Dealmaker: Transwestern Commercial Services Brokers $49M in Sales

Transwestern Commercial Services, Houston, brokered industrial and multifamily sales totaling $49 million in Virginia and California.

In Chantilly, Va., TCS represented Maguire Hayden Real Estate Co. when it sold a five-building flex/industrial and office portfolio in Avion Business Park. Minkoff Development purchased the 317,800-square-foot portfolio for $43.5 million.

The portfolio included one-story flex buildings 14700 Avion Parkway, 3635 Concorde Parkway and 3650 Concorde Parkway and three-story office buildings 14500 Avion Parkway and 14520 Avion Parkway. The properties border Dulles International Airport in an area with one of the highest concentrations of tech jobs in the country.

Transwestern Senior Managing Director Mark Glagola said the portfolio is currently 78 percent leased, giving Minkoff Development an opportunity to create value by leasing the available space while still earning secure cash flow from the in-place high-credit tenants.

TCS also sold a 10-unit multifamily building at 829 Euclid Street in Santa Monica’s Wilshire-Montana neighborhood. Senior Vice Presidents John Swartz and Josh Kaplan represented both the family trust seller and the private LLC buyer in the $4.5 million transaction.

“The sale of 829 Euclid St. shows that despite the shifting tides of statewide rent control and a potential bill to repeal Costa-Hawkins in 2020, there is still a high demand for properties in A-plus neighborhoods,” Swartz said.

Los Angeles’ multifamily sector has historically low vacancies and strong rental rate growth. Reis, New York, said average asking rents increased 3.4 percent over the last year to $2,029 per month and the city’s total vacancy rate decreased 10 basis points to 3.6 percent in the first quarter.