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Fortress Investment, Ocean West Capital Sell The Link Office Building in Burbank for $61.5M

by Amy Works June 1, 2021

BURBANK, CALIF. — A partnership between Fortress Investment Group and Ocean West Capital Partners has completed the disposition of The Link, a repositioned office building located at 2901 W. Alameda Ave. in Burbank. Pendulum Property Partners acquired the asset for $61.5 million. Totaling 124,785 square feet, the property features creative office space and post-production, broadcasting, screening and editing facilities. The property underwent extensive renovation in 2019 and now features an outdoor courtyard, redesigned lobby, enterprise-grade dark fiber connectivity, revitalized exterior, 13- to 18-foot ceiling heights and a 2,500-square-foot outdoor patio on the seventh floor. At the time of sale, the property was 76 percent leased to five tenants. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark represented the seller in the transaction, while David Milestone, Brett Green and Henry Cassiday of Newmark arranged acquisition financing for the buyer.

June 1, 2021

Acquisitions Industrial Oregon Western

Exeter Property Group Buys 329,474 SF Industrial Campus Near Portland

by Amy Works May 28, 2021

TUALATIN, ORE. — Pennsylvania-based Exeter Property Group has purchased an industrial property located at 19855 SW 124th Ave. in Tualatin. Meriwether Tualatin LLC sold the asset for an undisclosed price. Nortek Air Handling Solutions fully occupies the 329,474-square-foot campus, which includes three warehouse/manufacturing buildings on 25.1 acres. Paige Morgan of CBRE represented the seller in transaction. The seller is a private partnership that includes principals of Meriwether Partners and private investors.

May 28, 2021

Acquisitions Industrial Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $61M Sale of Crossways Commerce Center in Hampton Roads

by Julia Sanders May 28, 2021

CHESAPEAKE, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has arranged the $61 million sale of Crossways Commerce Center I & II, a three-building, 525,082-square-foot industrial/flex portfolio in Virginia’s Hampton Roads region. The properties are located at 1449 Kristina Way and 1501 and 1545 Crossways Blvd. in Chesapeake. Eric Berkman of Cushman & Wakefield’s Washington, D.C., office, as well as Eric Robison of Cushman & Wakefield | Thalhimer, represented the seller, D.C.-based DSC Partners. A family office out of New Jersey known as Heritage Capital acquired the property. Crossways Commerce Center I & II was 100 percent leased at the time of sale to tenants including General Dynamics, Fiserv, Sentara Healthcare, Safelite Fulfillment Inc., Mid-Atlantic Engineering and Regus.

May 28, 2021

Acquisitions Illinois Midwest Multifamily

SVN Chicago Commercial Negotiates $4.9M Sale of Multifamily Building

by Kristin Harlow May 28, 2021

CHICAGO — SVN Chicago Commercial has negotiated the sale of a 44-unit multifamily building in Chicago’s Kenwood neighborhood for $4.9 million. The property is located at 4611 S. Drexel Blvd. Jeff Baasch of SVN brokered the sale. ShainRealty Capital, a Los Angeles-based privately owned real estate investment firm, purchased the property from the undisclosed seller. The acquisition marks ShainRealty’s ninth purchase on Chicago’s South Side.

May 28, 2021

Acquisitions Arizona Multifamily Southeast Tennessee

TruAmerica Multifamily Acquires Two Apartment Communities in Metro Nashville, Phoenix for $196M

by Julia Sanders May 27, 2021

FRANKLIN, TENN. AND PHOENIX, ARIZ. — TruAmerica Multifamily has acquired two garden-style communities in Phoenix and Nashville’s Cool Springs district in separate transactions totaling $196 million. The two properties add about 1,000 apartments to the company’s national multifamily portfolio. The 435-unit Phoenix property is dubbed The Urban. Built in 2005, the property is located at 3601 E. McDowell Road and features floorplans that range in size from studio to three-bedroom, two-bathroom units. Community amenities include two swimming pools, an outdoor kitchen, fitness center and community green space. The Urban is the second acquisition in Phoenix this year for TruAmerica, after purchasing The Bella, a 200-unit, garden-style community on the city’s north side. The metro Nashville property is Viera Cool Springs, a 468-unit property built in 1987. Acquired in an off-market transaction from Miami-based Lindemann Multifamily, Viera Cool Springs is located at 300 Royal Oaks Boulevard in Franklin, 25 miles south of downtown Nashville. The property has one- and two-bedroom apartment homes that are situated in 38 two-story buildings on a 36.5-acre site. Community amenities include lighted tennis courts, two swimming pools, resident clubhouse and business center, yoga studio and fitness center. Viera Cool Springs is TruAmerica’s second investment in metro …

May 27, 2021

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Acquisitions Multifamily Texas

29th Street Capital Acquires 224-Unit Apartment Community in Houston

by Taylor Williams May 27, 2021

HOUSTON — 29th Street Capital, a Chicago-based investment firm, has acquired Lincoln Medical Center Apartments, a 224-unit multifamily community located in the Med Center/Braes Bayou submarket of Houston. Built in 1990, the property offers one- and two-bedroom units and amenities such as a pool, fitness center and a coffee bar. The new ownership will implement a value-add program and rebrand the property as Helix at Med Center. The seller was not disclosed.

May 27, 2021

Acquisitions Office Washington Western

Brookfield Asset Management Buys Facebook-Occupied Block 24 Office Building in Bellevue for $200M

by Amy Works May 27, 2021

BELLEVUE, WASH. — Brookfield Asset Management real estate fund has purchased Block 24, a recently completed office property located at The Spring District in Bellevue. Wright Runstad & Co., Shorenstein Properties and institutional investors advised by J.P. Morgan Global Alternatives sold the asset for $200 million. Facebook occupies the 197,959-square-foot building, which is the latest addition to The Spring District. The district currently consists of more than 1 million square feet of office space, neighborhood retail space and over 800 apartments centered on the future Spring District light rail station, which is slated to open in 2023. More than 350,000 square feet of additional office and retail space is under construction at the development, with over 1 million more square feet in the planning stages. This transaction marks Brookfield’s second at The Spring District. The company acquired the adjacent, 338,000-square-foot Block 16 office building, which is also fully leased to Facebook, in October 2020.

May 27, 2021

Acquisitions New Jersey Northeast Office

Partnership Sells Majority Interest in 541,035 SF Office Building in Parsippany, New Jersey

by Taylor Williams May 27, 2021

PARSIPPANY, N.J. — A partnership between P3 Properties, Image Capital LLC and Lionstone Capital has sold a majority interest in MCC Blue, a 541,035-square-foot trophy office building in the Northern New Jersey city of Parsippany. The building serves as the U.S. headquarters of Teva Pharmaceuticals and was 93 percent leased at the time of sale. Jeff Dunne, Jeremy Neuer, Steve Bardsley, Gene Pride, David Gavin, Travis Langer and Zach McHale of CBRE represented the partnership in the transaction.

May 27, 2021

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Acquisitions New Jersey Northeast Office

KBS Sells Woodbridge Corporate Plaza Office Complex in Iselin, New Jersey, for $88M

by Taylor Williams May 26, 2021

ISELIN, N.J. — California-based investment firm KBS has sold Woodbridge Corporate Plaza, a 629,189-square-foot office complex in Iselin, located in the northern part of the Garden State, for $88 million. Kevin Welsh, Brian Schulz, Jason Emrani, Maria Betancourt and Jamie Drummond of Newmark represented KBS, which originally purchased the asset in 2005 and implemented a multimillion-dollar renovation program, in the transaction. Amenities include a 6,000-square-foot fitness center, full-service café and shuttle service to the nearby Metropark transit hub. The buyer was New York-based Northeast Capital Group. The six-building property was 90 percent leased to a roster of 64 tenants at the time of sale.

May 26, 2021

Acquisitions Midwest Retail Wisconsin

Boulder Group Brokers $3.2M Sale of Piggly Wiggly-Occupied Property in Wisconsin

by Kristin Harlow May 26, 2021

WATERTOWN, WIS. — The Boulder Group has brokered the $3.2 million sale of a retail property net leased to Piggly Wiggly in Watertown, about 50 miles west of Milwaukee. The 27,000-square-foot building is located at 1330 Memorial Drive next to Watertown Regional Medical Center. Jimmy Goodman and John Feeney of Boulder represented the seller, a Wisconsin-based private investor. The buyer was also a Wisconsin-based investor. Piggly Wiggly’s lease expires in December 2029. There are more than 530 Piggly Wiggly stores in 17 states.

May 26, 2021

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