Property Type

Murphy Development Co. Sells 165,763 SF Industrial Building in San Diego for $26.5M

by Amy Works March 28, 2018

SAN DIEGO — Murphy Development Co. (MDC) has completed the disposition of Siempre Viva Business Park Building 16, a 165,763-square-foot industrial facility located at 8411 Siempre Viva Road in San Diego. Ajinomoto Windsor acquired the property for $26.5 million. MDC originally developed the facility as a build-to-suit for Circle Foods, a subsidiary of Stephan Bronfman’s Claridge Inc. Tyson Foods acquired Circle Foods in 2013, assuming the long-term lease with MDC. Ajinomoto Windsor simultaneously purchased both Circle Foods from Tyson and Building 16 from MDC. Tyson Foods is scheduled to cease operations in April 2018. After food processing renovations and new equipment installation, Ajinomoto Windsor plans to expand food-processing operations at the facility. The building features a 32-foot minimum clear height, 8,000 amps of 277/480 volt power, ESFR sprinklers, manufacturing sewer and water capacity, concrete truck courts, wide column spacing and high dock door ratios.

March 28, 2018

Acquisitions Arizona Multifamily Western

Colliers Negotiates $19.8M Sale of Multifamily Property in Glendale, Arizona

by Amy Works March 28, 2018

GLENDALE, ARIZ. — Colliers International has arranged the sale of Summerhill Place, a multifamily property located at 6801 W. Ocotillo Road in Glendale. Maesag Properties LLC, an entity formed by Shon and Karah Brown, purchased the property from Trimark-Summerhill Place LLC, an entity formed by Trimark Property Group, for $19.8 million. Situated on 8.5 acres, the 189,050-square-foot property consists of 13 buildings featuring a total of 232 apartments in one- and two-bedroom layouts. At the time of sale, the property was 96 percent occupied. Bill Hahn, Trevor Koskovich and Jesse Hudson of Colliers’ Phoenix office represented the seller and buyer in the deal.

March 28, 2018

Acquisitions California Retail Western

Marcus & Millichap Arranges $5.7M Sale of Shopping Center Near Los Angeles

by Amy Works March 28, 2018

LA HABRA, CALIF. — Marcus & Millichap has brokered the sale of Harbor Hills Shopping Center, a retail property located at 1450-1460 S. Harbor Blvd. in the Orange County city of La Habra. Los Angeles-based DMI Real Estate Group LLC acquired the property from Harbor Hills LP for $5.7 million. The 27,080-square-foot property was mostly vacant at the time of sale. Joseph Lising and Mitchell Neff of Marcus & Millichap represented the seller in the transaction.

March 28, 2018

Acquisitions California Industrial Self-Storage Western

US Storage Centers Buys 483-Unit Self-Storage Facility in Upland, California

by Amy Works March 28, 2018

UPLAND, CALIF. — US Storage Centers has acquired a self-storage facility located at 1808 W. Foothill Blvd. in Upland. Foothill You-Stor sold the property for an undisclosed price. The 45,452-square-foot property features 483 self-storage units with drive-up access, video monitoring, gated access and RV/boat/auto storage. US Storage Centers currently owns and operates 43 self-storage facilities in Southern California. Garrett Sholer of Lee & Associates represented the buyer, while Travis Allan, also of Lee & Associates, represented the seller in the deal.

March 28, 2018

Acquisitions Hospitality Northeast Pennsylvania Top Stories

RLJ Lodging Sells 364-Room Hotel in Philadelphia for $95.5M

by David Cohen March 28, 2018

PHILADELPHIA — RLJ Lodging Trust (NYSE: RLJ) has sold Sheraton Society Hill, a 364-room hotel located in Philadelphia, for $95.5 million. The price represents a capitalization rate of 5.6 percent on the hotel’s net operating income (NOI) for 2017, as well as a price per room of approximately $262,000. Maryland-based RLJ has now generated $300 million from asset sales since merging with Texas-based FelCor Lodging Trust Inc. in September 2017. The company is planning to generate an additional $200 million to $400 million in proceeds this year, according to Ross H. Bierkan, president and CEO of RLJ. “The sale of another non-core asset at a highly accretive valuation highlights the meaningful progress we have achieved in realizing the embedded value from the FelCor merger,” says Bierkan. The Buccini/Pollin Group purchased the property and plans a multi-million dollar renovation and rebranding. PM Hotel Group, a national hotel management company, will manage the hotel. Located in the Old City district of Philadelphia at One Dock St., the hotel offers a close proximity to a number of historic attractions, including the National Constitution Center and Penn’s Landing. Amenities at the hotel include an indoor swimming pool, fitness center and onsite restaurant, as well …

March 28, 2018

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Associates Arranges $50M Sale of 452-Unit Apartment Complex in Newark

by David Cohen March 27, 2018

NEWARK, N.J. — Gebroe-Hammer Associates has arranged the sale of Forrest Hill Terrace Apartments, a 452-unit apartment complex in Newark, for $50 million. The 1940s-era property is located at 325 Grafton Ave. in the Forest Hill neighborhood of Newark’s North Ward. The complex includes 94 studios, 297 one-bedroom and 60 two-bedroom units. Also included in the sale is a four-bedroom home that is on the property. Gebroe-Hammer represented the seller in the transaction, Kamson Corp., and procured the buyer, a private family-office entity. Allen Popowitz of Brach Eichler served as legal counsel for the seller.

March 27, 2018

Illinois Industrial Loans Midwest

PGIM Real Estate Finance, NYSTRS Provide $1.1B in Acquisition Financing for Industrial Portfolio

by Kristin Harlow March 27, 2018

CHICAGO — PGIM Real Estate Finance and the New York State Teachers’ Retirement System (NYSTRS) have provided $1.1 billion in financing for the acquisition of a 146-property industrial portfolio. Each entity provided $550 million. The portfolio comprises more than 21.7 million square feet with the largest concentrations of properties in Chicago, Dallas, Baltimore-Washington, D.C. and southern California. The properties are home to 327 tenants, including Amazon, FedEx, The Home Depot and Coca-Cola. On average, the buildings are 20 years old and have a clear height of 27 feet.

March 27, 2018

Acquisitions Industrial New Jersey Northeast

Duke Realty Acquires Six Industrial Buildings, Two Land Sites in Central New Jersey

by David Cohen March 27, 2018

EAST RUTHERFORD, N.J. — Duke Realty has acquired six industrial buildings and two land sites for future development along the I-95 corridor in central New Jersey. Three of the six buildings are located in Cranbury, South Brunswick, and Carteret and three buildings are located in Perth Amboy. Together, the six properties total 3.1 million square feet of industrial space and increase Duke Realty’s New Jersey industrial portfolio to 5.6 million square feet. Development has already begun on a 661,000-square-foot warehouse on one of the acquired land sites at 429 Delancy St. in Newark and a 194,000-square-foot warehouse is also proposed at the second land site, 5 Ethel Blvd. in Wood-Ridge. Duke Realty’s New Jersey office is located in East Rutherford.

March 27, 2018

Industrial Leasing Activity New York Northeast

Stubblebine Co./CORFAC International Arranges 180,000 SF Industrial Lease in Newburgh

by David Cohen March 27, 2018

NEWBURGH, N.Y. — The Stubblebine Co./CORFAC International has arranged a 180,000-square-foot industrial lease for Gekay Sales & Service Co. at 3 Enterprise Drive in Newburgh. Gekay specializes in fountain system repairs in the soft drink and vending machine industries. David and James Stubblebine of Stubblebine Co. represented the tenant while Art Ross and Lisa Ann Pollakowski of Newmark Knight Frank represented the landlord, Newburgh Industrial Associates. The property, which features 24-foot ceiling heights and 33 loading docks, was previously a distribution facility and is located seven miles east of Stewart International Airport.

March 27, 2018

Development Industrial Self-Storage Texas

The Jenkins Organization to Open 1,022-Unit Self-Storage Facility in Austin

by Taylor Williams March 27, 2018

AUSTIN, TEXAS — The Jenkins Organization, a Houston-based developer and operator of self-storage facilities, will open ATX Storage, a 1,022-unit facility in Austin, on March 31. Construction of the property, which features 110,025 square feet of net rentable space, began in March 2017. The Jenkins Organization will also open another Austin facility, the 736-unit Lakeline Storage, on March 31. With these two facilities coming on line, the company now operates 45 properties across five states.

March 27, 2018

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