Acquisitions

Marcus & Millichap Negotiates $24.1M Sale of Tanara Villa Apartments in Tacoma, Washington

by Amy Works September 16, 2022

TACOMA, WASH. — Marcus & Millichap has arranged the sale of Tanara Village, a multifamily community in Tacoma. A private seller in a 1031 exchange sold the property to a limited liability company for $24.1 million, or $185,769 per unit. Built in 1969, Tanara Village features 130 apartments spread across five buildings. The community offers four laundry rooms, a recreation room, dog park and 113 parking stalls. The apartments are all one-bedroom/one-bath, 114 of which are 550 square feet and 16 are 600 square feet. Kellan Moll and Scott Morasch of Marcus & Millichap represented the seller and procured the buyer in the transaction.

September 16, 2022

Acquisitions Company News Top Stories

GIC, Oak Street Agree to Acquire STORE Capital in $14B Transaction

by Jeff Shaw September 16, 2022

SCOTTSDALE, ARIZ. — GIC, a global institutional investor based out of Singapore, and Oak Street, a Chicago-based division of global alternative asset manager Blue Owl Capital, have agreed to acquire STORE Capital Corp. (NYSE: STOR) in an all-cash transaction valued at approximately $14 billion. STORE is a Scottsdale-based net-lease real estate investment trust that invests in single-tenant operational real estate. As of June 30, the company’s portfolio consisted of investments in 3,012 property locations, including restaurants, early childhood education, metal fabrication, automotive repair and maintenance facilities and health clubs. Under the terms of the definitive merger agreement, STORE Capital stockholders will receive $32.25 per share in cash, a premium of 17.8 percent to the 90-day volume weighted average stock price through that date and 20.4 percent to its closing price on Wednesday, the day before the announcement. STORE will become private following the transaction. The transaction was unanimously approved by STORE Capital’s board of directors and is expected to close in the first quarter of 2023. The closing of the transaction is not subject to any financing conditions. “This opportunity is an endorsement, by two leading real estate investors with significant access to capital, of the strength of our platform, …

September 16, 2022

Acquisitions Industrial Texas

Colliers Negotiates 127,046 SF Industrial Lease in East Houston

by Taylor Williams September 15, 2022

HOUSTON — Colliers has negotiated a 127,046-square-foot, full-building industrial lease at 2425 Turning Basin Drive in East Houston. The property features 23-foot clear heights, 12 dock-high doors and 20,292 square feet of office space. John Nicholson, Zack Taylor and Trey Horne of Colliers represented the landlord, Macey Family Properties, in the lease negotiations. John Garza of Windsor Hill Real Estate Group represented the tenant, an entity doing business as LTR Intermediate Holdings Inc.

September 15, 2022

Acquisitions Arizona Office Western

Orsett Properties Sells 149,321 SF The Reserve at San Tan Office Property in Arizona for $53.1M

by Amy Works September 15, 2022

GILBERT, ARIZ. — Orsett Properties has completed the sale of The Reserve at San Tan, a trophy-quality office property in Gilbert. West Valley Properties acquired the asset for $53.1 million. Built in 2020 on 12.8 acres, The Reserve at San Tan features 149,321 square of office space spread across two three-story multi-tenant office buildings connected by a common area tenant amenity lounge. The building offers high-end spec suites with open ceilings, creative office finishes and abundant covered surface parking. Additional features include monument signage, building signage, tenant lounges, PRESS coffee on-site and conference facilities. CJ Osbrink, Scott Scharlach and Kevin Shannon of Newmark handled the transaction. Mike Garlick, also of Newmark, assisted in the sale and was retained by the buyer to lead leasing efforts at the property.

September 15, 2022

Acquisitions Colorado Office Western

North Beacon Capital Buys Cole Center Office Building in Golden, Colorado for $32.7M

by Amy Works September 15, 2022

GOLDEN, COLO. — North Beacon Capital has acquired Cole Center, a recently renovated office building at 1687-1707 Cole Blvd. in Golden, which is in the Denver West region. Bancroft Capital and Viking Partners sold the asset for $32.7 million. Renovated in 2021, the four-story Cole Center features 155,610 square feet of multi-tenant office space. On-site amenities include an outdoor plaza with covered seating, 201 subterranean parking spaces, a new fitness center with showers and lockers, and on-site bike storage. At the time of sale, the property was 88 percent leased with 75 percent of the tenants being investment grade. Larry Thiel and Jason Schmidt of JLL Capital Markets represented the seller in the transaction.

September 15, 2022

Acquisitions California Healthcare Office Western

CBRE Negotiates $19.5M Sale of Medical Office Building in San Jose

by Amy Works September 15, 2022

SAN JOSE, CALIF. — CBRE has arranged the sale of 625 Lincoln Avenue, a medical office building in San Jose. The Sobrato Organization sold the asset to El Camino Health, the current tenant, for $19.5 million. El Camino Health uses the 35,272-square-foot medical office building for urgent and primary care. Scott Prosser, Joe Moriarty, Jack DePuy, Mike Taquino, Kyle Kovac and Alec Haley of CBRE represented the seller in the deal.

September 15, 2022

Acquisitions Development Multifamily Northeast Pennsylvania

Chatham Bay Acquires Former Philadelphia Factory for $9.6M, Plans Multifamily Conversion

by Taylor Williams September 15, 2022

PHILADELPHIA — The Chatham Bay Group has acquired a former factory located at 2019-53 E. Boston St. in Philadelphia’s East Kensington neighborhood for $9.6 million. The Delaware-based investment firm plans to implement an adaptive reuse program that will convert the facility into a 178-unit apartment complex. Philadelphia-based architecture firm Designblendz is designing the project. Phil Sharrow and Craig Thom of Scope Commercial represented Chatham Bay and the seller, Viking Mill Associates LLC, in the transaction.

September 15, 2022

Acquisitions New Mexico Retail Western

Hawkins Cos. Divests of 51,892 SF Valencia Y Shopping Center in Los Lunas, New Mexico

by Amy Works September 15, 2022

LOS LUNAS, N.M. — Hawkins Cos. has completed the disposition of Valencia Y Shopping Center, a retail center located at 2150-2520 Main St. NE in Los Lunas. Arizona MSK LLC and Garvin Holdings LLC have acquired the asset for $7.5 million in an all-cash 1031 exchange. Valencia Y Shopping Center features 51,892 square feet of retail space. Current tenants include Smith’s Food and Drug, Ace Hardware, Pizza Hut, TitleMax Title Loans and Anytime Fitness. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark, along with Perry Kesler of Sotheby Realty, represented the seller and buyer in the deal.

September 15, 2022

Acquisitions Idaho Retail Western

Marcus & Millichap Brokers Sale of Dollar General-Occupied Property in Athol, Idaho

by Amy Works September 15, 2022

ATHOL, IDAHO — Marcus & Millichap has arranged the sale of a retail building located at 30601 N. Old Hwy 95 in Athol. A California-based private investor acquired the asset for an undisclosed price. Don McMinn of Marcus & Millichap represented the undisclosed seller in the deal. Dollar General occupies the 10,640-square-foot retail property, which was built in 2022, on a new 15-year triple-net lease. This location is the first Dollar General in the state of Idaho.

September 15, 2022

Acquisitions District of Columbia Hospitality Southeast

JLL Negotiates Sale of 373-Room Mandarin Oriental Hotel in D.C.

by John Nelson September 15, 2022

WASHINGTON, D.C. — JLL’s Hotels & Hospitality Group has negotiated the sale of Mandarin Oriental, Washington D.C., a luxury hotel in the city’s southwest district that spans nine stories and 373 rooms. The sales price was not disclosed. The buyer, London-based private equity real estate manager Henderson Park, has rebranded the hotel as Salamander Washington D.C. under the management of Middleburg, Va.-based Salamander Hotels & Resorts. Gilda Perez-Alvarado, Jeffrey Davis and Stephany Chen of JLL represented the seller, Mandarin Oriental Hotel Group International Ltd., in the transaction. Mark Fisher of JLL arranged an undisclosed amount of acquisition financing on behalf of Henderson Park. Built in 2004 and recently renovated, the hotel overlooks the Tidal Basin and the Washington Channel. Nearby attractions include the National Mall, Washington Monument, Martin Luther King Jr. Memorial, Thomas Jefferson Memorial and the Smithsonian National Museum of Natural History.

September 15, 2022

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