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Disney Investment Group Arranges Sale of 124,289 SF Towne North Shopping Center in Irving

by Taylor Williams March 3, 2021

IRVING, TEXAS — Locally based retail brokerage firm Disney Investment Group has arranged the sale of Towne North, a 124,289-square-foot shopping center in Irving. Ethnic grocer El Rancho Supermercado anchors the property, which was 97 percent leased at the time of sale. David Disney and Adam Crockett of Disney Investment Group represented the seller, an affiliate of Dallas-based Nayeb Group, which sold the property to an out-of-state private equity firm. Disney Investment Group also arranged the sale of Towne North to Nayeb Group from HSM Equities for $17 million in summer 2019.

March 3, 2021

Southeast-Phoenix-Distribution-Center-Chandler-AZ

Acquisitions Arizona Industrial Western

JLL Income Property Trust Buys Southeast Phoenix Distribution Center for $91M

by Amy Works March 3, 2021

CHANDLER, ARIZ. — JLL Income Property Trust has purchased Southeast Phoenix Distribution Center, a Class A distribution center located in Chandler, for $91 million. Constructed in 2019, the four-building campus features 474,000 square feet of space that can accommodate a wide range of tenants, ranging from 20,000 square feet to 135,000 square feet. The buildings offer 32-foot clear heights, ESFR sprinkler systems, grade- and dock-high doors and full concrete truck courts with fencing. The asset is situated at the confluence of Interstate 10 and Loop 202, 15 minutes from Sky Harbor International Airport and 20 minutes from downtown Phoenix.

March 3, 2021

Acquisitions Hospitality Texas

NewcrestImage Buys 325-Room Historic Magnolia Hotel in Downtown Dallas

by Taylor Williams March 2, 2021

DALLAS — Locally based hospitality investment firm NewcrestImage has purchased the Magnolia Hotel, a 325-room hotel located at 1401 Commerce St. across the street from AT&T’s headquarters office in downtown Dallas. The historic 29-story building was originally constructed in 1922 as the headquarters for Magnolia Petroleum and was redeveloped into a boutique hotel in 1999. NewcrestImage purchased the property from Denver-based Stout Street Hospitality for an undisclosed price. John Bourret, Daniel Peek, Austin Brooks and David Auer of Hodges Ward Elliott brokered the deal.

March 2, 2021

Acquisitions Northeast Office Pennsylvania

PRP Acquires Interest in AmerisourceBergen’s 429,122 SF Metro Philadelphia Headquarters Building

by Taylor Williams March 2, 2021

CONSHOHOCKEN, PA. — Washington, D.C.-based investment firm PRP has acquired a preferred equity investment in the 429,122-square-foot office headquarters building of drug wholesaler AmerisourceBergen in Conshohocken, a northern suburb of Philadelphia. The Philadelphia Business Journal reports that the value of PRP’s stake is $340 million. Developer Keystone Property Group is nearing completion of the headquarters building, which will be located within the company’s $325 million SORA West mixed-use development and will house approximately 1,500 AmerisourceBergen associates. The company announced its plan to relocate to Conshohocken from Chesterbrook in summer 2018.

March 2, 2021

Acquisitions California Office Western

BioScience Properties, Harrison Street Acquire Office Property Near Palo Alto for $40.7M, Plan Life Science Conversion

by Amy Works March 2, 2021

MOUNTAIN VIEW, CAILF. — A joint venture between BioScience Properties and Harrison Street has acquired an office building, located at 303 Ravendale Drive in Mountain View, from 303 MVRP LLC for $40.7 million. The buyers plan to convert the 67,000-square-foot building into a speculative life science asset by upgrading the property with lab improvements suitable for biology and chemistry uses. The converted building will feature sinks, compressed air, vacuum, backup power, fume hoods and single-pass air in the laboratory areas. Built in 1978, the building offers a flexible plan suitable for a single tenant as well as divisibility options for partial building users. Erik Doyle and Alec Hanley of CBRE Capital Markets in Palo Alto represented the seller in the deal.

March 2, 2021

Acquisitions Affordable Housing Multifamily South Carolina Southeast

Standard Communities Leads Partnership to Acquire, Renovate 300-Unit Affordable Housing Community in Charleston

by Julia Sanders March 1, 2021

CHARLESTON, S.C. — Standard Communities has led a public-private partnership that acquired Bridgeview Village Apartments, the largest privately owned affordable community in Charleston. Standard Communities partnered with the U.S. Department of Housing and Urban Development (HUD), South Carolina State Housing Finance and Development Authority (SC Housing) and nonprofit firm Housing on Merit for the transaction. The Bridgeview Village acquisition had a total capitalization of over $97 million, including a $22 million renovation. Alliant Capital provided low income housing tax credit (LIHTC) equity in a transaction arranged with SC Housing. Citibank provided additional financing. Built in 1971, Bridgeview Village is a 100 percent affordable community featuring 300 units in 26 residential buildings on a 22-acre site. All units are covered by a Project-Based Section 8 Housing Assisted Payment (HAP) contract. More than $70,000 per unit will be invested to upgrade unit interiors, including flooring, countertops and cabinetry, as well as enhance safety and security features with added site lighting, access control systems, surveillance cameras and monitoring. The renovations will include a new amenity center for residents. The project will feature several green energy initiatives, including LED light fixtures and low flow plumbing fixtures in units, as well as photovoltaic and rain …

March 1, 2021

Jefferson-Platinum-Triangle-Apts-Anaheim-CA

Acquisitions California Multifamily Western

Waterford Property Buys Jefferson Platinum Triangle Apartments in Anaheim for $160M, Plans Workforce Housing Conversion

by Amy Works March 1, 2021

ANAHEIM, CALIF. — Waterford Property Co., in partnership with California Statewide Communities Development Authority (CSCDA), has purchased Jefferson Platinum Triangle. The transit-oriented multifamily community is located at 1781 S. Campton Ave. in Anaheim’s Platinum Triangle District. JPI sold the asset for $160 million. The buyers plan to convert the 400-unit property into workforce housing. The acquisition is part of a workforce housing finance program created in 2020 by CSCDA. Using tax exempt bond financing, CSCDA can purchase multifamily projects without the use of public subsidies to provide much-needed housing for the middle-income workforce demographic. With this acquisition the partnership will be able to lower rents for qualified existing and new residents making between 80 percent and 120 percent of the area median income in order to create more workforce housing in Anaheim. Built in 2018, Jefferson Platinum Triangle features 400 units, clubrooms, two resort-style pools with hot tubs, outdoor cooking areas, fitness centers and a yoga studio. Shane Shafer and Kyle Pinkalla of NorthMarq brokered the transaction.

March 1, 2021

Acquisitions Kansas Midwest Retail

Colliers Brokers Sale of 89,973 SF Shopping Center in Kansas City

by Kristin Harlow March 1, 2021

KANSAS CITY, KAN. — Colliers Kansas City has brokered the sale of Westfield Shopping Center in Kansas City for an undisclosed price. The 89,973-square-foot shopping center is situated at the southwest corner of 80th Street and State Avenue. Tenants include CVS Pharmacy, Citi Trends, Save A Lot, Family Dollar, Reece Nichols, Metro PCS, Fantastic Sams and T-Mobile. Mark Arensberg and Mike Yeggy of Colliers represented the buyer, Chicago-based Newport Capital Partners. The acquisition marks the first investment in the Kansas City market for Newport. The seller was undisclosed.

March 1, 2021

Acquisitions Industrial Midwest Wisconsin

Coldwell Banker Commercial Arranges $4M Sale of Industrial Building in Delavan, Wisconsin

by Kristin Harlow February 26, 2021

DELAVAN, WIS. — Coldwell Banker Commercial has arranged the $4 million sale of a 100,000-square-foot industrial building in Delavan, about 45 miles southwest of Milwaukee. Built in 2019, the property sits on 17.4 acres at 2153 Hobbs Drive. The building features a clear height of 30 feet, eight docks and one drive-in door. Bill Mears and Adam Schultz of Coldwell Banker Commercial McGuire Mears & Associates represented both the buyer and seller in the transaction. The buyer, Prop Shaft Supply, a division of Machine Service Inc., plans to move its 85 employees to the property.

February 26, 2021

Acquisitions California Industrial Western

Sentre Acquires Rancho Bernardo Vista Industrial Facility in San Diego for $50M

by Amy Works February 26, 2021

SAN DIEGO — Sentre has purchased Rancho Bernardo Vista, a newly constructed Class A industrial facility situated on 10 acres at 16915 Via Del Campo in San Diego’s Rancho Bernardo area. An undisclosed seller sold the asset for $50 million. Delivered last year, the core industrial distribution property features 141,518 square feet of industrial space, including 32-foot clear heights, an ESFR fire protection system, deep truck court, 36 dock doors, four grade-level doors, mezzanine space and ample vehicle parking. The property was fully leased to the largest e-commerce company in the world prior to completion and will serve as a mission-critical, last-mile facility for the credit tenant. Bob Prendergast, Lynn LaChapelle and Sach Kirpalani of JLL Capital Markets represented the seller in the deal. Aldon Cole and Bradley Vansant of JLL Capital Markets Debt Placement team arranged $26 million in fixed-rate, financing with a seven-year term through a publicly traded life insurance company for the buyer. Jay Alexander and Andy Irwin of JLL represented the developer in its lease negotiations.

February 26, 2021

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