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Ledra Brands Buys Industrial Building in Southern California for $16.6M

by Amy Works February 20, 2020

IRVINE, CALIF. — Ledra Brands, a local lighting manufacturer, has purchased an industrial property located at 88 Maxwell in Irvine. University Medical sold the asset for $16.6 million. Ross Fippinger and Ross Bourne of CBRE represented the buyer, while Gregg Haly and Dave Desper, also of CBRE, represented the seller in the deal. Situated on 3.7 acres within the Irvine Spectrum submarket of Orange County, Calif., the 55,285-square-foot building features 14,684 square feet of office space, four dock-high loading doors, 30-foot clear heights and 125 parking spaces.

February 20, 2020

Acquisitions California Net Lease Office Western

Drawbridge Realty Buys 253,720 SF Bank of America Office Campus in Westlake Village, California

by Amy Works February 19, 2020

WESTLAKE VILLAGE, CALIF. — San Francisco-based Drawbridge Realty has purchased an office building situated on 19.6 acres at 31303 Agoura Road in Westlake Village. Terms of the transaction were not released. Bank of America occupies the 253,720-square-foot campus on an 11-year, triple-net lease through 2031. The bank employs approximately 1,000 employees at the property. Todd Tydlaska, Sean Sullivan, Mike Longo and Anthony DeLorenzo of CBRE’s El Segundo, Calif., office represented the undisclosed seller in the deal. Drawbridge acquired the asset using a portion of a $240 million equity commitment secured in 2019, providing Drawbridge with discretionary capital to acquire $600 million of additional properties in target markets across the United States. The new equity commitment was led by KKR, which played an important role in procuring the new capital alongside others.

February 19, 2020

Acquisitions Massachusetts Northeast Retail

NKF Brokers Sale of Two Retail Spaces Totaling 418,970 SF in Plymouth, Massachusetts

by Alex Patton February 19, 2020

PLYMOUTH, MASS. — Newmark Knight Frank (NKF) has brokered the sale of two retail spaces totaling 418,970-square-feet within the Colony Place mixed-use development in Plymouth, located approximately 40 miles southeast of Boston. Texas-based investor The Rainier Cos. acquired the assets which include two spaces within the 1 million-square-foot Colony Place development: The Plaza, which comprises 230,497 square feet; and The Village, which comprises 188,473 square feet. The seller, Saxon Partners, will continue its role of master developer of Colony Place and will move forward with additions including a 320-unit apartment complex and a hotel. Robert Griffin, Geoffrey Millerd, Justin Smith and Paul Penman of NKF represented Saxon Partners in the transaction. The team also procured The Rainier Cos. as the buyer.

February 19, 2020

Acquisitions Industrial Midwest Minnesota

Ackerberg Acquires 75,480 SF Industrial Building in Maplewood, Minnesota

by Kristin Harlow February 19, 2020

MAPLEWOOD, MINN. — Ackerberg has acquired a 75,480-square-foot industrial building located at 1140 Gervais Ave. in Maplewood, just east of St. Paul. The purchase price was undisclosed. The property features a clear height of 22 feet and 19 dock doors. It is fully leased to Minneapolis food bank Second Harvest Heartland. This summer, the food bank plans to relocate some of its operations to Brooklyn Center, thereby creating approximately 50,000 square feet of available space within the building. Dave Stokes and Chris Weirens of Cushman & Wakefield will market the space for lease on behalf of Ackerberg. Tim Carlson and Jim Vos of Cresa Partners represented the seller, Second Harvest Heartland.

February 19, 2020

Acquisitions Retail South Carolina Southeast

Continental Realty Purchases Open-Air Shopping Center Near Charleston for $147M

by Alex Tostado February 18, 2020

MOUNT PLEASANT, S.C. — Continental Realty Corp. has purchased Mount Pleasant Towne Centre, a 510,000-square-foot, open-air shopping center in Mt. Pleasant, for $147 million. Anchor tenants at the property include Belk, Regal Cinemas, Bed Bath & Beyond, Barnes & Noble, Arhaus Furniture and Old Navy. Other tenants include Peloton, lululemon athletica, Bluemercury, Athleta, Ulta Beauty, Southern Tide, Francesca’s, Ann Taylor Loft, Bath & Body Works, Savi Cucina, Copper Penny, Palmetto Moon, Lizard Thicket, Reed’s Jewelers and Hustle Smoothie Bar. The center was 96 percent leased to nearly 70 tenants at the time of sale. The buyer funded the acquisition through its Continental Realty Fund V LP, a $210.8 million private fund focused on retail and multifamily properties in the Southeast. The asset is situated at 1218 Belk Drive, nine miles northeast of downtown Charleston. A joint venture between Miller Capital Advisory and California Public Employees’ Retirement System (CalPERS) sold the center. Stephen Livaditis, Eric Zimmermann, Michael Pagliari, and Conor Lalor of Eastdil Secured represented the seller in the transaction.

February 18, 2020

Acquisitions Mixed-Use Texas

JLL Negotiates Sale of 866,273 SF The Union Mixed-Use Development in Uptown Dallas

by Taylor Williams February 18, 2020

DALLAS — JLL has negotiated the sale of The Union, an 866,273-square-foot mixed-use development in the Uptown neighborhood of Dallas. According to The Dallas Morning News, the property sold for $370 million. Completed by RED Development in 2018, the office tower at The Union was 94.2 percent leased at the time of sale to tenants including Salesforce, Akin Group and Weaver. Office amenities include a tenant lounge, fitness center and outdoor green space. The Union Dallas also features 85,000 square feet of retail and restaurant space anchored by a Tom Thumb grocery store and a 309-unit apartment building that was developed by StreetLights Residential. JLL represented RED Development, which will retain minority stake in the property, in the transaction. JLL also procured KB Asset Management, the investment arm of Korean conglomerate KB Financial Group, as the buyer and secured a five-year, fixed-rate acquisition loan through Goldman Sachs on behalf of the new ownership.

February 18, 2020

Acquisitions Mixed-Use New York Northeast

Urban Edge Properties Acquires Two Mixed-Use Buildings in Brooklyn for $165M

by Alex Patton February 18, 2020

NEW YORK CITY — Urban Edge Properties, a New York City-based REIT, has acquired Kingswood Center and Kingswood Crossing, a pair of adjacent mixed-use buildings in the Midwood neighborhood of Brooklyn, for $165 million. The two buildings comprise a total of approximately 335,000 square feet, including 134,000 square feet of Class A office space and 106,000 square feet of retail space. The properties also include 60,000 square feet of space available for office or residential development and 250 parking spaces. At the time of sale, retail tenants included Target, TJ Maxx and Marshalls. Visiting Nurse Services of New York was the anchor office tenant. A partnership between Infinity Real Estate and Nightingale Properties was the seller in the off-market transaction.

February 18, 2020

Acquisitions Industrial Northeast Pennsylvania

The Flynn Co. Brokers $12.2M Sale of Five-Building Industrial Portfolio in Pennsylvania

by Alex Patton February 18, 2020

HOLMES AND BROOMALL, PA. — The Flynn Co. has brokered the $12.2 million sale of a five-building industrial portfolio in Pennsylvania. Velocity Venture Partners, a Philadelphia-based industrial developer, acquired the properties, which are all located in Delaware County, directly southwest of Philadelphia. Four of the buildings are situated within the Ridley Business Center at 500 Pine St. in Holmes. The other building is located at 620 Parkway in Broomhall. All of the buildings were fully leased at the time of sale. Colin Flynn and Ben Conway of The Flynn Co. represented Velocity Venture Partners in the transaction. Holmes Partners LP was the seller of the Ridley Business Center buildings and 620 Parkway Partners LLC was the seller of the building at 620 Parkway.

February 18, 2020

Acquisitions Midwest Wisconsin

Nicolet Bankshares Agrees to Acquire Commerce State Bank for Nearly $130M

by Kristin Harlow February 18, 2020

GREEN BAY, WIS. — Nicolet Bankshares Inc. has agreed to acquire Commerce Financial Holdings Inc. and its wholly owned subsidiary, Commerce State Bank. The deal is valued at approximately $129.6 million. The combined company is expected to have pro forma assets of $4.3 billion, deposits of $3.6 billion and loans of $3.2 billion. Commerce would represent approximately 16 percent of the combined company’s year-end assets. The transaction is expected to close in the third quarter. Nicolet Bankshares is the bank holding company of Nicolet National Bank. Founded in Green Bay in 2000, the bank operates branches in northeast and central Wisconsin as well as the upper peninsula of Michigan. West Bend-based Commerce was the 20th largest bank in the Milwaukee area last year, according to the Milwaukee Business Journal.

February 18, 2020

Acquisitions Kansas Midwest Multifamily

Sherman Residential Purchases 250-Unit Multifamily Community in Overland Park, Kansas

by Kristin Harlow February 18, 2020

OVERLAND PARK, KAN. — Sherman Residential has purchased The Sovereign at Overland Park for an undisclosed price. Constructed in 2013, the 250-unit apartment community spans 24 buildings on 42 acres. Amenities include a fitness center, pool, business center, resident lounge and pet washing station. Sherman will also assume management of the garden-style property.

February 18, 2020

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