Acquisitions

Harrison Street Buys Majority Stake in Upstate New York Student Housing Community

by Taylor Williams February 10, 2022

ROCHESTER, N.Y. — Harrison Street has acquired a majority ownership interest in APEX, a student housing community located across the street from the Rochester Institute of Technology in upstate New York. The seller, Michaels, has retained a 2 percent ownership in the property and will continue to oversee operations. The community offers one-, two-, four- and five-bedroom units. Shared amenities include an e-sports arena, outdoor fire pits, a virtual reality studio, electric car charging stations, dual hot tubs, ingenuity labs and a pet spa.

February 10, 2022

Acquisitions Connecticut Industrial Northeast

Matthews Negotiates Sale of 133,650 SF Industrial Property in New Haven, Connecticut

by Taylor Williams February 10, 2022

NEW HAVEN, CONN. — California-based brokerage firm Matthews Real Estate Investment Services has negotiated the sale of a 133,650-square-foot industrial property located near the Port of New Haven. Ryan Rapoport and Kyler Bean of Matthews represented the undisclosed seller in the transaction. New York-based Criterion Group LLC purchased the asset for $21.4 million.

February 10, 2022

Acquisitions Maine Northeast Office

RAM Cos. Acquires 74,000 SF Office Complex in South Portland, Maine

by Taylor Williams February 10, 2022

SOUTH PORTLAND, MAINE — The RAM Cos., an investment firm based in Maine, has acquired a three-building, 74,000-square-foot office complex in South Portland. Jessica Estes and Drew Sigfridson of Boulos Co. represented the seller, an entity doing business as 341 Park LLC, in the transaction. Howard Goldenfarb, Todd Goldenfarb and Mark Campbell internally represented RAM Cos., which acquired the asset through its affiliate, Mile Market Investments. The new ownership plans to implement a value-add program and rebrand the complex as Atlantic Place Commerce Center. The property was fully leased at the time of sale.

February 10, 2022

Acquisitions Illinois Midwest Office

Sovereign Partners Acquires 25-Story Office Tower in Itasca, Illinois

by Kristin Harlow February 9, 2022

ITASCA, ILL. — Sovereign Partners LLC has acquired Two Pierce Place, a 25-story office tower in Itasca. Piedmont Office Realty Trust sold the asset for approximately $24 million, according to Crain’s Chicago Business. The 489,876-square-foot property is situated within the 300-acre Hamilton Lakes Business Park. Two Pierce Place was built in 1991 and formerly served as the headquarters of Gallagher Insurance. Crain’s reports that the building is now more than 60 percent vacant. Amenities include a deli, sundry shop, fitness center, tenant lounge, covered parking and access to lakes and walking trails. Matthew Schoenfeldt of JLL arranged acquisition financing through an insurance company.

February 9, 2022

Acquisitions Illinois Midwest Retail

Quantum Arranges Sale of 89,000 SF Shopping Center in Rockford, Illinois

by Kristin Harlow February 9, 2022

ROCKFORD, ILL. — Quantum Real Estate Advisors Inc. has arranged the sale of Rockford Commons, an 89,000-square-foot shopping center in Rockford, for an undisclosed price. Ross Dress for Less and Best Buy anchor the property, which was fully leased at the time of sale. Chad Firsel of Quantum represented the seller, Chicago-based Core Acquisitions LLC. Daniel Waszak of Quantum represented the buyer, a Dallas-based REIT. The sale also included an outparcel for future development.

February 9, 2022

Acquisitions Mixed-Use North Carolina Southeast

Blue Heron Sells Mixed-Use Property in Downtown Durham for $78.3M

by Julia Sanders February 9, 2022

DURHAM, N.C. — An affiliate of Raleigh-based Blue Heron Asset Management has sold Foster on the Park, a 164-unit mixed-use property in the Central Park district of downtown Durham, for $78.3 million or $477,000 per unit. Allan Lynch, Jeff Glenn and Andrea Howard of Northmarq represented Blue Heron Asset Management in the sale. San Francisco-based Stockbridge was the buyer. Built in 2020, Foster on the Park offers studio, one- and two-bedroom floorplans. Unit features include plank wood flooring, stainless steel appliances, Nest thermostats and in-unit washers and dryers. Community amenities include a fitness center, resident library, yoga room, lounge and a saltwater pool and lounge. The property also features 2,141 square feet of ground-floor retail space leased to local liquor shop, The Glass Jug. The property was 93 percent occupied at the time of sale. Located at 545 Foster St., Foster on the Park is close to the Historic Durham Athletic Park and Durham Central Park, as well as Google’s new offices at Durham Innovation District. The property is also situated close to retailers and restaurants such as the King’s Sandwich Shop, Durham Distillery, Beer Durham and The Dankery. Additionally, the property is situated 2.3 miles from Duke University.

February 9, 2022

Acquisitions Michigan Midwest Multifamily

Ready Capital Closes $7.7M Acquisition Loan for Multifamily Portfolio in Lansing, Michigan

by Kristin Harlow February 9, 2022

LANSING, MICH. — Ready Capital has closed a $7.7 million loan for the acquisition, renovation and stabilization of a two-property multifamily portfolio in Lansing. The portfolio totals 262 garden-style units. The undisclosed borrower plans to implement a capital improvement program to renovate unit interiors and address deferred maintenance. The nonrecourse loan features a three-year term, floating rate and interest-only payments.

February 9, 2022

Acquisitions Net Lease Nevada Retail Washington Western

Faris Lee Arranges Sales of Two Grocery Stores in Nevada, Washington for $22.4M

by Amy Works February 9, 2022

HENDERSON, NEV., AND MILLWOOD, WASH. — Faris Lee Investments has brokered the sales of two single-tenant grocery stores, totaling 106,254 square feet in Henderson and Millwood. The properties sold for a combined consideration of $22.4 million. Jeff Conover and Scott DeYoung of Faris Lee Investments represented the undisclosed buyers and seller, a Southern California-based family private office, in the deal. Located in Henderson, the 58,254-square-foot property is an absolute triple-net lease to Albertsons with 14 years remaining on its lease. The second property, located in Millwood, is a 48,000-square-foot, freestanding Safeway, with 18 years remaining on its lease.

February 9, 2022

Acquisitions California Retail Western

Calbay Development Buys 26,000 SF Retail Property in Alhambra, California

by Amy Works February 9, 2022

ALHAMBRA, CALIF. — Manhattan Beach-based Calbay Development has purchased the fee interest in a freestanding retail building along Valley Boulevard in Alhambra. Terms of the transaction were not released. Situated on 1.5 acres, Office Depot formerly occupied the 26,000-square-foot asset. The property also offers 98 parking stalls and prominent visibility and signage on Valley Boulevard. Calbay acquired the property as a value-add opportunity and is in late-stage negotiations with a national retailer to lease the entire space. Bill Asher and Jeff Lefko of Hanley Investment Group brokered the transaction.

February 9, 2022

Acquisitions Healthcare Illinois Midwest

Cawley Chicago Brokers Sale of 45,000 SF Medical Office Building in Justice, Illinois

by Kristin Harlow February 9, 2022

JUSTICE, ILL. — Cawley Chicago has brokered the sale of a 45,000-square-foot medical office building in Justice, a southern suburb of Chicago. The sales price was undisclosed. Willow Springs Surgery Center anchors the two-story facility, which is located at 9050 W. 81st St. Rawly Lantz and Justin Harris of Cawley Chicago represented the seller, First Step Holdings, and will retain the leasing assignment moving forward. A private local investor was the buyer.

February 9, 2022

Newer Posts

Older Posts