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WashREIT Completes $129.5M Sale of 1776 G Street Office Building in D.C. to World Bank

by Alex Tostado December 23, 2019

WASHINGTON, D.C. — Washington Real Estate Investment Trust (WashREIT) has sold 1776 G St. for $129.5 million to World Bank Group, an international financial institution that makes loans to developing nations. According to LoopNet Inc., the office building was built in 1979, spans 266,000 square feet and is located one block from the White House. World Bank’s headquarters is located at 1818 H St. NW, which is kitty-corner to 1776 G St. World Bank has operated out of 1776 G St. for over 30 years and is currently the building’s sole office tenant.

December 23, 2019

Acquisitions Georgia Multifamily Southeast

Black Creek Purchases New Multifamily Community in Atlanta’s Central Perimeter District for $117M

by Alex Tostado December 23, 2019

SANDY SPRINGS, GA. — Denver-based Black Creek Group has purchased Hanover Perimeter from developer Hanover Co. for $117 million. The 384-unit multifamily property is located at 1110 Hammond Drive in Sandy Springs, a suburb of Atlanta in the city’s Central Perimeter submarket. The units were 96 percent occupied at the time of sale. Walker & Dunlop’s Pat Jones represented Black Creek in the transaction. Built in 2018, Hanover Place features a fitness center, pool, grilling areas, pet care station and a clubhouse equipped with billiards and a TV lounge. The property has nearby access to restaurants, retail and a Publix grocery store. It is also adjacent to Interstate 285, Ga. Highway 400 and the MARTA Dunwoody Station.

December 23, 2019

Acquisitions Office Southeast Tennessee

Security Properties, Pacific Life Buy Broadstone Gulch in Nashville for $80.8M

by Alex Tostado December 23, 2019

NASHVILLE, TENN. — Seattle-based Security Properties and Newport Beach, Calif.-based Pacific Life Insurance Co. have purchased Broadstone Gulch, a new, 238-unit multifamily property located in Nashville’s Gulch district, for $80.8 million. Located at 803 Division St., Broadstone Gulch offers a fitness center, rooftop lounge, pool, demonstration kitchen, package access system, office space, a pet spa and Google Fiber. The building is a half-mile walk from Music City Center in the Nashville’s south of Broadway (SoBro) neighborhood. Security Properties-affiliate Security Properties Residential will manage the property. Walker & Dunlop’s Telly Fathaly and Kris Mikkelsen represented the seller and developer, Alliance Residential.

December 23, 2019

Acquisitions Florida Retail Southeast

Franklin Street Brokers $8.3M Sale of Regency Point Retail Center in Jacksonville

by Alex Tostado December 23, 2019

JACKSONVILLE, FLA. — Franklin Street has brokered the $8.3 million sale of Regency Point, a 51,381-square-foot retail center located at 9430 Arlington Expressway on the east side of Jacksonville. Franklin Street’s Bryan Belk and John Tennant represented the seller, Phoenix-based Sand Capital, in the transaction. The buyer, which plans to hold the property long-term, is a Jacksonville-based private investor. Built in 1981, the Regency Point shopping center includes tenants such as Skechers, Foot Locker, Champs Sports, Wingstop and T-Mobile. Recent capital improvements to the shopping center include the façade, parking lot and property lighting. Regency Point is situated across the street from Regency Square Mall.

December 23, 2019

Acquisitions Michigan Midwest Retail

Out of the Box Ventures Acquires Lakeside Mall in Michigan, Plans to Bring in New Uses

by Kristin Harlow December 23, 2019

STERLING HEIGHTS, MICH. — Out of the Box Ventures, a subsidiary of Miami-based Lionheart Capital, has acquired Lakeside Mall in Sterling Heights. The purchase price was $26.5 million, according to Crain’s Detroit Business. Out of the Box Ventures plans to incorporate new uses to the property other than retail but has not disclosed specific plans. The buyer acquired the mall after General Growth Properties Inc. defaulted on its $144 million mortgage loan. Lakeside Mall is the largest mall in the state of Michigan with more than 1.5 million square feet. It first opened in 1976. The Lord + Taylor and Sears stores have closed, but the JC Penney and Macy’s stores remain open.

December 23, 2019

Acquisitions Midwest Ohio Retail

Broder & Sachse Acquires 70,366 SF Shopping Center in Hilliard, Ohio

by Kristin Harlow December 23, 2019

HILLIARD, OHIO — Broder & Sachse Real Estate has acquired The Shoppes at Haydens Crossing in Hilliard, a suburb of Columbus. The purchase price was undisclosed. Located at 6700 Hayden Run Blvd., the 70,366-square-foot shopping center is anchored by Giant Eagle. Other tenants include Get Go Café + Market, Marco’s Pizza, Great Clips, Hayden Run Dentistry and Free to Be Me Salon. There is one retail space currently available for lease. Ben Wineman and Amy Holter of Mid-America Real Estate Corp. represented the seller, Echo Realty.

December 23, 2019

Acquisitions Colorado Multifamily Student Housing Western

Nelson Partners Sells 438-Bed Student Housing Community in Denver

by Amy Works December 23, 2019

DENVER — Nelson Partners Student Housing has sold Auraria Student Lofts. The 438-bed student housing community is located near the Auraria Campus, an educational facility which serves the University of Colorado – Denver, Metropolitan State University and the Community College of Denver. The community offers two- and four-bedroom units with shared amenities including a rooftop swimming pool, cabanas, an outdoor dining area, fitness center, yoga studio, gaming lounge and study spaces. Terms of the transaction and the buyer were undisclosed.

December 23, 2019

Acquisitions New Jersey Northeast Office

NAI Mertz Brokers Sale of 116,000 SF Office Complex in Mount Laurel, New Jersey

by Alex Patton December 23, 2019

MOUNT LAUREL, N.J. — NAI Mertz has brokered the sale of East Gate Business Center, a 116,000-square-foot office complex in Mount Laurel, an eastern suburb of Philadelphia. The complex comprises eight buildings that were 94 percent leased at the time of sale. Tenants include NJ Default Group LLC, pest control company Terminix International Co. and employee recruitment firm The McSweeney Agency. Scott Mertz, John Adderly, Rebecca Ting and Julie Kronfeld of NAI Mertz represented the seller, Eastgate Business Center LLC, in the transaction. The buyer was Strategic Funding Alternatives LLC. The sales price was undisclosed.

December 23, 2019

Acquisitions Massachusetts Northeast Office Top Stories

The Fallon Co., Barings Sell Boston Seaport Office Tower for $482M

by Alex Patton December 20, 2019

BOSTON — A joint venture between The Fallon Co. and Barings LLC has sold One Marina Park Drive, a 491,573-square-foot, multi-tenant office tower in the Boston Seaport district. An affiliate of Clarion Partners LLC acquired the property for $482 million. The 18-story One Marina Park Drive is the tallest building situated within Fan Pier, Fallon’s 3 million-square-foot mixed-use development in the Seaport. Fan Pier comprises six buildings with 2.6 million square feet of commercial space and 229 residential units. The ground floor of One Marina Park Drive features 19,000 square feet of retail and dining, including the Strega Waterfront Italian restaurant, the Empire Asian restaurant and the SailTime Boston sailing club. A host of other retail and entertainment attractions are located within walking distance, including the Fan Pier Park, Boston Children’s Museum, the Equinox Seaport fitness center and Trillium Brewing Co. At the time of sale, One Marina Park Drive was fully leased to tenants including law firms Fish & Richardson and Gunderson Dettmer; energy tech companies Enel X and Battery Ventures; Intarcia Therapeutics; and healthcare and tech investment firm Polaris Ventures. The Fallon Co. was the original developer of the One Marina Park Drive, which was designed by Elkus Manfredi and completed …

December 20, 2019

Acquisitions Multifamily Oregon Washington Western

MG Properties Acquires Two Pacific Northwest Multifamily Communities for $305.2M

by Amy Works December 20, 2019

BEAVERTON, ORE., AND LYNNWOOD, WASH. — San Diego-based MG Properties Group has purchased two multifamily properties — Pallas Townhomes & Apartments in Beaverton and Tivalli Apartments in Lynnwood — for a combined total of $305.2 million. The company acquired Pallas Townhomes & Apartments, a 566-unit community in Beaverton, in an off-market transaction for $186 million. The seller was a joint venture between Holland Partner Group and Invesco Real Estate. Built in 1997, Pallas is located at 15021 SW Millikan Way along the Millikan Way MAX Light Rail. Brian Eisendrath and Cameron Chalfant of CBRE arranged the Fannie Mae financing for the acquisition. MG Properties also purchased Tivalli Apartments, a 383-unit community located at 15631 Ash Way in Lynnwood, for $119.2 million. Built in 2014, Tivalli features a two-story clubhouse with multiple fireplaces, seating areas, a gourmet kitchen, indoor sports court and an upstairs game room and sky deck. The buyer plans to invest capital to further improve common area amenities for current and prospective residents. David Young and Corey Maxx of JLL represented the undisclosed seller in the deal. Freddie Mac provided financing, Bryan Frazier and Blake Hockenbury of Walker & Dunlop arranged. MG Properties has acquired 14 communities in …

December 20, 2019

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