Property Type

Industrial Building in Los Angeles Trades for $44M

by Nellie Day March 9, 2018

LOS ANGELES — Penwood Real Estate Investment Management has acquired a 347,119-square-foot industrial building in the Los Angeles submarket of Thousand Oaks for $44 million. The building is located at 1461 to 1475 Lawrence Drive in the master-planned Conejo Spectrum Business Park. The asset was built in 1962 and renovated in 2000. It is fully occupied by four tenants, including Sensata Technologies, LAC Group, Kanner Corp. and MB2 Raceway. NKF represented the seller, while Penwood represented itself in this transaction.

March 9, 2018

California Hospitality Western

Kairos Ventures Sells Lake Tahoe Resort for $42M

by Nellie Day March 9, 2018

SOUTH LAKE TAHOE, CALIF. — DiamondRock Hospitality Company has purchased the 77-room Landing Tahoe Resort & Spa in South Lake Tahoe for $42 million. The hotel is located at 4101 Lakeshore Blvd. just steps from the lake. The luxury hotel underwent a multi-million-dollar redevelopment and rebranding by the seller and reopened as The Landing Resort & Spa in December 2013. The hotel features 10,300 square feet of indoor and outdoor function space; Jimmy’s Restaurant; a wine cellar and lounge; full-service spa; heated outdoor pool and hot tub; lakeview patio with fire pits; rooftop deck with fireplace; and fitness center with sauna. HFF’s represented the seller, an affiliate of Kairos Ventures, in this transaction.

March 9, 2018

California Office Western

MBRE Healthcare Purchases Medical Office Building in San Diego for $37.1M

by Nellie Day March 9, 2018

SAN DIEGO — MBRE Healthcare has acquired Excel Centre, an 83,213-square-foot medical office building in San Diego, for $37.1 million. The building is located at 17140 Bernardo Center. Kaiser Permanente anchors the property. MBRE plans to convert the remaining third-floor balance of the building, which is currently vacant, to medical office use. Excel Centre is part of the larger Park Terrace, a walkable mixed-use development featuring offices, hotels, restaurants and fitness, in addition to Interstate 15 access. Rick Reeder, Brad Tecca and Travis Ives of Cushman & Wakefield represented the seller, an institutional investor, in this transaction.

March 9, 2018

California Industrial Western

BKM Buys 160,943 SF Industrial Asset in San Diego for $28.1M

by Nellie Day March 9, 2018

SAN DIEGO — BKM Capital Partners has purchased Activity Business Center, a 160,943-square-foot light industrial asset in the Miramar submarket of San Diego for $28.1 million. The five-building property is located at 9235-9265 Activity Road and 9520-9530 Padgett St. Activity Business Center is currently 92.6 percent occupied by 38 different tenants. Average unit sizes are about 3,743 square feet. BKM Capital Partners plans to rebrand the complex and implement a series of renovations including upgrades to the parking lot, exterior paint, landscaping, monument signage, lobby and the addition of a new outdoor common area. Cushman and Wakefield represented the seller, Lincoln Property Co., in this transaction. BKM represented itself.

March 9, 2018

Multifamily Utah Western

Olympus Property Acquires 315-Unit Apartment Community in South Jordan, Utah

by Nellie Day March 9, 2018

SOUTH JORDAN, UTAH — Olympus Property has acquired the 315-unit Crossing at Daybreak in South Jordan for an undisclosed sum. The community is located at 4950 W. Frogs Leap Drive. Olympus plans to rebrand the asset as Olympus at Daybreak. The Class A community features a mix of one- to three-bedroom units with an average unit size of 1,110 square feet. Community amenities include 25 parks with sport courts, pavilions, ball fields, playground equipment, and community gardens and 30 miles of walking and hiking trails throughout the community. Oquirrh Lake offers 70 acres of kayaking, canoeing, paddle boarding, sailing and fishing.

March 9, 2018

Industrial Texas

German Manufacturer to Relocate North American Headquarters to Houston

by Taylor Williams March 9, 2018

HOUSTON — MAN Diesel & Turbo, a German manufacturer of marine propulsion systems and machinery, will relocate its North American headquarters to Twinwood Business Park, a 650-acre development in Houston. The company, which will be combining its operations in Houston and nearby Deer Park, will occupy a 137,434-square-foot building consisting of 105,309 square feet of service shop space and 32,125 square feet of office space. The property is currently being developed by Houston-based Welcome Group and is slated to open during the second quarter of 2019. Approximately 140 workers will be employed at the new plant. Bob Berry and Jacob Bravo of Avison Young represented MAN Diesel & Turbo in the lease negotiations.

March 9, 2018

Mixed-Use Texas

Cambrian, Bercy Chen to Develop $13M Mixed-Use Project in East Austin

by Taylor Williams March 9, 2018

AUSTIN, TEXAS — Cambrian Development and Austin-based Bercy Chen Studios will develop Shady Lane Creative Studios, a mixed-use property in east Austin that will include 47,723 square feet of office space, 7,714 square feet of ground-floor retail space and a 9,000-square-foot central courtyard. The project carries a price tag of roughly $13 million, according to the Austin Business Journal. The property will connect to Govalle Park, as well as bike trails and a proposed commuter rail line. A timeline for construction has not yet been established.

March 9, 2018

Office Texas

NAI Partners Arranges Sale of 151,835 SF Office Building in Houston

by Taylor Williams March 9, 2018

HOUSTON — NAI Partners has arranged the sale of a 151,835-square-foot office building located at 13831 Northwest Freeway in the Fairbanks/Northwest Crossing area of Houston. Jon Silberman of NAI Partners represented the buyer, ManhattanLife, a parent company for several insurance firms, in the transaction. Jay Nowlin of Seller Boxer Properties represented the seller internally. NAI Partners will handle leasing and management of the building, which is the second office property in ManhattanLife’s real estate portfolio along with 10777 Northwest Freeway, the company’s headquarters.

March 9, 2018

Healthcare Texas

Cushman & Wakefield Brokers Sale of 61,082 SF Medical Office Building in Metro Houston

by Taylor Williams March 9, 2018

KATY, TEXAS — Cushman & Wakefield has brokered the sale of Katy Medical Arts Center, a 61,082-square-foot medical office building in Katy. The property was 100 percent leased at the time of sale to local and national medical practices spanning a variety of disciplines. Katy Med-Arts Partners Ltd., a partnership of 20-plus physicians associated with practices in the building, sold the property to a private equity-backed investor for an undisclosed price. Gino Lollio and Scott Niedergang of Cushman & Wakefield brokered the transaction.

March 9, 2018

Office Texas

Tech Startup Expands to 5,400 SF Office Space in Downtown Houston

by Taylor Williams March 9, 2018

HOUSTON — Arundo Analytics, an analytics software startup with offices in Norway and California, has expanded its office footprint in Houston, leasing 5,400 square feet at 1600 Smith St. in the downtown area. The building was formerly known as Continental Center I and is owned and operated by Brookfield Properties. Bill Boyer of CBRE represented Arundo in the lease negotiations. The company previously occupied 1,250 square feet at 1301 Fannin St.

March 9, 2018

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