Acquisitions

Joint Venture Acquires 2 MSF Merck Life Sciences Campus in New Jersey

by Jeff Shaw February 17, 2023

KENILWORTH, N.J. — Biopharmaceutical giant Merck (NYSE: MRK) has agreed to sell its 108-acre office and research campus in Kenilworth to a joint venture between private investment firms Onyx Equities and Machine Investment Group. The price was not disclosed. The life sciences campus, formerly Merck’s headquarters, features 1.4 million square feet of laboratory space, 500,000 square feet of Class A office space, 30 acres of developable land, a 25-megawatt cogeneration plant, three cafeterias, a fitness center, auditoriums, conference centers, outdoor amenity areas and more than 3,200 surface and structured parking spaces. The property sits off Garden State Parkway and is located near to Route 78, the Route 22 retail corridor, the New Jersey Turnpike, Newark Liberty International Airport and the Port Newark Elizabeth Marine Terminal. Kenilworth is located just across the Arthur Kill waterway that separates New Jersey from Staten Island. The buyers plan to market and lease out the site’s laboratories and support facilities to biotechnology, pharmaceutical, and technology companies. Merck will vacate the property in phases over the next several years while expansion progresses on the firm’s new headquarters in nearby Rahway. “New Jersey receives two forms of good news today as one of the pillars of our business community …

February 17, 2023

Acquisitions South Carolina Southeast Student Housing

Eric Newton Real Estate Sells 380-Bed Student Housing Community Near Clemson University

by John Nelson February 16, 2023

CLEMSON, S.C. — Eric Newton Real Estate has sold Cambridge Creek Clemson, a 380-bed student housing community located near Clemson University in South Carolina. The property offers 132 townhome units in three- and four-bedroom configurations. Shared amenities include a resort-style swimming pool and tanning deck with cabanas; bathhouse; outdoor pavilion with TVs; and a clubhouse with study lounges, a coffee bar and fitness center. The buyer and terms of the off-market transaction were not disclosed.

February 16, 2023

Acquisitions Industrial Self-Storage Texas

JLL Negotiates Sale of 709-Unit Self-Storage Facility in Southwest Austin

by Taylor Williams February 16, 2023

AUSTIN, TEXAS — JLL has negotiated the sale of Oak Hill Self Storage, a 709-unit facility in southwest Austin. The facility, which was built in 2019, comprises 93,813 net rentable square feet of primarily climate-controlled space. Brian Somoza, Steve Mellon, Adam Roossien and Matthew Wheeler of JLL represented the seller, Houston-based developer The Jenkins Organization, in the transaction. Utah-based REIT Extra Space Storage purchased the asset for an undisclosed price.

February 16, 2023

Acquisitions Illinois Midwest Multifamily Seniors Housing

Lifespace Communities Acquires 257-Unit Continuing Care Retirement Community in Geneva, Illinois

by Kristin Harlow February 16, 2023

GENEVA, ILL. — Lifespace Communities has acquired GreenFields of Geneva, a nonprofit, 257-unit continuing care retirement community (CCRC) in Geneva, approximately 40 miles west of downtown Chicago. Friendship Senior Options (FSO) sold the property for an undisclosed price. FSO will continue to provide management services through June, at which time the community will fully transition onto Lifespace management, systems and support. The sale brings Lifespace’s total portfolio to 18 communities, including three in metro Chicago. Located on 26 acres bordering two championship golf courses, GreenFields includes walking paths, a fishing pond and a 3.5-acre native prairie. More than 200 residents call the community home. GreenFields opened its doors in 2012.

February 16, 2023

Acquisitions Midwest Missouri Retail

Marcus & Millichap Brokers $1.2M Sale of Dollar General-Occupied Property in Troy, Missouri

by Kristin Harlow February 16, 2023

TROY, MO. — Marcus & Millichap has brokered the $1.2 million sale of a 9,026-square-foot retail property occupied by Dollar General in Troy, about 55 miles northwest of St. Louis. The net-leased building is located at 6054 Creech Lane. Karl Hinkel, Dan Yozwiak and Darpan Patel of Marcus & Millichap represented the seller, a limited liability company. The property sold to a 1031 exchange buyer at 100 percent of the list price. Dollar General had more than seven years remaining on its lease term at the time of sale.

February 16, 2023

Acquisitions Connecticut Development Industrial Northeast Self-Storage

Marcus & Millichap Brokers Sale of 64,418 SF Self-Storage Development Site in New Haven

by Taylor Williams February 16, 2023

NEW HAVEN, CONN. — Marcus & Millichap has brokered the sale of a 64,418-square-foot self-storage development site in New Haven. The site is fully approved for the development of a four-story facility that will feature 45,525 net rentable square feet of climate-controlled space across 456 units. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity. John Krueger of Marcus & Millichap assisted in closing the deal as the broker of record.

February 16, 2023

Acquisitions Northeast Pennsylvania Retail

JLL Negotiates Sale of 64,163 SF Aramingo Plaza Shopping Center in Philadelphia

by Taylor Williams February 16, 2023

PHILADELPHIA — JLL has negotiated the sale of Aramingo Plaza, a 64,163-square-foot shopping center in Philadelphia. Apparel and accessories retailer Forman Mills anchors the center, which was originally built in 1920 and was fully leased at the time of sale. Other tenants include Citizens Bank, AT&T, Checkers and Vision Works. Christopher Munley, Jim Galbally and Colin Behr of JLL represented the seller, New Jersey-based Heidenberg Properties, in the transaction. Locally based investment firm Abrams Realty & Development acquired the asset for an undisclosed price.

February 16, 2023

Acquisitions Industrial Maine Northeast

MAG Capital Partners Acquires 60,000 SF Cold Storage Facility in Coastal Maine

by Taylor Williams February 16, 2023

MAINE — Dallas-based investment firm MAG Capital Partners has acquired a 60,000-square-foot cold storage facility that is located in an undisclosed community in southern coastal Maine. MAG Capital Partners acquired the property, which primarily functions as a seafood processing facility, via a sale-leaseback in an off-market deal. Additional terms of the transaction were not disclosed.

February 16, 2023

Acquisitions Colorado Multifamily Western

Marcus & Millichap Brokers $17.6M Sale of Four-Property Multifamily Portfolio in Lakewood, Colorado

by Amy Works February 16, 2023

LAKEWOOD, COLO. — Marcus & Millichap has brokered the sale of a portfolio of four apartment communities in Lakewood, a first-ring suburb on the west side of Denver. A limited liability company sold the assets to another limited liability company for a combined price of $17.6 million. Totaling 92 units, the portfolio includes La Ronja Apartments, Allison West Apartments, Ammons at Belmar Apartments and Two Creeks Crossing Apartments. Spencer Shaffer and Greg Price of Marcus & Millichap’s Denver office represented the seller, while Greg Parker, Jason Hornik and Kent Guerin of Marcus & Millichap’s Denver office procured the buyer in the transaction.

February 16, 2023

Acquisitions Office Oregon Western

Adult & Teen Recovery Centers Buys Office Building in Milwaukie, Oregon for $3.5M

by Amy Works February 16, 2023

MILWAUKIE, ORE. — Adult & Teen Challenge Pacific Northwest, an Oregon nonprofit corporation that operates addiction recover centers, has acquired an office building located at 18600 SE McLoughlin Blvd. in Milwaukie. Clackamas Community Federal Credit Union sold the asset for $3.5 million. Constructed in 1966, the two-story, 18,400-square-foot building features an elevator, T1 and CAT5 internet connections and 83 surface parking spaces. Adult & Teen Challenge focuses on a religious-centered model and has more than 220 recovery centers in the United States. The company plans to use the building as a medical and mental health services facility. Tim Pfeiffer and Camden Muller of Portland-based Norris & Stevens represented the seller, while Will Stone of Marcus & Millichap represented the buyer in the deal.

February 16, 2023

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