Acquisitions

Clear Height, Blackbird Investment Sell 112,000 SF Industrial Building in Suburban Chicago

by Kristin Harlow June 9, 2022

ELK GROVE VILLAGE, ILL. — A joint venture between Clear Height Properties and Blackbird Investment Group has sold a 112,000-square-foot industrial building in Elk Grove Village for an undisclosed price. The property, located at 1250-1350 Greenleaf Ave., is fully leased to Brett Anthony Foods. In early 2018, Clear Height began planning with Brett Anthony Foods on site selection. Clear Height and Blackbird acquired the adjacent building at 1250 Greenleaf Ave. in January 2021 through a sale-leaseback transaction. A project team consisting of DSI Group, Michael Weber Architects, Cartland Kraus and Cage Engineering merged the two buildings via a 10,000-square-foot addition and completed improvements to the façade, main entrance, parking lot, landscaping and office portion. Michael Caprile, Zach Graham, Jason Lev and Ryan Bain of CBRE represented Clear Height in the sale. An institutional investor acquired the asset.

June 9, 2022

Acquisitions Illinois Midwest Retail

Next Realty Completes Disposition of 30,000 SF Retail Building in Chicago

by Kristin Harlow June 9, 2022

CHICAGO — An affiliate of Next Realty LLC has sold Nagle Plaza in Chicago for an undisclosed price. Walgreens anchors the 30,000-square-foot retail building, which is located along Nagle Avenue. Additional tenants include City Edge Dental and Ankle & Foot Specialists. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented Next in the sale. The property represented a value-add investment for Next, which initially acquired the defaulted first mortgage note and ultimately obtained fee title to the property. Next completed lease-up of the building earlier this year. The buyer was not provided.

June 9, 2022

Acquisitions Multifamily New Jersey Northeast

CBRE Brokers $47M Sale of Essex Mall Shopping Center in West Caldwell, New Jersey

by Taylor Williams June 9, 2022

WEST CALDWELL, N.J. — CBRE has brokered the $47 million sale of Essex Mall, a 189,773-square-foot shopping center in West Caldwell, located in the northern part of the Garden State. Anchored by grocer Stop & Shop and Marshalls, the property was 97 percent leased at the time of sale. Jeffrey Dunne, David Gavin, Jeremy Neuer, Steve Bardsley and Travis Langer of CBRE represented the owner, a joint venture between Stop & Shop and Goodrich Management, in the transaction. The team also procured the buyer, Milbrook Properties, which acquired the center via a 1031 exchange.

June 9, 2022

Acquisitions Connecticut Industrial Northeast

Devli Real Estate Acquires 209,773 SF Industrial Property in Shelton, Connecticut

by Taylor Williams June 9, 2022

SHELTON, CONN. — New Jersey-based investment firm Devli Real Estate has acquired a 209,773-square-foot industrial property in Shelton, located in the southern coastal part of the state. The property sits on 14.7 acres at 510 River Road and is leased to Talalay Global, a manufacturer of mattresses and other bedding products. The seller and sales price were not disclosed.

June 9, 2022

Acquisitions New Jersey Northeast Retail

Sterling Organization Buys 129,000 SF Retail Center in Hackensack, New Jersey

by Taylor Williams June 9, 2022

HACKENSACK, N.J. — Sterling Organization has purchased Riverfront Plaza, a 129,000-square-foot retail center in the Northern New Jersey community of Hackensack. Grocer ShopRite anchors the property, which was 96 percent leased at the time of sale. Other tenants include Sherwin-Williams and Leslie’s Pool Supplies. Jose Cruz, Kevin O’Hearn, Steve Simonelli, Michael Oliver and Grace Braverman of JLL represented the seller, a partnership between Regency Centers and LaSalle Investment Management, in the deal.

June 9, 2022

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $19.6M Sale of Multifamily Portfolio in Brooklyn

by Taylor Williams June 9, 2022

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $19.6 million auction sale of a portfolio of 13 multifamily properties totaling 41 units in Brooklyn. The properties were part of Chaskiel Strulovitch’s 31-building portfolio and are located in various residential districts of the borough. Aaron Jungreis, Greg Corbin and Chaya Milworn of Rosewood brokered the sale.

June 9, 2022

Acquisitions Massachusetts Northeast Restaurant Retail

Tishman Speyer Sells Retail Condo in Boston’s Seaport District for $12M

by Taylor Williams June 9, 2022

BOSTON — New York City-based real estate giant Tishman Speyer has sold Pier 4 Retail, a 16,134-square-foot retail condo in Boston’s Seaport District for $12 million. Built in 2019, the property was fully leased to two restaurant concepts at the time of sale. Chris Angelone, Nat Heald, Kellie Coveney and Zach Nitsche of JLL represented Tishman Speyer in the transaction. The buyer was not disclosed.

June 9, 2022

Acquisitions District of Columbia Hospitality Southeast

Berkadia Negotiates $21M Sale of Normandy Hotel in D.C.

by John Nelson June 9, 2022

WASHINGTON, D.C. — Berkadia has negotiated the $21 million sale of The Normandy Hotel, a boutique hotel located at 2118 Wyoming Ave. NW in Washington, D.C.’s Kalorama neighborhood. The hotel features 75 guest rooms and 900 square feet of meeting space, as well as immediate access to several upscale restaurants, stores and museums. Dan Hawkins and Kyle Stevenson of Berkadia represented the seller, California-based Blu Hotel Investors, in the transaction. The buyer was an entity doing business as SONO International Co. Ltd.

June 9, 2022

Acquisitions Retail Southeast Tennessee

SRS Brokers $16.7M Sale of Best Buy-Anchored Shopping Center in Chattanooga

by John Nelson June 9, 2022

CHATTANOOGA, TENN. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of Towne Center North, an 89,327-square-foot shopping center located on 12.2 acres along Tenn. Highway 153 in Chattanooga. An entity doing business as Credi Bakersfield LP purchased the shopping center from an entity doing business as Towne Center North LLC for $16.7 million. Built in 2006, Towne Center North’s tenant roster includes Best Buy, Bed Bath & Beyond and PetSmart. Target shadow-anchors the property. Kyle Stonis and Pierce Mayson of SRS’ Atlanta office represented the seller in the transaction. Matt Berres, Samer Khalil, Karick Brown and Eric Tomchik of Newmark represented the buyer.

June 9, 2022

Acquisitions Life Sciences Massachusetts Northeast Office Top Stories

GI Partners Acquires 479,000 SF Life Sciences Property in Boston’s Seaport District

by Katie Sloan June 9, 2022

BOSTON — GI Partners has acquired 451 D Street, a state-of-the-art life sciences, data center and creative office building in Boston’s Seaport District. The price was not disclosed, but the seller, Related Fund Management, bought the asset for $276 million in 2018, according to reports by the Boston Business Journal. The nine-story, 479,000-square-foot building recently underwent two phases of lab conversion that total over half of the building’s rentable area. The property offers 536 parking spaces; a conference center; amenity center with a lounge, kitchen and games; an onsite cafe; bicycle storage; and a 3,000-square-foot fitness center. Current tenants include AT&T, J.P.Morgan, Silicon Therapeutics, Elektrofi, BT, Inozyme Pharma, Cellink, Stevanato Group Pharmaceutical Systems, Joyn Bio, Sensei Biotherapeutics, DermBoint and Dewpoint Therapeutics. Related will maintain a minority interest in the property and Related Beal will continue to serve as property manager. Eastdil Secured represented the seller in the transaction and placed debt financing for the new ownership group. “The Seaport has become a bona fide life sciences innovation hub and 451 D exemplifies our focus on serving the needs of small and medium-sized lab tenants through Class A reusable buildouts,” says John Sheputis, managing director at GI Partners and head of acquisitions for …

June 9, 2022

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