sales_and_leases

Kairos Ventures Sells Lake Tahoe Resort for $42M

by Nellie Day March 9, 2018

SOUTH LAKE TAHOE, CALIF. — DiamondRock Hospitality Company has purchased the 77-room Landing Tahoe Resort & Spa in South Lake Tahoe for $42 million. The hotel is located at 4101 Lakeshore Blvd. just steps from the lake. The luxury hotel underwent a multi-million-dollar redevelopment and rebranding by the seller and reopened as The Landing Resort & Spa in December 2013. The hotel features 10,300 square feet of indoor and outdoor function space; Jimmy’s Restaurant; a wine cellar and lounge; full-service spa; heated outdoor pool and hot tub; lakeview patio with fire pits; rooftop deck with fireplace; and fitness center with sauna. HFF’s represented the seller, an affiliate of Kairos Ventures, in this transaction.

March 9, 2018

California Office Western

MBRE Healthcare Purchases Medical Office Building in San Diego for $37.1M

by Nellie Day March 9, 2018

SAN DIEGO — MBRE Healthcare has acquired Excel Centre, an 83,213-square-foot medical office building in San Diego, for $37.1 million. The building is located at 17140 Bernardo Center. Kaiser Permanente anchors the property. MBRE plans to convert the remaining third-floor balance of the building, which is currently vacant, to medical office use. Excel Centre is part of the larger Park Terrace, a walkable mixed-use development featuring offices, hotels, restaurants and fitness, in addition to Interstate 15 access. Rick Reeder, Brad Tecca and Travis Ives of Cushman & Wakefield represented the seller, an institutional investor, in this transaction.

March 9, 2018

California Industrial Western

BKM Buys 160,943 SF Industrial Asset in San Diego for $28.1M

by Nellie Day March 9, 2018

SAN DIEGO — BKM Capital Partners has purchased Activity Business Center, a 160,943-square-foot light industrial asset in the Miramar submarket of San Diego for $28.1 million. The five-building property is located at 9235-9265 Activity Road and 9520-9530 Padgett St. Activity Business Center is currently 92.6 percent occupied by 38 different tenants. Average unit sizes are about 3,743 square feet. BKM Capital Partners plans to rebrand the complex and implement a series of renovations including upgrades to the parking lot, exterior paint, landscaping, monument signage, lobby and the addition of a new outdoor common area. Cushman and Wakefield represented the seller, Lincoln Property Co., in this transaction. BKM represented itself.

March 9, 2018

Industrial Texas

German Manufacturer to Relocate North American Headquarters to Houston

by Taylor Williams March 9, 2018

HOUSTON — MAN Diesel & Turbo, a German manufacturer of marine propulsion systems and machinery, will relocate its North American headquarters to Twinwood Business Park, a 650-acre development in Houston. The company, which will be combining its operations in Houston and nearby Deer Park, will occupy a 137,434-square-foot building consisting of 105,309 square feet of service shop space and 32,125 square feet of office space. The property is currently being developed by Houston-based Welcome Group and is slated to open during the second quarter of 2019. Approximately 140 workers will be employed at the new plant. Bob Berry and Jacob Bravo of Avison Young represented MAN Diesel & Turbo in the lease negotiations.

March 9, 2018

Office Texas

NAI Partners Arranges Sale of 151,835 SF Office Building in Houston

by Taylor Williams March 9, 2018

HOUSTON — NAI Partners has arranged the sale of a 151,835-square-foot office building located at 13831 Northwest Freeway in the Fairbanks/Northwest Crossing area of Houston. Jon Silberman of NAI Partners represented the buyer, ManhattanLife, a parent company for several insurance firms, in the transaction. Jay Nowlin of Seller Boxer Properties represented the seller internally. NAI Partners will handle leasing and management of the building, which is the second office property in ManhattanLife’s real estate portfolio along with 10777 Northwest Freeway, the company’s headquarters.

March 9, 2018

Healthcare Texas

Cushman & Wakefield Brokers Sale of 61,082 SF Medical Office Building in Metro Houston

by Taylor Williams March 9, 2018

KATY, TEXAS — Cushman & Wakefield has brokered the sale of Katy Medical Arts Center, a 61,082-square-foot medical office building in Katy. The property was 100 percent leased at the time of sale to local and national medical practices spanning a variety of disciplines. Katy Med-Arts Partners Ltd., a partnership of 20-plus physicians associated with practices in the building, sold the property to a private equity-backed investor for an undisclosed price. Gino Lollio and Scott Niedergang of Cushman & Wakefield brokered the transaction.

March 9, 2018

Office Texas

Tech Startup Expands to 5,400 SF Office Space in Downtown Houston

by Taylor Williams March 9, 2018

HOUSTON — Arundo Analytics, an analytics software startup with offices in Norway and California, has expanded its office footprint in Houston, leasing 5,400 square feet at 1600 Smith St. in the downtown area. The building was formerly known as Continental Center I and is owned and operated by Brookfield Properties. Bill Boyer of CBRE represented Arundo in the lease negotiations. The company previously occupied 1,250 square feet at 1301 Fannin St.

March 9, 2018

Industrial New Jersey Northeast

Sitex Group Sells Two-Building Industrial Property in Avenel, New Jersey, for $65M

by Amy Works March 9, 2018

AVENEL, N.J. – Sitex Group has completed the disposition of a two-building industrial asset located at 191 and 215 Blair Road in Avenel. Barings Real Estate, on behalf of an institutional investor, acquired the assets for a combined total of $65 million. Located off Exit 12 of the New Jersey Turnpike/Interstate 95, the properties consist of a fully-renovated 175,182-square-foot building and a newly constructed 198,854-square-foot building. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew MacDonald of Cushman & Wakefield represented the seller and procured the buyer.

March 9, 2018

Georgia Office Southeast

LPC Southeast Brokers Sale of 215,000 SF Office Building in Atlanta

by Camren Skelton March 9, 2018

ATLANTA — Lincoln Property Co. (LPC) Southeast has brokered the sale of Park Central, a 215,000-square-foot office building located at 2970 Clairmont Road in Atlanta’s North Druid Hills submarket. Florida-based TerraCap Management LLC acquired the asset for an undisclosed price with plans to invest $3.4 million to upgrade the building systems, common areas and amenities. Park Central features 24-hour security, a fitness center, conference center, on-site management and free covered parking. Michael Howell, Hunter Henritze and Caroline Cole of LPC Southeast will be retained to manage and lease the building. The trio recently completed leases at Park Central with tenants such as First Landmark Bank, Everest Campus Services Cos LLC, Delaplex Software LLC and Mallernee, Branch & Daffner LLP.

March 9, 2018

Indiana Midwest Office

Black Salmon, Redico Acquire 444,644 SF Office Building in Indianapolis for $70M

by Kristin Harlow March 9, 2018

INDIANAPOLIS — In partnership with privately held Redico, Black Salmon has acquired Bank of Montreal (BMO) Plaza in Indianapolis for $70 million. The 444,644-square-foot, Class A office building is located between Monument Circle and Mass Avenue at 135 N. Pennsylvania St. Tenants include BMO Harris Bank, the U.S. Department of Defense and General Electric Capital Services. The property underwent a $6 million renovation in 2016 and 2017, but Black Salmon plans to make additional upgrades to the common areas. Black Salmon is a new business line of TSG Group, a real estate development and investment company based in South Florida.

March 9, 2018

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