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CIM Group Purchases Newly Constructed, 319-Unit Apartment Community in D.C.

by Camren Skelton August 8, 2018

WASHINGTON, D.C. — CIM Group has acquired Trellis House, a newly constructed, 319-unit apartment community located at 907 Barry Place N.W. in Washington, D.C., for an undisclosed price. Gateway Investment Partners and RISE: A Real Estate Co., completed construction on the six-story community earlier this year, according to local media reports. The LEED-certified building includes a mix of studio to two-bedroom units, as well as townhomes. Community amenities include a 12,000-square-foot courtyard and pool deck with fireplaces and grill stations; fitness center with spin stations and a yoga studio; club and game room; test kitchen, coworking area; rooftop observation deck; and a pet spa. In addition, Trellis House includes 11,000 square feet of ground-floor retail space. The community is located adjacent to Howard University and is proximate to the Green Line subway that provides connections to the entire Metro network.

August 8, 2018

Acquisitions Office Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $18.6M Sale of Office Tower in Downtown Norfolk

by Camren Skelton August 7, 2018

NORFOLK, VA. — Cushman & Wakefield | Thalhimer has arranged the $18.6 million sale of Main Street Tower, a 14-story office building located at 300 E. Main St. in downtown Norfolk. A Chicago-based investment fund acquired the asset from an undisclosed seller. Eric Robison and Rob Wright of Cushman & Wakefield | Thalhimer arranged the transaction. The 199,621-square-foot office building was 73 percent leased to seven tenants at the time of sale. The United States Coast Guard anchors the building.

August 7, 2018

Acquisitions Florida Retail Southeast

HFF Brokers Sale of 178,557 SF Retail Center in Florida Panhandle

by Camren Skelton August 7, 2018

PENSACOLA, FLA. — HFF has brokered the sale of Tradewinds Shopping Center, a 178,557-square-foot retail center in Pensacola. Brad Peterson and Whitaker Leonhardt of HFF arranged the transaction on behalf of the undisclosed seller. Hackney Real Estate Partners acquired the asset. Tradewinds Shopping Center was 91.8 percent leased at the time of sale to a T.J. Maxx/HomeGoods combination store, Jo-Ann Fabric & Crafts, Shoe Station, Tuesday Morning, Dollar General, Sprint, Massage Envy, GNC and Advanced Dental Care.

August 7, 2018

Acquisitions Midwest Office Ohio

Cantor Fitzgerald, Rodin Global Acquire 241,493 SF Office Building in Columbus for $46.9M

by Kristin Harlow August 7, 2018

COLUMBUS, OHIO — Cantor Fitzgerald Investors LLC and Rodin Global Property Trust Inc. have acquired a 241,493-square-foot office building in the Easton submarket of Columbus for $46.9 million. The Class A property is fully leased through September 2032 to Comenity Servicing LLC, a subsidiary of Alliance Data Systems Corp., which serves as guarantor of the lease. Constructed in 2017, the asset is part of a three-building office campus that houses more than 1,700 employees and serves as the headquarters for Alliance Data Card Services.

August 7, 2018

Acquisitions Midwest Net Lease Ohio Retail

EXP Realty Advisors Brokers $1.4M Sale of Property Net Leased to Dollar General in Amherst, Ohio

by Kristin Harlow August 7, 2018

AMHERST, OHIO — EXP Realty Advisors has brokered the $1.3 million sale of a single-tenant property net leased to Dollar General in Amherst, about 30 miles west of Cleveland. The 9,100-square-foot building is located on a 1.4-acre lot at 1651 Cooper Foster Park Road. Andrew Greenberg of EXP Realty Advisors brokered the transaction. A southern California-based real estate investor completing a 1031 tax-deferred exchange purchased the asset at a cap rate of 6.3 percent. Dollar General has 11 years remaining on its lease.

August 7, 2018

Acquisitions Arizona Office Western

NKF Capital Markets Negotiates $51M Sale of 14-Building Office Campus in Scottsdale

by Amy Works August 7, 2018

SCOTTSDALE, ARIZ. — NKF Capital Markets has arranged the sale of The Quad, a creative office campus located on 13.4 acres at 6200-6390 E. Thomas Road in Scottsdale. A joint venture between EverWest, George Oliver Cos. and WHI Real Estate Partners sold the property to Vancouver-based City Office REIT for $51 million. Built in 1982, the 14-building, 166,606-square-foot campus recently underwent a $23 million renovation. The property features a connected design, efficient floor plans, fitness center with showers, on-site restaurant and coffee bar, community lounge/conference center, pet-friendly environment, walking/biking paths and accessible Wi-Fi throughout the campus. At the time of sale, the multi-tenant property was 98 percent leased. CJ Osbrink, Kevin Shannon, Ken White, Paul Jones, Brunson Howard and Rick Stumm of NKF Capital Markets represented the seller, while the buyer was self-represented in the transaction.

August 7, 2018

Acquisitions California Industrial Western

Terreno Realty Acquires Multi-Building Industrial Property in Bay Area for $36M

by Amy Works August 7, 2018

SAN LEANDRO, CALIF. — Terreno Realty Corp. has purchased a multi-building industrial asset located at 2700 Merced St. in San Leandro. An undisclosed seller sold the property for $36 million. Situated on 14.8 acres, the asset consists of three distribution buildings totaling 209,000 square feet, a 16,000-square-foot office building and an improved land parcel. The property features 12 dock-high and four grade-level loading positions and parking for 374 cars. At the time of acquisition, the asset was 81.6 percent leased to seven tenants, four of which have no renewal options and leases that will expire on or before Dec. 31, 2020. Depending on the leasing outcomes over the next year, Terreno Realty may choose to redevelop part of all of the property.

August 7, 2018

Acquisitions Healthcare Office Washington Western

CBRE Arranges $23M Sale of Medical Office Building in Edmonds, Washington

by Amy Works August 7, 2018

EDMONDS, WASH. — CBRE has brokered the sale of Edmonds Professional Center, a medical office building located at 7315 212th St. SW in Edmonds. Edmonds Professional Center LLC sold the property to an undisclosed buyer for $23 million. Built in 1991, the two-story property features 54,516 square feet of medical office space. At the time of acquisition, the building was 100 percent leased to nine tenants, including Virginia Mason Health System and Swedish Health Services. Chris Bodnar and Lee Asher of CBRE’s Healthcare Capital Markets group partnered with Paul Carr, Steve Perovich and Marcus Yamamoto of CBRE Puget Sound Healthcare represented the seller in the deal.

August 7, 2018

Acquisitions Hospitality New York Northeast

Wright Investments Acquires 92-Room Hotel North Woods in Lake Placid

by David Cohen August 6, 2018

LAKE PLACID, N.Y. — Wright Investments has acquired the Hotel North Woods, a six-story, 92-room hotel in Lake Placid. The sales price was undisclosed. The hotel is located at 2520 Main St., approximately two miles from Lake Placid Airport. It is located near area attractions such as the Olympic Center, Whiteface Mountain, U.S. Olympic Museum, High Falls Gorge, and X-Country Ski Center. Marcus & Millichap represented both Wright Investments and the seller, a private real estate investment group.

August 6, 2018

Acquisitions Florida Loans Office Southeast

Berkadia Brokers $25.6M Sale, Green Financing for Multifamily Community in Palm Beach County

by Camren Skelton August 6, 2018

LAKE WORTH, FLA. — Berkadia has arranged the $25.6 million sale of Oakwood Apartments, a 160-unit, townhome-style multifamily community in Lake Worth, a city in Palm Beach County. Yoav Yuhjtman, Tal Frydman and Nicholas Perrone of Berkadia arranged the transaction on behalf of the seller, Coast Capital Partners. Brad Williamson and Jared Hill of Berkadia arranged a $19.2 million Freddie Mac loan on behalf of the buyer, One Real Estate Investment. The seven-year, fixed-rate loan was arranged through Freddie Mac’s Green Up program. Constructed in 1993, Oakwood Apartments comprises two-story, attached townhome units, each with four bedrooms and two-and-a-half baths. Community amenities include a pool, resident clubhouse, business center, fitness center, internet café and onsite management.

August 6, 2018

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