CINCINNATI — Cooper Commercial Investment Group has brokered the sale of Meadows Plaza in Cincinnati for an undisclosed price. The 11,746-square-foot retail center is fully leased to tenants such as Harper’s Point Eye Associates, Allstate Insurance, Reliable Staffing and AnyLabTestNow. Dan Cooper of Cooper Group represented the seller, a metro Cincinnati-based private investor. A West Coast-based buyer purchased the property for the full price, representing a cap rate of 7.6 percent.
NEW YORK CITY AND PHILADELPHIA — Blackstone Real Estate Income Trust Inc. (BREIT) has agreed to acquire Resource REIT, a publicly registered, non-traded REIT based in Philadelphia, for $3.7 billion in an all-cash transaction. Under the terms of the deal, BREIT will acquire all of the outstanding shares of common stock of Resource REIT for $14.75 per share, including the assumption of existing debt. The transaction is expected to close in the second quarter. Resource REIT’s portfolio currently consists of 42 garden-style apartment communities totaling more than 12,600 units across 13 states, including Arizona, Colorado, Florida, Georgia and Texas. “This transaction represents a continuation of our high-conviction investing in top-quality multifamily communities in growth markets across the country,” says Asim Hamid, senior managing director at Blackstone. “We intend to capitalize on our expertise, scale and management practices to ensure these properties are well maintained and provide an exceptional experience for residents.” Lazard Frères & Co. LLC is acting as exclusive financial advisor to Resource REIT, and DLA Piper LLP is acting as the firm’s legal counsel. BofA Securities, BMO Capital Markets Corp., Eastdil Secured Advisors LLC and RBC Capital Markets LLC are acting as financial advisors to BREIT. Simpson Thacher …
PHOENIX – Shopping center owner Michael A. Pollack Real Estate Investments has sold five centers in the Phoenix area in separate transactions for a total of $32 million. The transactions took place in the fourth quarter of 2021. The company sold Trailside Center in Mesa for $2.7 million; the company had owned the property since 1994. In Phoenix, the company sold Tower Plaza along Cave Creek Road for $2.4 million. In Peoria, Pollack sold the 67,000-square-foot Olive Plaza for $4.6 million. Pollack sold Apache Central Center in Tempe to the City of Tempe for $10.6 million. The city plans to redevelop the 44,000-square-foot property into a mixed-use center providing affordable housing and retail. The largest sale for the company was the disposition of the 86,000-square-foot Lindsay Marketplace in Mesa for $11.2 million. Pollack had purchased most of the centers in the 1990s, with one purchased in 2003. “These were all opportunistic buys,” says Michael Pollack. “We were able to get a great deal on all these centers when we purchased them back in the 1990s through early 2000s. We renovated them inside and out, and then held onto the centers for many years bringing the occupancy levels up to almost …
JESSUP, MD. — Newmark has brokered the $30 million sale of 8215 and 8220 Wellmoor Court, two industrial warehouse buildings totaling 191,700 square feet within Baltimore Washington Industrial Park in Jessup. Christopher Abramson, Brian Kruger, Ben McCarty, Nicholas Signor and Erik Evans of Newmark represented both the seller, Spector Family LLC, and the buyer, Berkley Partners. Both properties were fully leased at the time of sale. Built in 2006, 8215 Wellmoor Court is a 79,600-square-foot warehouse and distribution building situated on six acres. Building features include approximately 2,000 square feet of office space, 28-foot clear heights, six dock-high loading doors and an ESFR sprinkler system. The property’s tenants include Archive Systems and Big 10 Tires. Built in 1972, 8220 Wellmoor Court is a 112,150-square-foot warehouse situated on 10.4 acres. Property features include 25-foot clear heights, 20 external loading doors, 60 surface parking spaces and a fenced lot. The property’s tenants include Acme Paper and Giant Foods.
GAINESVILLE, FLA. — JLL Capital Markets has arranged the sale of Gainesville Plaza, a 165,705-square-foot shopping center in Gainesville. Brad Peterson and Whitaker Leonhardt of JLL represented the sellers, Wicker Park Capital Management and Riverstone Capital Group, in the transaction. Cobalt Real Estate Solutions, an affiliate of Divaris Real Estate Inc, purchased the property for $19.1 million. Anchored by Burlington and Ross Dress for Less, Gainesville Plaza was 96.7 percent leased at the time of sale to tenants, including 2nd & Charles, Save-A-Lot, Five Below and Hibbett Sports. Built in 1971 and renovated in 2015, the property is currently expanding with the addition of a new two-tenant outparcel pad preleased to Firehouse Subs and Tropical Smoothie Café, along with a new adjacent Wendy’s location. Located on 16.5 acres at 2649 NW 13th St., Gainesville Plaza is situated 1.8 miles from the University of Florida and 4.8 miles from the Gainesville Regional Airport.
MISSION VIEJO, CALIF. — Gerrity Group has completed the disposition of Gateway Center, a retail destination in Orange County’s Mission Viejo. San Jose-based DJM Capital acquired the asset for $39.5 million. Completed in 1979, Gateway Center features 79,001 square feet of retail space. Current tenants include Starbucks Coffee, Cold Stone Creamery, Subway, Baja Fresh, Happy Minds Academy, Oggi’s, San Diego Credit Union, Gateway Liquor, Dance Daly Ballroom, Fit Pilates, Thai Body Works, Saddleback Urgent Care, Sweet Pediatric Dental and French’s Pastry. The property is located on 7.3 acres at 23972-24042 Alicia Parkway. Gleb Lvovich, Bryan Ley and Geoff Tranchina of JLL Retail Capital Markets represented the seller in the transaction. Jeff Sause and John Marshall of JLL Debt Placement arranged a three-year, floating-rate acquisition loan for the buyer.
ITASCA, ILL. — JVM Realty Corp. has acquired The Residences at Hamilton Lakes in Itasca, a northwest suburb of Chicago. The purchase price and seller were not released. The 297-unit luxury apartment community is located at 1133 N. Arlington Heights Road. Built in 2017, the property rises four stories with studio, one-, two- and three-bedroom floorplans. Amenities include a fitness center, pool, gourmet kitchen, outdoor patio space, theater and a rejuvenation center complete with a hot tub, steam room and sauna. This is the sixth acquisition for JVM Realty in the Chicagoland area. The company’s portfolio consists of 19 communities across four states.
ST. PAUL, MINN. — CBRE has brokered the sale of University Crossing in St. Paul for $14.8 million. The 84,150-square-foot medical office and industrial technology building is located at 2200 University Ave. The fully leased property was built in 1990. Judd Welliver, Sonja Dusil, Ryan Watts, Bentley Smith and Tom Holtz of CBRE represented the seller, Essjay Investments Co. LLC. Capital Partners LLP was the buyer.
AURORA, COLO. — Marcus & Millichap has brokered the sale of Hilton Garden Inn Denver Airport, a hospitality property located at 16475 E. 40th Circle in Aurora. The hotel traded hands for $27.5 million. The names of the seller and buyer were not released. Hilton Garden Inn Denver Airport features 157 guest rooms. The seller completed a renovation of the guest rooms in 2021, and the buyer plans to renovate the lobby and public areas in early 2022.
SAN FRANCISCO — Paceline Investors has completed the disposition of 1270 Bush Street, a light industrial property in San Francisco. Sterling Organization acquired the asset for $19.3 million. Situated on a 18,906-square-foot lot, the 38,000-square-foot building is zoned for a wide range of residential and commercial uses. Mark Geisreiter, Seth McKinnon and Nadav Kariv of Newmark represented the seller and Florida-based buyer in the deal.
