Nashville AmeriPlex Complex Sold for $26M

Jackson, Mississippi-based StateStreet Group has purchased the AmeriPlex warehouse and office development in Nashville for $26.3 million. The four-building complex was sold by owner-developer Holladay Properties, which opened the property in 2009 as the company's first LEED industrial park. Terms of the deal were not disclosed; both companies were self-represented in the transaction. The deal gives StateStreet its seventh local property.

"We have enjoyed developing this Class A office/warehouse complex, where we finished the final phase of construction just this year," Allen Arender, Holladay Properties senior vice president of development, said in a statement. "AmeriPlex has attracted many of Nashville's most desirable tenants and it is set to be a highly successful property for a long time. It was a pleasure to work with the people at StateStreet. They truly appreciate the unique value of this property and I am confident it will continue to perform well under their management."

"AmeriPlex is a very desirable in-fill office/warehouse property in one of the best real estate markets in the country. It's in excellent condition and fully leased to several high quality national corporations including Epiphone, Bridgestone and DHL. We've been fortunate to grow our Nashville portfolio significantly and we continue to look for additional quality assets like AmeriPlex," added John Ditto, president of StateStreet Group.

Located at 1508 Elm Hill Pike, AmeriPlex at Elm Hill is situated at the heart of Nashville's industrial central business district and accommodates approximately 260,000 sq. ft. of office warehouse industrial space. The first 90,000 square foot building was developed in 2009; Holladay developed the site and operates from the 1508 building, and said it will remain in that office post sale.

For more news and information visit Blumberg Partners.

Lincoln Property Sells Austin Centre for $130M

Pasadena, Texas-based Lincoln Property Company has sold Austin Centre, a premiere mixed-use project in Austin’s CBD, for $130 million. An affiliate of Sidra Capital, an investment bank headquartered in Jeddah, Saudi Arabia, secured a loan with JPMorgan for the acquisition, according to a Real Estate Capital Magazine article. Terms of the deal were not disclosed; Lincoln Property has owned Austin Centre since April 2013, public records show. Lincoln states earlier in the year that it would be leaving Austin Centre to move to the developer's newest office building — 5th+Colorado, which was designed by designed by HKS Architects of Dallas.

Originally built in 1986, Austin Centre is a 326,335 square foot Class A building at 701 Brazos Street in Austin. The 16-story building provides views of the Capitol and features amenities such as a health club, travel agency, car rental, clothing, sundry shop, hair styling, restaurants, meeting rooms, ATM machine, shoe shine service and valet service. The property was renovated in 2012-2015, and is attached via a 200-foot atrium with the separately owned Omni Austin Hotel Downtown.

For more news and information visit Blumberg Partners.

Commerce Plaza Office Complex Sold for $125M

The Blackstone Group is selling Commerce Plaza, a three building, 515,005 square foot office complex in Oak Brook, Illinois, for $125 million to Chicago-based Zeller Realty. When completed, this will be the biggest suburban office deal of 2016 and the largest since Blackstone and Wells Fargo bought Deerfield's Corporate 500 Centre from GE Capital Real Estate for $154M last year, according to a Bisnow report. Full terms of the deal were not disclosed, but Blackstone was represented by CBRE in the deal. The building was previously owned by Arden Realty Inc.

Located at 2001, 2015 and 2021 Spring Road and originally constructed in 1974, Commerce Plaza's seven-story buildings are currently over 95% leased, with TreeHouse Foods leasing roughly 100,000 square feet of space for its headquarters. Conveniently located in the heart of Oak Brook, Commerce Plaza is 20 minutes west of downtown Chicago and 15 minutes south of O’Hare International Airport. The property features interconnected buildings surrounded by landscaped grounds with a courtyard focal point and an attached covered parking structure and plenty of surface parking. Zeller also has a deal to buy Woodfield Preserve Office Center in Schaumburg for about $74 million, according to Chicago Business; the acquisitions are Zeller's first in the Chicago suburbs since 2007.

For more news and information visit Blumberg Partners.

HKMA Buys Stake in NYC Skyscraper for $1.2B

Real Summit Investment, an investment fund of the Hong Kong Monetary Authority's Exchange Fund (HKMA), has purchased a 49% stake in 1095 Sixth Avenue from Ivanhoe Cambridge and Callahan Capital Partners for $1.15 billion. Ivanhoe Cambridge, the real estate investment arm of Quebec's public pension plan, and Chicago-based fund manager Callahan, originally acquired the tower — also known as the Salesforce Tower New York and 3 Bryant Park — for $2.2 billion from Blackstone Group in January 2015, according to a report from The Real Deal. The new transaction values the office tower at $2.35 billion. Eastdil Secured brokered the transaction; terms of the deal were not disclosed.

HKMA — whose mission is to control the exchange rate of the Hong Kong Dollar — apparently made the move to control the exchange rate of the Hong Kong Dollar whose value is linked to the US Dollar by government policy. "To diversify risks, we decided to allocate, in a prudent and incremental manner, a small portion of the Exchange Fund to alternative asset class comprising global private equity and overseas real estate," the HKMA's deputy chief executive Eddie Yue said in a December speech.

The 1.2 million-square-foot office tower at 1095 Sixth Avenue between 41st and 42nd streets was 97% leased at the time of sale. "The opportunity to acquire a truly iconic property like Three Bryant Park is extremely rare," said Ivanhoe Cambridge's executive vice president Arthur Lloyd. He added that acquiring the office tower "represents a cornerstone of our expanding U.S. office platform."

For more news and information visit Blumberg Partners.

CNL Plaza Sold for $168M

Piedmont-CNL Towers Orlando Owner LLC, a subsidiary of Piedmont Office Realty Trust, has purchased CNL Plaza in downtown Orlando for $167.8 million. The Georgia-based real estate group purchased the two towers from CNL Plaza LLC, a partnership that includes CNL Chairman Jim Seneff Jr. Also referred to as the CNL Center, terms of the sale of CNL Plaza I & II were not disclosed; Foundry Commercial, the Orlando-based brokerage firm, has the building portfolios available on their website.

The deal includes:

CNL Plaza I: A 14-story high-rise office tower that was built in 1999 at 450 S. Orange Ave. It has more than 332,000 square feet.
CNL Plaza II: A 12-story, 271,000-square-foot office tower at 420 S. Orange Ave. It was built in 2006.
CNL Plaza/City Hall parking garage: A seven-story parking garage at 460 Boone Ave . with nearly 612,000 gross square feet.
CNL Plaza II parking garage: A garage with nine floors and nearly 800,000 gross square feet.

Skybridges connect CNL Plaza I, CNL Plaza II and City Hall to the parking garage. The building is situated across from the Downtown Performing Arts Center and adjacent to City Hall, also across from the Grand Bohemian Hotel and free LYMMO stop. With this acquisition, and combined with its previous purchased of the SunTrust Center for $170 million this past November, Piedmont is slated to become one of downtown Orlando's biggest landlords with more than 1 million square feet of office space in the region's core business district.

For more news and information visit Blumberg Partners.

Hines Buys Goodyear Crossing II, Amazon Distribution Center

Hines Global REIT II, Inc. announced that it has entered into a contract to acquire Goodyear Crossing II, a 820,384 square foot industrial property in a Phoenix, AZ submarket, for $56.2 million. The property is being sold by RT Goodyear, LLC, which formed in 2009; it's unclear when RT Goodyear took ownership of the property, which was included in a 2013 Quarterly Report list of assets under Gramercy Property Trust. In July 2009, CB Richard Ellis Realty Trust purchased the warehouse through a joint venture with Duke Realty for $45.26 million. Hines Global II expects to fund the acquisition using proceeds from its public offering, borrowings from its credit facility with Hines Interests Limited Partnership and a secured mortgage from a third party, according to SEC filings. The REIT funded a $1 million earnest money deposit in connection with the purchase agreement and expects the acquisition to close on August 23rd.

Goodyear Crossing II is situated in the Goodyear Crossing Industrial Park and was constructed between 2008 and 2009. Located at 16920 W. Commerce Drive, the Class A industrial warehouse is 100% leased to Amazon, which first announced its intent to build the property in 2008. "As we continue to expand selection for customers across all product categories, we’re excited to be opening a new facility in Goodyear to allow us to serve customers more quickly and efficiently," Mike McKenna, vice president, Amazon fulfillment services, said at the time.

For more news and information visit Blumberg Partners.

TMG, Fortress Sell 3 California Office Buildings for $122M

San Francisco-based TMG Partners and New York-based Fortress Investment Group have sold its remaining properties at Champion Station in San Jose, California to an institutional real estate investor for $122 million,or about $435 per square foot, according to the deed on the sale of the property. Eastdil Secured represented both the sellers and the buyer, which goes by the name TCSP LLC and is an entity related to Michael Milken, according to county records. The three buildings totaling 287,371 square feet were the final properties to be sold off in an eight building portfolio that TMG and Fortress purchased from Cisco Systems in 2013. The transaction's sale price in 2013 was not disclosed, but multiple sources said the cluster of buildings was expected to trade in the neighborhood of $190 per square foot, or roughly $154 million.

"North San Jose, and its amenity-rich environment, continues to attract technology companies both locally and internationally," said David Cropper, TMG Partners Director of Development. "Our strategy at Champion Station had been to complement the mixed-use campus setting with onsite improvements designed to encourage innovation, collaboration and healthy lifestyles for prospective tenants and their employees. Our ability to secure quality tenants and to close this final transaction is proof positive of the demand technology tenants have for health-driven offerings, coupled with the amenities of nearby residential, retail, entertainment and transportation options."

The three buildings at 190, 210 and 230 West Tasman Drive were leased last year to tech companies Silver Spring Networks and ForeScout Technologies are are currently 100% occupied. Cropper told GlobeSt.com: "All the new tenants at our renovated Champion Station have been drawn to the location, our thoughtful renovations and access to the amenities that make the community here so livable. Hence they are all high-quality companies whose employees demand these benefits that inspire collaboration and innovation."

For more news and information visit Blumberg Partners.