International group buys Las Colinas office building

An Irving office building has changed hands.

The Canal Centre building at 400 E. Las Colinas Boulevard was purchased by an investment group that includes international funding.

Canal Centre Investors LLC bought the building from a partnership of Libitzky Property Companies and Sunwest Real Estate Group, which had owned the property since 2015.

The 10-story, 237,894-square-foot office building is in the Las Colinas Urban Center, an area seeing a boom in apartment and retail construction.

CBRE’s Eric Mackey, Gary Carr, John Alvarado, Evan Stone, Jared Chua and Robert Hill brokered the sale with Bruce Marshall from Sperry Van Ness.

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Tempe industrial park sold for $19.1M

Cushman & Wakefield completed the sale of Kachina Industrial Park, located at 1805-1850 W. Drake Drive in Tempe on behalf of Northern California-based Kieckhefer Properties. Libitzky Holdings LP of Emeryville, Calif. purchased the property for $19.1 million.

Bob Buckley, Tracy Cartledge, Steve Lindley and Ben Geelan of Cushman & Wakefield represented the seller.

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Area Firm sells 2 office buildings along the Dallas North Tollway in Addison

Dallas-based real estate investment firm TriGate Capital has sold two of its office buildings along the Dallas North Tollway in Addison after holding the buildings for the past six years. The two buildings were part of a three-building portfolio TriGate Capital acquired in 2010. The original portfolio also included an office building at 14850 Quorum Drive, which was sold last year. Link to original article


Tuesday, October 27, 2015 Memphis Daily News California-based Corsair Boulevard LLC, affiliated with Libitzky Property Cos., has purchased the Trinity Ridge Business Center in Cordova for $16 million, according to a special warranty deed signed Oct. 15. The sale included the five parcels located at 7730 Trinity Road, 7740 Trinity Road, 7750 Trinity Road, 7760 Trinity Road and 7866 Trinity Road. The eight-building, 235,000-square-foot industrial park sits on 22 acres north of the intersection of Trinity and Raleigh-LaGrange roads. It was built between 1998 and 2007. Montreal-based Dalfen America Corp. had owned the center since 2011 when it purchased the parcels for $7.6 million. A mortgage of $11.5 million was issued at the time of sale by Wells Fargo Bank. The seven-year loan matures Oct. 10, 2022. The properties have a combined tax appraisal value of $8.4 million. Link to original article


Monday, February 23, 2015 Dallas Business Journal California-based real estate investor Libitzky Property Cos. has bought a high-profile building in Las Colinas’ Urban Center for an undisclosed price. The firm bought a recently redeveloped 10-story, 238,051-square-foot Class A office building, named Canal Centre, within the Urban Center, which also includes a six-story parking garage. The building’s location in the Urban Center of Las Colinas, along with a favorable balance of long-term tenants, will give the investment firm some compelling opportunities for future income growth, said Eric Mackey, a senior vice president at CBRE. Link to original article


Friday, January 23, 2015 San Francisco Business Times Libitzky Property Cos. sold a Hayward residential development site for $23.7 million – more than 11 times the $2.1 million that it paid in 1999 for the property. Public homebuilder TRI Pointe Homes Inc. was the buyer of the site at 199 Filbert Street, which has entitlements for 157 residential units, including 105 townhouses and 52 single-family homes. Buildable home sizes range from 1,342 square feet to 1,908 square feet, according to the property’s offering document. The sale reflected the strong demand for housing in the East Bay, said Kevin Perkins, associate principal at Emeryville-based Libitzky, which controls around 6 million square feet in industrial property. Link to original article


Friday, July 25, 2014 Silicon Valley Business Journal An 8-acre industrial site in San Jose’s Japantown neighborhood is back in play for apartments, as continued strength in the region’s rental market revives long-dormant plans up and down Silicon Valley. The owner of the site at 357 E. Taylor St. expects to go into contract soon with a major multifamily developer, said Kevin Perkins, associate principal of Emeryville-based Libitzky Property Companies, which has long owned the property. The land is fully entitled for about 400 residential units. Link to original article


Tuesday, October 8, 2013 Sacramento Business Journal A bakery, used by Raley’s for its breads, cakes and cookies sold at stores under its banner, has sold, with whether the local retailer will stay there beyond the end of the lease in a few years an open question. Libitzky Property Companies, based in Emeryville, bought the 135,885-square-foot building from Portview Investors of Chico for $9.675 million. according to a broker. Link to original article


Thursday, September 26, 2012 The Dallas Morning News Dallas-based Sunwest Real Estate Group purchased the LBJ office complex with Libitzky Property Cos. of Emeryville, Calif. The traffic tangles caused by the LBJ Freeway reconstruction aren’t just affecting commuters and businesses in the area. Property investors are also getting some bargains, thanks to depressed prices on some properties. A partnership between a California investment firm and local property buyers just purchased three LBJ Freeway office buildings. Link to original article


by Blanca Torres September 20, 2010 Eager to attract a grocery store to West Oakland, the city redevelopment agency is preparing to broaden its eminent domain rules so it could acquire the final piece of a five-acre parcel desired by Foods Co. The retailer has approached three property owners along West Grand Avenue between Filbert and Market streets. Two have agreed to sell but one, who controls just under an acre, is asking for more than Foods Co. has been willing to pay. “The agency wants the authority, if need be, to bring a grocery store to West Oakland,” said Gregory Hunter, Oakland’s redevelopment director. “Eminent domain is always controversial. … In this case, we’re looking at the benefit of the project, not necessarily to benefit the developer, but to benefit the community.” Many in West Oakland shop in Emeryville or other parts of Oakland. But that can be challenging, Hunter said — a city analysis found 43 percent of West Oakland residents don’t have access to a car. The Foods Co. proposal would bring a 72,000-square-foot store that could employ about 110 and bring in $49,000 in sales tax revenue per year along with $243,000 per year in property taxes. Two parcels of the proposed site are owned by a partnership between developers Eddie Orton and Moses Libitzky and include a 94,000-square-foot industrial warehouse leased to several tenants. Orton declined to comment on any negotiations, but said he supports a retail use. The remaining parcel is owned by Sang E. Hahn and Haitan Hahn as trustees of the Hahn 2002 Family Trust. Tax records show its assessed value as $2.25 million. Haitan Hahn declined comment. Mark Salma, director of real estate for Kroger-owned chains in California, also declined to comment on the West Oakland deal. The company has sites in development near the Oakland Coliseum and in East Oakland. “Oakland is a very important market for us right now and we are putting much of our resources there,” Salma said. The redevelopment agency can now use eminent domain to take control of property for redevelopment projects of up to three acres. The proposed amendment would remove that limit and expand other eminent domain authority. Oakland used eminent domain in West Oakland to clear land for the West Oakland BART Station, Interstate 980 and a U.S. Post Office branch. That history is a sore point in the community, Hunter said, but he emphasized the city’s eminent domain policy for West Oakland would not extend to residential properties. “We would prefer to not use eminent domain. If we don’t have to upset the community, why would we?” Hunter said. Link to original article


By STEVE BROWN / The Dallas Morning News

A Dallas investment group has bought two office buildings that were foreclosed on by lenders earlier this year. The office complex contains about 177,000 square feet and was built in the 1970s. Sunwest Real Estate Group put together the partnership that bought the 10300 and 10260 North Central Expressway buildings near Meadow Road. The office complex contains about 177,000 square feet of space and was built in the 1970s. “The previous owners lost the deal back in January, and the lender was pretty serious about getting the property listed and sold,” said Marc Grossfeld of Sunwest Real Estate. “This is one of the first deals we’ve seen where the lender got aggressive on price and was wanting to move the asset.” The buildings were originally financed with more than $23 million in debt, according to legal filings. LaSalle Bank foreclosed on the property. Sunwest Real Estate would not disclose how much it paid, but Grossfeld said it was “definitely a discount price.” The transaction closed in just 30 days. “That really made the difference in the lender’s eyes in selecting us for the buyer,” he said. “There were others looking at the asset.” The buildings are about 55 percent occupied. Sunwest plans to make improvements to the buildings and will market them to smaller-business tenants. The buyers, which include Sunwest principals and Libitzky Property Cos. of California, also own the historic Meadows Building on North Central near Lovers Lane. That property, which was acquired in 2003, is more than 90 percent leased. “We are actively trying to expand our portfolio,” Grossfeld said. CB Richard Ellis brokered the sale. Link to original article


Angelica Corp. Sells Property, Leases Back By Jessa Spainhower April 28, 2010 Libitzky Property Cos. purchased the 125,000-square-foot manufacturing and warehouse facility at 8190 Murray Ave. in Gilroy, CA, from Angelica Corp. for $5.5 million, or about $55 per square foot. The industrial property delivered in 1967. There are three other structures at the site, totaling 25,048 square feet, which have been condemned and will be demolished. Angelica Corp. will continue to occupy the main facility in a 17-year leaseback. Drew Fischer and Jesse Lucas of Lee & Associates in Oakland represented the buyer, while Marcella Harrison of GVA Kidder Mathews in San Francisco represented the seller. Link to original article