Property Type

Passco Acquires Multifamily Community Near Jacksonville for $54.9M

by Alex Tostado March 19, 2020

PONTE VEDRA, FLA. — Passco Cos. has acquired The Reserve at Nocatee, a 244-unit multifamily community in Ponte Vedra, for $54.9 million. The property, which was built in 2018, offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, pool with cabanas and a dog park. The community is situated on 20 acres at 215 Hunters Lake Way, 25 miles south of downtown Jacksonville. Brian Moulder and Dhaval Patel of Walker & Dunlop brokered the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group originated the acquisition loan on behalf of the buyer. The seller was not disclosed.

March 19, 2020

Acquisitions Industrial Southeast Tennessee

EverWest Purchases Industrial Building in Nashville for $12M

by Alex Tostado March 19, 2020

NASHVILLE, TENN. — EverWest Real Estate Investors has purchased a 169,855-square-foot industrial building in Nashville for $12 million. The property is situated at 640 Massman Drive, five miles from Nashville International Airport and six miles from downtown Nashville. The building was completed in 2000 and offers 20- to 32-foot clear heights, vehicle parking and a separate parcel for trailer storage. EverWest plans to upgrade the property, including new dock doors, energy-efficient LED lighting, exterior paint and transformation of approximately 5,000 square feet of office space into fully modernized interiors. It will also upgrade the parking and truck court areas with new asphalt. EverWest plans to begin upgrades in the second quarter with an expected completion in the third quarter of this year. Todd Prevost of Avison Young represented the buyer in the deal. An undisclosed private seller sold the asset in an off-market transaction.

March 19, 2020

Acquisitions Georgia Industrial Southeast

JLL Arranges Sale of 120,800 SF Industrial Property in Atlanta

by Alex Tostado March 19, 2020

ATLANTA — JLL has arranged the sale of Piedmont Warehouses, a two-building, 120,800-square-foot industrial property in Atlanta. The property is situated on 5.6 acres at 2091-2241 Faulkner Road, seven miles north of downtown Atlanta, less than a mile from Interstate 85 and Ga. Highway 400, and three miles from I-75. The buildings were renovated in 2018 and feature 34 dock-high doors, 16-foot clear heights, office space and numerous suites with air-conditioned warehouse space. JLL represented the seller, a partnership between Weaver Capital Partners and The Seng Co., in the transaction. Further details of the sale were not disclosed.

March 19, 2020

Georgia Leasing Activity Office Southeast

Facebook Signs 35,900 SF Office Lease in Atlanta’s Atlantic Station

by Alex Tostado March 19, 2020

ATLANTA — Facebook Inc. has signed a 35,900-square-foot office lease within Hines’ T3 West Midtown in Atlanta’s Atlantic Station. The social media company will occupy an entire floor, bringing the seven-story office building to 65 percent occupancy. The 203,000-square-foot building features ground-level social workspace, a fitness center, outdoor terraces on each floor, rooftop terrace and an adjacent pocket park. Hines and Invesco Real Estate developed T3 West Midtown in 2017-18. The building sits within Atlantic Station, a 138-acre mixed-use development in Atlanta’s West Midtown neighborhood.

March 19, 2020

Acquisitions Company News Retail Washington Western

Costco Wholesale Acquires Innovel Solutions for $1B to Expand Last-Mile Capacity

by Amy Works March 19, 2020

ISSAQUAH, WASH. — Issaquah-based Costco Wholesale Corp. has acquired Innovel Solutions, a provider of third-party logistics solutions with nationwide capabilities, for $1 billion. Innovel was a subsidiary of Transform Holdco, which operates Sears and Kmart stores. The acquisition was funded with the company’s existing cash balances. Innovel provides last-mile delivery, complete installation and white glove capabilities for large and/or bulky products. Its network offers coverage to nearly 95 percent of the United States and Puerto Rico. Products served through Innovel include major appliances, furniture, mattresses, televisions, grills, patios, fitness equipment and wine cellars. Innovel employs over 1,500 people and operates 11 distribution and fulfillment center, as well as more than 100 final-mile, cross-dock centers with over 15 million square feet of warehouse space. The company also operates dedicated call centers. Costco has been a customer of Innovel since 2015, and under Costco’s ownership Innovel will continue to serve Sears and other existing third-party customers. “We have a great relationship with Innovel and share a philosophy of taking care of our members,” says Craig Jelinek, Costco’s CEO, “We believe the acquisition will allow us to grow our e-commerce sales of ‘big and bulky’ items at a faster rate.” Costco currently operates …

March 19, 2020

Acquisitions Colorado Office Western

TerraCap Acquires Cherry Creek Office Plaza in Glendale for $54M

by Amy Works March 19, 2020

GLENDALE, COLO. — Estero, Fla.-based TerraCap Management has purchased Cherry Creek Plaza, an office complex located in Glendale’s Cherry Creek submarket, for $54 million. Cherry Creek Plaza comprises two 13-story buildings offering a total of 335,000 square feet of Class A office space. On-site amenities include a newly renovated lobby, fitness center and conference room. Additionally, the property is adjacent to Glendale 180, a proposed $175 million mixed-used development. Occupancy at Cherry Creek Plaza will drop to 73 percent in the coming months with the exit of a full-floor tenant, allowing the buyer to offer suites ranging in size from 1,000 square feet to in excess of 19,000 square feet. Tim Richey, Mike Winn and Chad Flynn of CBRE-Denver represented the undisclosed seller in the deal. Chicago-based NXT Capital provided debt financing for TerraCap, with assistance from both CBRE Denver and Atlanta debt teams. TerraCap has retained Lincoln Property Co. to handle leasing and Corum Real Estate Group as property manager.

March 19, 2020

Acquisitions California Office Western

Dornin Investment Group Sells 63,760 SF Office Building in Riverside, California

by Amy Works March 19, 2020

RIVERSIDE, CALIF. — Orange County, Calif.-based Dornin Investment Group has completed the disposition of an office building located at 2300 Market St. in Riverside. A Los Angeles-based private investor acquired the property for an undisclosed price. Originally constructed in 2006, the three-story, 63,760-square-foot office building was fully occupied at the time of sale. The County of Riverside occupies 89 percent of the rentable area and recently signed a five-year lease extension that expanded its footprint at the property. Anthony DeLorenzo, Gary Stache, Doug Mack, Bryan Johnson, Will Cole and Sammy Cemo of CBRE represented the seller in the transaction.

March 19, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

SLIB Arranges Sale of 143-Bed Skilled Nursing Facility in Yuma, Arizona

by Amy Works March 19, 2020

YUMA, ARIZ. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Kissito Healthcare Palm View, a skilled nursing facility in Yuma. Originally built in 1964, with renovations in 2011 and 2018, Palm View consists of 77 units and is licensed for 143 beds. The community totals 44,000 square feet on 2.9 acres. Occupancy at the time of the sale was 59 percent. The seller is a national REIT looking to divest this asset due to it being a geographic outlier for its portfolio. The buyer is a regional operator. The price was not disclosed. Jeff Binder, Jason Punzel and Brad Goodsell of SLIB handled the transaction.

March 19, 2020

Acquisitions California Industrial Lee & Associates Self-Storage Western

San Diego Rescue Mission Divests of 38,610 SF Industrial Property in San Diego

by Amy Works March 19, 2020

SAN DIEGO — San Diego Rescue Mission has completed the sale of an industrial facility located at 5150 University Ave. in San Diego. University Storage acquired the asset for $7.7 million. The 2.2-acre lot features a 38,610-square-foot industrial building. The buyer plans to redevelop the property into a self-storage facility. George Hicker and Michael McFarland of Cardinal Industrial, along with Matt Weaver and Al Apuzzo of Lee & Associates – North County San Diego, represented the seller and buyer in the deal.

March 19, 2020

Kansas Midwest Retail

AMC Theatres to Close All U.S. Locations for Six to 12 Weeks

by Kristin Harlow March 19, 2020

LEAWOOD, KAN. — AMC Theatres (NYSE: AMC) has closed all 630 AMC locations in the United States for at least six to 12 weeks, in compliance with local, state and federal directives, and as a precaution to help ensure the health and safety of moviegoers and theater staff amid the coronavirus pandemic. The company says it will continue to monitor the situation closely and remain flexible on reopening in accordance with the Centers for Disease Control and Prevention recommendations and governmental directives. More than a dozen states and major markets have mandated that movie theaters, bars and restaurants close as a result of the COVID-19 outbreak. The federal government has recommended that no public gatherings take place that are larger than 10 people. AMC customers are encouraged to utilize AMC Theatres on Demand, which enables them to rent or buy movies from a selection of more than 3,500 titles. Kansas-based AMC maintains approximately 1,000 theaters and 11,000 screens worldwide.

March 19, 2020

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