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PG&E Moves to Oakland, Sells San Francisco Headquarters to Hines Atlas for $800M

by Amy Works May 25, 2021

SAN FRANCISCO — PG&E Corp., parent company of Pacific Gas and Electric Co., has agreed to sell the company’s San Francisco headquarters complex, located at 77 Beale St. and 245 Market St., to Hines Atlas US for $800 million. Under the terms of the sale agreement, the transaction closing is contingent on California Public Utilities Commission’s (CPUC) approval of the sale. PG&E will propose distributing approximately $390 million to $420 million to customers resulting from the gain on sale over a five-year period to offset future customer rates. CBRE’s San Francisco Capital Markets team represented PG&E in the transaction. PG&E is on track for a phased move to its new headquarters at 300 Lakeside Drive in Oakland, beginning in the first half of 2022. The company expects the move to Oakland to result in substantially lower headquarters costs over a long-term period. The company also plans to consolidate two other East Bay satellite offices – 3410 Crow Canyon Road in San Ramon and 1850 Gateway Blvd. in Concord – into the new Oakland headquarters.

May 25, 2021

Acquisitions Industrial Texas

CBRE Negotiates Sale of 1 MSF Interstate Crossing Industrial Facility in Fort Worth

by Taylor Williams May 25, 2021

FORT WORTH, TEXAS — CBRE has negotiated the sale of Interstate Crossing, a 1 million-square-foot fulfillment center in Fort Worth. Dallas-based Hunt Southwest developed the property, which provides immediate proximity to Interstates 820 and 35, on a speculative basis. Building features include 40-foot clear heights, 195-foot truck court depths and ample trailer and automobile parking. Jack Fraker, Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber of CBRE represented Hunt Southwest in the transaction. The buyer was an undisclosed, publicly traded REIT.

May 25, 2021

Acquisitions Florida Office Southeast

Cushman & Wakefield Arranges $63M Sale of 20 North Orange Office Building in Downtown Orlando

by Julia Sanders May 25, 2021

ORLANDO, FLA. — Cushman & Wakefield has arranged the $63 million sale of 20 North Orange Avenue, a 279,780-square-foot office tower located in downtown Orlando’s central business district. Banyan Street Capital, a Miami-based private equity firm, purchased the property in a joint venture with a fund managed by DRA Advisors. The price was disclosed by the Orlando Business Journal. Mike Davis, Rick Colon, Rick Brugge and Dominic Montazemi of Cushman & Wakefield, with support from colleagues Zach Eicholtz, Ryan Jenkins and Brooke Tulley, represented the selling partnership, which comprised funds managed by Apollo Global Management, principals of Square2 Capital and Steelbridge Capital. The new ownership has tapped Robert Kellogg, Todd Davis and Colin Morrison of Cushman & Wakefield to lease the property. Banyan Street Capital will operate the office building in collaboration with Square2 Capital. Built in 1983, the 16-story building was purchased by the sellers in 2014 when it was 73 percent leased. The previous ownership spent approximately $5.3 million in capital improvements, including streetscape enhancements, updating both lobby areas, modernizing elevator and mechanical systems and renovating all of the common areas. As a result of these enhancements, occupancy improved to 90 percent. New tenants have been added such …

May 25, 2021

Acquisitions Industrial Midwest Minnesota

JLL Negotiates $11.2M Sale of Minnetonka Corporate Center

by Kristin Harlow May 25, 2021

MINNETONKA, MINN. — JLL Capital Markets has negotiated the $11.2 million sale of Minnetonka Corporate Center in Minnetonka, about 15 miles southwest of Minneapolis. The 94,435-square-foot property features office and warehouse space. Renovated in 2004, Minnetonka Corporate Center is fully leased to six tenants. Located on Clearwater Drive, the property features five dock doors and four drive-in doors. Colin Ryan and David Berglund of JLL represented the seller, Onward Investors LLC. The duo also procured the buyer, WinPark Associates LLC.

May 25, 2021

Acquisitions Connecticut Mixed-Use Northeast

Joint Venture Acquires 450,000 SF Mixed-Use Property in West Hartford, Connecticut

by Taylor Williams May 25, 2021

WEST HARTFORD, CONN. — Blue Back Capital Partners LLC, a joint venture between Greenwich, Conn.-based Charter Realty & Development Corp. and Miami-based Rialto Capital, has acquired Blue Back Square, a 450,000-square-foot mixed-use property in West Hartford. The property was built in 2006 and includes 215,000 square feet of retail, restaurant and entertainment space, as well as 200,000 square feet of office and medical office space. Retail anchor tenants include Crate & Barrel, Cinepolis Cinemas, West Elm and Barnes & Noble. The seller was Starwood Retail Partners, which purchased the property in 2013. Chris Angelone, Zach Nitsche, Nat Heald, Dave Monahan and Sean O’Neill of JLL represented the undisclosed seller in the transaction.

May 25, 2021

Acquisitions Colorado Multifamily Western

CBRE Global Purchases 320-Unit Fletcher Southlands Apartment Community in Aurora, Colorado

by Amy Works May 24, 2021

AURORA, COLO. — CBRE Global Investors, on behalf of a separate account client, has acquired Fletcher Southlands, a garden-style multifamily property in Aurora. Terms of the transaction were not released. Fletcher Southlands features 320 units in a mix of one-, two-, three- and four-bedroom layouts with nine-foot ceiling heights, stainless steel appliances, private outdoor patios, in-unit washers/dryers, walk-in closets and fireplaces in select units. Community amenities include a heated outdoor pool, lounge area, dog park, dog wash, sun deck, picnic areas, renovated fitness center, basketball court, outdoor grills, fire pit, playground, indoor game room and package lockers. With this investment, CBRE Global Investors has a portfolio of nearly 900 multifamily units representing more than $260 million assets under management in the Denver metro area.

May 24, 2021

Acquisitions Multifamily Texas

Huffines Communities Sells 1,429-Unit Apartment Complex in Metro Dallas

by Taylor Williams May 24, 2021

LEWISVILLE, TEXAS — Locally based developer Huffines Communities has sold Hebron 121 Station, a 1,429-unit apartment community located in the northern Dallas suburb of Lewisville. The 90-acre community is located near several major thoroughfares, including Interstate 35, State Highway 121 and President George Bush Turnpike. Hebron 121 Station was developed in phases, beginning with the delivery of 250 units in 2011. Amenities include four pools with beaches and swim-up bars, entertainment lounges, an onsite restaurant and convenience store, dog parks, outdoor kitchens, two fitness centers and a 10,000-square-foot clubhouse and leasing center. The buyer was EastSky Properties. The sales price was undisclosed.

May 24, 2021

Acquisitions Midwest Minnesota Multifamily

JLL Arranges $26.1M Sale of Apartment Complex in St. Paul

by Kristin Harlow May 24, 2021

ST. PAUL, MINN. — JLL Capital Markets has arranged the sale of the Phoenix Apartments in the Battle Creek neighborhood of St. Paul for $26.1 million. Located at 200 Winthrop St., the 216-unit apartment complex was built in 1976 and updated in 2017. Mox Gunderson, Josh Talberg, Dan Linnell and Adam Haydon of JLL represented the seller, Main Street Cos. A joint venture between a fund managed by DRA Advisors and Marquette Cos. was the buyer. The sale represents a value-add opportunity as roughly 50 percent of the apartment complex is still in need of renovations, according to JLL.

May 24, 2021

Acquisitions Georgia Industrial Southeast

Coldwell Banker Arranges Sale of 370,000 SF Warehouse in Manchester, Georgia

by Julia Sanders May 21, 2021

MANCHESTER, GA. — Coldwell Banker Commercial has arranged the sale of a 370,000-square-foot warehouse and distribution building located at 1000 W. Main St. in Manchester. The sales price was not disclosed. Ernie Smallman IV of Coldwell Banker Commercial Kennon, Parker, Duncan & Davis represented the buyer, FW Logistics, and the seller, Global Track Warehouse. Built in 1978, the single-story property is situated on 30 acres roughly 39 miles from Columbus, Ga., and 19 miles from Pine Mountain, Ga. The property has 21 exterior dock doors and 300 parking spaces located outside of the building. FW Logistics has selected Coldwell Banker Commercial as the exclusive leasing agent for the property. The firm intends to lease 300,000 square feet of the building to a tenant and utilize the remaining space for its own operations. The company also plans to do upgrades and renovations to the building.

May 21, 2021

Acquisitions California Office Western

SteelWave Acquires The Switchyard Creative Office Campus in Los Angeles for $80M

by Amy Works May 21, 2021

LOS ANGELES — San Francisco-based SteelWave has purchased The Switchyard, a Class A creative office campus in the Arts District of Los Angeles. Los Angeles-based CEG Construction sold the property for $80 million. The Switchyard consists of two low-rise office buildings, offering a total of 150,451 square feet, located at 500 and 540 S. Santa Fe Ave. Constructed in 2019, the 500 property consists of a newly constructed five-story creative office building totaling 100,000 square feet and offering ground-floor retail space and a penthouse with an open deck. The 540 property consists of a two-story, 50,888-square-foot building, which was built in 2012. Both buildings feature secured parking and gated and secured entry. SteelWave plans to implement a capital improvements program at the campus, including updating the buildings’ exteriors and improving on-site amenities. Mike Condon Jr., Steve Marcussen, Erica Finck and Bailey Dawson of Cushman & Wakefield represented the buyer and seller in the deal. Cushman & Wakfield’s Peter Collins, Brittany Winn, Scott Menkus and Alexa Delahooke provided market leasing advisory, while Rob Rubano, Brian Share, Joseph Lieske, Ernesto Sanchez, Keith Padien and Greg Napper of Cushman & Wakefield assisted the buyer with financing.

May 21, 2021

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