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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

California Loans Multifamily Western

BridgeCore Capital Closes $5.1M Loan for Apartment Complex in Stockton, California

by Amy Works February 23, 2021

STOCKTON, CALIF. — BridgeCore Capital has closed a $5.1 million loan for a multifamily property in Stockton. The undisclosed borrower required a non-recourse bridge loan to refinance the recently renovated apartment complex. Existing loans with the senior and multiple junior lien holders had matured and required a swift pay-off, as well as a new second trust deed loan to satisfy outstanding debt. The loan features a 12-month term, including one six-month extension option, which will allow the borrower to either execute an exit strategy through a sale or to refinance through a conventional lender for long-term financing.

February 23, 2021

Acquisitions Georgia Multifamily Southeast

Viking Capital Acquires Marbella Place Apartment Community in Stockbridge, Georgia for $52.7M

by John Nelson February 5, 2021

STOCKBRIDGE, GA. — Viking Capital has acquired Marbella Place, a 368-unit apartment community in the south Atlanta suburb of Stockbridge. The Tysons, Va.-based multifamily investment firm purchased the property from the undisclosed seller for $52.7 million. Marbella Place, built in 1999 and fully renovated in 2017, is a 351,640-square-foot complex. The property features a pool, two playgrounds, a newly redesigned clubhouse and detached garages. The apartment complex is situated at 3470 Mountain Zion Road, 13 miles south of Hartsfield-Jackson Atlanta International Airport. The property has one-, two- and three- bedroom apartment homes with oversized closets and kitchens with both a microwave and icemaker.

February 5, 2021

Midwest Ohio Retail

Washington Prime Group Completes 1-for-9 Reverse Stock Split

by Kristin Harlow December 21, 2020

COLUMBUS, OHIO — Washington Prime Group Inc. (NYSE: WPG) has completed its previously announced 1-for-9 reverse stock split of its common stock. Every nine issued and outstanding shares of common stock have been converted into one share of common stock, effective Dec. 22. A company performs a reverse stock split to boost its stock price by decreasing the number of shares outstanding, according to Investopedia. Reverse stock splits are usually pursued in an effort to prevent a stock from being delisted or to improve a company’s image and visibility. Washington Prime Group’s current share is 85 cents per share, as of Friday, Dec. 18. Columbus-based Washington Prime Group is a retail REIT that owns, manages, acquires and develops shopping centers nationwide.

December 21, 2020

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