Acquisitions

Insite Properties, BentallGreenOak Purchase 60,000 SF Medical Office Building in Kannapolis, North Carolina

by John Nelson October 12, 2022

KANNAPOLIS, N.C. — Insite Properties and partner BentallGreenOak have acquired a 60,000-square-foot medical office building located at 201 Dale Earnhardt Blvd. in downtown Kannapolis, a suburb of Charlotte. The multi-tenant property was 65 percent leased at the time of sale to tenants including Atrium Health and Duke University. Charlotte-based Insite Properties will be providing property management and leasing services for the property. The seller and sales price were not disclosed. Built in 2013, the three-story medical office building is located within the North Carolina Research Campus, a 350-acre medical research center that houses departments from eight universities including Duke and University of North Carolina at Chapel Hill, the David H. Murdock Research Institute, private companies and entrepreneurs that all focus on research-and-development for food and nutritional science.

October 12, 2022

Acquisitions Massachusetts Multifamily Northeast

Heritage Cos. Sells Metro Boston Apartment Complex for $27.1M

by Taylor Williams October 12, 2022

REVERE, MASS. — Massachusetts-based investment firm The Heritage Cos. has sold Point of Pines, a 72-unit apartment complex in Revere, a northeastern suburb of Boston. According to Apartments.com, the five-story property was built in 1999 and offers two-bedroom units with an average size of 1,225 square feet. Amenities include a lounge and package handling services. Adam Dunn, Chris Phaneuf and Matt Olson of Berkadia represented The Heritage Cos. in the transaction. The buyer was Massachusetts-based Helge Capital.

October 12, 2022

Acquisitions Multifamily New Jersey Northeast

Redwood Realty Arranges $13.2M Sale of Northern New Jersey Apartment Complex

by Taylor Williams October 12, 2022

CLIFTON, N.J. — Locally based brokerage firm Redwood Realty Advisors has arranged the $13.2 million sale of Oak Ridge Gardens, a 78-unit apartment complex in the Northern New Jersey community of Clifton. Kevin McCrann of Redwood Realty Advisors represented the seller and the buyer, both of which requested anonymity, in the transaction. The new ownership plans to make capital improvements to the property.

October 12, 2022

Acquisitions Hospitality New York Northeast

Cushman & Wakefield Brokers $5.5M Sale of Bronx Motel

by Taylor Williams October 12, 2022

NEW YORK CITY — Cushman & Wakefield has brokered the $5.5 million sale of a 25-room motel located at 1440 E. 222nd St. in The Bronx. Jonathan Squires, Josh Neustadter and Austin Weiner of Cushman & Wakefield represented the seller, Bay Chester Motel Inc., in the transaction. An entity doing business as Bay Plaza 1440 LLC purchased the motel, which includes 35 parking spaces and will be delivered vacant.

October 12, 2022

Acquisitions Illinois Industrial Midwest

Blue West Capital Brokers Sale of 75,000 SF Warehouse in Arcola, Illinois

by Kristin Harlow October 12, 2022

ARCOLA, ILL. — Blue West Capital has brokered the $2.4 million sale of a 75,000-square-foot warehouse occupied by MasterBrand Cabinets in Arcola, a city in central Illinois. The tenant, which recently exercised an early lease extension option, stores raw materials at the property prior to them being assembled at a manufacturing plant 12 miles west in Arthur. Zach Wright and Robert Edwards of Blue West Capital represented the seller, a Midwest-based private equity real estate company. A local 1031 exchange investor was the buyer.

October 12, 2022

Acquisitions Illinois Industrial Midwest

Marcus & Millichap Negotiates Sale of 56,326 SF Industrial Building in Lockport, Illinois

by Kristin Harlow October 12, 2022

LOCKPORT, ILL. — Marcus & Millichap has negotiated the sale of a 56,326-square-foot industrial building in the Chicago suburb of Lockport for an undisclosed price. The building sits on a little over seven acres at 900 N. State St. Originally constructed in 1970, the property has received multiple expansions and is currently 83 percent leased to eight tenants. Brent Holder and Peter Doughty of Marcus & Millichap represented the seller, a local private investor who had owned the building for more than 20 years. A Mexico-based private investment group was the buyer.

October 12, 2022

Acquisitions Development Industrial Utah Western

ViaWest Group, Clarion Partners Buy 25-Acre Industrial Development Site in Salt Lake City

by Amy Works October 12, 2022

SALT LAKE CITY — A partnership between ViaWest Group and Clarion Partners has acquired 25 acres of land in Salt Lake City’s Northwest Quadrant from Gannett Enterprises for an undisclosed price. Rusty Bollow and Bobby Stevens of Colliers represented the seller, while Phillip Eilers of Cushman & Wakefield represented the buyer in the deal. ViaWest plans to develop more than 340,000 square feet of Class A industrial space on the site, divided into a 100,000-square-foot building and a 240,000-square-foot building. The development will offer direct access to interstates 5 and 215 and State Route 201. Buildings will feature highway visibility, 107 shared trailer spaces, 67 dock doors and nearly 380 parking spaces. Colliers will serve as leasing agents for the new facilities.

October 12, 2022

Acquisitions Arizona Multifamily Western

OpenPath Investments Divests of 222-Unit Dana Park Multifamily Property in Mesa, Arizona

by Amy Works October 12, 2022

MESA, ARIZ. — OpenPath Investments has completed the sale of Dana Park, an apartment community located on 11 acres in Mesa. Baron Properties acquired the property for $64.6 million, or $291,216 per unit. Completed in 1986, Dana Park features 222 apartments spread across 19 buildings, plus two swimming pools and spas and a community vegetable garden. Apartments feature stackable washers and dryers, built-in bookshelves and walk-in closets. The unit mix is 67 percent two-bedroom/two-bath layouts, with the remainder of the units one-bedroom/one-bath floorplans. The average unit size is 928 square feet. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

October 12, 2022

Acquisitions California Net Lease Retail Western

Faris Lee Negotiates $11.1M Sale of Bank of America-Occupied Retail Building in Hawthorne, California

by Amy Works October 12, 2022

HAWTHORNE, CALIF. — Faris Lee Investments has arranged the sale of a retail building located at 12547 Hawthorne Blvd. in Hawthorne. An Orange County-based private office group sold the asset to the City of Hawthorne for $11.1 million, or $861 per square foot. Bank of America occupies the 12,919-square-foot, single-tenant building on an absolute triple-net lease. Shaun Riley, Jeff Conover and Scott DeYoung of Faris Lee Investments represented the seller, while Chris Beck of Newmark represented the buyer in the deal.

October 12, 2022

Acquisitions Colorado Industrial Office Western

Ivy Realty Sells 32,926 SF Flex Office Building in Boulder, Colorado

by Amy Works October 12, 2022

BOULDER, COLO. — Ivy Realty has completed the disposition of 6707 Winchester Circle, a single-story office/industrial building in Boulder. Evermore Partners acquired the asset for $8.8 million. Situated on 3.6 acres within Gunbarrel Tech Center, 6707 Winchester features 33,296 square feet of flex office space. Fully renovated in 2016, the property offers 28,832 square feet of office and lab space and 4,000 square feet of warehouse and distribution space. The warehouse space features three dock-high doors and one roll-up door. On-site amenities include a fitness center with showers and locker rooms, an outdoor patio with barbecue space, and bike storage. At the time of sale, the property was fully leased to four tenants, with life sciences companies comprising 33 percent of the rent roll. Larry Thiel, Jason Schmidt and Rob Key of JLL Capital Markets represented the seller in the transaction.

October 12, 2022

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