HOUSTON — JLL has brokered the sale of Oak Park Office Center II, a 206,362-square-foot office building in Houston that houses the headquarters operations of apparel retailer Men’s Wearhouse. The building, which is located in Houston’s Westchase District, was 49 percent occupied at the time of sale. Kevin McConn, Marty Hogan and Jack Moody of JLL represented the seller, metro Boston-based REIT Office Properties Income Trust, in the transaction. The buyer was an undisclosed, Houston-based investment firm.
HOPEWELL, N.J. — A partnership between two regional investment firms, The Birch Group and Lionstone Capital, has acquired a three-building office complex in the Central New Jersey community of Hopewell for $70 million. Princeton Place at Hopewell spans 307,510 square feet and was 96 percent leased at the time of sale to tenants such as Merrill Lynch, Horizon Blue Cross Blue Shield and Janssen R&D. Amenities include multiple cafeterias, a fitness center, indoor basketball court, conference center and a central plaza with water features and outdoor dining space. Cushman & Wakefield represented the undisclosed seller in the transaction.
HARTFORD, CONN. — The Fremont Group has sold Riverview Plaza, a 325,000-square-foot waterfront office complex located on the east side of Hartford. The two-building complex was sold in conjunction with a 50,000-square-foot office building and two adjacent parking lots, all of which are situated within Founders Plaza Business Park, for $50 million. The buyer was an entity doing business as Milton East Hartford Investments LLC. At the time of sale, the properties had a collective occupancy rate of 90 percent, with tenants including Bank of America and the State of Connecticut Judicial Branch. Patrick Mulready and John McCormick of CBRE, along with Cory Gubner and Alex Haendler of Newmark, represented The Fremont Group in the transaction.
BOLINGBROOK, ILL. — Mid-America Real Estate Corp. has brokered the sale of The Landings, a 112,622-square-foot shopping center in the Chicago suburb of Bolingbrook. The sales price was undisclosed. Anchor tenants at the property, which is 91 percent leased, include PetSmart, OfficeMax, Planet Fitness and Modern Furniture. Ben Wineman of Mid-America represented the seller, an affiliate of Atlanta-based RCG Ventures. Irvine, Calif.-based Sperry Equities was the buyer.
SEATTLE AND SAN FRANCISCO — Seattle-based tech giant Amazon (NASDAQ: AMZN) has agreed to acquire San Francisco-based primary medical care chain One Medical (NASDAQ: ONEM) for $3.9 billion. One Medical operates over 180 doctor’s offices throughout major metro areas in the United States. Approximately 767,000 people have memberships to One Medical, paying a $200 annual subscription fee for the service. The company also mixes in-person, digital and virtual care services, with the intent of being convenient to where people already work, shop and live. Amazon has been pushing its way into healthcare in recent years, and the One Medical acquisition represents its biggest push into the sector to date, particularly regarding the physical real estate. “We think healthcare is high on the list of experiences that need reinvention,” says Neil Lindsay, senior vice president of Amazon Health Services. “Booking an appointment, waiting weeks or even months to be seen, taking time off work, driving to a clinic, finding a parking spot, waiting in the waiting room then the exam room for what is too often a rushed few minutes with a doctor, then making another trip to a pharmacy — we see lots of opportunity to both improve the quality …
AURORA, COLO. — The Opus Group has purchased 316 acres of undeveloped land between Interstate 70 and Denver International Airport in Aurora for $49.7 million. Opus, in partnership with Principal Real Estate Investors, plan to develop Sun Empire, a 3.9 million-square-foot industrial park, on the site. Todd Witty and Daniel Close of CBRE represented Opus in the acquisition and will market the project for lease, sale and built-to-suit development. Tyler Carner, Jeremy Ballenger and Jessica Osstermick of CBRE advised on the capital raise, helping to source Principal Real Estate Investors as the joint-venture partner. Construction of the first phase of Sun Empire is scheduled to begin in third-quarter 2022. The first phase will include two Class A buildings sized 624,094 square feet and 204,859 square feet. The later phases of construction will be influenced by tenant requirements. The park can accommodate building sizes ranging from 200,000 square feet to 1 million square feet. Each building is slated to include substantial trailer parking, as well as dock and drive-in loading. The site is located at East 56th Avenue and Harvest Road, a five-minute drive to Denver International Airport and approximately 25 minutes from downtown Denver.
WEST JORDAN, UTAH — Gardner Batt has completed the $103.8 million disposition of an industrial logistics property located at 7001 New Bingham Highway in West Jordan. A joint venture between Greenlaw Partners and Mirae Asset Global Investments acquired the asset, along with two other buildings in the three-building portfolio, for a combined total of $291.5 million. Built in 2022 on 76 acres, the building totals 200,000 square feet. The other two buildings in the portfolio included a 201,096-square-foot asset at 989 W. Center St. in Salt Lake City and a 146,194-square-foot building at 398 E. 1100 South St. in American Fork, Utah. The facilities feature up-to-date clear heights, lighting, vehicle and trailer parking, and fire suppression. Jeff Chiate, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield’s National Industrial Advisory Group, together with Tom Freeman and Travis Healey of Cushman & Wakefield’s Salt Lake City office, represented the seller in the transaction.
MIAMI — Affiliates of Harbor Group International (HGI), a privately owned real estate investment and management firm based in Norfolk, Va., has purchased Miro Brickell, a 372-unit multifamily property in the Brickell neighborhood of Miami. The undisclosed seller sold the asset for $184.5 million. Built in 2017, Miro Brickell features studio, one- and two-bedroom floor plans with balconies, stainless steel appliances, energy-efficient washers and dryers and modern finishes. Community amenities include outdoor electric grills, a resort-style pool with poolside cabanas, fitness center with a yoga studio, outdoor boxing gym, onsite management and maintenance, movie theater, bike storage and a dog wash station. The acquisition of Miro Brickell marks the seventh property currently under HGI’s ownership in Miami-Dade County, bringing the investor’s local portfolio to more than 1,500 units.
FUQUAY-VARINA, N.C. — Aldon, a multifamily developer and investor based in Bethesda, Md., has purchased Elevate Powell & Broad, a luxury apartment community located at 141 Stobhill Lane in the Raleigh suburb of Fuquay-Varina. The undisclosed seller traded the 384-unit community to Aldon for $129 million. Completed in 2021, Elevate Powell & Broad has been rebranded as Aldon at Powell & Broad. The property features one- and two-bedroom floorplans with stainless steel appliances, movable kitchen islands, granite countertops, private terraces and balconies, nine-foot ceilings and sunrooms in select units. Community amenities include a resort-style pool, fitness center, two dog parks, dog spa, coffee bar, game room, car care center, cornhole, playground and an outdoor pavilion with a fire pit. Aldon’s purchase of Aldon at Powell & Broad caps a trio of multifamily investments the company has made in the Research Triangle in the past 12 months totaling $315 million.
TYLER, TEXAS — Marcus & Millichap has brokered the sale of Don’s Self Storage, an 334-unit facility in Tyler, about 100 miles east of Dallas. The facility comprises 49,225 net rentable square feet. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the East Texas-based seller and procured the California-based buyer in the transaction. Both parties were private investors that requested anonymity.