Acquisitions

Marcus & Millichap Brokers $6.7M Sale of Hartford Business Centre in Bensenville, Illinois

by Kristin Harlow September 23, 2022

BENSENVILLE, ILL. — Marcus & Millichap has brokered the $6.7 million sale of the Hartford Business Centre in the Chicago suburb of Bensenville. The 66,853-square-foot office complex sold at nearly full list price. The property’s three single-story buildings were constructed in 1975 and 1985 and renovated in 2022. At the time of sale, the property was 97 percent leased. Peter Doughty and Brent Holder of Marcus & Millichap represented the seller, a California-based private investor. Avison Young represented the buyer, a local private investment fund.

September 23, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 777-Unit Self-Storage Facility in Houston

by Taylor Williams September 22, 2022

HOUSTON — Marcus & Millichap has brokered the sale of Advantage Storage, a 777-unit facility in Houston. The property sits on 4.2 acres and comprises one climate-controlled building and six modular drive-up buildings for a total of 68,839 net rentable square feet. The average unit size is roughly 100 square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a New York-based limited liability company, in the transaction. Both the seller and the Florida-based buyer requested anonymity.

September 22, 2022

Acquisitions Industrial Texas

Colliers Arranges Sale of 27,150 SF Warehouse in North Houston

by Taylor Williams September 22, 2022

HOUSTON — Colliers has arranged the sale of a 27,150-square-foot warehouse located at 1612 Southcreek Lane in North Houston. According to LoopNet Inc., the single-tenant structure was built in 2014. The three-acre, crane-served site is situated within Candle Ridge Business Park. Jason Tangen of Colliers represented the seller, an affiliate of TRECAP Management, in the transaction. Todd Moore and Connor Duffy, also with Colliers, represented the buyer, an entity doing business as GBP II SIP.

September 22, 2022

Acquisitions Development Florida Multifamily Southeast

CBRE Brokers $122.6M Sale of Waterfront Development Site on South Florida’s Fisher Island

by John Nelson September 22, 2022

FISHER ISLAND, FLA. — CBRE has brokered the sale of a 6.5-acre site on Fisher Island, an island city in Miami-Dade County. An unnamed private investor purchased the development site, the last available waterfront parcel on Fisher Island, for $122.6 million. No future development plans were disclosed, but CBRE says the parcel is approved for condominium development. Timothy Gifford and Nilmaris Negron with CBRE represented the seller, also a private investor, in the transaction. The site offers unobstructed views of the Atlantic Ocean, Miami Beach, Biscayne Bay and downtown Miami’s skyline. Reached only by yacht, private ferry or helicopter, Fisher Island represents the wealthiest zip code in the United States, according to Gifford. The island features a members-only country club with a 35-hole golf course and racquet club, as well as two deep-water marinas, a 15-room boutique hotel for members and the historic Vanderbilt Mansion Clubhouse.

September 22, 2022

Acquisitions Georgia Retail Southeast

M Street, Highline Purchase Conyers Commons Shopping Center in Metro Atlanta for $17M

by John Nelson September 22, 2022

CONYERS, GA. — A joint venture between M Street Holdings and Highline Real Estate Capital has acquired Conyers Commons, a 118,916-square-foot shopping center in the Atlanta suburb of Conyers. The undisclosed seller sold the property for approximately $17 million, or $142.53 per square foot. Chris DeCoufle, Kevin Hurley and Matt Karempelis of CBRE brokered the transaction on behalf of the seller, and BankUnited provided acquisition financing for M Street and Highline. Conyers Commons represents the joint venture’s second transaction in the Atlanta market this year. Anchored by Ross Dress for Less and Bealls Outlet, Conyers Commons’ tenant roster includes pOpShelf, Smoothie King, Mattress Firm, CitiTrends, Panda Express and Kirkland’s. The property is shadow-anchored by Target and is situated adjacent to a 240-unit single-family neighborhood under construction.

September 22, 2022

Acquisitions Massachusetts Northeast Office

FoxRock Properties Acquires 157,229 SF Office Complex in Burlington, Massachusetts

by Taylor Williams September 22, 2022

BURLINGTON, MASS. — Locally based investment firm FoxRock Properties has acquired 1 Van de Graaff Drive, a 157,229-square-foot office complex located in the northern Boston suburb of Burlington. The property, which was 73 percent leased at the time of sale, offers a cafeteria and a fitness center. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the undisclosed seller and procured the buyer in the transaction. The sales price was also not disclosed.

September 22, 2022

Acquisitions Development Massachusetts Multifamily Northeast

CBRE Brokers Sale of 210-Unit Multifamily Development Site in Worcester, Massachusetts

by Taylor Williams September 22, 2022

WORCESTER, MASS. — CBRE has brokered the sale of a multifamily development site in the central Massachusetts city of Worcester that is approved for the construction of 210 market-rate units. Plans currently call for a five-story building to be constructed over a double podium parking garage. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, a limited liability company, and procured the buyer, an affiliate of metro Boston-based SMC Management Corp., in the transaction.

September 22, 2022

Acquisitions Michigan Midwest Office

JLL Brokers $7M Sale of Former Huntington Bank Headquarters in Holland Township, Michigan

by Kristin Harlow September 22, 2022

HOLLAND TOWNSHIP, MICH. — JLL Capital Markets has brokered the $7 million sale of the former Huntington Bank headquarters located at 10717 Adams St. in Holland Township, about 30 miles southwest of Grand Rapids. Family Church purchased the 132,127-square-foot property for its third location in West Michigan. The three-story building, constructed in 1992, sits on nearly 42 acres. Family Church plans to use the main floor for both fellowship and sanctuary worship space, while the upper floor will be utilized as educational space. Plans for the lower floor are still being determined. The church expects to begin services at the building in 2023. Jeff Karger of JLL represented the seller, Charlotte, N.C.-based Arrowpoint Capital. Steve Sterken of Coldwell Banker Woodland Schmidt represented Family Church.

September 22, 2022

Acquisitions Loans Midwest Minnesota Multifamily

CBRE Negotiates Sale of 121-Unit Apartment Complex in Ramsey, Minnesota

by Kristin Harlow September 22, 2022

RAMSEY, MINN. — CBRE has negotiated the sale of ParkView East in Ramsey, about 22 miles northwest of downtown Minneapolis. The sales price was undisclosed. The 121-unit apartment complex is located at 14450 Rhinestone St. near a Northstar Commuter rail station. Completed in 2017, the property features a clubhouse, fitness center, dog park and dog wash. Ted Abramson, Abe Appert and Keith Collins of CBRE Minneapolis Multifamily represented the seller, Curtis Capital Group. Partner Apartments was the buyer. Dan Trebil of Northmarq originated a $19.9 million Freddie Mac loan for the acquisition. The 10-year, fixed-rate loan features five years of interest-only payments followed by a 30-year amortization schedule.

September 22, 2022

Acquisitions Multifamily New Jersey Northeast

B6 Real Estate Arranges $4.5M Sale of Jersey City Apartment Building

by Taylor Williams September 22, 2022

JERSEY CITY, N.J. — Locally based brokerage firm B6 Real Estate Advisors has arranged the $4.5 million sale of a 25-unit apartment building in Jersey City’s West Bergen neighborhood. The property comprises 20 one-bedroom units and five two-bedroom units. Titanium Capital Partners purchased the asset for an undisclosed price. Yanni Marmarou led the B6 Real Estate team that brokered the deal.

September 22, 2022

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