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Stockdale Capital Acquires 186,000 SF Los Angeles Athletic Club

by Amy Works March 2, 2022

LOS ANGELES — Stockdale Capital Partners has purchased Los Angeles Athletic Club, a 186,000-square-foot club in downtown Los Angeles, for an undisclosed price. The name of the seller was not released. The 12-story club, which opened at its current location at the corner of Seventh and Olive streets in 1912, features Beaux-Arts architecture, 72 hotel rooms, 17,200 square feet of ballrooms, meeting and event space and rooftop facilities. The property also includes an indoor swimming pool, track, basketball court, racquetball courts, handball courts, squash courts, yoga, kickboxing, aerobics, Pilates studios and spa and wellness facilities. Since 2015, the property has undergone $29.3 million in capital improvements. The acquisition includes the adjacent Olive Park Garage, an eight-story structure with 421 parking spaces, 12,000 square feet of office and retail space and a 114-space surface parking lot.

March 2, 2022

Acquisitions Multifamily New York Northeast

Stonehenge NYC, Stockbridge Capital Buy Manhattan Apartment Building for $128.2M

by Taylor Williams February 8, 2022

NEW YORK CITY — A partnership between locally based investment firm Stonehenge NYC and San Francisco-based Stockbridge Capital Group has purchased The Cole, a 163-unit apartment building on Manhattan’s Upper East Side, for $128.2 million. Built in 2002, the building rises 22 stories, spans 164,000 square feet and includes ground-floor retail space. The amenity package consists of a fitness center, package room, a private courtyard, outdoor grilling areas, billiards room and a resident lounge. Daniel Parker, Paul Gillen, Anthony Ledesma and Allie Boyan of Hodges Ward Elliott brokered the deal. The seller was Carmel Partners. The new ownership will rebrand the property as The Cole by Stonehenge.

February 8, 2022

California Development Multifamily Western

Stockbridge Real Estate, Cityview Buy South Bay X Multifamily Development in Gardena, California

by Amy Works February 8, 2022

GARDENA, CALIF. — A joint venture between Stockbridge Real Estate and Cityview has purchased South Bay X, a development site fully entitled for sustainable multifamily housing located at 12850 Crenshaw Blvd. in Gardena. South Bay X will feature 265 units in a mix of studio, one- and two-bedroom apartments ranging from 510 square feet to 1,197 square feet. The joint venture plan to achieve LEED Silver certification with the project, designing the Class A property to realize 20 to 30 percent improved energy efficiency over other similar non-green buildings. South Bay X will feature high-performing lighting, enhanced indoor air quality and a solar thermal water heating system that relies on renewable energy. The property will offer premier interior finishes, a fitness center and expansive outdoor amenities, including a pool, spa, lanai, outdoor strength area, barbecues and three open-air courtyards. The project is slated to break ground in the fourth quarter, with completion scheduled for early 2025.

February 8, 2022

Acquisitions California Office Western

Woodstock Development Buys One Bay Plaza Office Building in Burlingame, California for $108M

by Amy Works January 26, 2022

BURLINGAME, CALIF. — Woodstock Development has purchased the remaining ownership stake in One Bay Plaza, a nine-story, Class A office building located on the Bayshore waterfront in Burlingame. With the completion of the transaction, valued at $108 million, Woodstock is now the 100 percent owner of the property. Located at 1250 Bayshore Highway, the property features 196,000 rentable square feet, plus approximately 12,000 square feet of lower-level amenity space. The building is currently 85 percent leased to more than 35 tenants, including Alaska Airlines, Cushman & Wakefield, BTIG and Acco Brands. Woodstock first purchased the property with Iron Point Partners in June 2019. Since 2019, Woodstock has implemented a renovation of building, including new lobbies, restrooms and corridors. Additionally, the company retained Mark Cavagnero Associates to design a 12,000-square-foot amenity area, including conference rooms, collaboration rooms, ping pong, fitness room with showers and lockers, and a social pantry. Eastdil Secured represented Woodstock Development and Iron Point in the transaction.

January 26, 2022

Acquisitions Civic New York Northeast

Yucaipa Acquires 182,510 SF American Stock Exchange Building in Manhattan

by Taylor Williams November 15, 2021

NEW YORK CITY — The Yucaipa Cos., a Los Angeles-based private equity firm, has acquired the American Stock Exchange Building, a commercial property located at 123 Greenwich St. in Manhattan. The 14-story building was originally constructed in 1921; the namesake tenant vacated the premises after merging with the New York Stock Exchange in 2008. Today, the building plays host to conferences, trade shows, fashion shows, art exhibitions and private parties. National direct lender iBorrow provided $97.1 million in acquisition financing to Yucaipa, which plans to reposition the building as a private membership club operated by Membership Collective Group, the parent company of Soho House.

November 15, 2021

Illinois Industrial Midwest

Monmouth Stockholders Reject Merger Offer from Equity Commonwealth

by Kristin Harlow September 1, 2021

CHICAGO AND HOLMDEL, N.J. — Based on a preliminary count of the votes cast at its special meeting of stockholders, Monmouth Real Estate Investment Corp. (NYSE: MNR) did not obtain the necessary stockholder votes to approve the previously announced merger with Sam Zell’s Equity Commonwealth (NYSE: EQC). Holmdel-based Monmouth says it remains open to all available options to maximize long-term stockholder value and realize the full potential of its industrial portfolio. Final results of the meeting will be filed with the Securities and Exchange Commission once they have been certified, which Monmouth expects to occur within the next few days. “While we recognize that stockholders have a wide range of views and differing time horizons and tax considerations, we are disappointed in the outcome of today’s vote,” said Michael Landy, president and CEO of Monmouth. “We continue to believe in the merits of a transaction that offers Monmouth stockholders the opportunity to continue to participate in the growth of the industrial real estate sector.” As a result of Monmouth’s announcement, Equity Commonwealth has terminated the merger agreement and has requested reimbursement of fees and expenses pursuant to its terms. Founded in 1968, Monmouth is one of the oldest public equity …

September 1, 2021

Development Florida Industrial Southeast

Foundry Commercial, Stockbridge Break Ground on Phase II of 1,000-Acre Industrial Park in Plant City, Florida

by Julia Sanders June 8, 2021

PLANT CITY, FLA. — Foundry Commercial and Stockbridge have broken ground on the second speculative development at Lakeside Logistics, a 1,000-acre industrial park located in Plant City. The park is situated about 1.5 miles south of Interstate 4, 22 miles east of Tampa and 56 miles southwest of Orlando. The first phase of Lakeside Logistics was recently delivered, featuring a 505,160-square-foot, cross-dock warehouse distribution facility with 36-foot clear heights. The second phase of Lakeside Logistics will include two buildings totaling 414,000 square feet. Foundry Commercial plans to develop additional phases at Lakeside Logistics, which when finished will total over 1 million square feet. Lakeside Logistics marks the 10th project developed by Foundry Commercial.

June 8, 2021

Acquisitions Georgia Retail Southeast

Continental Realty Corp. Acquires LA Fitness-Anchored Center in Woodstock, Georgia for $11.6M

by Julia Sanders June 3, 2021

WOODSTOCK, GA. — Continental Realty Corp., a Baltimore-based real estate investment and management company, has acquired The Summit at Towne Lake, a 59,772-square-foot, 98 percent occupied neighborhood shopping center in Woodstock, anchored by LA Fitness. Located in a suburb approximately 30 miles north of downtown Atlanta, the shopping center was purchased for $11.6 million. Formerly owned by a joint venture between Atlanta-based RCG Ventures LLC and New York City-based DRA Advisors LLC, The Summit at Towne Lake becomes the second retail center and third property owned and managed by CRC in Georgia. Bryan Belk of Franklin Street represented both the buyer and the seller. Continental Realty Fund V L.P., a $210.8 million private equity fund focused on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions, aided in purchasing the property. The Summit at Towne Lake represents the eighth retail property and 10th property overall acquired by the fund. Constructed in 2009 and located at 2060 Eagle Drive, The Summit at Towne Lake features tenants including six national and local retailers offering health and fitness, medical, beauty services and a fast-casual dining option. Some of the tenants include Marco’s Pizza, Palm Beach Tan and Family Orthodontics. The …

June 3, 2021

Arizona California Company News Top Stories Western

Realty Income Agrees to Acquire VEREIT in All-Stock Transaction, Create $50B REIT

by Julia Sanders April 30, 2021

SAN DIEGO and PHOENIX — Realty Income Corp. (NYSE: O), a San Diego-based real estate investment trust active in the net lease sector, has agreed to acquire VEREIT (NYSE: VER), a Phoenix-based real estate investment trust in the single-tenant net lease sector. The all-stock transaction will create a combined company dominant in the net lease space with an enterprise value of approximately $50 billion, making it one of the largest real estate investment trusts. VEREIT shareholders will receive 0.705 shares of Realty Income stock for every share of VEREIT stock they own. After the merger agreement closes, the combined company — operating as Realty Income — plans to create a taxable spin-off of substantially all of the office properties of both companies into a new, self-managed, publicly traded REIT known as SpinCo. Realty Income and former VEREIT shareholders are expected to own about 70 percent of Realty Income and 30 percent of SpinCo. “This is a huge game changer for the REIT market,” says Scott Merkle, managing partner of SLB Capital Advisors, which specializes in net lease transactions. “It creates the sixth largest REIT, makes Realty Income multiples larger than the nearest net lease competitor, and allows them to become …

April 30, 2021

Illinois Industrial Midwest

Industrial Outdoor Ventures Recapitalizes, Forms Joint Venture with Stockbridge

by Kristin Harlow March 22, 2021

SCHAUMBURG, ILL. — Schaumburg-based Industrial Outdoor Ventures (IOV) and its equity sponsor BLG Capital Advisors have recapitalized and formed a joint venture with San Francisco-based Stockbridge. Financial terms of the deal were not disclosed. IOV sold a significant interest in its 26-building industrial service facilities (ISF) portfolio to Stockbridge. The properties are located in major markets throughout the U.S., including Atlanta, Chicago, Dallas, Phoenix and southern California. The venture plans to continue growing the portfolio, with plans to make $100 million to $200 million in property acquisitions each year. IOV has entered into an agreement to continue managing the portfolio and future investments. CIBC Bank, along with a group of co-lenders, provided a $145 million credit facility to the venture for the seed portfolio and future acquisitions. Mike Caprile, Zach Graham and Ryan Bain of CBRE arranged the recapitalization and joint venture. IOV is a national real estate investor focused exclusively on outdoor storage facilities. ISF are used to support supply chains in the storage, maintenance and dispatch of equipment and bulk material. They are primarily used by the transportation, e-commerce, construction and utility industries.

March 22, 2021

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