Acquisitions

A&E Real Estate Acquires Queens Apartment Community for $130M

by Taylor Williams March 1, 2022

NEW YORK CITY — A&E Real Estate has acquired Cunningham Heights at Queens Village, an apartment community that consists of 1,056 units across 22 buildings in the borough’s Jamaica neighborhood, for $130 million. Originally built in 1951, the property also includes 623 parking spaces across 25 onsite garages. According to Apartments.com, Cunningham Heights offers studio, one- and two-bedroom units. Jack Bick of Charatan Realty represented A&E Real Estate and the undisclosed seller in the transaction. Signature Bank provided acquisition financing. The property was 99 percent occupied at the time of sale.

March 1, 2022

Acquisitions New Jersey Northeast Office

JLL Brokers Sale of 302,000 SF West Windsor Commons Office Complex in Princeton

by Taylor Williams March 1, 2022

PRINCETON, N.J. — JLL has brokered the sale of West Windsor Commons, a two-building, 302,000-square-foot office complex in Princeton. The property was fully leased at the time of sale to tenants such as Bristol Myers Squibb and Merrill Lynch/Bank of America. Amenities include a courtyard, fitness center and a cafeteria. Jose Cruz, Kevin O’Hearn, Michael Oliver, Steve Simonelli, Alexander Alfier, David Stifelman and Jason Benson of JLL represented the seller, a partnership between insurance companies John Hancock Financial and Manulife, in the transaction. The team also procured the undisclosed buyer.

March 1, 2022

Acquisitions Hospitality Northeast Pennsylvania

Hodges Ward Elliott Arranges Sale of 119-Room Hotel in Pittsburgh

by Taylor Williams March 1, 2022

PITTSBURGH — Hodges Ward Elliott (HWE), an Atlanta-based hospitality brokerage firm, has arranged the sale of the 119-room Home2 Suites Pittsburgh McCandless hotel. Built in 2013, Home2 Suites Pittsburgh McCandless offers an indoor pool, fitness center, business center and complimentary breakfast. The property was sold as part of the disposition of a portfolio of three hotels totaling 376 rooms, with the other two assets being located in Portland and Eugene, Ore. Syracuse-based Widewaters Hotels developed and sold the properties to Atlanta-based Peachtree Hotel Group for an undisclosed price.

March 1, 2022

Acquisitions Life Sciences Massachusetts Northeast

GI Partners Acquires 103,000 SF Life Sciences Building in Boston’s Seaport District

by Taylor Williams March 1, 2022

BOSTON — GI Partners, an investment firm with four offices across the country, has acquired a 103,000-square-foot life sciences building located at 51 Melcher St. in Boston’s Seaport District. The nine-story building was originally constructed in 1915 and renovated in 2013. GI Partners acquired the asset as part of a life sciences portfolio sale that included a 164,000-square-foot building in nearby Burlington, as well as a 152,000-square-foot building near Raleigh, N.C. The seller and sales price were not disclosed.

March 1, 2022

Acquisitions Arizona Company News Healthcare Southeast Tennessee Top Stories Western

Healthcare Realty Trust, Healthcare Trust of America Agree to Merge, Forming $11.6B Medical Office Building REIT

by John Nelson March 1, 2022

NASHVILLE, TENN. AND SCOTTSDALE, ARIZ. — Healthcare Realty Trust Inc. (NYSE: HR) and Healthcare Trust of America Inc. (NYSE: HTA), two of the larger owners of medical office buildings in the country, have agreed to merge. Upon closing, the combined company will operate under the Healthcare Realty name and use the same stock exchange ticker symbol of “HR,” as well as keep its headquarters in Nashville with offices in Charleston and HTA’s current headquarters of Scottsdale. The combined company is expected to have a pro forma equity market capitalization of approximately $11.6 billion upon the close of the transaction, which is expected to occur in the third quarter pending approval from the shareholders of both companies. The boards of directors of both Healthcare Realty and HTA unanimously approved the merger. With 727 properties totaling 44 million square feet, the new company will be the largest “pure-play” real estate investment trust specializing in medical office buildings (MOB), with nearly double the square footage of the next-largest MOB portfolio. The company will own the largest portfolio of on-campus or adjacent to hospital campus properties comprising 28.2 million square feet. Additionally, 94 percent of the portfolio will be concentrated in the top 100 …

March 1, 2022

Acquisitions Multifamily Student Housing Texas

Vesper Holdings, Fortress Acquire 564-Bed Student Housing Community in Denton, Texas

by Taylor Williams February 28, 2022

DENTON, TEXAS — A joint venture between New York City-based investment firm Vesper Holdings and funds managed by affiliates of Fortress Investment Group LLC has purchased CastleRock at Denton, a 564-bed student housing property located near the University of North Texas. Constructed in 2000, the building features 192 units in a mix of one-, two-, three- and four-bedroom floor plans. Amenities include a fitness center, pool, computer lab, clubhouse, dog park and shuttle service to campus. Vesper plans to invest more than $1 million in renovations, including upgrades of unit interiors and amenity spaces, as well as building exteriors. The seller and sales price were not disclosed.

February 28, 2022

Acquisitions Florida Multifamily Southeast

Livingston Street Capital Acquires Multifamily Property in Ponte Vedra Beach, Florida

by Julia Sanders February 28, 2022

PONTE VEDRA BEACH, FLA. — An affiliate of Radnor, Penn.-based Livingston Street Capital has acquired Olea at Nocatee, a 175-unit, Class A multifamily property in Ponte Vedra Beach. The seller and sales price were not disclosed. Built in 2020, Olea at Nocatee includes three three-story buildings and one one-story building. The property offers one-, two- and three-bedroom floorplans with walk-in closets, granite countertops, stainless steel appliances and hardwood-style flooring. Community amenities include a resort-style pool with outdoor kitchen, fitness studio, craft room, library, media room and a golf cart rental service. The property is located near Florida State Road A1A, Interstate 95 and Interstate 295. The property is located within the Nocatee Community Park, a master-planned community which features over 75 acres of parks, including extensive hiking trails, a concession building, dog park, tennis courts and greenways.

February 28, 2022

Acquisitions Illinois Midwest Office Retail

Marcus & Millichap Brokers $19.7M Sale of Office, Retail Property in Lake Forest, Illinois

by Kristin Harlow February 28, 2022

LAKE FOREST, ILL. — Marcus & Millichap has brokered the $19.7 million sale of Forest Square in Lake Forest, about 30 miles north of Chicago. The 53,122-square-foot office and retail property is located at 840 S. Waukegan Road and was built in 2008. The building was nearly 90 percent occupied at the time of sale. Tenants include Lake Forest Family Dental, Envision Health, Physical Therapy of Lake Forest, The Hearing Lab, Abbott Laboratories, LoMastro Performing Arts Academy, Lou Malnati’s Pizzeria, Jimmy Johns and Starbucks. Stephen Lieberman of Marcus & Millichap represented the seller, GCP Forest Square LLC. Woodard Properties LLC was the buyer.

February 28, 2022

Acquisitions Illinois Midwest Restaurant Retail

Adelphia Properties Arranges Sale of 14,000 SF Former Restaurant Building in Elmhurst, Illinois

by Kristin Harlow February 28, 2022

ELMHURST, ILL. — Adelphia Properties has arranged the sale of a 14,000-square-foot former restaurant building in Elmhurst, about 20 miles west of Chicago. Arena Sports Bar & Grille formerly occupied the property, located at 630 W. Lake St., for more than 35 years. Simeon Spirrison and George Spirrison of Adelphia represented the seller, the proprietor. A local investor purchased the asset for an undisclosed price.

February 28, 2022

Acquisitions Florida Retail Southeast

SRS Brokers $2.3M Sale of New Wendy’s-Occupied Property in Metro Tampa

by Julia Sanders February 28, 2022

LAND O LAKES, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $2.3 million sale of a newly developed, single-tenant retail property in Land O Lakes. William Wamble and Patrick Nutt of SRS represented the seller, an entity doing business as RS Roach LLC. The buyer was a private investor based in Wyoming. Built in 2022 and situated on 1.1 acres, the 2,500-square-foot ground-lease property has a 15-year tenant lease in place with Wendy’s. Located at 7775 Land O Lakes Blvd., the freestanding property is directly across the street from Connerton, a mixed-use project situated on 1,800 acres that is currently under development.

February 28, 2022

Newer Posts

Older Posts