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Taurus Acquires 2.9 MSF Industrial Portfolio in Metro Chicago for $201M

by Kristin Harlow June 18, 2018

CHICAGO — Taurus Investment Holdings LLC has acquired a 2.9 million-square-foot industrial portfolio in metro Chicago for $201 million. The purchase was the final investment for the company’s US Logistics Fund I LP. The portfolio includes 51 assets. Currently 91.5 percent occupied to tenants such as Amazon, Ryder and Armacell, the properties are located in 11 of the 19 Chicago industrial submarkets, according to Taurus. CBRE and Capital One advised Taurus on the transaction. Venture One Real Estate was the seller.

June 18, 2018

Acquisitions Indiana Industrial Midwest

Sazerac Purchases Former General Mills Plant in New Albany, Indiana

by Kristin Harlow June 18, 2018

NEW ALBANY, IND. — The Sazerac Company has purchased the former General Mills Pillsbury plant in New Albany near Louisville. The seller was a joint venture between New Mill Capital Holdings LLC and Tiger Group. Sazerac, a distilling company, intends to utilize the 460,000-square-foot plant for expansion of its processing, blending, packaging and distribution capabilities. Sazerac plans to invest $66 million and eventually create more than 100 jobs. The facility, located at 707 Pillsbury Lane, closed in 2016. Sazerac anticipates starting operations as early as this November.

June 18, 2018

Acquisitions California Office Western

Meridian Sells Multi-Tenant Office Building in Bay Area for $39.5M

by Amy Works June 18, 2018

BRISBANE, CALIF. — Meridian has completed the disposition of a multi-tenant office building located at 1000 Marina Blvd. in Brisbane, just south of San Francisco. Phase 3 Real Estate Partners acquired the property for $39.5 million in an off-market transaction. Built in 1983, the six-story building features 104,000 square feet of office space. CBRE’s Northern California Capital Markets team represented the seller and buyer in the deal.

June 18, 2018

Acquisitions Delaware Northeast Retail

MacKenzie Arranges Sale of 35,500 SF Facility Occupied by Harley-Davidson Dealership in Delaware

by David Cohen June 15, 2018

NEW CASTLE, DEL. — MacKenzie Commercial Real Estate Services has arranged the sale of 2160 New Castle Avenue, a 35,500-square-foot commercial property on 5.7 acres in New Castle, five miles south of Wilmington. The sales price was not disclosed. The seller, Rommel Harley-Davidson, is an operator of multiple Harley-Davidson dealerships throughout the Mid-Atlantic region. Rommel Harley-Davidson will transition the New Castle operations to a recently announced new dealership to be built in Middletown. Chris Bennett and Chris Walsh of MacKenzie represented the seller in the transaction. Sean Langford of MacKenzie represented the buyer, a Baltimore-based private investment group. The buyer plans to redevelop the site to include multiple pad sites, one of which will contain a Royal Farms convenience store.

June 15, 2018

Acquisitions Florida Office Southeast

KKR, Parkway Acquire 30-Story Sabadell Financial Center in Miami’s Brickell District for $250M

by Camren Skelton June 15, 2018

MIAMI — KKR and Parkway Property Investments LLC have acquired Sabadell Financial Center, a 30-story office tower located at 1111 Brickell Ave. in Miami’s Brickell submarket. PGIM Real Estate Investors sold the asset for $250 million after acquiring the building in 2013 for $184.3 million, according to The Real Deal. Square Mile Capital Management LLC originated acquisition financing on behalf of the new owners. The building was constructed in 2000 in conjunction with the adjacent JW Marriott Hotel. The tower features panoramic views of Miami and Biscayne Bay, roughly 18,000 square feet of green space, an onsite café and deli, fitness center and an airport shuttle service. KKR and Parkway plan to renovate the building’s common areas. The building houses tenants including Sabadell United Bank, Telefonica USA, Ferragamo, Hunton & Williams, Baker & McKenzie, Regus and Barclays.

June 15, 2018

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Brokers $47.8M Sale of Two-Story Distribution Building in Jacksonville

by Camren Skelton June 15, 2018

JACKSONVILLE, FLA. — Cushman & Wakefield has brokered the $47.8 million sale of One Imeson Distribution Center, a two-story, 1.7 million-square-foot industrial building located within Jacksonville’s Imeson Industrial Park. The property includes a 12.3-acre container storage area, as well as a 24.2-acre site that can accommodate an expansion or future build-to-suit development. Mike Davis, Karl Johnston, Tyler Newman, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, GIV Imeson LLC. Arsenault Holdings LLC acquired the asset. One Imeson includes 1.5 million square feet of industrial space and 248,317 square feet of office space. The building was 74 percent leased at the time of sale to tenants such as Bacardi, General Dynamics, Komyo America (Honda), Venus Swimware, the Jacksonville Supervisor of Elections and Samsonite. The property was constructed in 1974 and was last renovated in 2015. Improvements included an entire new roofing system, new chillers, lighting upgrades and various cosmetic improvements.

June 15, 2018

Acquisitions Iowa Midwest Multifamily Student Housing

Arrimus Capital Sells 518-Bed Student Housing Property in Ames, Iowa for $44M

by Kristin Harlow June 15, 2018

AMES, IOWA — Arrimus Capital has sold the 518-bed Stadium View in Ames for $44 million. The Class A student housing property is located adjacent to Iowa State University. The property, which features 197 units with a mix of two-, three- and four-bedroom floor plans, is currently 99 percent occupied and more than 80 percent pre-leased for the 2018-2019 academic year. Amenities include a fitness center, clubhouse, study lounge and fire pit. Arriumus used a Delaware Statutory Trust to sell the property to 1031 exchange buyers who otherwise might not have been able to purchase it on their own, according to the company. The buyer was not disclosed. Arrimus acquired the asset in December 2017.

June 15, 2018

Acquisitions California Office Western

NKF Negotiates $49M Sale of Office Building in San Francisco’s Van Ness Corridor

by Amy Works June 15, 2018

SAN FRANCISCO — NKF Capital Markets has brokered the sale of an office building located at 939 Ellis St. in the Van Ness Corridor of San Francisco. A joint venture between Seattle-based Columbia Pacific Advisors and San Francisco-based Long Market Property Partners sold the property to The Seavest Investment Group for $49 million. The seven-story building features 87,190 square feet of rentable office space, 53 parking stalls and a 4,460-square-foot patio roof deck with views of downtown San Francisco. Kyle Kovac, Michael Taquino, Daniel Cressman and Mandy Lee of NKF Capital Markets represented the seller, while the buyer, assisted by Meridian, was self-represented in the transaction.

June 15, 2018

Acquisitions Multifamily Texas

REEP Equity Acquires Two Multifamily Assets Totaling 537 Units in San Antonio

by Taylor Williams June 15, 2018

SAN ANTONIO — REEP Equity, a San Antonio-based multifamily investment firm, has acquired two apartment communities totaling 537 units in San Antonio. The properties are 4000 Horizon Hill, a 273-unit community featuring two pools and a fitness center, and Northgate Village, a 264-unit property featuring a pool and a picnic area. Mark Brandenburg and C.W. Sheehan of JLL arranged acquisition financing for the transaction through NXT Capital.

June 15, 2018

Acquisitions Georgia Office Southeast

PCCP Acquires 17-Story Office Building in Atlanta’s Cumberland/Galleria Submarket for $68M

by Camren Skelton June 14, 2018

ATLANTA — PCCP LLC has acquired Cumberland Center II, a 419,000-square-foot office building located at 3100 Cumberland Blvd. in Atlanta’s Cumberland/Galleria submarket. The Atlanta Business Chronicle reports the 17-story tower sold for $68 million. The name of the seller was not disclosed. Constructed in 1989, the building is currently 94 percent leased but 67 percent occupied following the departure of HD Supply to a new build-to-suit office building within the submarket. The seller has invested more than $5.4 million in capital improvements since 2007, including a renovated conference center and café. Cumberland Center II is situated adjacent to a Courtyard Marriott hotel and the 1.4 million-square-foot Cumberland Mall, and less than a mile from Cobb Galleria. In addition, the property is located less than two miles from SunTrust Park, home ballpark of the Atlanta Braves.

June 14, 2018

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