Acquisitions

Trion Acquires Apartment Community in Altamonte Springs, Florida for $49.1M

by Julia Sanders April 4, 2022

ALTAMONTE SPRINGS, FLA. — Los Angeles-based Trion Properties has acquired Altamonte at Spring Valley, a 250-unit multifamily community in Altamonte Springs, for $49.1 million. Ryan Moody, Scott Ramey and Paul Grant of Newmark represented the undisclosed seller in the transaction. Built in 1974, Altamonte at Spring Valley includes 250 one- and two-bedroom apartments averaging 924 square feet. Community amenities include two pool decks with grills and cabanas, a sports and tennis court, fitness center and a dog park. The community was 99 percent occupied at the time of sale. Located at 693 Wymore Road, the property is situated 9.4 miles north of Orlando and 29.2 miles from Orlando International Airport.

April 4, 2022

Acquisitions Arizona Retail Western

Cushman & Wakefield | PICOR Negotiates Sale of 45,556 SF Retail Space in Tucson, Arizona

by Amy Works April 4, 2022

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has arranged the sale of a retail space situated on six acres at 770 N. Kolb Road in Tucson. VRE Storage Tucson Kolb LLC acquired the asset from Century Theaters for $4 million. Greg Furrier of Cushman & Wakefield|PICOR represented the seller, while James Montgomery of Verdad represented the buyer in the deal. The asset features 45,556 square feet of retail space. It was formerly a discount movie theater that closed in March, according to the Arizona Daily Star.

April 4, 2022

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $14.3M Sale of Multifamily Building in Elizabeth, New Jersey

by Taylor Williams April 4, 2022

ELIZABETH, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $14.3 million sale of Elizabeth Towers, a 193-unit multifamily building in Northern New Jersey. The elevator-served, 13-story building houses 72 studios, 120 one-bedroom units and one two-bedroom apartment, all of which are subject to either age or income restrictions. Joseph Keenan and Jeff Squires of Kislak represented the seller, Marshall & Moran Inc., in the transaction. Joni Sweetwood, also with Kislak, represented the buyer, an entity doing business as Elizabeth Towers TG LLC.

April 4, 2022

Acquisitions Midwest Missouri Multifamily

CBRE Arranges Sale of 126-Unit Luxury Apartment Community in Downtown Kansas City

by Kristin Harlow April 4, 2022

KANSAS CITY, MO. — CBRE has arranged the sale of Arterra, a 126-unit luxury apartment community in Kansas City’s Crossroads Arts District. An affiliate of a Florida-based sovereign wealth fund purchased the property from Arterra LLC, a joint venture between St. Louis-based Altus Properties and Kansas City-based Copaken Brooks. The sales price was undisclosed. Jeff Stingley and Max Helgeson of CBRE represented the seller. Arterra features amenities such as a sun terrace deck, infinity pool, Luxor package system, fitness center and attached parking structure.

April 4, 2022

Acquisitions Healthcare Midwest Missouri

JLL Income Property Trust Acquires Kansas City Medical Office Portfolio for $22.2M

by Kristin Harlow April 4, 2022

KANSAS CITY, MO. — JLL Income Property Trust has acquired a medical office portfolio in metro Kansas City for $22.2 million. The portfolio comprises three properties spanning more than 50,000 square feet. Roeland Park is a nearly 30,000-square-foot building constructed in 2021. Its largest tenant is AdventHealth Shawnee Mission, a subsidiary of AdventHealth. Northland Women’s Healthcare is a 10,000-square-foot property constructed in 2021 that is fully leased to the women’s healthcare provider. Blue Springs Pediatrics is a 10,500-square-foot building that was redeveloped in 2021. It is leased to a physician group that is a subsidiary of Children’s Mercy. JLL Income Property Trust now owns 12 healthcare properties totaling more than 1.1 million square feet that are valued in excess of $450 million and represent approximately 8 percent of its overall portfolio.

April 4, 2022

Acquisitions Illinois Midwest Retail

NewMark Merrill Sells 90,000 SF Building to be Occupied by Cermak Fresh Market in Suburban Chicago

by Kristin Harlow April 4, 2022

MELROSE PARK, ILL. — NewMark Merrill Cos. Inc. has sold a 90,000-square-foot building at Winston Plaza, a 400,000-square-foot shopping center in the Chicago suburb of Melrose Park. Cermak Fresh Market acquired the building for an undisclosed price and plans to open a new grocery store by the end of this year. Sandy Sigal and Brad Pearl represented NewMark Merrill on an internal basis alongside Joe Parrott and Sean McCourt of CBRE. Dino Geroulis and John Roberson of Axis Realty represented Cermak. Kostas Kavayiotidis of Pacific Southwest Realty structured financing. Anchor tenants at Winston Plaza include Best Buy, Ross Dress for Less, Marshalls, Dollar Tree, Five Below and Office Max.

April 4, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $4.7M Sale of Multifamily Property in Chicago’s Buena Park

by Kristin Harlow April 4, 2022

CHICAGO — Interra Realty has brokered the sale of a 30-unit multifamily property in the Buena Park section of Chicago’s Uptown neighborhood for $4.7 million. Built in 1912, the property is located at 755 W. Buena Ave. In addition to five studios, 24 one-bedroom units and one two-bedroom units, the building features onsite laundry facilities and bike storage. Joe Smazal of Interra represented the seller, a local private owner and operator that made select updates to the property. Smazal also represented the local private buyer.

April 4, 2022

Acquisitions Illinois Midwest Retail

Marcus & Millichap Negotiates $2.1M Sale of Retail Center in Des Plaines, Illinois

by Kristin Harlow April 4, 2022

DES PLAINES, ILL. — Marcus & Millichap has negotiated the sale of Bainbridge Plaza in the Chicago suburb of Des Plaines for $2.1 million. The 15,042-square-foot retail center is located at 611 W. Golf Road and is fully leased. Anchor tenants include Domino’s Pizza and Suburban Family Dental, which has operated at the property for over 30 years. Mitchell Kiven of Marcus & Millichap represented the seller, a local private investor. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the buyer, an Ohio-based limited liability company.

April 4, 2022

Acquisitions Colorado Life Sciences Top Stories Western

BioMed Realty Acquires 1 MSF Flatiron Park Life Sciences Campus in Boulder, Colorado

by Taylor Williams April 4, 2022

BOULDER, COLO. — BioMed Realty, a San Diego-based owner-operator of healthcare real estate and a Blackstone portfolio company, has acquired Flatiron Park, a 1 million-square-foot office and life sciences campus in Boulder, a northwestern suburb of Denver. The sales price was not disclosed, but The Wall Street Journal reports that BioMed Realty paid more than $600 million for the property. JLL represented the seller, a joint venture between Crescent Real Estate, Goldman Sachs Asset Management and Lionstone Investments, in the transaction. BioMed Realty plans to invest about $200 million in capital improvements to the campus, an endeavor that is expected to create about 400 local construction jobs. Flatiron Park consists of 22 buildings that were approximately 90 percent leased at the time of sale. The buildings range in size from approximately 15,000 to 133,000 square feet. BioMed officials say that the campus will “anchor” its presence in the greater Denver area, which the company says has an exceptionally talented workforce “Boulder has always been a market to watch, driven by highly educated talent, robust capital flow, an existing base of life sciences and tech pioneers and great quality of life,” says Mike Ruhl, vice president of leasing at BioMed Realty. …

April 4, 2022

Acquisitions Industrial Leasing Activity North Carolina Southeast

CBRE Brokers $30.3M Sale-Leaseback of Manufacturing Facility in Statesville, North Carolina

by Julia Sanders April 1, 2022

STATESVILLE, N.C. — CBRE has brokered the sale-leaseback of a 416,300-square-foot manufacturing facility in Statesville. Nevada-based CAI Investments purchased the property for $30.3 million. Patrick Gildea, Trey Barry, Matt Smith, Grayson Hawkins and John Christenbury of CBRE represented the seller and tenant, Kewaunee Scientific Corp., in the sale-leaseback transaction. Kewaunee Scientific Corp. is a designer and manufacturer of laboratory, healthcare and technical furniture products. The Statesville building serves as Kewaunee Scientific’s primary manufacturing facility. Situated on 21.3 acres at 2700 W. Front St., the property is located within three miles of the Interstates 40 and 77 and about 41.6 miles north of Charlotte.

April 1, 2022

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