Dealmaker: Transwestern Closes $44M in Office, Retail Sales

Transwestern, Houston, closed $44.1 million in sales for office and retail assets in Maryland and Colorado.

Gerry Trainor, Executive Managing Director in Transwestern’s Mid-Atlantic Capital Markets Group, represented Twinbrook Office Center’s seller. Ivy Realty, Greenwich, Conn., acquired the 163,000-square-foot property on Rockville Pike in Rockville, Md., for $33 million. 

“The Twinbrook area is being transformed into an amenity-rich neighborhood anchored by the Twinbrook Metro Station,” Trainor said. “This was a compelling opportunity for Ivy Realty to be a part of that revitalization and shape the future of the area.”

Trainor said Ivy Realty plans to make cosmetic renovations to enhance the property’s marketability. The building is currently 71 percent leased to a mix of national tenants including Merck, Novartis Pharmaceuticals and Bayer Pharmaceuticals with an average remaining lease term of more than four years. 

In the Denver area, Transwestern brokered three retail property sales totaling $11.1 million. Managing Directors Larry Thiel and Brad Cohen represented the seller in each transaction. 

The transactions include: 
• Southglenn Square, a 58,000-square-foot neighborhood center in Centennial. Alberta Development Partners acquired the property from Signature Cos.
• Indiana Marketplace, a 14,750-square-foot neighborhood center in Arvada. Capital Hill Investments LLC acquired the fully occupied property from Sabal Financial Group in a 1031 exchange. 
• A McDonald’s restaurant ground lease at Indiana Marketplace in Arvada. A California family trust acquired the 1.74-acre site from Sabal Financial Group in a 1031 exchange.

“Denver is experiencing strong demand for stabilized retail properties,” Thiel said. “As the city expands its infrastructure and builds on its existing entrepreneurial environment, it’s attracting a young, talented workforce that is boosting the local economy.”