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Boulder Group Arranges $5.2M Sale of Two Properties Net Leased to CVS in Ohio

by Kristin Harlow June 21, 2018

HARTVILLE AND NORTH ROYALTON, OHIO — The Boulder Group has arranged the sale of two single-tenant properties net leased to CVS Pharmacy in Ohio for $5.2 million. The properties are located at 600 W. Maple St. in Hartville, about 15 miles north of Canton, and 8001 W. 130th St. in North Royalton, about 15 miles south of Cleveland. CVS has approximately five years remaining on its leases, which expire in January 2023. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate investment company. The buyer was a Southeast-based real estate partnership.

June 21, 2018

Acquisitions Midwest Missouri Multifamily

Cushman & Wakefield Arranges Sale of 680-Unit Apartment Community in St. Charles, Missouri

by Kristin Harlow June 20, 2018

ST. CHARLES, MO. — Cushman & Wakefield has arranged the sale of Sun Valley Lake in St. Charles, a suburb of St. Louis. Ascent Residential acquired the asset for an undisclosed amount. Built in 1986, the 680-unit apartment community is located along I-70. Amenities include two swimming pools, covered parking and a fitness center. Mike Kemether, Mike Hanrahan and Bobby Mills of Cushman & Wakefield represented the seller, Priderock Capital Partners.

June 20, 2018

Acquisitions Industrial Kansas Midwest

Colliers Brokers Sale of 119,920 SF Industrial Building in Lenexa, Kansas

by Kristin Harlow June 20, 2018

LENEXA, KAN. — Colliers International has brokered the sale of a 119,920-square-foot industrial building in Lenexa for an undisclosed price. The property is located at 16002 W. 110th St. John Stafford of Colliers represented the seller, Himoinsa Power Systems Inc. NT Realty represented the buyer, 110th Street Lenexa LLC.

June 20, 2018

Acquisitions California Office Retail Western

Ocean West Capital Partners Acquires 124,000 SF Office/Retail Building at Hollywood and Vine

by Amy Works June 20, 2018

LOS ANGELES — Ocean West Capital Partners has purchased the Taft Building, a 12-story office and retail building located at the intersection of Hollywood Boulevard and Vine Street in Hollywood, for an undisclosed price. Originally built in 1923, the historic property features 124,000 square feet of space. The building, which was the first high-rise office building in Hollywood, recently underwent an extensive renovation. The buyer plans to complete capital upgrades to the lobby and common areas, convert the ground-floor basement space into an entertainment-focused use, and provide a high-touch level of service to its entertainment industry-focused clientele. The name of the seller was not released.

June 20, 2018

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Acquisitions Industrial Self-Storage Texas

Karr Self-Storage Arranges Sale of 305-Unit Facility in Metro Fort Worth

by Taylor Williams June 19, 2018

RICHLAND HILLS, TEXAS — Karr Self-Storage, a division of Marcus & Millichap, has arranged the sale of Boulevard 26 Storage, a 305-unit facility located in Richland Hills, a northeastern suburb of Fort Worth. The property, which was built in 1950 and repurposed into a self-storage facility in 2007, features a nine-space, 8,500-square-foot retail center that was also included in the sale. Brandon Karr and Danny Cunningham of Karr Self-Storage represented the seller, an Austin-based private partnership, in the transaction. The team also secured the buyer, a Philadelphia-based self-storage owner/operator.

June 19, 2018

Acquisitions Hospitality Louisiana Restaurant Retail Southeast

VICI Properties to Acquire Margaritaville Resort Casino in Louisiana for $261M in Cash, Lease to Penn National

by Camren Skelton June 19, 2018

BOSSIER CITY, LA. — VICI Properties Inc., an experiential REIT that was recently spun off from Las Vegas-based Caesars Entertainment, has entered into a definitive agreement to acquire the land and real estate assets of the Margaritaville Resort Casino in Bossier City for $261 million in cash. VICI Properties will lease the property to Penn National Gaming Inc., a Pennsylvania-based operator of casinos and racetracks. The triple-net lease will have an initial total annual rent of roughly $23 million and an initial term of 15 years with four, five-year renewal options. In addition, Penn National will acquire the operating assets of the Margaritaville Resort Casino for approximately $115 million in cash. Constructed in 2013, the casino includes four acres of fee land and 30 acres of leased land. The hotel and casino built on the fee land include 26,500 square feet of casino space with 1,215 slots and 50 tables; 395 hotel rooms; an island-style escape theme; six restaurants and food and beverage outlets; and a 1,000-seat theater. The leased land includes 1,500 parking spaces. The transaction is expected to close in the second half of the year, subject to regulatory approvals and customary closing conditions. Goldman Sachs & Co. …

June 19, 2018

Acquisitions California Office Western

Harbor Associates, Ascentris Acquire 110,110 SF Office Building in Rancho Bernardo, California

by Amy Works June 19, 2018

RANCHO BERNARDO, CALIF. — Harbor Associates and Ascentris have partnered to acquire The Pinnacle, an office building located in the north San Diego submarket of Rancho Bernardo, for an undisclosed price. Completed in 2007, the property features 110,100 square feet of Class A office space. At the time of sale, the property was 93 percent leased. The buyers plan to execute a capital improvement plan to enhance the tenant experience, including new outdoor covered seating and collaborative workspace with canyon views, modernizing the bike storage and locker room areas, and refreshing the ground-floor lobby. Lynn LaChapelle and Bob Prendergast of JLL represented the undisclosed seller in the deal. Jay Alexander and Tim Olsen of JLL will continue to handle leasing for the new ownership, while Davis Partners will serve as property manager.

June 19, 2018

Acquisitions Illinois Industrial Midwest

Darwin Brokers Sale of Two Industrial Buildings in Illinois for $3M

by Kristin Harlow June 19, 2018

ADDISON AND GLENDALE HEIGHTS, ILL. — Darwin Realty has brokered the sale of two industrial buildings in Illinois. Westwind Industrial, a general contractor specializing in medical, industrial and commercial property reutilization, purchased a 37,560-square-foot property in Addison for $2 million. The seller, AIM Inc., will leaseback the facility. Noel Liston and Nick Krejci of Darwin brokered the transaction. The duo also represented Comtelco Industries in its sale of a 13,500 square-foot facility in Glendale Heights. IVM Chemicals Inc. purchased the property for just under $1 million. G. Pat Ryan of Combined Commercial Realty represented IVM, which is a European-based distributor of industrial chemicals and pesticides.

June 19, 2018

Acquisitions Florida Office Southeast

Cushman & Wakefield Brokers $42.1M Sale of ADT’s Global Headquarters in Palm Beach County

by Camren Skelton June 19, 2018

BOCA RATON, FLA. — Cushman & Wakefield has brokered the $42.1 million sale of ADT Inc.’s 171,489-square-foot global headquarters located at 1501 Yamato Road in Boca Raton. ADT provides security and automation solutions for homes and businesses in the United States and Canada. Scott O’Donnell, Dominic Montazemi, Mike Davis, Greg Miller, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, Philadelphia-based RAIT Financial Trust. A joint venture between Boca Raton-based PEBB Enterprises and Chicago-based Tortoise Properties LLC acquired the office asset. Cushman & Wakefield’s Jason Hochman arranged a $28.6 million, non-recourse acquisition loan on behalf of the new ownership. The building is located within The Park at Broken Sound, a 700-acre mixed-use park. Constructed in 1983, the office building features a skylit atrium, water feature, golf course views and a structured parking garage. The building is fully leased to ADT and was fully renovated in 2011 before the tenant took occupancy.

June 19, 2018

Acquisitions Civic District of Columbia Office Southeast Top Stories

Easterly Government Properties Agrees to Buy 1.5 MSF Government-Leased Office Portfolio for $430M

by John Nelson June 19, 2018

WASHINGTON, D.C. — Easterly Government Properties (NYSE: DEA) has agreed to purchase a 14-property office portfolio across the United States for $430 million. The nearly 1.5 million-square-foot portfolio is 94 percent leased by the U.S. government and 99 percent leased overall. The seller was undisclosed. “We believe the acquisition of this portfolio is a wonderful opportunity for the company,” says William C. Trimble III, CEO of Easterly. “This acquisition is expected to grow our portfolio by approximately 39 percent on a rentable-square-foot basis, while still maintaining the same high-quality standard of assets Easterly is known for.” The portfolio includes the following assets: • A 267,766-square-foot office building in Buffalo, N.Y., housing Department of Veterans Affairs (VA), Internal Revenue Service (IRS) and a regional office for the National Labor Relations Board • A 239,331-square-foot building next to Chicago O’Hare International Airport that houses the Federal Aviation Administration’s (FAA) Great Lakes Regional Office and the U.S. Department of Agriculture (USDA) • A 225,057-square-foot facility in Portland, Ore.’s Central City Plan District housing the USDA, U.S. Army Corp of Engineers (ACOE), Federal Bureau of Investigation (FBI) and the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) • A 182,500-square-foot build-to-suit property in Parkersburg, …

June 19, 2018

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