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Gautier Land Co. Sells Six-Building Industrial Portfolio in Metro Los Angeles for $93.8M

by Amy Works December 22, 2020

VERNON, CALIF. — Gautier Land Co. has completed the disposition an industrial portfolio located in the Los Angeles County submarket of Vernon. The six buildings offer a total of 464,415 square feet of industrial space. Rexford Industrial Realty acquired the asset for $93.8 million. The buildings are fully leased to a variety of tenants and feature 20-foot to 30-foot clear heights and extensive dock-high loading. Situated on 20.9 acres, the portfolio includes: a 35,000-square-foot building at 1921-1931 E. 27th St.; a 40,437-square-foot facility at 2011-2025 E. 27th St.; a 98,389-square-foot building at 2031-2099 E. 27th St.; a 126,583-square-foot property at 2034-2040 E. 27th St.; a 63,318-square-foot facility at 2750 S. Alameda St.; and a building at 2800-2840 S. Alameda St. Michael Nubel, Jerry Sackler and David Freitag of Daum Commercial Real Estate Services represented the seller and procured the buyer in the transaction.

December 22, 2020

Acquisitions Mixed-Use Office Restaurant Retail Top Stories Washington Western

Skanska Sells Majority Stake in Seattle Mixed-Use Tower for $669M, Nation’s Largest Single-Property Trade Since Pandemic

by John Nelson December 22, 2020

SEATTLE — Skanska has sold a 95 percent stake of 2+U, a 38-story mixed-use tower in downtown Seattle. South Korea-based Hana Alternative Asset Management and parent firm Hana Financial Group purchased the majority interest from the Swedish developer for $669 million. According to Skanska, the sale of 2+U is the largest single-property commercial real estate transaction in the United States since the pandemic began. Office tenants at 2+U include job search giant Indeed.com, tech firm Dropbox, coworking operator Spaces and customer experience firm Qualtrics. Retail tenants include Italian eatery Ethan Stowell Tavolàta and Seattle-based specialty coffeeshop Caffe Ladro. Hana has hired Houston-based Hines to manage 2+U. The development is situated near Seattle Art Museum, Waterfront Park, Benaroya Hall, Pike Place Market and downtown’s Pioneer Square neighborhood. Skanska delivered the 701,000-square-foot office component of 2+U, which is named after its location at Second Avenue between Union and University streets, in late 2019. The office tower is raised 85 feet off the ground and the retail component, which is still under development, is tucked underneath the podium. 2+U also includes nearly a half-acre of open space for tenant and community gatherings. Skanska will retain a 5 percent interest in 2+U and is …

December 22, 2020

Acquisitions California Multifamily Western

Davlyn Investments Acquires Terraces at Highland Reserve Apartment Complex Near Sacramento for $95M

by Amy Works December 21, 2020

ROSEVILLE, CALIF. — San Diego-based Davlyn Investments has purchased The Terraces at Highland Reserve, an apartment property located in Roseville, a northeastern suburb of Sacramento, for $95 million. Davlyn plans to rebrand the 273-unit property as Ascent at the Galleria. Constructed in 2002, the community features 273 apartments with nine-foot ceilings, in-unit washers and dryers, built-in fireplaces, modern architecture, barrel-tiled roofs, more than 250 detached garages and an extensive amenity package. The property is Davlyn’s fourth acquisition in Northern California and its first in the greater Sacramento market. Mark Leary and Nate Oleson of Newmark represented the undisclosed seller in the deal.

December 21, 2020

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 454-Unit Self-Storage Portfolio in Houston

by Taylor Williams December 21, 2020

HOUSTON — Marcus & Millichap has brokered the sale of a 454-unit self-storage portfolio in Houston. The portfolio, which is operated under the Bargain Storage brand, consists of two properties totaling 69,757 net rentable square feet of non-climate-controlled space. The portfolio also includes 68 portable units that were delivered in 2019. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, an Oregon-based limited liability company, in the transaction. New York-based Merit Hill Capital purchased the portfolio for an undisclosed price.

December 21, 2020

Acquisitions Massachusetts Multifamily Northeast

Bell Partners Acquires Two Apartment Communities Totaling 408 Units Near Boston

by Taylor Williams December 21, 2020

WESTFORD, MASS. — North Carolina-based investment firm Bell Partners has acquired Hanover Westford Valley and Hanover Westford Hills, two adjacent apartment communities totaling 408 units. The properties are located about 35 miles northwest of Boston and include 12 townhomes. Units feature stainless steel appliances, tile backsplashes, custom cabinets, full-size washers and dryers and private balconies. Communal amenities include two pools, outdoor lounge areas with fire pits, a dog park, pet spa, fitness center, resident clubhouse, private media room with theater-style seating, conference room and private workstations. The seller and sales price were not disclosed.

December 21, 2020

Acquisitions Indiana Midwest Multifamily

Berkadia Arranges Sale of 354-Unit Apartment Property in Indianapolis

by Kristin Harlow December 18, 2020

INDIANAPOLIS — Berkadia has arranged the sale of Aberdeen Apartments in Indianapolis for an undisclosed price. The 354-unit multifamily property is located at 8680 Walnut Grove Drive near the Indianapolis International Airport. Amenities include a pool, fitness center, clubhouse, and a basketball, tennis and sand volleyball court. Alex Blagojevich and Chris Bruzas of Berkadia represented the seller, Indiana-based Samaritan Cos., which made significant capital improvements to the property over the past few years. Barratt Asset Management, also based in Indiana, was the buyer.

December 18, 2020

Acquisitions Life Sciences NAI North Carolina Office Southeast

Tri Properties | NAI Carolantic Arranges $25M Sale of Life Sciences Portfolio in Raleigh-Durham

by Alex Tostado December 18, 2020

CARY, N.C. — Tri Properties | NAI Carolantic has arranged the $25 million sale of 13000 Weston and 14001 Weston Parkway, a two-building, 137,759-square-foot life sciences portfolio in Cary. Michigan-based Alidade Capital acquired the assets from JPB Raleigh Holdings. The Park City, Utah-based company acquired the properties in 2015 and 2016 and made capital improvements during its ownership. The buildings were 96 percent leased at the time of sale to tenants including healthcare company McKesson Corp., World Courier Management Inc. and biorepository company Kryosphere. Jimmy Barnes of Tri Properties | NAI Carolantic represented the seller in the transaction.

December 18, 2020

Acquisitions Arizona Multifamily Western

Bascom Arizona Ventures Sells Two Multifamily Properties in Tucson to Bridge Investment Group for $90.2M

by Amy Works December 18, 2020

TUCSON, ARIZ. — Bascom Arizona Ventures has completed the disposition of two apartment communities in Tucson for a total of $90.2 million. Equestrian, a 288-unit complex, sold for $47.7 million, or $165,625 per unit. Ridgeline, a 272-unit property, traded for $42.5 million, or $156,250 per unit. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Both properties are located on West Linda Vista Boulevard in Northwest Tucson. Completed in 2008 on 13 acres, Equestrian features 18 residential buildings, a swimming pool, gas and charcoal grilling stations, assigned covered parking and detached garages. Apartments feature nine-foot ceilings and offer an average unit size of 900 square feet. Built in 2002 and 2008 on 13 acres, Ridgeline features 17 residential buildings, two resort-style swimming pools and apartments averaging 821 square feet per unit.

December 18, 2020

Acquisitions Industrial Northeast Pennsylvania

KKR Acquires 600,000 SF Warehouse, Distribution Facility in Lehigh Valley

by Taylor Williams December 18, 2020

SHOEMAKERSVILLE, PA. — Global investment firm KKR has acquired a 600,000-square-foot warehouse and distribution facility within Hamburg Commerce Park in the Lehigh Valley community of Shoemakersville. Built in 2020, the 38.6-acre property features 36-foot clear heights, 50 dock-high doors, 169 trailer stalls and an ESFR sprinkler system. John Plower, Pete Pittroff, Rob Kossar, Jeff Lockard and Ryan Cottone of JLL represented the seller, a joint venture between The Keith Corp. and Kiel Group, in the transaction. The sales price was not disclosed.

December 18, 2020

Acquisitions Healthcare New Jersey Northeast

Atkins Cos., Capital Solutions Sell 95,000 SF Medical Office Building in Bridgewater, New Jersey

by Taylor Williams December 18, 2020

BRIDGEWATER, N.J. — A joint venture between New Jersey-based Atkins Cos. and private equity firm Capital Solutions has sold a 95,000-square-foot medical office building located in the Northern New Jersey city of Bridgewater. At the time of sale, the building was fully leased to Bank of America and MidJersey Health Corp., a joint venture between regional healthcare providers Hunterdon Healthcare and Atlantic Health System. Ben Appel, Jay Miele, John Nero and Michael Greeley of Newmark represented the seller in the transaction. The buyer was not disclosed.

December 18, 2020

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