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.
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 …
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.
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.
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.
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.
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.
PORT NECHES, TEXAS — Marcus & Millichap has brokered the sale of Eagle Climatized Storage, a 237-unit self-storage facility in Port Neches, located outside of Beaumont near the Louisiana-Texas border. The facility was built on 3.5 acres in 2003, and all of the units feature climate-controlled space. Dave Knobler of Marcus & Millichap represented the seller, a Georgia-based private investor, in the transaction. Brandon Karr and Danny Cunningham, also with Marcus & Millichap, also procured the buyer, a Texas-based limited liability company. Both parties requested anonymity.
ELIZABETH, N.J. — JLL has negotiated the sale of a 138,642-square-foot cold storage facility located in the Northern New Jersey community of Elizabeth. Built in 2016, the property features 60-foot clear heights, 18 temperature-controlled loading docks and 4,800 square feet of office space. In addition, the property was fully leased to Seafrigo Cold Storage at the time of sale. Michael Oliver, Marc Duval, Jordan Avanzato, Nicholas Stefans and Jose Cruz of JLL represented the undisclosed buyer in the transaction. The seller, a joint venture between The Avidan Group and Elberon Development Group, was represented in-house.
WEEHAWKEN, N.J. — Locally based brokerage firm Redwood Realty Advisors has arranged the $2.7 million sale of a 21-unit multifamily property in the Northern New Jersey community of Weehawken. The property consists of 20 one-bedroom units and one four-bedroom unit. Steve Matovski of Redwood Realty Advisors brokered the deal. The buyer and seller were not disclosed.