Acquisitions

Newmark Brokers Sale of 248-Unit Apartment Community in Marshfield, Massachusetts

by Taylor Williams January 17, 2022

MARSHFIELD, MASS. — Newmark has brokered the sale of Modera Marshfield, a 248-unit apartment community located in the South Shore city of Marshfield. Built in 2021, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, multiple outdoor dining and lounge areas and shared workspaces. Michael Byrne, Thomas Greeley, Devlin Man and Casey Griffin of Newmark represented the seller, a partnership between Mill Creek Residential Trust and CrossHarbor Capital Partners, in the transaction. Boston-based TA Realty purchased Modera Marshfield, which was 90 percent occupied at the time of sale, for an undisclosed price.

January 17, 2022

Acquisitions Northeast Office Pennsylvania

Kislak Negotiates $16M Sale of Harrisburg Office Building

by Taylor Williams January 17, 2022

HARRISBURG, PA. — The Kislak Co. Inc., a New Jersey-based brokerage firm, has negotiated the $16 million sale of Olde Liberty Square, a 95,000-square-foot office building in Harrisburg. The property sits on 4.6 acres and features 310 parking spaces. Matt Wolf and Robert Holland of Kislak represented the seller, Room One Corp., in the transaction. Bo Mangam of Landmark Commercial represented the buyer, an entity doing business as Empire Liberty Square LLC.

January 17, 2022

Acquisitions Development Illinois Industrial Midwest

Bridge Industrial Acquires Former Progress Rail Site in McCook, Illinois, Plans 1.2 MSF Development

by Kristin Harlow January 17, 2022

MCCOOK, ILL. — Bridge Industrial has acquired 87 acres in McCook that was previously home to Caterpillar manufacturer Progress Rail. Bridge plans to build two industrial buildings totaling nearly 1.2 million square feet on the site. Progress Rail downsized its footprint and will continue to operate on the remainder of the area not sold to Bridge. Demolition of existing structures is scheduled to begin this month. Completion of the project is slated for mid-2023. The larger building, totaling 999,126 square feet, will feature 201 exterior docks, four drive-in doors, 211 trailer positions, 508 car parking spaces and a clear height of 40 feet. The smaller facility, totaling 189,953 square feet, will feature 43 docks, two drive-in doors, 48 trailer positions, 222 car parking spaces and a clear height of 36 feet.

January 17, 2022

Acquisitions Illinois Industrial Midwest

JLL Income Property Trust Purchases Suburban Chicago Distribution Center for $47M

by Kristin Harlow January 17, 2022

ELGIN, ILL. — JLL Income Property Trust has purchased a two-building distribution center in the northwest Chicago suburb of Elgin for $47 million. Constructed in 2020, the buildings total 407,000 square feet. The larger building features a clear height of 33 feet, while the smaller one features a clear height of 29 feet. Both facilities are fully leased. The seller was undisclosed.

January 17, 2022

Acquisitions Indiana Industrial Midwest

Colliers Brokers Sale of 248,363 SF Industrial Portfolio in Metro Indianapolis

by Kristin Harlow January 17, 2022

INDIANAPOLIS — Colliers has brokered the sale of a seven-building industrial portfolio totaling 248,363 square feet in metro Indianapolis for more than $25 million. Five of the buildings are located in Indianapolis while two are in Noblesville. Alex Cantu and Alex Davenport of Colliers represented the seller, GDW Properties. The portfolio sold to separate buyers, including Exeter Property Group, Biynah Industrial Partners, Trip Portfolio LLC and an unnamed private investor.

January 17, 2022

Acquisitions District of Columbia Florida Healthcare Southeast Top Stories

NREA, Catalyst Acquire Two National Healthcare Portfolios Totaling 1.2 MSF

by Taylor Williams January 17, 2022

WASHINGTON, D.C. AND PENSACOLA, FLA. — A joint venture between Washington, D.C.-based National Real Estate Advisors (NREA) and Florida-based Catalyst Healthcare Real Estate has acquired two national healthcare portfolios totaling approximately 1.2 million square feet Together, the portfolios comprise 40 properties across 13 states, the majority of which are located in Sun Belt markets. At the time of sale, the portfolios had a combined occupancy rate of 92 percent. Of that 1.1 million square feet of occupied space, about 88 percent is leased to regional healthcare systems and physician groups. The acquisition and recapitalization represent a total investment of approximately $420 million. The sellers were also not disclosed. “These transactions underscore our commitment to investing in highly competitive, diverse markets that seek to generate long-term, healthy returns for our clients,” says Jeffrey Kanne, president and CEO of NREA. “This acquisition not only significantly scales our medical office portfolio but furthers our geographic diversification.” “Our joint venture strives to positively impact healthcare delivery by investing strategic capital with a partnership-like mentality,” adds Chad Henderson, founder and CEO of Catalyst. “The closing of the portfolios was a significant first step for our joint venture and paves the way for the future of …

January 17, 2022

Acquisitions Multifamily South Carolina Southeast

Marcus & Millichap Brokers $68.8M Sale of Three-Property Multifamily Portfolio in North Charleston

by Julia Sanders January 14, 2022

NORTH CHARLESTON, S.C. — Marcus & Millichap has brokered the sale of a three-property, 430-unit multifamily portfolio in North Charleston. The sales price for the portfolio was $68.8 million, or $160,105 per unit. Ian Turnbull, Jim Davis, Nate McDaniel and William Graves Jr. of Marcus & Millichap represented the undisclosed seller, the developer of the properties, and procured the undisclosed buyer, a private investor. The properties include Summerfield Apartments, Willow Ridge Apartments and Dove Creek Townhomes. Built in 2009, Summerfield includes 152 units and was sold for $24.7 million. Willow Ridge is a 145-unit property built in 2002 and was sold for $22.5 million. Built in 2010, Dove Creek features 133 units and was sold for $21.6 million.

January 14, 2022

Acquisitions Industrial Kentucky Southeast

A&G, Murray Wise Secure Stalking Horse Bidder for 1.9 MSF Greenhouse Property in Paris, Kentucky

by Julia Sanders January 14, 2022

PARIS, KY. — A&G Real Estate Partners and Murray Wise Associates LLC have secured a stalking horse bidder for the sale of AgTech Scientific Greenhouse, a 1.9 million-square-foot greenhouse and agricultural warehouse complex in Paris. Aurora Management Partners is the receiver seller for original owners AgTech Scientific Group LLC, Color Point LLC and undisclosed affiliates. The stalking horse bidder, an undisclosed agricultural company, has entered into an asset purchase agreement for $22.5 million. Competing bids, which must meet or exceed $22.9 million, are due by Monday, Jan. 31. Previously, the property was fully occupied by AgTech as the company’s hemp-growing and CBD-production operations facility. Located at 1077 Cane Ridge Road, the vacant complex is situated 26.1 miles from Lexington and 32.5 miles from Blue Grass Airport. The 151-acre property includes multiple greenhouse ranges, along with 155,000 square feet of warehouse and office space and 150,000 square feet of polytunnels. The irrigation system is sourced by a lake on the property. The complex includes a main office and production barn, a shipping building, two storage buildings and six greenhouse ranges, each of which totals approximately 270,000 to 280,000 square feet. The east side of the greenhouse range features two separate water …

January 14, 2022

Acquisitions North Carolina Office Southeast

Crescent Communities Acquires 133,368 SF SouthCourt Office Property in Durham

by Julia Sanders January 14, 2022

DURHAM, N.C. — Crescent Communities has acquired SouthCourt, a 133,368-square-foot, Class A office property in Durham. John Mikels, Daniel Flynn, Ryan Clutter and Chris Lingerfelt of JLL Capital Markets represented the undisclosed seller. The sales price was also not disclosed. Built in 1998, the six-story SouthCourt office property was 75.4 percent leased at the time of sale to a variety of tenants, including publicly traded international firms, expanding regional companies and local businesses in the healthcare, financial services, life sciences and legal industries. Located at 3211 Shannon Road, SouthCourt is situated 4.1 miles from downtown Durham and 7.6 miles from Chapel Hill. In addition, SouthCourt is close to Duke University, University of North Carolina at Chapel Hill and Research Triangle Park, as well as the Interstate 40.

January 14, 2022

Acquisitions Midwest Missouri Multifamily Northmarq

Northmarq Negotiates $42.5M Sale of Multifamily Portfolio in Kansas City

by Kristin Harlow January 14, 2022

KANSAS CITY, MO. — Northmarq has negotiated the sale of a 280-unit multifamily portfolio in Kansas City for $42.5 million. Built in 1985, Fountainhead consists of three-story apartment buildings. Three Fountains consists of a mix of one- and two-story townhomes. Both communities offer fitness centers and pools. Kyle Tucker and John Duvall of Northmarq secured acquisition financing through Freddie Mac. JB Partners sold the portfolio to Revitate Cherry Tree, a California-based investment company.

January 14, 2022

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