Property Type

Telecommunications Consulting Firm to Invest $52M to Build Data Center in Virginia Beach

by Camren Skelton April 18, 2018

VIRGINIA BEACH, VA. — Vint Hill, Va.-based Assured Communications Advisors International (ACA International) will invest $52 million to build a 130,000-square-foot data center in Virginia Beach. The telecommunications consulting firm will build the new facility on a 10.2-acre site within Corporate Landing Business Park, a 325-acre, publicly developed business park owned by the Virginia Beach Economic Development Authority. The new facility will house ACA International’s new corporate headquarters and a Tier III data center providing network-neutral co-location services. In addition, the building will serve as a cable landing station for future subsea telecommunications cables. The building will create 30 jobs upon completion in the fourth quarter of 2019. ACA International provides strategy, project planning, development and oversight of broadband, satellite, subsea cables, wireless/mobility and smart city planning.

April 18, 2018

Company News Georgia Industrial Southeast

Goodyear, Bridgestone Form Joint Venture, Choose Atlanta for New Headquarters

by Camren Skelton April 18, 2018

ATLANTA — Akron, Ohio-based The Goodyear Tire & Rubber Co. and Nashville-based Bridgestone Americas Inc. have formed a tire distribution joint venture and will locate the newly created company’s headquarters in Atlanta. TireHub LLC will provide U.S tire dealers and retailers with a range of passenger and light truck tires, with an emphasis on distributing larger rim diameter premium tires. TireHub will lease 30,000 square feet at One Ravinia in Atlanta’s Central Perimeter submarket for its new headquarters, according to the Atlanta Business Chronicle. The 50-50 joint venture will initially operate more than 80 distribution centers and warehouse locations throughout the country. TireHub will combine and complement Goodyear’s company-owned wholesale distribution network with the Bridgestone-owned Tire Wholesale Warehouse (TWW). The new company will also complement both Goodyear and Bridgestone’s existing networks of third-party distributors and provide distribution, warehousing, sales and delivery solutions following the closing of the transaction, which is expected in mid-year. At launch, TireHub will have the scale to reach the vast majority of retail locations across the country daily.

April 18, 2018

Florida Loans Multifamily Southeast

Berkeley Point Capital Provides $19.7M Freddie Mac Loan for Apartment Community in Sarasota

by Camren Skelton April 18, 2018

SARASOTA, FLA. — Berkeley Point Capital (BPC) has provided a $19.7 million Freddie Mac loan for the refinancing of Beneva Place, a 192-unit apartment community in Sarasota. Brian Kochan of BPC originated the fixed-rate loan through Freddie Mac’s Green Up program on behalf of the undisclosed borrower. In order to qualify for the program, the borrower will upgrade a number of water fixtures throughout the property, promoting lower consumption and energy bills for tenants. Beneva Place features a clubhouse, business center, 24-hour fitness center, laundry center, pool, fire pit, gazebo and picnic and barbecue areas.

April 18, 2018

Acquisitions Retail Southeast Tennessee

Time Equities Acquires Shopping Center in Eastern Tennessee for $13.9M

by Camren Skelton April 18, 2018

SEVIERVILLE, TENN. — Time Equities Inc. (TEI) has acquired Governor’s Crossing, a 140,568-square-foot shopping center in Sevierville, for $13.9 million. The center is located 24 miles southeast of downtown Knoxville. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group arranged the transaction on behalf of the seller, RCG Ventures Sevierville SPE LLC. Ami Ziff and Adam Levitt represented Time Equities internally in the deal. Governor’s Crossing is home to tenants such as Books-A-Million, Jo-Ann Fabrics, Vanity Fair Outlet, Shoe Carnival, Catherine’s, Workout Anytime and CATO.

April 18, 2018

Development Industrial Self-Storage Southeast Tennessee

Ziff Properties to Convert Building Near Knoxville into 65,000 SF Self-Storage Facility

by Camren Skelton April 18, 2018

FARRAGUT, TENN. — Ziff Properties Inc. has acquired the former U.S. Golf & Tennis Center in Farragut with plans to convert the building into a 65,000-square-foot self-storage facility. The building is located on six acres, roughly 17 miles west of Knoxville. ExtraSpace Storage will manage the facility, which will include climate- and non-climate-controlled units. A construction timeline was not disclosed.

April 18, 2018

California Data Centers Development Industrial Western

CIM Group, 1547 Break Ground for 187,000 SF Data Center in San Francisco

by Amy Works April 18, 2018

SAN FRANCISCO – CIM Group, in partnership with fifteenfortyseven Critical Systems Realty (1547), has commenced construction for its 240,000-square-foot data center campus on 7.3 acres at 400 Paul Ave. in San Francisco. The first phase of development will include the renovation of two existing 1930s-era buildings. Totaling 54,225 square feet, the buildings will be modernized to provide creative office and support space for data center tenants. Additionally, construction will start immediately for the campus, including a 187,000-square-foot purpose-built data center. The two-story building will feature a secure and scalable data center with 24 MW of power capacity.

April 18, 2018

Acquisitions California Office Western

JLL Arranges $33M Sale of Seven-Story Office Building in San Diego

by Amy Works April 18, 2018

SAN DIEGO – JLL Capital Markets has brokered the sale of 1450 Frazee, an office building located in San Diego’s Mission Valley district. A joint venture between Hill Properties and a fund managed by DRA Advisors acquired the property from an affiliate of Menlo Equities for $33 million. At the time of sale, the seven-story, 140,477-square-foot building was 90.6 percent leased to 27 tenants. Lynn LaChapelle, Bob Prendergast and Sach Kirpalani of JLL arranged the transaction.

April 18, 2018

Acquisitions California Industrial Western

Colony Industrial Acquires Two-Building Industrial Portfolio in Bay Area

by Amy Works April 18, 2018

SAN LEANDRO, CALIF. – Colony Industrial has purchased the two-building East Bay industrial portfolio in San Leandro for an undisclosed price. Totaling 587,051 square feet, the portfolio includes two light industrial buildings located at 2380-2388 Williams St. and 1717 Doolittle Drive. The portfolio is leased to five tenants. This is Colony Industrial’s first investment in the Oakland/East Bay area. Darla Longo, Barbara Perrier, Rebecca Perlmutter Finkel and Michael Kendall of CBRE brokered the transaction.

April 18, 2018

Acquisitions California Multifamily Western

Goldrich Kest Buys 43-Unit Apartment Building in West Hollywood for $23.6M

by Amy Works April 18, 2018

WEST HOLLYWOOD, CALIF. – Culver City, Calif.-based Goldrich Kest has purchased Infinity West, an apartment building located at the intersection of Sunset Boulevard and La Brea Avenue in West Hollywood. Bolour Associates sold the property to Goldrich Kest for $23.6 million. Built in 2012, the 43-unit property features a mix of studio, one- and two-bedroom layouts, a fitness center, conference room and secured parking. Blake Rodgers of HFF represented the seller in the deal.

April 18, 2018

Arizona Industrial Loans Western

Alliant Credit Union Closes $14.6M Refinancing for Industrial Property in Chandler, Arizona

by Amy Works April 18, 2018

CHANDLER, ARIZ. – Alliant Credit Union has arranged a $14.6 million loan for the refinancing of an industrial property located in Chandler. The property features 162,714 square feet of distribution space. The undisclosed sponsor had recently closed with a higher interest rate bridge loan and was seeking a low-leverage transaction to replace that debt. Alliant structured the 10-year loan with a 30-year amortization schedule and two years of interest-only payments.

April 18, 2018

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