Acquisitions

McLaughlin Investments Negotiates $7.8M Sale of Shopping Center in Belmont, New Hampshire

by Taylor Williams March 15, 2022

BELMONT, N.H. — McLaughlin Investments has negotiated the $7.8 million sale of Belknap Mall, a 235,000-square-foot shopping center in Belmont, located north of Manchester. Grocer Shaw’s anchors the property with a 38,500-square-foot store. Other tenants include Job Lots, Planet Fitness, Clear Choice Medical Clinic, Jo-Ann Fabric, Verizon Super Cuts and Dunkin’. John McLaughlin of McLaughlin Investments represented the buyer, Vernet Properties LLC, in the transaction. The seller, Belknap Realty, was represented in-house.

March 15, 2022

Acquisitions California Industrial Western

Corona Investments Sells Distribution Property in California for $15.3M

by Amy Works March 15, 2022

CORONA, CALIF. — Voit Real Estate Services has arranged the sale of an industrial facility located at 2395 Railroad St. in Corona. Corona Investments sold the property to Colorado-based EverWest Real Estate Investors for $15.3 million, or $319.62 per square foot. EverWest Real Estate Investors plans to stabilize the 47,870-square-foot property and hold it as a long-term leased investment. Constructed in 1988, the concrete tilt-up building features 24-foot minimum warehouse clearance, a 0.33 GPM/3,000 square feet sprinkler system, four grade-level doors, two dock-high loading positions and a secured truck court and yard area. Michael Hefner of Voit’s Anaheim office represented the seller and buyer in the deal.

March 15, 2022

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Arranges $6M Sale of East Harlem Multifamily Building

by Taylor Williams March 15, 2022

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $6 million sale of a 35-unit multifamily building located at 524 E. 119th St. in East Harlem. All but two of the units are rent-stabilized. Victor Sozio, Mark Anderson and Michael Tortorici of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.

March 15, 2022

Acquisitions Mixed-Use New York Northeast Office Top Stories

Blackstone Acquires Minority Stake in One Manhattan West Office Tower in New York for $1.4B

by John Nelson March 15, 2022

NEW YORK CITY — Blackstone (NYSE: BX) has purchased a 49 percent stake in One Manhattan West, a 67-story office tower in Manhattan totaling 2.1 million square feet. Brookfield (NYSE: BAM) and Qatar Investment Authority sold the minority interest to Blackstone and will retain a 51 percent ownership stake in the skyscraper. The purchase price wasn’t disclosed, but Brookfield says that the deal “values the office building at $2.85 billion,” which translates to Blackstone’s stake totaling just below $1.4 billion. Ben Brown, managing partner of Brookfield, says the competition for the acquisition was intense despite the uneven recovery of New York City’s office market due to COVID-19. “The partial sale of One Manhattan West and the interest we received as soon as we put it on the market are clear validations that the highest quality office properties are seeing enormous demand coming out of the pandemic,” says Brown. “One Manhattan West is home to some of the world’s leading companies, and their continued desire to work from and grow in the building is a promising sign for Manhattan West and prime, well-located office assets broadly.” Located on the corner of Ninth Avenue and 33rd Street, One Manhattan West is leased …

March 15, 2022

Acquisitions Multifamily Texas

ClearWorth Capital Buys 220-Unit Park at Woodmoor Apartments in Metro Houston

by Taylor Williams March 14, 2022

HOUSTON — Metro Dallas-based investment firm ClearWorth Capital has purchased Park at Woodmoor, a 220-unit apartment community in The Woodlands, located about 30 miles north of Houston. Built in 1999, Park at Woodmoor offers one- and two-bedroom units and amenities such as a pool and a clubhouse. The new ownership plans to implement a value-add program and to turn management of the property over to its affiliate, ClearWorth Residential. Chip Nash and Bob Heard of Colliers represented the undisclosed seller in the transaction.

March 14, 2022

Acquisitions Industrial NAI Texas

NAI Partners Arranges Sale of 39,445 SF Warehouse in Houston

by Taylor Williams March 14, 2022

HOUSTON — NAI Partners has arranged the sale of a 39,445-square-foot warehouse located at 5606 Harvey Wilson Drive in Houston’s Second Ward. According to LoopNet Inc., the property was originally built in 1955 and features 10- to 14-foot clear heights. Chris Kugle of NAI Partners represented the seller in the deal, and Steven O’Connor of PrinGroup Commercial represented the buyer. Both parties were limited liability companies.

March 14, 2022

Acquisitions New York Northeast Office

CBRE Brokers Sale of 373,000 SF WestPark Office Campus in White Plains, New York

by Taylor Williams March 14, 2022

WHITE PLAINS, N.Y. — CBRE has brokered the sale of WestPark, a 373,000-square-foot office campus in White Plains, a northern suburb of New York City. The campus consists of two four-story buildings on a 25-acre site. Jacqueline Novotny, Brian Carcaterra and Michael McCall of CBRE represented the seller, Onyx Equities, in the transaction. William Cuddy Jr. and Mary Ann Tighe, also with CBRE, represented the buyer, New York-Presbyterian Hospital. The sales price was not disclosed.

March 14, 2022

Acquisitions Georgia Multifamily Southeast

Spyglass Capital Sells Multifamily Community in Northern Atlanta for $105.6M

by Julia Sanders March 14, 2022

SANDY SPRINGS, GA. — Spyglass Capital Partners has sold The Carlyle of Sandy Springs, a 389-unit multifamily community in the northern Atlanta suburb of Sandy Springs. Mike Kemether, Travis Presnell and James Wilber of Cushman & Wakefield represented the seller in the transaction. WashREIT acquired the property for $105.6 million. The Carlyle of Sandy Springs offers one-, two-, three- and four-bedroom floorplans. Unit features include granite countertops and stainless steel appliances. Community amenities include a pool, clubhouse, pet play area, business center, fitness center, trash door-to-door pickup, playground and a grill. Located at 501 N. River Parkway, the property is situated 13.5 miles from Atlanta’s Buckhead neighborhood, 34.8 miles from Hartsfield-Jackson Atlanta International Airport and 6.9 miles from the Dunwoody Campus of Georgia State University.

March 14, 2022

Acquisitions Florida Industrial North Carolina Southeast Tennessee

Atlanta Property Group Acquires Three Industrial Facilities Totaling 545,000 SF Across Southeast

by Julia Sanders March 14, 2022

ATLANTA — Atlanta Property Group has acquired three distribution facilities in the metro areas of Atlanta, Nashville and Charlotte totaling 545,000 square feet. The sellers and sales price were not disclosed. The three properties include Oates Crossing in Mooresville, N.C.; 5470 Oakbrook Parkway in Norcross, Ga.; and 109 Kirby Drive in Portland, Tenn. Oates Crossing is a 240,000-square-foot industrial park that is fully leased to a diverse tenant base. The site also includes a fully zoned, 8.3-acre parcel that can support an additional 60,000-square-foot industrial building, which Atlanta Property Group plans to build soon. The property is situated along Interstate 77, about 29.7 miles north of Charlotte. The next property, 5470 Oakbrook Parkway, is an 85,000-square-foot shallow-bay industrial building. The facility is situated close to Interstate 85 and is about 21 miles north of downtown Atlanta. The property was 88 percent leased at the time of sale. Built in 1990, 109 Kirby Drive is a 220,000-square-foot, single-tenant warehouse that features 17 dock doors. The fully leased property is situated about 39.7 miles from Nashville and has immediate access to Interstate 65.

March 14, 2022

Acquisitions Industrial New Jersey Northeast

Sitex Group Acquires 210,000 SF Warehouse in North Bergen, New Jersey

by Taylor Williams March 14, 2022

NORTH BERGEN, N.J. — New Jersey-based private equity real estate firm Sitex Group has acquired a 210,000-square-foot warehouse in North Bergen, located across the Hudson River from Manhattan. The building, which sits on 7.3 acres and features a clear height of 22 feet and 20 loading docks, was fully leased at the time of sale. Bill Connors of The William Connors Agency brokered the deal, the seller in which was undisclosed. Sitex Group plans to implement a value-add program.

March 14, 2022

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