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Kilroy Realty Buys Downtown San Diego Site for $42M, Plans 275,000 SF Office Development

by Amy Works June 29, 2021

SAN DIEGO — Kilroy Realty Corp. has acquired a 1.3-acre development site in downtown San Diego from Pacifica Cos. for $42 million. Kevin Nolen, Mike Novkov, Tim Winslow and Jason Kimmel of Cushman & Wakefield represented the seller in the transaction. Kilroy plans to develop up to 275,000 square feet of Class A office space on the full city-block site, which is located at 2045 Pacific Highway in San Diego’s Little Italy neighborhood. The site consists of four parcels within walking distance to numerous amenities and the San Diego Bay.

June 29, 2021

Acquisitions Arizona Office Western

Cushman & Wakefield Arranges $12.4M Sale-Leaseback for HomeSmart’s Office Headquarters in Scottsdale

by Amy Works June 29, 2021

SCOTTSDALE, ARIZ. — Cushman & Wakefield has brokered the sale-leaseback of a single-tenant corporate headquarters facility in Scottsdale. A New York-based entity doing business as ABCJ LLC acquired the asset for $12.4 million. HomeSmart fully occupies the 36,497-square-foot building, which is located at 8388 Hartford Drive. The two-story building features creative-style office space, high-tech conference rooms, an exercise gym, locker rooms, large kitchen and dining area and a lounge with a full bar and pool table. Eric Wichterman and Mike Coover of Cushman & Wakefield’s Phoenix office brokered the transaction. Michael Kitlica, also with Cushman & Wakefield, served as leasing advisor for the deal. HomeSmart is a tech-centric real estate residential brokerage firm with offices around Arizona.

June 29, 2021

Acquisitions California Office Western

Mulberry Capital Sells Multi-Tenant Office Building in Commerce, California for $12M

by Amy Works June 29, 2021

COMMERCE, CALIF. — Mulberry Capital has completed the disposition of an office property located at 5100 S. Eastern Ave. in Commerce. Khosh Properties LLC purchased the asset for $12 million. The two-story building features 46,980 square feet of office space, an upgraded lobby, energy-efficient solar panels and surface and structured parking. Roland Corp., a Japanese manufacturer and distributor of high-end electronic musical instruments, electronic equipment and software, anchors the three-tenant property, which has served as the company’s U.S. headquarters since 1999. Ryan Plummer, Sean Fulp and Mark Schuessler of Newmark, along with Tony Naples of Lee & Associates, represented the seller in the transaction.

June 29, 2021

Acquisitions Office Washington Western

Marcus & Millichap Brokers $3.8M Sale of Office Building in Kennewick, Washington

by Amy Works June 29, 2021

KENNEWICK, WASH. — Marcus & Millichap has arranged the $3.8 million sale of CCH Executive Suites, an office property located at 1030 N. Center Parkway in Kennewick. Tyler Nicholes of Marcus & Millichap represented the buyer and seller, both undisclosed private investors, in the deal. Built in 2015, the 22,252-square-foot office is occupied by the area’s top executive suites business, providing a variety of professional office amenities to more than 90 tenants.

June 29, 2021

Acquisitions Midwest Missouri Retail

Quantum Negotiates $2.4M Sale of Ulta-Occupied Property in Belton, Missouri

by Kristin Harlow June 29, 2021

BELTON, MO. — Quantum Real Estate Advisors Inc. has negotiated the sale of a freestanding, 10,000-square-foot retail property occupied by Ulta in Belton for $2.4 million. The building is located at 551 E. Markey Parkway. Zack Hilgendorf of Quantum represented the seller, a Kansas City-based developer. Buyer information was undisclosed. There were approximately eight years remaining on the lease term.

June 29, 2021

Acquisitions Multifamily Texas

Hertz Investment Group Acquires 422-Unit Multifamily Portfolio in Northwest Austin

by Taylor Williams June 29, 2021

AUSTIN, TEXAS — California-based Hertz Investment Group has acquired a portfolio of three multifamily properties totaling 422 units in Austin. The portfolio consists of the 132-unit Amor, the 130-unit Feliz and the 160-unit Vida, all of which were built in the 1980s and are located in northwest Austin. The unit mix includes 52 studio, 234 one-bedroom and 136 two-bedroom apartments. Hertz Investment Group plans to implement a capital improvement program across the portfolio. Interior renovations will include quartz countertops, updated vinyl plank flooring and new plumbing. Building exteriors will receive new roofing, courtyard areas with fire pits, new fencing and the additions of dog parks and playgrounds.

June 29, 2021

Acquisitions Florida Multifamily Southeast

Franklin Street Negotiates $56M Sale of Multifamily Community in Tampa Bay Area

by Julia Sanders June 29, 2021

ST. PETERSBURG, FLA. — Franklin Street has negotiated the sale of Osprey Pointe Apartments, a 517-unit, garden-style multifamily community in St. Petersburg. The property sold for $56 million, or $108,317 per unit. Darron Kattan, Zach Ames, Avery Jordan and Mark Savarese of Franklin Street brokered the off-market transaction between the seller, Des Moines, Iowa-based BH Equities, and the buyer, New York-based Axonic Properties LLC. Osprey Pointe offers one-and two-bedroom units ranging from 625 to 1,058 square feet. Community amenities include onsite professional management and maintenance, a tennis court, fenced playground area, dog park and a swimming pool and sundeck. Located at 1900 55th Ave. South, the community is situated in south St. Petersburg, and is close to Interstate 275 and U.S. Highway 19. The apartment complex is 5 miles from downtown St. Petersburg, 7.5 miles from St. Pete Beach and 28 miles from Tampa. Axonic Properties, managed by Jonathan Shechtman and Brian Kennedy, is a private equity owner, operator and asset manager of residential properties, focused on acquiring assets throughout Florida. The owner plans to make significant improvements to Osprey Pointe, which was built in 1974. Axonic Properties also currently owns and operates the adjacent 240-unit apartment community known as …

June 29, 2021

Acquisitions Development Florida Mixed-Use Southeast

Wharton Equity Partners, Cross Lake Partners Sell Development Site in Downtown Miami for $46M

by Julia Sanders June 29, 2021

MIAMI — Wharton Equity Partners and Cross Lake Partners LP have sold a 92,972-square-foot development site located at 16 SE 2nd St. in downtown Miami. Colliers International’s Urban Core Division facilitated the $46 million sale of the full city block, known as Miami Center. The property is currently home to a parking lot. Mika Mattingly of Colliers and Robert Given of Cushman & Wakefield represented Wharton Equity Partners and Cross Lake Partners in the sale. Estrella Perez with EP Realty Group Inc. represented the buyer, a South American family office known as Enrique Manhard. The zoning designation for the property allows several uses, including residential, hotel, office and retail totaling 2 million square feet. The maximum height permitted at the site is 80 stories with unlimited height available through public benefit bonuses.

June 29, 2021

Acquisitions Florida Office Southeast

Cushman & Wakefield Arranges $43M Sale of MetLife-Occupied Office Building in Tampa

by Julia Sanders June 29, 2021

TAMPA, FLA. — Cushman & Wakefield has arranged the $43 million sale of Preserve VII, a 115,000-square-foot, Class A office building located at 18216 Crane Nest Drive in Tampa. Situated within a corporate office park called Highwoods Preserve, the four-story building is 100 percent leased to MetLife Corp., whose lease runs through October 2031. The building includes large windows and structured parking with a parking ratio of 4.5 per 1,000 square feet. Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Zachary Eicholtz, Ryan Jenkins and Robert Elms of Cushman & Wakefield represented the seller, Highwoods Properties Inc., in the transaction. New York City-based Sentinel Real Estate Corp. acquired the property.

June 29, 2021

Acquisitions Colorado Mixed-Use Multifamily Retail Student Housing Western

University & Evans Sells Mixed-Use Student Housing, Retail Property in Denver for $17.3M

by Amy Works June 28, 2021

DENVER — University and Evans, a limited liability company based in Denver, has completed the disposition of the fee simple interest in University Lofts, a student housing and retail property located at 2076 University Blvd. in Denver. An entity doing business as DU Univ Lofts Acq. LLC purchased the asset for $17.3 million. Built in 2006, the 44,495-square-foot property features 35 residential units totaling 97 bedrooms, as well as 8,636 square feet of street-level retail space. The five-story building also features a two-story underground parking structure with 69 heated parking stalls. The residential component is master leased by the University of Denver for student housing through summer 2022. The four-tenant retail space is 48 percent leased to TCF Bank and Paradise Dentistry, which will open in the third quarter. Patrick Henry and Boston Weir of Henry Group represented both the buyer and seller in the transaction. The new owner plans to renovate the unit interiors and convert a portion of the existing retail space into amenity space for residents.

June 28, 2021

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