Property Type

Griffin Capital Acquires 1 MSF Distribution Center in Savannah for $56.5M

by Camren Skelton May 9, 2018

SAVANNAH, GA. — Griffin Capital Essential Asset REIT Inc., an entity co-sponsored by Griffin Capital Co. LLC, has acquired Shaw Distribution Center – Northport Building C in Savannah for $56.5 million. The more than 1 million-square-foot facility is fully leased to Shaw Industries Inc., one of the largest flooring manufacturers in the country and a wholly owned subsidiary of Berkshire Hathaway Inc. The build-to-suit property was completed in March. Shaw Distribution Center is located less than seven miles from the Port of Savannah.

May 9, 2018

Development Multifamily South Carolina Southeast

Pollack Shores to Develop 231-Unit Multifamily Community in Charleston

by Camren Skelton May 9, 2018

CHARLESTON, S.C. — Pollack Shores Real Estate Group has unveiled plans to develop a 231-unit apartment community at 107 Brigade St. in Charleston’s North Morrison (NoMo) neighborhood. The property, which sits on a former steel yard, will include a mix of studio, one- and two-bedroom floor plans. Units will feature nine-foot ceilings, granite countertops, stainless steel appliances, vinyl plank wood flooring and patio French doors that open to private balconies. Community amenities will include a pool with outdoor grilling stations, fitness center, yoga studio and electric vehicle charging stations. Matrix Residential, a subsidiary of Pollack Shores, will manage the property upon completion in July 2019.

May 9, 2018

Florida Loans Multifamily Southeast

Love Funding Arranges $40.6M HUD Loan for New Apartment Community in Southwest Florida

by Camren Skelton May 9, 2018

FORT MYERS, FLA. — Love Funding has arranged a $40.6 million loan for the construction and permanent financing of Grand Central Apartments, a 280-unit multifamily community in Fort Myers. Tammy Tate of Love Funding arranged the loan through the U.S. Department of Housing and Urban Development (HUD)’s 221 (d)(4) program on behalf of the developer, Tampa-based Aileron Investment Management. The loan provides non-recourse financing for the construction of the property, followed by a 40-year permanent loan. The community will feature one- and two-bedroom apartment units housed within two four-story and two three-story buildings. Aileron Investment Management is aiming for Grand Central Apartments to earn Bronze Level Green/Energy Efficient mortgage insurance premiums (MIP) through the National Green Building Standard Program. MHK Architecture & Planning is the architect for the project, and Brooks & Freund is the general contractor. ZRS Management LLC will manage the community upon completion. Aileron Investment Management expects to start leasing the first building in 12 months.

May 9, 2018

Acquisitions Office Southeast Tennessee

Viking Partners Buys 100,340 SF Office Building in Knoxville

by Camren Skelton May 9, 2018

KNOXVILLE, TENN. — Cincinnati-based Viking Partners III LLC has acquired Parkside Plaza, a 100,340-square-foot office building in Knoxville. The name of the seller and sales price were not disclosed. The building is located within Turkey Creek, a mixed-use development featuring retail, office and entertainment space. Constructed in 2007, the five-story Parkside Plaza features a three-story entry atrium and ample surface parking. Deborah Petrolina of IMS and Matt Fentress of NAI Koella | RM Moore are handling the building’s leasing assignment.

May 9, 2018

Acquisitions California Healthcare Western

Easterly Government Properties to Purchase 90,085 SF VA Outpatient Clinic in San Jose

by Amy Works May 9, 2018

SAN JOSE, CALIF. — Easterly Government Properties has agreed to acquire a Department of Veterans Affairs (VA) Outpatient Clinic known as VA – San Jose. Completed in first-quarter 2018, VA – San Jose is part of the VA Palo Alto Health Care System and leased to the VA for an initial, non-cancellable lease term of 20 years through February 2038. The three-story, 90,085-square-foot facility consists of medical clinic and administrative space, offering primary care, mental healthcare, women’s health, audiology, speech pathology, podiatry, optometry and dermatology services. The name of the seller and acquisition price were not disclosed.

May 9, 2018

Acquisitions Multifamily Oregon Seniors Housing Western

1031 Crowdfunding Acquires Memory Care Facility in Oregon for $14M

by Amy Works May 9, 2018

HILLSBORO, ORE. — 1031 Crowdfunding, through a joint venture with Seasons Management LLC, has acquired Rosewood Specialty Care, a 48-bed memory care facility in Hillsboro, a suburb of Portland. An affiliate of Frontier Management will operate the 44-unit, 22,950 square foot facility. Frontier has managed the property since 2008, with an average occupancy of 93.8 percent. The purchase price was $14 million. “Seniors housing has already outperformed other noted real estate sectors and we believe it will continue to be a favorable opportunity due to impressive demographic fundamentals,” says Edward Fernandez, founder and CEO of 1031 Crowdfunding. “We are particularly excited about the memory care sector.” 1031 Crowdfunding LLC is an online marketplace where real estate investors can find, view and purchase a variety of available, turn-key, investment-grade properties.

May 9, 2018

Acquisitions Industrial Washington Western

Wells Fargo Wealth Management Buys 94,739 SF Industrial Complex in Metro Seattle

by Amy Works May 9, 2018

SEATAC, WASH. — Wells Fargo Wealth Management has purchased Olympic Industrial Park, a two-building, 94,739-square-foot industrial complex located in SeaTac, a suburb of Seattle. Avenue 55, on behalf of an undisclosed 1031 exchange buyer, sold the asset for $12.9 million. At the time of sale, the 75,588-square-foot property located at 19111 Des Moines Memorial Drive was fully leased to a variety of tenants, including Alaska Airlines/Horizon Air, Seattle Air Cargo and BlueStar Refreshment Services. Built in 1983, the building features 26 loading dock doors, seven grade levels and 20-foot clear heights. The second building, located at 1200 S. 192nd St., is a 20,548-square-foot office property built in 1983 and renovated in 2015. At the time of sale, International Rescue Committee, Carmichael International Service, Argent Express Group and Sea & Air Transport occupied the property. Scott Alan and Patrick Mullin of Colliers International represented the seller in the deal.

May 9, 2018

Acquisitions California Retail Western

Sands Investment Group Negotiates $4.1M Sale of Panera Bread-Occupied Property in Fresno

by Amy Works May 9, 2018

FRESNO, CALIF. — Sands Investment Group (SIG) has arranged the sale of a retail property located at 6793 N. Weber Ave. in Fresno. A regional merchant developer sold the property to an undisclosed buyer for $4.1 million. Panera Bread occupies the newly constructed, 4,300-square-foot retail property under a 15-year, triple-net lease. John Cigliano of SIG’s Santa Monica office represented the seller in the transaction.

May 9, 2018

Acquisitions Colorado Office Western

Pinnacle Real Estate Brokers $2.3M Sale of Office Building in Pueblo, Colorado

by Amy Works May 9, 2018

PUEBLO, COLO. — Pinnacle Real Estate Advisors has arranged the sale of an office building, located at 720 N. Main St. in Pueblo. An undisclosed buyer acquired the property for $2.3 million, or $55.39 per square foot. The building features 41,524 square feet of office space. Andrew Monette and Jeff Johnson of Pinnacle represented the undisclosed buyer, while Jamie Mitchell and Michael Krebsbach, also of Pinnacle, represented the seller in the deal.

May 9, 2018

Acquisitions Illinois Midwest Office

Real Capital Solutions Acquires Four-Building Office Center in Naperville, Illinois for $38.7M

by Kristin Harlow May 9, 2018

NAPERVILLE, ILL. — Real Capital Solutions has acquired Naperville Corporate Center for $38.7 million. The 420,540-square-foot office complex includes four buildings. Naperville Corporate Center is 83.6 percent leased to tenants such as KeHe, Trizetto Group, Berkley Insurance, Apex and Infogix Inc. Patrick Shields, Bryan Rosenberg, Jaime Fink and Jeff Bramson of HFF represented the seller, a joint venture between TriGate Capital LLC and Pearlmark.

May 9, 2018

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