Acquisitions

Colliers Arranges Sale of 226,384 SF Flex Industrial Property in Buffalo Grove, Illinois

by Kristin Harlow August 4, 2022

BUFFALO GROVE, ILL. — Colliers has arranged the sale of a 226,384-square-foot flex industrial property in the Chicago suburb of Buffalo Grove for an undisclosed price. Constructed in 1985, the building features 90,000 square feet of office space and parking for 600 cars as well as an attached manufacturing facility with a clear height of 21 feet, five interior docks and three exterior docks. Siemens has occupied the property since 1987 and utilizes the space for its U.S. engineering headquarters, which employs more than 800 engineers and manufacturing workers. Jeff Devine and Steve Disse of Colliers represented the seller, a private investor. Lightstone was the buyer.

August 4, 2022

Acquisitions Midwest Multifamily Wisconsin

JLL Brokers $17.4M Sale of Apartment Building in Downtown Milwaukee

by Jaime Lackey August 4, 2022

MILWAUKEE — JLL Capital Markets has brokered the sale of Freshwater Apartments in downtown Milwaukee for $17.4 million. The 76-unit apartment building is situated within Freshwater Plaza in the Harbor District. Built in 2017, Freshwater Apartments features studio, one- and two-bedroom units with an average size of 635 square feet. Amenities include a clubroom, rooftop terrace, heated indoor parking garage and bike storage. The community also features 16,645 square feet of retail space that is home to T-Mobile, UPS and Jimmy John’s. Wick Kirby, Amanda Friant and Jaime Fink of JLL represented the seller, Wangard Partners Inc. Bender Cos. was the buyer.

August 4, 2022

Acquisitions Kansas Midwest Retail

PEBB Enterprises, Contrarian Capital Management Sell Shopping Center in Overland Park for $16.8M

by Jaime Lackey August 4, 2022

OVERLAND PARK, KAN. — PEBB Enterprises and Contrarian Capital Management have sold the Pinnacle Village shopping center in the Kansas City suburb of Overland Park for $16.8 million. Lawrence, Kan.-based Cherry Hill Properties was the buyer. PEBB and Contrarian purchased Pinnacle Village in May 2018 and enhanced the 108,729-square-foot center through leasing activity and property improvements. DSW and Michaels are anchor tenants at the property, which is 90 percent leased. Additional tenants include Firehouse Subs, Goldfish Swim School and First Watch. Evan Halkias and Jeffrey Benz of Cushman & Wakefield represented the sellers.

August 4, 2022

Acquisitions Illinois Industrial Midwest

Colliers Arranges Sale of 226,384 SF Flex Industrial Property in Buffalo Grove, Illinois

by Jaime Lackey August 4, 2022

August 4, 2022

Acquisitions Multifamily Texas

Wayfinder Real Estate Sells 321-Unit Troubadour Apartments in Austin

by Taylor Williams August 4, 2022

AUSTIN, TEXAS — Locally based development and investment firm Wayfinder Real Estate has sold Troubadour, a 321-unit apartment community in Austin. The newly built property offers one-, two- and three-bedroom units, with 16 residences reserved for households earning 80 percent or less of the area median income. Amenities include a pool, multiple courtyards, an outdoor movie theater and a rooftop terrace. Preleasing of Troubadour began in January, and Wayfinder expects the property to reach a stabilized occupancy rate of 93 percent by the end of the month. An affiliate of Austin-based Christopher Investment Co. purchased the asset for an undisclosed price in an off-market transaction.

August 4, 2022

Acquisitions Multifamily Texas

TA Realty Acquires 293-Unit Elm at River Park Apartments in Fort Worth

by Taylor Williams August 4, 2022

FORT WORTH, TEXAS — Boston-based investment firm TA Realty has purchased The Elm at River Park, a 293-unit apartment community in Fort Worth. The property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances and granite countertops. Amenities include a pool, dog park, fitness center with on-demand programs and a business center with micro-offices and a conference center. San Antonio-based Embrey sold The Elm at River Park for an undisclosed price and will continue to manage the property.

August 4, 2022

Acquisitions Industrial Northeast Pennsylvania

Golden East Investors Buys 985,000 SF Former Heinz Manufacturing Campus in Pittsburgh

by Taylor Williams August 4, 2022

PITTSBURGH — New York City-based Golden East Investors has purchased the former Heinz manufacturing campus in Pittsburgh with plans to redevelop the property. The acquisition includes seven industrial buildings totaling approximately 985,000 square feet that are situated on a 20-acre site along the Allegheny River. Phase I of the redevelopment will center on repositioning two warehouses and cold storage facilities totaling roughly 300,000 square feet to be able to accommodate advanced manufacturing, research and development, life sciences and robotics users. Completion of that initiative is slated for the third quarter of next year. Phase II will feature a renovation of a 375,000-square-foot building into a life sciences facility with an accompanying parking garage that can support up to 500 vehicles. The third and final phase will involve converting of the sites that house the other four buildings into a mixed-use development with multifamily, retail and office and/or life sciences uses. CBRE was the listing broker on the first-time sale of the campus by Riverbend Foods via bankruptcy proceedings.

August 4, 2022

Acquisitions Life Sciences Northeast Pennsylvania

JLL Negotiates Sale of 155,200 SF Life Sciences Facility in Wayne, Pennsylvania

by Taylor Williams August 4, 2022

WAYNE, PA. — JLL has negotiated the sale of a 155,200-square-foot life sciences facility in Wayne, a northwestern suburb of Philadelphia. The property sits on 10 acres and offers amenities such as a fitness center, conference room and a cafeteria. Jim Galbally and Brett Segal of JLL represented the seller, Pennsylvania-based Maguire Hayden Real Estate, in the transaction. The buyer and sales price were not disclosed. At the time of sale, the facility was fully leased to Charles River Laboratories, which conducts pharmaceutical research and development.

August 4, 2022

Acquisitions Multifamily Nevada Western

Davlyn Investments Acquires Rancho Destino Apartments in Las Vegas for $65.5M

by Amy Works August 4, 2022

LAS VEGAS — Davlyn Investments has purchased Rancho Destino, a multifamily community in Las Vegas, for $65.5 million. The buyer rebranded the 184-unit property as Aviara. Constructed in 1998 on 9.1 acres, the community features central heating and air conditioning, in-unit laundry, vaulted ceilings, fireplaces, arid landscaping, plentiful parking and an expansive amenity package. Spence Ballif, Adam Schmitt and Jannie Mongkolsakulkit of CBRE represented the undisclosed seller in the deal. Torrey Pines Bank provided acquisition financing for the buyer. The transaction marks Davlyn’s second acquisition in Nevada.

August 4, 2022

Acquisitions Multifamily Washington Western

6th & Alder Partners Sells Multifamily Property in Tacoma, Washington for $46.2M

by Amy Works August 4, 2022

TACOMA, WASH. — 6th & Alder Partners LLC has completed the disposition of Sixth & Alder, an apartment building in Tacoma, to an undisclosed buyer for $46.2 million. Austin Kelley and Ben Norbe of Kidder Mathews represented the buyer in the off-market transaction. Located at 3118 6th Ave., Sixth & Alder features 111 apartments and 75,240 square feet of retail space. Community amenities include an on-site dog washing station, electric vehicle charging, fitness center and rooftop putting green.

August 4, 2022

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