STAMFORD, CONN. — Oklahoma-based brokerage firm Stan Johnson Co. has negotiated the $46.7 million sale of a 69,773-square-foot retail property in the southern coastal Connecticut city of Stamford that is fully leased to regional grocer Stop & Shop. The property was built on 7.1 acres in 2006. Jason Maier of Stan Johnson Co. represented the seller, a New York-based private investor, in the transaction. An undisclosed institutional investment group based in Pennsylvania acquired the asset via a 1031 exchange.
HYATTSVILLE, MD. — Government Investment Partners (GIP) has sold a 189,000-square-foot office building located at 3311 Toledo Road in Hyattsville for $45 million. The Deer Park, Ill.-based company purchased the 10-story office building in 2019 for $16 million as part of a joint venture. Located about seven miles of northeast of Washington, D.C., the property is anchored by the Centers for Disease and Control’s (CDC) National Center for Health Statistics and the Department of Justice. Shaun Weinberg, Eric Berkman, Scott Johnston and Robert England of Cushman & Wakefield represented GIP in the transaction. The buyer was not disclosed.
RALEIGH, N.C. — CBRE|Raleigh has brokered the sale of Situs Office Park, a three-building office campus spanning 156,666 square feet on Raleigh’s west side. Atlanta-based The Simpson Organization purchased the park from Adler Real Estate Partners for an undisclosed price. Patrick Gildea of CBRE|Raleigh represented the seller in the transaction. The park was 91 percent leased at the time of sale to regional and national tenants including Circle K Stores, the General Services Administration (GSA), Millennia Patient Services, Silanna Semiconductor and MidPath Care Centers. CBRE|Raleigh is the leasing agent for Situs, which is situated on 14.8 acres off Situs Court near I-440 and I-40.
CHICAGO — Marcus & Millichap has brokered the sale of a 61-unit multifamily property in Chicago’s Hyde Park neighborhood for $9.8 million. Constructed in 1924, the building is located at 5120 S. Harper Ave. At the time of sale, the property was 95 percent leased. Jack Stanton of Marcus & Millichap represented the seller, a private Chicago-based company that had owned and operated the asset for 22 years. James Ziegler of Marcus & Millichap procured the buyer, a local family-run limited liability company. The buyer plans to update some units.
SAN FRANCISCO AND INDIANAPOLIS — San Francisco-based industrial giant Prologis Inc. (NYSE: PLD) has agreed to acquire Indianapolis-based Duke Realty (NYSE: DRE) for $26 billion in an all-stock transaction, including debt. The mega-merger of these two REITs is scheduled to close in the fourth quarter. The board of directors for each company has already unanimously approved the transaction. In May, Prologis offered to acquire Duke in an all-cash transaction for $61.68 per share, a proposal that would have generated a price tag of $23.7 billion. The offer, which was tendered on May 10, represented a 29 percent premium over Duke’s closing stock price on the previous day. However, Duke rejected the offer. The transaction includes Prologis’ assumption of Duke Realty’s existing debt. Duke’s shareholders will receive a premium of 47.5 percent over the current value of each share of common stock they own. Prologis plans to hold 94 percent of the acquired assets. Prologis expects to achieve $310 million to $370 million in reduced general and administrative costs and consolidated corporate leverage as a result of the acquisition. In addition, Prologis said it was drawn to Duke’s presence with high-performing industrial facilities in key markets, including Southern California, New Jersey, …
TAMPA, FLA. — CBRE has arranged the sale of a 14-property multifamily portfolio in Florida totaling 2,384 units. Michael Regan and Frank Carriera of CBRE represented both the seller, Amzak Capital Management, and the buyers, NorthEnd Equities and Motti Schapira, in the $240 million transaction. The properties, which were built between the 1970s and 1990s, included: • Lakeland Manor in Lakeland (376 units) • Kings Trail in Jacksonville (320 units) • Bella Mar in Tampa (264 units) • Rolling Hills in Orlando (240 units) • Timber Falls in Tampa (184 units) • Jacksonville Heights in Jacksonville (173 units) • Del Rio in Tampa (160 units) • Tanglewood in Eustis (138 units) • Mount Dora in Mount Dora (132 units) • Lago Bello in Tampa (120 units) • North Washington (119 units) • Brandywyne in Winter Haven (81 units) • The Landings (60 units) • Country Place in Winter Haven (18 units)
CHARLOTTE, N.C. — Stream Realty Partners has brokered the $24 million sale of an adaptive reuse retail property located at 332 W. Bland St. in Charlotte’s South End district. The 1920s-era property spans 39,118 square feet and was fully leased at the time of sale to Slingshot Social Game Club, Ruby Sunshine, Lost & Found and Resident Culture Brewery, which is one of Charlotte’s most frequented breweries. Charlotte-based Ferncroft Capital purchased the property from Magnus Capital Partners and CenterSquare Investment Management. Jared Londry, Mack Freudenstein, Alex Olofson and Parks Brown of Stream Realty represented the sellers in the transaction.
COLUMBIA, S.C. — Hunter Hotel Advisors has brokered the sale of a dual-branded hotel in downtown Columbia. An unnamed, institutional buyer purchased the asset from CN Hotels for an undisclosed price. Built in 2019 near the University of South Carolina and the South Carolina State House, the 223-room hotel is dually branded to Hilton Garden Inn and Home2 Suites and features an indoor pool, fitness center and an onsite restaurant. Mayank Patel of Hunter’s Atlanta office represented the seller in the transaction.
PENDLETON, S.C. — QR Capital, a multifamily and student housing owner-operator based in Atlanta, has sold The Villages at Town Creek, a 244-bed student housing community located near Clemson University in Pendleton. Built in 2010, the property offers 61 townhome-style units in three-, four- and five-bedroom configurations. Shared amenities include a resort-style swimming pool, study lounge, coffee bar, fire pit, hammock garden, sand volleyball court and a car wash station. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, David Lansbury and Erika Maston of CBRE arranged the sale on behalf of QR Capital. The buyer and sales price were not disclosed.
SEATTLE — Clise Properties, a family-owned and operated Seattle real estate developer, has purchased 1700 7th Avenue, a Class A+ office tower in downtown Seattle. The company originally developed the building and has maintained a majority ownership stake. The transaction brings Clise to full ownership. Built in 2001, 1700 7th Avenue is a 24-story, 550,000-square-foot office building with street-level retail space. Building amenities include a private tenant rooftop deck on the 10th floor, floor-to-ceiling windows, Starbucks Coffee and UPS Store onsite and underground parking with a dedicated executive-level exit. As the sole owner, Clise Properties plans to upgrade the building’s amenities with a new fitness center, conference center, food operator and an updated patio and outdoor event area on the 10th floor. Additional upgrades will include a new expanded bike storage room with new locker rooms, showers, drying room and electric vehicle charging stations. Tim O’Keefe, Jesse Ottele and Cavan O’Keefe of Newmark have served as exclusive leasing advisors for the property since March 2021.