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Colony Industrial Acquires 33-Property Industrial Portfolio in New Jersey

by Alex Patton August 13, 2019

NEW JERSEY — Dallas-based Colony Industrial has acquired a 33-property industrial portfolio totaling more than 1.3 million square feet in New Jersey. The portfolio comprises assets located in several cities in northern New Jersey that are currently 99 percent occupied. The sale included three development sites located in Carteret and West Caldwell. Brian Fiumara, Michael Hines, Brad Ruppel, Lauren Dawicki and Thomas Monahan of CBRE represented the seller, New Jersey-based developer Hampshire Real Estate Cos., in the transaction. The sales price was undisclosed.

August 13, 2019

Acquisitions Multifamily Student Housing Utah Western

Colliers Brokers Sale of Promenade Place Student Housing Asset Near Utah Valley University

by Amy Works August 13, 2019

OREM, UTAH — Colliers International has arranged the sale of Promenade Place, a student housing property located at 875 S. Geneva Road in Orem. Woodbury Corp. sold the asset to a private out-of-state investor. Constructed in 2017, Promenade Place is a transit-oriented, 429-bed student housing property located adjacent to Utah Valley University. While terms of the transaction were not released, the sale is one of the largest student housing transactions in Utah and set a record as the highest price per bed, according to the brokers. Rawley Nielsen, Mark Jensen and Darren Nielsen of Colliers facilitated the deal and represented the seller.

August 13, 2019

Acquisitions Colorado Multifamily New York Northeast Top Stories Western

UDR, MetLife to Swap Stakes in Joint Venture Multifamily Portfolio Valued at $1.8B

by John Nelson August 13, 2019

DENVER AND NEW YORK CITY — UDR Inc. (NYSE: UDR), a multifamily REIT based in Denver, has struck an agreement with its joint venture partner MetLife Investment Management to swap their interests in a national multifamily portfolio in a deal valued at nearly $1.8 billion. As part of the agreement, UDR will buy out MetLife’s stake in 10 apartment communities, one property under construction and four development land sites that are collectively valued at $1.1 billion. The 10 properties total 3,321 units and include Strata in San Diego; Crescent Falls Church in Falls Church, Va.; Charles River Landing, Lodge at Ames Pond and Lenox Farms in metro Boston; Towson Promenade in Towson, Md.; and the 1,513-unit, four-property Vitruvian Park campus in Addison, Texas. The assets have an average age of eight years and 95.7 percent occupancy at the time of this announcement. “The acquired communities are primarily located in markets targeted for expansion, are immediately accretive to our earnings, have operational upside and improve the diversification of our portfolio,” says Tom Toomey, chairman and CEO of UDR. Also as part of the agreement, MetLife Investment Management will purchase UDR’s stake in five apartment communities valued at a combined $645 million. …

August 13, 2019

Acquisitions California Office Western

Drawbridge Realty Buys 390,600 SF Pacific Center Office Campus in Orange County for $97.5M

by Amy Works August 12, 2019

SANTA ANA, CALIF. — San Francisco-based Drawbridge Realty has purchased Pacific Center, a two-building corporate office campus in Santa Ana, for $97.5 million. The seller was a joint venture between Los Angeles-based PCCP and Costa Mesa, Calif.-based Brookhollow. Located at 1600-1610 E. Saint Andrew Place, Pacific Center features 390,600 square feet of office space and was renovated in 2017. With Drawbridge’s previous acquisition of 1700 E. Saint Andrew Place, the company now owns more than 37 acres of contiguous land and improvements along East Saint Andrew Place. Kevin Shannon, Paul Jones, Brunson Howard, Blake Bokosky and Brandon White of Newmark Knight Frank represented the seller in the transaction.

August 12, 2019

Acquisitions Multifamily Texas

IPA Negotiates Sale of 247-Unit Apartment Community Near Fort Worth

by Taylor Williams August 9, 2019

RICHLAND HILLS, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Creek on Calloway, a 247-unit multifamily community located in the Fort Worth suburb of Richland Hills. Built in 1979 on 14.5 acres, the property features one-, two- and three-bedroom units and amenities such as two pools, a fitness center, outdoor grilling stations and a children’s play area. Will Balthrope, Nick Fluellen, Drew Kile, Bard Hoover, Joey Tumminello and Giuseppe Thum of IPA represented the seller, a private investment and development firm, and procured the buyer, Anna Simpson and Raj Gupta of A&R Multifamily.

August 9, 2019

Acquisitions New Jersey Northeast Office

CBRE Arranges $20M Sale of Bergen Medical Center in Paramus, New Jersey

by Alex Patton August 9, 2019

PARAMUS, N.J. — CBRE has arranged the $20 million sale of Bergen Medical Center, a 75,000-square-foot healthcare complex in Paramus, about 20 miles north of New York City. The property is located in close proximity to Valley Medical Center, Bergen Regional Medical Center and Hackensack University Medical Center. Nat Gambuzza, Jeffrey Babikian, Bob L’Abbate, Nor Ramos and Allyson L’Abbate of CBRE represented the seller, the Eye Institute of New Jersey, in the transaction and procured the buyer, a private investor.

August 9, 2019

Acquisitions California Retail Western

DJM, Gaw Capital USA Acquire Hollywood & Highland in Los Angeles

by Amy Works August 9, 2019

LOS ANGELES — San Jose, Calif.-based DJM and Hong Kong- and Los Angeles-based Gaw Capital USA have purchased Hollywood & Highland, a shopping destination located in Los Angeles, for an undisclosed amount. Jerry Tang and Greg Murphy of Natixis secured a financing package, which included an acquisition loan along with a future funding component. Over the next 24 to 30 months, the buyers plans to reimagine the 463,000-square-foot retail development, which is situated on 7.6 acres. Built in 2001, the property is located at the crossroads of Hollywood Boulevard and Highland Avenue, adjacent to the acclaimed TCL Chinese Theater. The buyers plan to upgrade the retail hub through rebranding, upgrading common areas for enhanced gathering and programming spaces, increasing entertainment events, optimizing the merchandise mix and incorporating new concepts and uses. Renovations are slated to begin in 2020, with completion expected in 2021. Eastdil Secured advised the transaction, which is the largest single-asset retail transaction to take place outside of Manhattan in nearly three years.

August 9, 2019

Acquisitions Iowa Midwest Missouri Retail

Disney Investment Group Brokers Sales of Five Retail Centers in Missouri, Iowa

by Kristin Harlow August 9, 2019

MISSOURI AND IOWA — Disney Investment Group (DIG) has brokered the sales of five retail centers in Missouri and Iowa. Sales prices were not disclosed. The properties total 438,861 square feet and are 91 percent occupied on average. Major tenants include Aldi, Gerbes, County Market, Orscheln, Fresenius Medical, Dollar Tree and Dollar General. David Disney and Adam Crockett of DIG brokered the sales on behalf of the seller, a private investment partnership. The team also procured the buyers for each property.

August 9, 2019

Acquisitions Industrial Michigan Midwest

Reichle Klein Group Arranges $1.3M Sale of Industrial Building in Dearborn, Michigan

by Kristin Harlow August 9, 2019

DEARBORN, MICH. — Reichle Klein Group has arranged the sale of a 57,846-square-foot industrial building in Dearborn for $1.3 million. The manufacturing facility sits on 3.5 acres at 6340 Miller Road. Lynette Reichle and Wyen Koan of Reichle Klein Group represented the seller, Nopac LLC. Hussein Bazzi of Real Estate One represented the buyer, Dearborn-based Dabazzi Properties LLC.

August 9, 2019

Acquisitions Industrial Office Texas

JLL Negotiates Sale of 1.1 MSF Office, Industrial Campus, 95 Acres in Austin

by Taylor Williams August 8, 2019

AUSTIN, TEXAS — JLL has negotiated the sale of Research Park, a 1.1 million-square-foot office and industrial campus located within Austin’s Silicon Hills neighborhood. The sale included approximately 95 acres of undeveloped land on the city’s northwest side. Originally part of a 466-acre tract owned by Texas Instruments, Research Park includes 1 million square feet of manufacturing space that is leased to a subsidiary of Flex Ltd., a global electronics manufacturing firm. JLL marketed the property on behalf of the seller, Equity Commonwealth. Parmer Innovation Centers, an affiliate of Los Angeles-based Karlin Real Estate, purchased the assets.

August 8, 2019

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