Transactions - JUNE 30, 2017

Recent commercial real estate transactions

by Andrea Waitrovich

Transactions reported this week included the sale of offices in Tennessee and Sacramento.

TIER REIT acquired 5851 Legacy Circle, a class A office tower with approximately 319,000 square feet that is located in the Legacy Town Center area of Plano, Texas. Built in 2012, the 12-story office building was acquired by TIER for $123.3 million.

And in Sacramento, Calif., Hines acquired Park Tower, a 25-story, class A high-rise for $120.5 million. The seller was not disclosed. Park Tower is a 482,939-square-foot office building and includes an 800-stall attached structured parking garage, as well as the 350-stall parking garage at 1010 8th St.

Buyer Seller Property name Size Price per size Location Price
Berkshire Group Hines Aviva Coral Gables 276 units $362,318.84 Miami, FL $100.00
Shorenstein Co. Benchmark Real Estate Group 200 East 11th St. 54 units $1,055,555.56 New York, NY $57.00
The Schochet Cos./Jonathan Rose Cos. Not disclosed Glen Meadow 288 units $177,430.56 Franklin, MA $51.10
Acacia Capital Corp. Farnam Realty Chuparosas Apartments 258 units $168,604.65 Chandler, AZ $43.50
The Radco Cos. Not disclosed Cordova Apartment Homes (Sunstone Palms) 536 units $77,798.51 Tampa, FL $41.70
Electra America Not disclosed 5721 Goodstone Dr. 300 units $138,666.67 Raleigh, NC $41.60
Auctus Capital Partners Not disclosed The Crest at Grand Terrace 228 units $144,956.14 Grand Terrace, CA $33.05
Not disclosed The Mogharebi Group Two-property portfolio 236 units $138,000.00 Modesto, CA $32.57
Not disclosed Starlight U.S. Multifamily (No.5) Core Fund Belle Haven 176 units $160,795.45 Charlotte, NC $28.30
Security Properties/Cigna Investment Management Not disclosed Soma Apartments 74 units $378,378.38 Bellevue, WA $28.00
Blackstone Real Estate Income Trust Waterton Hyatt Place San Jose Downtown 236 rooms $275,423.73 San Jose, CA $65.00
Highgate Holdings/Morgan Stanley Real Estate Investing Westport Capital Partners/PRES Cos. Pacific Edge Hotel 109 rooms $527,522.94 Laguna Beach, CA $57.50
Monmouth Real Estate Investment Corp. Not disclosed 5005 Samuell Blvd. 351,874 sf $143.86 Mesquite, TX $50.62
Monmouth Real Estate Investment Corp. Not disclosed 27200 SW 127th Ave. 237,756 sf $161.29 Homestead, FL $38.35
TIER REIT Not disclosed 5851 Legacy Circle 319,000 sf $386.52 Plano, TN $123.30
Hines Not disclosed Park Tower 482,939 sf $249.51 Sacramento, CA $120.50
CBRE Global Investors Cornerstone Real Estate Advisers 8750 North Central Expressway 491,803 sf $244.00 Dallas, TX $120.00
Not disclosed TIER REIT Five-property portfolio 678,000 sf $105.46 Louisville, KY $71.50
Regent Properties CBRE Group Camelback Commons 322,406 sf $205.95 Phoenix, AZ $66.40
Hayman Cos. Osprey S.A. Troy Officentre 732,000 sf $75.14 Troy, MI $55.00
Ocean West Capital Partners/Fortress Investment Group Lionstone Investments 2901 West Alameda Ave. 119,819 sf $375.57 Burbank, CA $45.00
Westwood Financial Corp. Not disclosed The Arbors at Mallard Creek 55,323 sf $453.70 Charlotte, NC $25.10


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