sale1

KBS Sells Two Buildings at Office/R&D Complex in San Jose for $95.2M

by Amy Works June 30, 2020

SAN JOSE, CALIF. — KBS has completed the disposition of two buildings at District 237, a Class A office/R&D complex located at 100 Headquarters Drive and 200-350 Holger Way in San Jose. EXAN Group, an independent real estate fund and asset management company, acquired the buildings from KBS Real Estate Investment Trust II for $95.2 million. Totaling 142,710 square feet, the properties are located at 100 Headquarters Drive and 200 Holger Way. Built in 1999 and 2001, District 237 features eight one-, two- and three-story buildings ranging from 20,009 square feet to 101,194 square feet. KBS recently repositioned and rebranded the complex, resulting in a combined total of 315,622 square feet in new leases. Joe Moriarty, Scott Prosser, Jack DePuy, Russell Ingrum, Bran Zampa and Mike Walker of CBRE Northern California Capital Markets team brokered the sale. Bruch Fischer, Howard Chu, Chrisdo Fan and Amanda Kennedy of Greenberg Traurig LLP’s Orange County, Calif., office represented KBS as legal counsel in the disposition. EXAN Group has been retained to manage District 237.

June 30, 2020

Acquisitions Midwest Nebraska Office

MAG Capital Partners Acquires Omaha Flex Office Building in Sale-Leaseback

by Kristin Harlow June 30, 2020

OMAHA, NEB. — MAG Capital Partners LLC has acquired a 47,184-square-foot flex office building in Omaha in a sale-leaseback transaction. The single-tenant, fully leased property serves as the headquarters for Scantron’s technology solutions department. The seller was Transom Capital Group. Scantron, best known for its machine-readable paper forms for multiple-choice test questions, was acquired by Transom in December 2019. Built in 1987, the property is located on 3.6 acres at 2020 S. 156th Circle. Two-thirds of the building is utilized as flex office space with the remainder being used for warehousing and manufacturing space. Nick Foster of JLL represented the seller. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented the buyer.

June 30, 2020

Acquisitions Office Texas

Cushman & Wakefield Brokers Sale of Historic Republic Building in Downtown Houston

by Taylor Williams June 30, 2020

HOUSTON — Cushman & Wakefield has brokered the sale of the Republic Building, a 19,850-square-foot office property located at 1018 Preston St. in downtown Houston. The building was originally constructed in 1907, housed the U.S. District Court in 1910 and was admitted to the National Register of Historic Places in 1979. Scott Miller, David Cook and Jeff Peden of Cushman & Wakefield represented the seller, Republic Building TX LP, in the transaction. Fred Ghabriel of Bejjani & Associates Inc. represented the buyer, a subsidiary of government contractor MVL Group.

June 30, 2020

Acquisitions Multifamily North Carolina Southeast

Newmark Knight Frank Negotiates $38M Sale of Apartment Complex in Durham

by Alex Tostado June 29, 2020

DURHAM, N.C. — Newmark Knight Frank (NKF) has negotiated the sale of Parc at University Tower, a 186-unit apartment complex in Durham. KnightVest acquired the property for an undisclosed price, but the Triangle Business Journal reports the sales price was $38 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, lighted tennis court, 24-hour fitness center, pet park, 24-hour business center, poolside BBQ grilling station, clubhouse with billiards, Amazon Hub package lockers and complimentary bike exchange. The garden-style community is located at 20 Morcroft Lane, four miles west of downtown Durham. Sean Wood, John Heimburger, Dean Smith, Alex Okulski, John Munroe and Jason Kon of NKF represented the seller, Duck Pond Realty, in the transaction.

June 29, 2020

Acquisitions Multifamily Texas

IPA Negotiates Sale of 144-Unit Parkwood Terrace Apartments in Metro Austin

by Taylor Williams June 29, 2020

ROUND ROCK, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Parkwood Terrace, a 144-unit multifamily community located in the northern Austin suburb of Round Rock. Built in 2000, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center and resident clubhouse. Jordan Featherston, Will Balthrope, Drew Kile, Drew Garza and Kent Myers of IPA represented the seller, private investor James Pinheiro, in the transaction. Los Angeles-based investment firm Langdon Street Capital purchased the asset for an undisclosed price.

June 29, 2020

Acquisitions Illinois Midwest Multifamily

JLL Brokers Sale of 111-Unit Luxury Apartment Community in Metro Chicago

by Kristin Harlow June 29, 2020

LAKE FOREST, ILL. — JLL Capital Markets has brokered the sale of Apartment Homes at Kelmscott Park in Lake Forest, about 30 miles north of Chicago. The sales price was undisclosed. The luxury apartment property consists of three buildings with 111 units that average 1,220 square feet. The community is 92 percent occupied and the majority of renters are age 50 and older. Monthly rents start at $2,141. Marty O’Connell, Wick Kirby, Kevin Girard and Amanda Friant of JLL represented the sellers, Focus and funds managed by Castlelake LP. Matt Schoenfeldt and Chris Knight of JLL originated acquisition financing on behalf of the buyer, Intercontinental Real Estate Corp. The Fannie Mae loan has a 10-year term. Steve Centrella and Chris LaFrance of Intercontinental led the transaction on behalf of Intercontinental.

June 29, 2020

Wigwam-Creek-Shopping-Center-Litchfield-Park-AZ

Acquisitions Arizona Retail Western

SRS Negotiates $9.2M Sale of Wigwam Creek Shopping Center Near Phoenix

by Amy Works June 29, 2020

LITCHFIELD PARK, ARIZ. — SRS Real Estate Partners has arranged the sale of a large portion of Wigwam Creek Shopping Center, located at 13000 and 12958 W. Indian School Road in Litchfield Park. A Colorado-based family office sold the asset to a California-based private investor for $9.2 million. Built in 2002, Wigwam Creek Shopping Center totals 33,792 square feet. Anytime Fitness, Baskin Robbins, Subway, Fantastic Sams and Leslie’s Poolmart are among the 17 tenants that fully occupy the property. The center also includes Albertsons, McDonalds, BBVA Bank, Circle K and KFC, which were not part of the transaction. John Redfield, Ed Beeh and Alan Houston of SRS’ National Net Lease Group, along with Eric Diesch and Peter Sengelmann of Pinnacle Real Estate Advisors, represented the seller. Ninos Lazar of Investar Real Estate Specialists represented the buyer in the deal.

June 29, 2020

Acquisitions District of Columbia Office Southeast Top Stories

Smithsonian Institution Pays $254M for New Headquarters in Washington, D.C.

by Alex Patton June 26, 2020

WASHINGTON, D.C. — The Smithsonian Institution has acquired the 318,557-square-foot West Tower of the Capital Gallery office property in Washington, D.C. for $254 million. The U.S. government entity, which operates 19 museums and nine research centers, will use the building as its new headquarters. Located at 600 Maryland Ave. S.W., the 10-story glass building makes up just over half of the two-building property, which totals 631,029 square feet of Class A office space. Smithsonian also acquired four floors of the eight-story East Tower. Smithsonian already leases office space within the building, and the acquisition is part of a plan to consolidate five office spaces in the Washington, D.C. area into a single location. The financial and administrative offices, currently located in Crystal City at 2011 Crystal Drive, in Arlington, Virginia, are the largest offices to move to the new administrative headquarters. Other offices to be consolidated include spaces at 955 L’Enfant Plaza S.W.; 425 Third St. S.W.; and 901 D St. S.W. The move is scheduled to begin early next year. “The reason for purchasing an office building near the National Mall is twofold — it is more efficient to have staff together in a central location and it is …

June 26, 2020

Acquisitions New Jersey Northeast Office

Golden Gate Capital Acquires Office Portfolio in Mount Laurel, New Jersey for $14.8M

by Alex Patton June 26, 2020

MOUNT LAUREL N.J. — Brooklyn-based private equity firm Golden Gate Capital has acquired a seven-building office portfolio in Mount Laurel, an eastern suburb of Philadelphia, for $14.8 million. The portfolio totals 244,000 square feet and includes a building located at 10001 Briggs Road in the Cambridge Crossing office complex, as well as six buildings in Greentree North Corporate Center. Tenants of the portfolio include Vertical Screen, Cooper Institute for Reproductive Hormonal Disorders, Ancero LLC, Just Children and Virtua Infectious Disease. Both properties offer convenient access to the New Jersey Turnpike and Interstate 295. Stephen Marzullo, Adam Silverman and Jon Sarkinsian of CBRE represented the undisclosed seller in the transaction.

June 26, 2020

Acquisitions Arizona Multifamily Western

Epoch Residential Sells 292-Unit Capital Place Apartment Community in Phoenix

by Amy Works June 26, 2020

PHOENIX — Epoch Residential has completed the sale of Capital Place, a multifamily property located at 11 S. 12th St. in Phoenix. Knightvest Capital acquired the asset for an undisclosed price. Built in 2016, the two-building Capital Place features 292 apartments offering stainless steel kitchen appliances, custom kitchen cabinets, granite counter tops and covered balconies. Residential amenities include a swimming pool, fitness center, clubhouse, spa, cabanas, barbecue grills and parking garages. Mike Higgins, Charlie Steele and John Cunningham of the JLL Capital Markets Investment Advisory team represented the seller in the deal. Mark Brandenburg and Brad Miner, also of JLL, arranged acquisition financing through Freddie Mac for the buyer. Jones Lang LaSalle Multifamily, a Freddie Mac Optigo lender, will service the loan.

June 26, 2020

Newer Posts

Older Posts