Fox School of Music in Tucson. Jaclyn Fitts, William Vonderfecht, Casey Schaefer and Jeff Casper of CBRE represented the seller, a partnership between The Dinerstein Cos. and Harrison Street, in the transaction. The buyer was Inland Prime Capital of Oak Brook. Mark Cosenza and Brett Smith of Inland Real Estate Acquisitions internally represented the company. Although the price was not disclosed, Yield Pro reports the property sold for $132.5 million. The community is LEED Silver certified and offers fully furnished units in one- through six-bedroom configurations, with most units offering bed-to-bath parity. Shared amenities include study spaces, a social lounge, fitness center, community kitchen, turfed courtyard with seating, fire pit, corn hole boards and rooftop swimming pool. The property also features retail space, which Chase Bank occupies.

March 28, 2024

Acquisitions California Office Western

Voit Negotiates $17M Sale of Office Building in San Diego’s Kearny Mesa

by Amy Works March 28, 2024

SAN DIEGO — Voit Real Estate Services has arranged the sale of a two-story office building in San Diego’s Kearny Mesa submarket. The asset traded for $17 million, or $315 per square foot. Located at 9573 and 9577 Chesapeake Drive, the building features 54,000 square feet of office space. At the time of sale, the property was fully leased. Randy LaChance and Brandon Keith of Voit’s San Diego office represented the undisclosed buyer and undisclosed seller in the deal.

March 28, 2024

Acquisitions Arizona Loans Retail Western

Freedom Financial Arranges $10.6M Acquisition Loan for Northpoint Shopping Center in Mesa, Arizona

by Jeff Shaw March 28, 2024

MESA, ARIZ. — Freedom Financial Funds has arranged $10.6 million in financing for the acquisition of Northpoint Shopping Center in Mesa, a suburb east of Phoenix. Built in 1987, the property spans 159,913 square feet. Tenants include Basha’s, Ace Hardware, 360 Community Thrift Store and Karen’s Hallmark. Surrounding retailers include Shell, Taco Bell and McDonalds. Details on the buyer and seller were not disclosed.

March 28, 2024

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