CAPRE’s Commercial Real Estate Headlines for September 5, 2019

Check out the latest deals and developments in commercial real estate for September 5, 2019:

  • CIM Real Estate Finance Trust, Inc. Sells Properties for Approximately $1.25 Billion USD: Certain subsidiaries of CIM Real Estate Finance Trust, Inc. (“CMFT”), a publicly registered non-listed real estate investment trust (“REIT”) that primarily owns and operates a diversified portfolio of core commercial real estate assets consisting of net leased properties, have entered into an approximately $1.25 billion purchase and sale agreement to sell 454 single-tenant properties to Realty Income Corporation (“Realty Income,” NYSE: O). The purchase price will be paid mainly in cash, subject to Realty Income’s option to seek the assumption of certain existing debt, of which it currently anticipates to assume $131 million USD. The 454 single-tenant properties involved in the acquisition by Realty Income are 100% leased and encompass approximately 5.1 million gross rentable square feet across 41 states. Notable tenants include Dollar General, Walgreens, Dollar Tree/Family Dollar and United Oil.
  • Silverman Group Sells Rockaway Industrial Asset to Davco Group: NJ Bizis first reporting that Cushman & Wakefield has facilitated the sale of a multi-tenant industrial asset located at 114 Beach St. in Rockaway on behalf of the Silverman Group. Sholom Davidowits of Davco Group, a New York-based real estate investment company, purchased the more than 10-acre, 170,000 square feet, six-building complex. “114 Beach St. is located less than one mile from Interstate 80 and Route 46 in the heart of Morris County. The densely-populated region 35 miles west of New York City has become a target location for “last mile” distributors and service providers alike. At the same time, the immediate area is known for its favorable labor market conditions for warehouse employment,” reads the announcement.
  • Newmark Knight Frank’s Capital Markets Division Continues to Flourish in NY with Appointment of New Co-Heads: Newmark Knight Frank is pleased to announce that three industry-expert capital markets professionals, Evan Layne, Brett Siegel and Jean Celestin, have joined NKF as Vice Chairmen and Co-Heads of the New York Capital Markets Investment Sales division. The addition of Layne, Siegel and Celestin illustrates the continued excellence and upward trajectory of NKF’s full-service Capital Markets platform. From 2017 through the first half of 2019, NKF has climbed seven spots to its current ranking as fourth in overall investment sales transaction volume in the New York City metro area, based on Real Capital Analytics (“RCA”) data. Over that same time, its regional RCA market share in investment sales has quadrupled to 8 percent.
  • Inland Private Capital Corporation Completes Sale of 59-Unit Chicago Multifamily Property for $15.24 Million USD: Inland Private Capital Corporation (“IPC”) today announced the $15.24 million sale of Kimball Station, a 59-unit apartment property with 6,118 square feet of ground-floor retail space, located in Chicago. IPC, through its subsidiary which serves as asset manager, facilitated the sale of the property on behalf of Chicagoland Multifamily DST, one of its 1031 investment programs. Located in the growing Albany Park neighborhood on Chicago’s northwest side, the property consists of a five-story building constructed in 2009 and provides a mix of one-, two- and three-bedroom apartments with upscale contemporary finishes. Ideally positioned directly across from the Brown Line Commuter Rail Station, which serves more than 1.3 million passengers per year, Kimball Station is approximately eight miles north of Chicago’s Central Business District.
  • FCP Enters Jacksonville, FL Market With $29.1 Million Acquisition Of 396-Unit Townsend Apartment Community: FCP has announced the $29.1 million acquisition of Townsend Apartments, a 396-unit garden apartment community on Townsend Boulevard in Jacksonville, FL. The acquisition of Townsend Apartments marks FCP’s first investment in the Jacksonville market and its 10th Florida investment, including previous multifamily, commercial and mezzanine investments in Orlando, Tampa and Southeast Florida. Townsend Apartments has a total of 13 buildings on both sides of Townsend Boulevard. Apartments are a mix of studio, one-, two- and three-bedroom units. Community amenities include a playground, two clubhouses, two pools, tennis courts, a fitness center, business center and barbecue and picnic areas. FCP extends its appreciation to Berkadia for facilitating the assumptions of the existing Fannie Mae and Freddie Mac mortgages.

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