Property Type

Shelter Holdings Sells 298-Unit Issaquah Terrace Apartments Near Seattle for $125M

by Amy Works November 1, 2019

ISSAQUAH, WASH. — Shelter Holdings has completed the disposition of Issaquah Terrace, a garden-style apartment community located at 906 NE Lilac St. in Issaquah, about 17 miles east of Seattle. An undisclosed buyer acquired the property for $125 million. Located on the Issaquah plateau minutes from Lake Sammamish, Issaquah Terrace features 298 units in a mix of apartments and townhomes. Community amenities include onsite fitness center, swimming pool and barbecue facilities. Shelter Holdings developed the property in 2015. Dave Schumacher, Tim McKay, Dan Chhan and Sam Wayne of Colliers International handled the off-market transaction.

November 1, 2019

Acquisitions California Office Western

Kennedy Wilson Buys Hamilton Landing Office Campus in North Bay Area for $115M

by Amy Works November 1, 2019

NOVATO, CALIF. — Kennedy Wilson has acquired Hamilton Landing, a wholly owned office campus situated on 20 acres in Novato, a North Bay Area town in Marin County. An undisclosed seller sold the asset for $115 million. For the acquisition, Kennedy Wilson invested $55 million of equity and assumed a $60 million, interest-only loan at a fixed interest rate of 4.34 percent that matures in 2025. Built in the 1930s as an Air Force Base, Hamilton Landing was decommissioned in the 1970s and converted into Class A creative office space in phases between 2000 and 2008. The seven-building campus offers a total of 406,000 square feet of office space. Kennedy Wilson purchased the office campus through a 1031 exchange with proceeds generated from the recent sale of two multifamily properties.

November 1, 2019

Development Industrial Kentucky Southeast

HVAC Manufacturer to Invest $50M in New Louisville Plant, Add 400 Jobs

by Alex Tostado November 1, 2019

LOUISVILLE, KY. — Kentuckiana Curb Co. Inc., which makes HVAC products and does business as KCC Manufacturing, plans to develop a 300,000-square-foot, $50 million facility in Louisville that will house corporate offices and manufacturing space. KCC acquired 20 undeveloped acres at 2706 Blankenbaker Road for the project, which is 14 miles east of downtown Louisville. The Kentucky Economic Development Finance Authority (KEDFA) will provide KCC with $6.5 million of tax incentives if the company adds 400 jobs over the next 10 years and pays an average hourly wage of $29 across those jobs, including benefits. Production at the new facility will include the design and manufacturing of HVAC equipment and sheet metal products. KCC currently houses 512 employees at its existing Louisville facility, which is located at 2716 Grassland Drive, two miles from the planned property. A timeline for construction was not disclosed.

November 1, 2019

Acquisitions Georgia Retail Southeast

JLL Negotiates Sale of 335,190 SF Cobb Place Shopping Center in Metro Atlanta

by Alex Tostado November 1, 2019

KENNESAW, GA. — JLL has negotiated the sale of Cobb Place, a 335,190-square-foot retail center in Kennesaw. The property was 95 percent leased at the time of sale to tenants including Bassett Furniture, American Signature Furniture, Ashley Furniture, Bed Bath & Beyond, Cost Plus World Market, Hobbytown USA, DSW, Jersey Mike’s and Play It Again Sports. Cobb Place is situated on 31 acres at 840 Ernest W. Barrett Parkway, 24 miles northwest of downtown Atlanta. Jim Hamilton and Brad Buchanan of JLL represented the seller, a partnership between DRA Advisors LLC and RCG Ventures LLC, in the transaction. A fund sponsored by Wicker Park Capital Management purchased the asset. Additionally, Chip Sykes of JLL arranged acquisition financing on behalf of the buyer. Goldman Sachs provided the seven-year, fixed-rate loan.

November 1, 2019

Acquisitions Georgia Industrial Southeast

Plymouth Industrial REIT Acquires Multi-Tenant Building Near Atlanta for $19.4M

by Alex Tostado November 1, 2019

PEACHTREE CITY, GA. — Plymouth Industrial REIT has acquired a 295,693-square-foot industrial building in Peachtree City for $19.4 million. The property was fully leased at the time of sale to 15 tenants including Metal Tech-USA, a specialty fabricator and distributor of architectural systems and high-end metals; Gerresheimer, a specialty glass and products manufacturer to the pharmaceutical and healthcare industries; and M-OK Freight Corp., a freight services company specializing in warehousing and distribution services. The asset is located at 611 Ga. Highway 74 S., in the Fayette/Coweta Industrial submarket, 26 miles south of Hartsfield-Jackson Atlanta International Airport. The seller was not disclosed.

November 1, 2019

Acquisitions North Carolina Office Southeast

Cushman & Wakefield Arranges $17.9M Sale of Carolina Corporate Centre in Raleigh

by Alex Tostado November 1, 2019

RALEIGH, N.C. — Cushman & Wakefield has arranged the $17.9 million sale of Carolina Corporate Centre, a 91,709-square-foot office building in Raleigh. The property was 98 percent leased at the time of sale to tenants including law firms, insurance providers, mortgage lenders and tech companies. The seller, The Simpson Organization, acquired the asset in 2016 when it was 80 percent leased and during its ownership upgraded the onsite amenities and common areas. The property is located at 5400 Glenwood Ave., seven miles northwest of downtown Raleigh. David Finger, Sara Owen and Samir Idris of Cushman & Wakefield represented Simpson in the transaction. Saltmeadow LLC and The Runnymede Corp. acquired the property.

November 1, 2019

Acquisitions Colorado Office Western

Investcorp, Schnitzer West Dispose of Two Adjacent Office Towers in Denver for $77.5M

by Amy Works November 1, 2019

DENVER — Investcorp International Inc. and Schnitzer West LLC have completed the disposition of Centerpoint Office Center I and II, two office towers in Denver situated on 3.6 acres at the intersection of Colorado Boulevard and Interstate 25. TerraCap Management LLC acquired the assets for a combined $77.5 million. The 14-story Centerpoint I offers 168,486 square feet of office space, and the 16-story Centerpoint II features 205,534 square feet of office space. The sellers originally purchased the adjacent Class A towers in 2016. Jenny Knowlton, Tim Richey, Mike Winn, Charley Will and Chad Flynn of CBRE brokered the transaction. Bank of America provided debt financing for TerraCap.

November 1, 2019

Acquisitions California Loans Multifamily Seniors Housing Western

Greystone Provides $44M in Freddie Mac Financing for Seniors Housing Acquisition Near San Francisco

by Amy Works November 1, 2019

DALY CITY, CALIF. — Greystone has provided a $44 million loan for the acquisition of a 207-unit seniors housing property in Daly City, just south of San Francisco. Cary Tremper of Greystone originated the Freddie Mac loan. Senior Resource Group and its partners acquired the asset, formerly known as Monarch Village, now named Peninsula Del Rey. The four-story property was built between 2008 and 2011 and offers independent living and assisted living residences. Senior Resource Group has operated the community since 2012. The company develops, owns and/or manages 32 seniors housing communities in Arizona, California, Florida, Georgia, Oregon and Washington comprising 5,852 units. The seller was not disclosed.

November 1, 2019

Acquisitions California Retail Western

Pacific Coast Commercial Negotiates $2.5M Acquisition of Retail Building in Poway, California

by Amy Works November 1, 2019

POWAY, CALIF. — Pacific Coast Commercial has arranged the purchase of a retail property located at 12947 Poway Road in Poway. FRH Realty acquired the building for $2.5 million. Big O Tires occupies the 3,510-square-foot retail building, which is situated on 0.7 acres. Dave Dilday of Pacific Coast Commercial represented the buyer, while the seller was self-represented in the deal.

November 1, 2019

Loans Massachusetts Multifamily Northeast Seniors Housing Walker & Dunlop

Walker & Dunlop Provides $28M Acquisition Loan for Seniors Housing Campus on Cape Cod

by Alex Patton November 1, 2019

BREWSTER, MASS. — Walker & Dunlop has provided a $28.3 million bridge loan for the acquisition of Pleasant Bay, a 25-acre seniors housing campus in the Cape Cod town of Brewster. The campus comprises The Woodlands at Pleasant Bay, a 59-unit assisted living community, as well as the 134-bed Pleasant Bay Nursing and Rehabilitation Center. Point Group Care operates the community. The specific borrower was not disclosed. The financing will cover approximately 90 percent of the acquisition costs, and the borrower plans to conduct renovations at the property. Featuring flexible prepayment options, the two-year loan includes interest-only payments for the entire life of the loan.. Joshua Rosen structured the debt using Walker & Dunlop’s bridge lending program, which utilizes the company’s own balance sheet to offer short-term, nonrecourse loans for properties that are being acquired or repositioned as part of a new business strategy.

November 1, 2019

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