Acquisitions

Northwestern Mutual Divests of Cortona Park Assisted Living Community in Brentwood, California for $39.2M

by Amy Works June 30, 2022

BRENTWOOD, CALIF. — Northwestern Mutual has completed the sale of Cortona Park, an assisted living community in Brentwood, to a joint venture between Cogir and a national investment partner for $39.2 million. The buyer plans to rename the property Cogir of Brentwood. Built in 2007, the community features studio, one- and two-bedroom units averaging 761 square feet. The pet-friendly apartments offer large floorplans with granite countertops, in-unit washers/dryers and private balconies. Community amenities include a library, café/bistro, beauty shop, courtyard and garden, outdoor pool, theatre, billiards, fireside living room and a community room with meeting space. Additionally, the property features concierge services, a 24-hour security system, postal services, a business center, wireless internet access and special dietary services. Situated on 4.3 acres, the property is located at 150 Cortona Way. Charles Bissell, Cody Tremper and Dean Ferris of JLL Capital Markets’ investment sales and advisory team represented the seller in the deal.

June 30, 2022

Acquisitions Idaho Industrial Western

Adler Industrial Sells 141,360 SF Warehouse Building Near Boise to Carter Exchange

by Amy Works June 30, 2022

MERIDIAN, IDAHO — Alder Industrial and its institutional partner have completed the disposition of a warehouse/distribution facility situated on 30.3 acres at 2316 W. Franklin Road in Meridian. Completed in early 2022, a Fortune 10 global e-commerce company leases the 141,360-square-foot building. Designed as a last-mile delivery station with top-shelf functionality, the Class A property features 33-foot clear heights, 9.7 percent office space, 15 dock doors and six drive-in doors, 50-foot by 50-foot column spacing with speed bays, 228-foot building depth, 208-foot truck court and an abundance of car, van and trailer parking. Will Strong, Jeff Chiate, Kirk Kuller, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction.

June 30, 2022

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers $59.2M Sale of Orchard Apartments in Marlborough, Massachusetts

by Taylor Williams June 30, 2022

MARLBOROUGH, MASS. — CBRE has brokered the $59.2 million sale of The Orchard Apartments, a 156-unit multifamily community located in the western Boston suburb of Marlborough. Built in 2002, the property comprises 17 two- and three-story buildings that house lofts, one- and two-bedroom units with an average size of 1,121 square feet. Amenities include a pool, fitness center and a clubhouse. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of metro Boston-based National Development, in the transaction. The team also procured the buyer, an affiliate of global investment management firm Nuveen Real Estate.

June 30, 2022

Acquisitions Northeast Office Pennsylvania

Colliers Negotiates Sale of 98,555 SF Office Building in Wilkes-Barre, Pennsylvania

by Taylor Williams June 30, 2022

WILKES-BARRE, PA. — Colliers has negotiated the sale of 2 Public Square, a 98,555-square-foot office building in the downtown area of Wilkes-Barre, located south of Scranton. At the time of sale, the six-story building was 99 percent leased to tenants such as The Pennsylvania Department of Environmental Protection and Luzerne County Community College. Jeff Algatt of Colliers represented the locally based private seller in the transaction. The buyer and sales price were not disclosed.

June 30, 2022

Acquisitions Industrial North Carolina Southeast

CBRE Brokers $37M Sale of Cordage Warehouse in Charlotte

by John Nelson June 29, 2022

CHARLOTTE, N.C. — CBRE has brokered the $37 million sale of Cordage, a Class A warehouse and distribution center located at 11540 Cordage St. in Charlotte’s Arrowood district. Boston-based TA Realty purchased the 212,000-square-foot property from local developer Childress Klein. Patrick Gildea, Matt Smith, Anne Johnson, Bryan Crutcher, Grayson Hawkins, Robert Hardaway, Frank Fallon and Trey Barry of CBRE represented the seller in the transaction. Built in 2020, Cordage features 15,519 square feet of office space, 30-foot clear heights, an ESFR sprinkler system, LED lights, 56 dock doors (including six drive-in doors) and 50- by 50-foot column spacing with a 60-foot speed bay. The property also includes a 130-foot truck court with a 60-foot concrete apron and 223 parking spaces. Cordage was fully leased to eight tenants at the time of sale.

June 29, 2022

Acquisitions Georgia Retail Southeast

SRS Arranges $26.1M Sale of North Macon Plaza Shopping Center in Central Georgia

by John Nelson June 29, 2022

MACON, GA. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of North Macon Plaza, a newly built, 151,987-square-foot shopping center in Macon. Chase Acquisitions LLC purchased the center from a joint venture between The Sembler Co. and Berkeley Development for $26.1 million. Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction, and the buyer was self-represented. Built in 2019, North Macon Plaza’s tenant roster includes Marshalls/HomeGoods, Michaels, Old Navy and Bealls Outlet. Situated on 18.8 acres along the Bass Road exit of I-75, the shopping center is located across the street from the only Bass Pro Shops in 100 miles, according to SRS.

June 29, 2022

Acquisitions Florida Southeast Student Housing

Vesper, Fortress Acquire 444-Bed Student Housing Community Near University of South Florida in Tampa

by John Nelson June 29, 2022

TAMPA, FLA. — A joint venture between Vesper Holdings and funds managed by affiliates of Fortress Investment Group has acquired ON50 Tampa, a 444-bed student housing community located near the University of South Florida. The property offers a mix of three- and four-bedroom, fully furnished units. Shared amenities include a swimming pool, computer lab, study lounge, movie and entertainment center, hammock garden, community kitchenette, coffee bar and shuttle service to the university’s campus. The community is the joint venture’s fourth acquisition over the past 13 months. The seller and sales price were not disclosed.

June 29, 2022

Acquisitions Industrial Texas

JLL Arranges Sale of 1 MSF Industrial Development in Irving

by Taylor Williams June 29, 2022

IRVING, TEXAS — JLL has arranged the sale of DFW Park 161, a 1 million-square-foot industrial development in Irving. The property comprises three buildings on a 91-acre site just east of Dallas-Fort Worth International Airport. Building features include 32- to 36-foot clear heights, 227 dock-high doors, eight drive-in doors, low office finishes, ESFR fire protection, LED lighting and ample trailer and vehicle parking spaces. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Jack Copher of JLL represented the seller, a partnership between Invesco Real Estate and Perot Development Co., in the transaction. Global institutional investment firm BentallGreenOak purchased DFW Park 161, which was fully leased at the time of sale, for an undisclosed price.

June 29, 2022

Acquisitions Industrial Self-Storage Texas

Point Acquisitions Buys 700-Unit Self-Storage Facility in San Antonio

by Taylor Williams June 29, 2022

SAN ANTONIO — Point Acquisitions, an investment firm with offices in South Florida and Philadelphia, has purchased a 700-unit self-storage facility located at 18975 Marbach Lane in San Antonio. The site, which is located just off I-35 on the city’s northeast side, spans 65 acres, including 20 acres for additional expansion. The facility currently spans approximately 362,000 net rentable square feet. The seller and sales price were not disclosed.

June 29, 2022

Acquisitions Multifamily Texas

DLP Capital Acquires 252-Unit Multifamily Property in Corpus Christi

by Taylor Williams June 29, 2022

CORPUS CHRISTI, TEXAS — Florida-based investment and development firm DLP Capital has acquired Harbor House on Saratoga, a 252-unit multifamily property in Corpus Christi. The property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling and dining areas, a basketball court, media room, clubhouse and a dog park. DLP Capital plans to upgrade the unit interiors with stainless steel appliances, granite countertops, vinyl floors and other high-end finishes. The company will also rebrand the property as DLP Saratoga. The seller was not disclosed.

June 29, 2022

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