Property Type

Allianz Real Estate Buys Stake in 221 Main Street Office Building in San Francisco for $180M

by Amy Works October 12, 2020

SAN FRANCISCO — Columbia Property Trust and Allianz Real Estate have completed the formation of a joint venture to recapitalize 221 Main Street, a LEED Platinum- and Energy Star-certified office building in San Francisco’s South Financial District. Allianz contributed $180 million in cash for a 45 percent ownership in the joint venture, which values 221 Main Street at $400 million. Columbia will retain a 55 percent ownership stake in the property, function as general partner for the venture and continue to oversee day-to-day operations of the asset. Acquired by Columbia in 2014, 221 Main Street features 381,000 square feet of office space, Bay views and abundant outdoor space. The property is fully leased, primarily to tech tenants such as DocuSign and Prosper Marketplace. With this transaction, Columbia and Allianz now own five properties as joint venture partners. The joint venture portfolio has a collective gross asset value of $2.3 billion.

October 12, 2020

Development Industrial Texas

Crow Holdings Acquires Land for 568,084 SF Industrial Development in Metro Houston

by Taylor Williams October 12, 2020

STAFFORD, TEXAS — Crow Holdings Industrial has acquired 34.3 acres in the southwestern Houston suburb of Stafford for the development of a 568,084-square-foot industrial project. The three-building development will be located at 13223 Murphy Road at the site of the former Weatherford family farm. Crow Holdings expects to deliver the property in fall 2021. Barkley Peschel and Jason Scholtz of Colliers International represented the undisclosed seller of the land and will handle leasing of the property along with Walter Menuet of Colliers. Cory Driskill and Travis Covington represented Crow Holdings on an internal basis.

October 12, 2020

Acquisitions Multifamily Utah Western

Buchanan Street Partners Sells 160-Unit Ascent in Cottonwood Apartments Near Salt Lake City

by Amy Works October 12, 2020

COTTONWOOD HEIGHTS, UTAH — Buchanan Street Partners has completed the sale of Ascent in Cottonwood, a multifamily property located at 1151 E. 6720 S in Cottonwood Heights. Warmington Properties acquired the community for an undisclosed price. Built in 1996, the property features 160 apartments, a swimming pool with poolside pergola, outside television, bocce ball court and dog park. Danny Shin, Brock Zylstra, Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction.

October 12, 2020

Loans Multifamily Texas

Berkadia Provides HUD Loan for Refinancing of 230-Unit Multifamily Asset in Austin

by Taylor Williams October 12, 2020

AUSTIN, TEXAS — Berkadia has provided a HUD loan of an undisclosed amount for the refinancing of Altair Tech Ridge, a 230-unit apartment community in Austin. Built in 2019, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, resident clubhouse and an outdoor dining area. Chad Bedwell and Eli Gershenson of Berkadia originated the loan, which was structured with a fixed interest rate and a 35-year amortization schedule, on behalf of the borrower, Dallas-based Galaxy Tech Ridge LLC.

October 12, 2020

Data Centers Development Industrial Oregon Western

Stack Infrastructure Breaks Ground on 28-Acre Data Center Campus in Hillsboro, Oregon

by Amy Works October 12, 2020

HILLSBORO, ORE. — Denver-based Stack Infrastructure has broken ground on POR03, its newest data center campus in Hillsboro. Located at 4735 NE Starr Blvd., the 28-acre campus will feature a 180,000-square-foot facility offering 24 megawatts (MW), slated for delivery in third-quarter 2021. The new data center is located less than a quarter mile from a new 34.5 kilovolt (kV) substation, with power supplied by Portland General Electric. It is located on the Wave Business Hillsboro Data Center Ring, which offers high-count fiber connectivity and transpacific subsea cable access. The planned four-building campus will offer a total capacity of 84 MW at complete build out. Stack currently operates to other data center facilities in the Hillsboro region with a total of 28.8 MW that includes 3 MW of immediately available capacity, along with a neighboring build-to-suit campus with 12 MW of potential capacity. At full build out, Stack’s capacity in Hillsboro will total more than 125 MW.

October 12, 2020

Leasing Activity Office Texas

Cushman & Wakefield Negotiates 104,841 Office Sublease at Legacy Union One in Plano

by Taylor Williams October 12, 2020

PLANO, TEXAS — Cushman & Wakefield has negotiated a 104,841-square-foot office lease at Legacy Union One, a 318,852-square-foot building in Plano. The tenant, energy exploration firm Denbury Inc., has subleased three floors from Prosperity Bank and one floor from Aimbridge Hospitality to house its new headquarters. About 300 Denbury employees will work in the new office space, which offers direct access to the Shops at Legacy and the Legacy West corporate campuses. Mike Wyatt, Travis Boothe and Maureen Kelly Cooper of Cushman & Wakefield represented Denbury in the lease negotiations.

October 12, 2020

Acquisitions Colorado Net Lease Retail Western

Taylor Street Brokers $7.8M Acquisition of Animal Clinic in Parker, Colorado

by Amy Works October 12, 2020

PARKER, COLO. — Taylor Street Advisors has arranged the purchase of Animal Emergency & Specialty Center, located at 17701 Cottonwood Drive in Parker. Woodridge Apartment Holdings acquired the single-tenant property from Veterinary Property Management for $7.8 million. Compassion-First Pet Hospitals occupies the 19,338-square-foot building with more than 10 years remaining on its triple-net lease. The building sits on a 69,696-square-foot lot. Jake Baratz and Boston Chauthani of Taylor Street Advisors represented the buyer, while Andrew Evans of Mathews Real Estate Investment Services represented the seller in the deal.

October 12, 2020

Acquisitions California Industrial Western

Dovetail Furniture Acquires Industrial Warehouse Property in Los Angeles for $7.2M

by Amy Works October 12, 2020

LOS ANGELES — Dovetail Furniture & Designs has purchased a warehouse asset located at 14150 S. Figueroa St. in Los Angeles. AJ Wholesale sold the asset for $7.2 million. With its corporate headquarters located next door at 14000 S. Figueroa St., Dovetail plans to use the 41,723-square-foot building for warehouse and distribution space. The company sells handmade furniture, accessories and textiles from around the world. Matthew Stringfellow, Courtney Bell and Tyler Rollema of The Klabin Company/CORFAC International represented the buyer, while the seller was self-represented in the transaction.

October 12, 2020

Acquisitions Multifamily Texas

Barvin Sells 137-Unit Oak Lawn Heights Apartments in Dallas

by Taylor Williams October 12, 2020

DALLAS — Barvin, a privately held investment firm based in Houston, has sold Oak Lawn Apartments, a 137-unit multifamily community in the Oak Lawn neighborhood of Dallas. The property was built in 1970 and offers one- and two-bedroom units and amenities such as a pool, clubhouse and onsite laundry facilities. Barvin acquired the property in 2011 and implemented a value-add program. The buyer was not disclosed.

October 12, 2020

Acquisitions Multifamily Seniors Housing Texas

Blueprint Brokers Sale of Three-Property Seniors Housing Portfolio in East Texas

by Taylor Williams October 12, 2020

CHICAGO — Blueprint Healthcare Real Estate Advisors has arranged the portfolio sale of three assisted living communities totaling 132 units in East Texas. Two of the communities were vacant at the time of sale. The other was operational and 90 percent occupied. Dallas-based owner-operator WindRiver Cos. acquired the properties. The seller and price were not disclosed.

October 12, 2020

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