sale2

Meridian Group Sells Majority Stake in Northern Virginia Office Complex to MetLife for $244M

by Camren Skelton April 10, 2018

TYSONS, VA. — The Meridian Group has secured MetLife Investment Management as a joint venture partner for Boro Station, a three-building office complex in Tysons. MetLife acquired a 95 percent stake in the property for $244 million, according to local media reports. Meridian will retain a minority interest and continue day-to-day property management. Boro Station serves as the gateway to The Boro, Meridian’s planned 4.2 million-square-foot mixed-use development that will feature office, retail, entertainment and open park space upon completion. Meridian acquired Boro Station from Science Applications International Corp. in 2013 and invested more than $60 million to renovate the property. Capital improvements included an upgraded lobby, improved fitness center, new entrance, new conference center and the addition of a two-story café and a Starbucks Coffee. The property features a 1,602-car parking garage and is located within walking distance to the Greensboro Metro station. Collins Ege, Nicolas Seidenberg, Sean McDermott, Bradley Allen and Axel Azcue of Eastdil Secured arranged the transaction on behalf of Meridian.

April 10, 2018

Acquisitions Maryland Multifamily Southeast

Peak Management Buys Apartment Community Near Baltimore for $24.5M

by Camren Skelton April 10, 2018

PIKESVILLE, MD. — Peak Management LLC has acquired Annen Woods, a 131-unit apartment community in Pikesville, for $24.5 million. The community is located at 1 Harness Court, roughly 20 miles northwest of Baltimore. Peak Management, an affiliate of Hill Management Services Inc., acquired the asset from Harbor Group Management. Annen Woods includes a mix of one- to three-bedroom units and was 96 percent occupied at the time of sale. Community amenities include a swimming pool with sundeck, lighted tennis court, fitness center and a fenced-in dog park. Peak Management plans to upgrade the community by renovating approximately 90 percent of units with the addition of stainless steel appliances, granite countertops, Nest light fixtures and new bathroom vanities and countertops. In addition, the company will remodel the leasing office and fitness center and install low-flow plumbing fixtures in each unit to reduce water consumption.

April 10, 2018

Acquisitions Georgia Industrial Southeast

Joint Venture Purchases 515,000 SF Industrial Portfolio in Atlanta’s West Midtown District

by Camren Skelton April 10, 2018

ATLANTA — Weaver Capital Partners and the Seng Co., in conjunction with their joint venture equity partner SilverCap Partners, has acquired a 515,000-square-foot industrial portfolio located along Seaboard Industrial Boulevard in Atlanta’s West Midtown district. Patterson Real Estate Advisory Group served as the joint venture’s capital advisor and arranged acquisition financing through CIBC Bank USA. The sales price and terms of the financing were not disclosed. The joint venture acquired the nine-building portfolio from Zep Inc., which formerly owned and occupied the entire property. Zep, a manufacturer of maintenance and cleaning solutions, will lease back 58,000 square feet in one of the buildings in order to consolidate its operations in Adairsville, Ga., roughly 60 miles northwest of Atlanta. The new ownership will continue to operate the portfolio as industrial space.

April 10, 2018

Acquisitions Illinois Midwest Office

Millennium Properties Brokers Sale of 51,230 SF Office Building in Elgin, Illinois

by Kristin Harlow April 10, 2018

ELGIN, ILL. — Millennium Properties Real Estate has brokered the $1.1 million sale of a 51,230-square-foot office building in Elgin, about 35 miles northwest of Chicago. The property, located at 164 Division St., is 83 percent occupied by a variety of doctor offices, law firms and design firms. Brad Thompson and Daniel Hyman of Millennium brokered the sale. A partnership sold the property to a private investor.

April 10, 2018

Acquisitions North Carolina Retail Southeast

Franklin Street Brokers $5.8M Sale of Retail Center in Charlotte

by Camren Skelton April 9, 2018

CHARLOTTE, N.C. — Franklin Street has brokered the $5.8 million sale of City View Shopping Center, a 77,550-square-foot retail property located at 1526 Alleghany St., roughly two miles from Uptown Charlotte. John Tennant and Bryan Belk of Franklin Street arranged the transaction on behalf of the seller, City View of N.C. LLC, and the buyer, Dinalli LLC. The buyer plans to hold the asset as a long-term investment. American Freight Furniture and Mattress and Measurement Inc. anchor the center, which was formerly home to a Winn-Dixie.

April 9, 2018

Acquisitions Midwest Missouri Retail

Select Strategies Realty Acquires 700,000 SF Retail Portfolio in Metro St. Louis

by Kristin Harlow April 9, 2018

ST. LOUIS — Select Strategies Realty has acquired a five-property retail portfolio in metro St. Louis for an undisclosed price. The portfolio spans 700,000 square feet. The properties are located at 955 Woodcrest Executive Drive, 4650 Lansdowne Ave., 1000 Lemay Ferry Road and 8901 Page Ave. Overall, the portfolio is 97 percent leased to tenants such as The Home Depot, Fresh Thyme Farmers Market, Office Max, Kohl’s, HomeGoods, Dick’s Sporting Goods, Burlington, Hobby Lobby and Planet Fitness. Jeremy Sain of HFF arranged acquisition financing on behalf of the borrower. Prime Finance provided the loan.

April 9, 2018

California Office Western

BJ’s Restaurants Renews Office Lease at Huntington Beach Headquarters

by Nellie Day April 9, 2018

HUNTINGTON BEACH, CALIF. — BJ’s Restaurants has extended the lease term on its corporate headquarters in Huntington Beach. The headquarters is located at One Pacific Plaza. Known as the “Restaurant Support Center,” BJ’s occupies 57,100 square feet of office space on multiple floors at the 12-story, Class A tower. PR One Pacific Plaza LLC owns the complex. Chon Kantikovit of Cushman & Wakefield represented BJ’s.

April 9, 2018

California Retail Western

SRS Brokers $2.4M Sale of Ground Lease in Orange County, California

by Nellie Day April 6, 2018

COSTA MESA, CALIF. — SRS Real Estate Partners has arranged the $2.4 million sale of a ground lease in the Orange County community of Costa Mesa. The 0.8-acre parcel of land currently houses a 13,200-square-foot property. The asset is triple-net leased to a Los Angeles-based entity that subleases the property to multiple tenants. Michael Walseth of SRS represented the undisclosed, Orange County-based seller in the transaction. The buyer, also based in Orange County, represented itself. The ground lease had approximately 14 years remaining.

April 6, 2018

California Retail Western

Marcus & Millichap Arranges $1.3M Sale of Retail Property in Southern California

by Nellie Day April 6, 2018

RIVERSIDE, CALIF. — Marcus & Millichap has arranged the $1.3 million sale of a 13,200-square-foot retail property located at 9741 Magnolia Ave. in Riverside. Brandon Michaels of Marcus & Millichap arranged the transaction on behalf of both the seller, a limited liability company, as well as the buyer, 4GT Group LLC.

April 6, 2018

Acquisitions Multifamily Student Housing Texas

CBRE Brokers Sale of 316-Bed Student Housing Community Near Texas State University in San Marcos

by Taylor Williams April 6, 2018

SAN MARCOS, TEXAS — CBRE has brokered the sale of Dakota Ranch, a 316-bed student housing community located roughly one mile from Texas State University in San Marcos. Built in 2002, the property offers one-, two- and three-bedroom units ranging in size from 523 to 1,111 square feet. Amenities include a pool, fitness center, outdoor kitchen, volleyball court, a dog park and a business center. An affiliate of New York-based Alden Street Capital purchased the asset from an affiliate of Alex. Brown Realty for an undisclosed price. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE brokered the deal, and Benjamin Roelke of CBRE secured a seven-year loan through Fannie Mae for the acquisition.

April 6, 2018

Newer Posts

Older Posts