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Griffin Capital Acquires 1 MSF Distribution Center in Savannah for $56.5M

by Camren Skelton May 9, 2018

SAVANNAH, GA. — Griffin Capital Essential Asset REIT Inc., an entity co-sponsored by Griffin Capital Co. LLC, has acquired Shaw Distribution Center – Northport Building C in Savannah for $56.5 million. The more than 1 million-square-foot facility is fully leased to Shaw Industries Inc., one of the largest flooring manufacturers in the country and a wholly owned subsidiary of Berkshire Hathaway Inc. The build-to-suit property was completed in March. Shaw Distribution Center is located less than seven miles from the Port of Savannah.

May 9, 2018

Acquisitions California Healthcare Western

Easterly Government Properties to Purchase 90,085 SF VA Outpatient Clinic in San Jose

by Amy Works May 9, 2018

SAN JOSE, CALIF. — Easterly Government Properties has agreed to acquire a Department of Veterans Affairs (VA) Outpatient Clinic known as VA – San Jose. Completed in first-quarter 2018, VA – San Jose is part of the VA Palo Alto Health Care System and leased to the VA for an initial, non-cancellable lease term of 20 years through February 2038. The three-story, 90,085-square-foot facility consists of medical clinic and administrative space, offering primary care, mental healthcare, women’s health, audiology, speech pathology, podiatry, optometry and dermatology services. The name of the seller and acquisition price were not disclosed.

May 9, 2018

Acquisitions Illinois Midwest Office

Real Capital Solutions Acquires Four-Building Office Center in Naperville, Illinois for $38.7M

by Kristin Harlow May 9, 2018

NAPERVILLE, ILL. — Real Capital Solutions has acquired Naperville Corporate Center for $38.7 million. The 420,540-square-foot office complex includes four buildings. Naperville Corporate Center is 83.6 percent leased to tenants such as KeHe, Trizetto Group, Berkley Insurance, Apex and Infogix Inc. Patrick Shields, Bryan Rosenberg, Jaime Fink and Jeff Bramson of HFF represented the seller, a joint venture between TriGate Capital LLC and Pearlmark.

May 9, 2018

Acquisitions Multifamily New Jersey Northeast

HFF Brokers $146M Sale of Apartment Community in Hoboken

by David Cohen May 8, 2018

HOBOKEN, N.J. — HFF has brokered the $146 million sale of The Rivington, a 240-unit apartment community in Hoboken. The transaction is the largest apartment sale in New Jersey year-to-date, according to HFF. The Rivington is located at 1130 Grand St. in the northwest section of Hoboken. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the seller, institutional investors advised by J.P. Morgan Asset Management, in the transaction. The buyer was Equity Residential, which purchased the property free and clear of existing debt. The property was completed in 1999 and features 240 two-bedroom units at market-rate rents. A majority of the units have been renovated since 2014. Amenities include a fitness center, clubhouse and private storage lockers.

May 8, 2018

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Arranges $14.3M Acquisition Loan for Apartment Complex in Amesbury

by David Cohen May 8, 2018

AMESBURY, MASS. — Cornerstone Realty Capital has arranged $14.3 million in acquisition financing for the Residences at Riverwalk at 1 River Court in Amesbury, 40 miles north of Boston. The borrower was undisclosed. The complex features two buildings that were originally part of a mill built in 1918, but converted into apartments in 2006. Combined there are 87 units averaging around 1,041 square feet each. Amenities include a fitness center, shared library and great room with entertainment space. A local bank provided the fixed-rate financing with two years of interest-only payments followed by a 30-year amortization.

May 8, 2018

Acquisitions Maryland Mixed-Use Multifamily Retail Southeast

HFF Brokers Sale of Mixed-Use Community in Bethesda

by Camren Skelton May 8, 2018

BETHESDA, MD. — HFF has brokered the sale of Flats at Bethesda Avenue, a 162-unit apartment community in Bethesda. Stephen Conley, Sue Carras, Walter Coker, Brian Crivella, John Owendoff and Jordan Lex of HFF arranged the transaction on behalf of the seller, a joint venture between StonebridgeCarras, PN Hoffman, Buvermo and Northwestern Mutual. The HFF team also procured the buyer, a fund managed by BlackRock Real Assets. Flats at Bethesda Avenue, constructed in 2015, includes more than 40,000 square feet of ground-floor retail space that is fully leased to Pottery Barn, Pottery Barn Kids, PassionFish, Silver, Paul, Chop’t and Long & Foster Real Estate. Community amenities include a rooftop deck with a kitchen, lounge, fire pit and bar; fitness center; two-level clubhouse with fireplace; billiards and kitchen; coffee lounge; and a terraced outdoor patio that connects to the Capital Crescent Trail, an off-road rail-trail that stretches 11 miles from Washington, D.C.’s Georgetown district to Silver Spring, Md.

May 8, 2018

Acquisitions Illinois Industrial Midwest

Brown Commercial Negotiates Sale of Two Industrial Buildings in Illinois

by Kristin Harlow May 8, 2018

ELGIN AND DOWNERS GROVE, ILL. — Brown Commercial Group has negotiated the sale of two industrial buildings totaling 63,128 square feet in Illinois. The sales prices were not disclosed. Nottingham Realty Group LLC purchased a 38,128-square-foot industrial building located at 1700-1730 Todd Farm Drive in Elgin. The building is fully leased and located within the Windsor Commerce Center. Brian Lindgren of Brown represented the buyer, who was completing a 1031 exchange. John D’Orazio of Colliers International represented the seller, Cristie Ann Enterprises LLC. Lindgren also represented Premium Investment Properties LLC in its purchase of a 25,000-square-foot building at 2211-2239 Curtiss St. in Downers Grove. The seller was Simborg Industrial Real Estate LLC.

May 8, 2018

Acquisitions California Hospitality Western

HFF Brokers Sale of 283-Room Hotel MdR in West Los Angeles

by Amy Works May 8, 2018

LOS ANGELES — HFF has arranged the sale of Hotel MdR – a DoubleTree by Hilton Hotel located at 13480 Maxella Ave. in West Los Angeles’ Marina del Rey submarket. Lubert-Adler, Channel West Group and Arris Investment sold the 283-room hotel to U.K.-based London & Regional Properties for an undisclosed price. Hotel MdR was renovated and repositioned as a soft-branded DoubleTree Hotel in 2014. The property features an outdoor heated pool and patio, fitness facility, 24/7 business center, market, energy room with ping-pong table, 5,429 square feet of indoor/outdoor event space and Barbianca Local Kitchen. Tony Malk, Scott Hall and Aaron Lapping of HFF represented the seller in the deal. Additionally, Brad Greenway, Kevin MacKenzie and Matthew Stewart of HFF arranged a five-year, floating-rate loan with a Germany-based lender for the buyer.

May 8, 2018

Loans Mixed-Use New York Northeast Office

Avison Young Arranges $120.3M Loan for Acquisition, Redevelopment of Office Complex in White Plains

by David Cohen May 7, 2018

WHITE PLAINS, N.Y. — Avison Young has arranged a $120.3 million financing package for the acquisition and redevelopment of the Westchester Financial Center in White Plains. Bridge Investment Group provided the financing. The 571,000-square-foot office complex is located at 50 Main St. and 1-11 Martine Ave. The buyers, a joint venture of Ginsburg Development Cos. and Robert Martin Co., plan to reposition the complex as a pedestrian-friendly, mixed-use development comprised of offices, retail shops, restaurants and luxury residences. The new development will be called City Square. Mack Cali Realty Corp. sold the property. David Krasnoff of Avison Young secured the financing, which will cover the purchase price, residential conversion costs, tenant improvements, capital expenditures, closing fees and other financing costs.

May 7, 2018

Acquisitions Office Southeast Virginia

Grubb Properties Acquires 275,000 SF Office Building in Metro D.C. for $38.8M

by Camren Skelton May 7, 2018

FAIRFAX, VA. — Charlotte-based Grubb Properties has acquired Argon Plaza, a 275,000-square-foot office building in Fairfax, for $38.8 million. The property is located within the Fair Lakes master-planned community, roughly 19 miles west of Washington, D.C. The mixed-use development is home to a Hyatt Regency hotel and more than 1 million square feet of retail and restaurant space. C-III Asset Management sold Argon Plaza, and HFF and NAI Global arranged the transaction. Grubb Properties plans to make capital improvements to the building that will upgrade its tenant amenities. The property’s anchor tenant, a defense contractor specializing in military technology and intelligence, occupies more than half of the building and recently signed a five-year lease renewal.

May 7, 2018

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