MIAMI — Cushman & Wakefield has negotiated the $7.7 million sale of Bank of America Center, a six-story, 68,174-square-foot office building in Miami. Bank of America Center is situated at 1313 N.W. 36th St. within an Opportunity Zone. The property was 88.8 percent leased at the time of sale to tenants including Bank of America and the Miami-Dade State Attorney’s office. Miguel Alcivar, Dominic Montazemi, Scott O’Donnell, Tony Jones and Frank Begrowicz of Cushman & Wakefield represented the seller, an investment group affiliated with Golden Sands. This is the third property the investment group has sold within the same Opportunity Zone since last year. Scott Sime of Sime Realty Corp. represented the buyer, New York City-based Edenderry Properties LLC. In March 2018, Edenderry Properties acquired Centennial Express Building, which is located directly east of Bank of America Center.
LOS ANGELES — PCCP has provided $268.4 million in financing for the acquisition of two newly built, 28-story apartment towers in downtown Los Angeles. Known as The Grace and The Griffin, the Class A properties offer a total of 575 units and were delivered in late 2018 by the seller, Holland Partners. The properties are located at 732 and 755 South Spring St. Totaling 275 units, The Griffin features a mix of six studios, 155 one-bedroom, 55 two-bedroom and 59 three-bedroom apartments and 9,726 square feet of ground-floor retail space. The Grace offers 300 units in a mix of 18 studios, 195 one-bedroom, 61 two-bedroom and 26 three-bedroom layouts, as well as 7,569 square feet of ground-floor retail space. The units feature open floor plans with integrated kitchens, quartz countertops, stainless steel hardware and appliances, in-unit washers/dryers, recessed light fixtures, vinyl plank flooring and 9.5-foot ceiling heights. Each building features a resort-style infinity pool and spa, observatory rooftop lounge, bar and entertainment lounge, dog wash and run, two-story fitness center and yoga studio, business center, package delivery lockers, dry cleaning drop-off, electric vehicle charging stations and a coffee bar. Currently nearly 50 percent leased, the undisclosed buyer plans to hold …
HENDERSON, NEV. — BKM Capital Partners has purchased Pacific Business Center, a light multi-tenant industrial property in Henderson, for $111.2 million. The 13-building asset is located at 1045-1175 American Pacific Drive, 160-194 Gallagher Crest Road and 1060-1110 Mary Crest Road and offers a total of 898,389 square feet of industrial space. Constructed between 1996 and 1998, Pacific Business Center has undergone more than $12.4 million in capital improvements since 2010. Renovations included high-quality HVAC and EVAP systems, LED lighting, upgraded office finishes and new exterior paint. The property features 24-foot to 28-foot clear heights, ESFR sprinkler systems and new thermoplastic polyolefin (TPO) roofs. At the time of sale, the property was 85 percent occupied by a diverse mix of tenants. BKM was self-represented, while CBRE represented the undisclosed seller in the deal.
PHOENIX — CapRock Partners, along with an institutional client advised by CenterSquare Investment Manager, has purchased Papago Distribution Center, a Class A industrial property located at 1010 N. 47th Ave. in Phoenix. A global asset manager sold the property for an undisclosed price. Updike Distribution Logistics, a third-party logistics company, fully occupies the 226,436-square-foot facility. The property features 5,000 square feet of office space, 30-foot clear heights, 60 dock-high doors and three drive-in ramps. Situated on 12 acres, the asset features a 130-foot truck court and heavy power capacity. Additionally, the property is rail-service capable with seven knock-out doors and nearly 200 parking spaces. Bo Mills and Mark Detmer of JLL represented the CapRock in the acquisition.
NOVATO, CALIF. — Sundt Construction Inc. has started construction of Avesta Residences at Hamilton Hill, a seniors housing community in the Bay Area city of Novato. The four-story building will sit on four acres and total 68,000 square feet. The community will offer 80 units of assisted living and memory care. The architect on the project is LPAS. The project is scheduled for completion by fall 2020.
PHOENIX — NAI Horizon has arranged the sale of an office building, located at 2944 N. 44th St. in Phoenix. Alva Pinchot LLC sold the asset to Curran Properties for $4.6 million. The property features 28,312 square feet of office space. Lane Neville and Logan Crum of NAI Horizon represented the seller in the deal.
LOS ANGELES — Appetite for seniors housing remains strong despite higher operating costs, with nearly two-thirds of investors planning to increase their buying over the next 12 months, according to the CBRE U.S. Seniors Housing & Care Investor Survey. CBRE is a global real estate services firm based in Los Angeles. The survey polled more than 100 seniors housing investors, developers, lenders and brokers throughout the United States. The results reflect pricing and sentiment at the end of 2018. The majority of investors (62 percent) aim to expand the size of their portfolios over the next year. More than one third (34 percent) are expecting no change to their level of acquisitions. The percentage of investors who plan to increase (or maintain) their level of investment in seniors housing is essentially unchanged from last year’s survey. “Senior housing demand should remain at relatively healthy levels through 2019, given expected steady economic growth and lower mortgage rates,” says Jeanette Rice, Americas head of multifamily research at CBRE. “Demographic trends are positive for the asset class, with the baby boomers nearing the traditional age for seniors housing and nearly 9,000 turning 70 every day this year.” Investors remain focused on “lifestyle” seniors housing, …
LONGVIEW, TEXAS — Saxony Capital Management has acquired Pine Knoll, a 310-unit multifamily community in Longview, located about 120 miles east of Dallas. Built in 1983, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, business center, a spa and onsite laundry facilities. Mark Brandenburg of JLL originated an undisclosed amount of fixed-rate acquisition financing through Freddie Mac for the deal. The seller was not disclosed.
DALLAS — Chicago-based Brennan Investment Group has sold 8820 Ambassador Row, an industrial property located near Love Field Airport and Interstate 35 in Dallas. According to LoopNet Inc., the property was built in 1966 on 5.9 acres and totals 129,061 square feet. The building serves as the corporate headquarters of Delivery Limited and houses all of its storage, logistics and administrative functions. The buyer was not disclosed.
KATY, TEXAS — Multi-specialty healthcare provider Kelsey-Seybold will open a 37,000-square-foot clinic at Grand Morton Town Center, a 91-acre development by NewQuest Properties in the western Houston suburb of Katy. The two-story clinic is slated to be complete in April 2020 and has the capacity for 17,000 square feet of future expansion.