Acquisitions

Google to Acquire James R. Thompson Center in Chicago’s Central Loop Following Renovation

by Katie Sloan July 28, 2022

CHICAGO — Google has announced plans to acquire the James R. Thompson Center, an iconic office building located at 100 W. Randolph St. in Chicago’s Central Loop, following renovations. The 1.2 million-square-foot property occupies a full city block. Google plans to begin moving into the building in 2026. The 17-story Thompson Center is the only building in the city of Chicago where six L Train lines converge, connecting to Chicago’s South, West and North sides — a key point of attraction for Google, which is seeking to create an office environment that suits the future needs of its growing workforce that features a hybrid of in-office and from-home employees. In December of last year, the State of Illinois agreed to sell the Thompson Center to JRTC Holdings, a group led by developer Michael Reschke of Prime Group, for $70 million in an upfront cash transaction. Under terms of the deal, the state initially agreed to buy back a third of the property following renovations for $148 million. Illinois Governor J.B. Pritzker announced a new agreement for the building yesterday morning, in which JRTC will acquire the Thompson Center for $105 million with $30 million paid upfront in cash. As part of …

July 28, 2022

Acquisitions Multifamily Texas

DB Capital, Sabal Financial Acquire 228-Unit Multifamily Property in San Antonio

by Taylor Williams July 27, 2022

SAN ANTONIO — A partnership between California-based DB Capital Management and Sabal Financial Group has acquired Villas of Henderson Pass, a 228-unit multifamily property located on the north side of San Antonio. Built in 1986, the property offers a mix of one- and two-bedroom units across 20 two- and three-story buildings. The asset was 98 percent occupied at the time of sale. The new ownership plans to upgrade the unit interiors, building exteriors and amenity spaces and to rebrand the property as Summit Henderson Pass. The seller was not disclosed.

July 27, 2022

Acquisitions Office Texas

Harwood International Buys 169,000 SF Luminary Office Building in Dallas

by Taylor Williams July 27, 2022

DALLAS — Harwood International has purchased The Luminary, a 169,000-square-foot office building in Dallas. Built in 2019 by Crescent Real Estate, The Luminary is located at the nexus of the company’s Harwood District, the downtown area, the arts district and the Victory Park mixed-use development. Architecture firm Corgan designed the building and serves as its anchor tenant alongside advertising agency Lerma. The Luminary was 67 percent leased at the time of sale. David Roehm and Christopher Cauthen internally negotiated the deal for Harwood. Morgan Staub of Harwood secured acquisition financing through an undisclosed lender.

July 27, 2022

Acquisitions New York Northeast Retail

Vanbarton Group Sells Retail Assemblage in The Bronx for $22.7M

by Taylor Williams July 27, 2022

NEW YORK CITY — Locally based investment and advisory firm Vanbarton Group has sold a 23,339-square-foot retail assemblage in the Morrisania neighborhood of The Bronx for $22.7 million. The sites collectively span a full block and are located at 1031-1049 Westchester Ave. and 1057 Southern Blvd. Josh Neustadter and Jonathan Squires of Cushman & Wakefield represented Vanbarton Group in the transaction. Jason Gold, Victor Sozio and Daniel Mahfar of Ariel Property Advisors represented the buyer.

July 27, 2022

Acquisitions Midwest Minnesota Multifamily

JLL Arranges $73.7M Sale of Apartment Community in Maple Grove, Minnesota

by Kristin Harlow July 27, 2022

MAPLE GROVE, MINN. — JLL has arranged the $73.7 million sale of Rush Creek Apartments, a 246-unit multifamily community located at 7148 Brockton Lane in the Twin Cities suburb of Maple Grove. Constructed in 2021, Rush Creek offers studio, one-, two- and three-bedroom units with an average size of 988 square feet. Individual units feature granite countertops, stainless-steel appliances, energy-efficient appliances, in-unit washers and dryers, walk-in closets and a patio or balcony. Community amenities include a fitness center, business center, clubhouse, swimming pool with a sundeck, heated underground parking and an outdoor patio. JLL marketed the property on behalf of the seller, a partnership between St. Cloud, Minn.-based Trident Development and West Palm Beach, Fla.-based North American Development Group. JLL also provided a $47.9 million Fannie Mae loan for the acquisition. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller. Brock Yaffe led the JLL team representing the borrower.

July 27, 2022

Acquisitions Illinois Midwest Multifamily

33 Realty Brokers $21.7M Sale of 152-Unit Condo Deconversion in Naperville, Illinois

by Kristin Harlow July 27, 2022

NAPERVILLE, ILL. — 33 Realty has brokered the $21.7 million sale of Quail Ridge of Naperville Condominiums in the Chicago suburb of Naperville. The buyer, Bear Peak Capital, will convert the units from condominiums into apartments and also make upgrades. The property was originally built in 1977. Matt Petersen and Sean Connelly of 33 Realty represented the buyer. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

July 27, 2022

Acquisitions Illinois Midwest Retail

Quantum Negotiates $2.4M Sale of Retail Building in Orland Park, Illinois

by Kristin Harlow July 27, 2022

ORLAND PARK, ILL. — Quantum Real Estate Advisors Inc. has negotiated the sale of a 17,342-square-foot retail building in the Chicago suburb of Orland Park for $2.4 million. The property, located at 16124 S. La Grange Road, is fully leased to Children of America and Bear Paddle. Chad Firsel of Quantum brokered the sale. A Chicago-based private real estate investor group purchased the asset from a San Diego-based development company.

July 27, 2022

Acquisitions Colorado Multifamily Western

Security Properties Acquires Summit Riverside Apartments in Littleton, Colorado for $78.5M

by Amy Works July 27, 2022

LITTLETON, COLO. — Security Properties and Tokyu Land US Corp. have jointly purchased the Summit Riverside multifamily community in Littleton for $78.5 million. The seller was not disclosed. Summit Riverside is located on the South Platte River, comprising 21 residential buildings and 248 studio, one- and two-bedroom units with an average unit size of 777 square feet. Security Properties now owns five properties in Colorado. The residential complex is Tokyu’s first investment in the Denver metropolitan area. Security Properties Residential will manage the property.

July 27, 2022

Acquisitions Nevada Office Western

Greenlite Partners Sells 67,145 SF Office Building in Las Vegas for $26M

by Amy Works July 27, 2022

LAS VEGAS — Greenlite Partners, an affiliate of WG Group, has completed the disposition of an office building located at 9075 W. Diablo Drive in Las Vegas. KB Acquisitions, part of Kingsbarn Realty Capital, acquired the property for $26 million, or $387 per square foot. Originally constructed in 2008, the three-story, multi-tenant property features 67,145 square feet of Class A office space. At the time of sale, the property was 97 percent leased. Marlene Fujita Winkel, Emily Brun and Alex Casingal of Cushman & Wakefield’s Private Capital Group in Las Vegas represented the seller in the deal.

July 27, 2022

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Negotiates $12.9M Sale of Multifamily Property in Denver

by Amy Works July 27, 2022

DENVER — NorthPeak Commercial Advisors has arranged the sale of an apartment building located at 2920 W. 32nd Ave. in Denver. The property traded for $12.9 million, or $641 per square foot. The names of the seller and buyer were not released. The 27,932-square-foot residential building features 41 apartments. Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors represented the buyer and seller of the transaction.

July 27, 2022

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