Acquisitions

JLL Arranges $61.6M Sale of Apartment Complex in Minneapolis

by Kristin Harlow February 3, 2022

MINNEAPOLIS — JLL Capital Markets has arranged the $61.6 million sale of Marquee, a 231-unit apartment complex in the Loring Park neighborhood of Minneapolis. The mid-rise property features amenities such as a private conference room, dog wash station, clubroom, rooftop pool, fitness center, resident lounge and bike storage. The community also includes 8,865 square feet of retail space. Mox Gunderson and Dan Linnell of JLL represented the seller, Reuter Walton Development. KC Venture Group LLC was the buyer.

February 3, 2022

Acquisitions Industrial Midwest Minnesota

Colliers Brokers Sale of Three-Property Industrial Portfolio in Minnetonka, Minnesota

by Kristin Harlow February 3, 2022

MINNETONKA, MINN. — Colliers Minneapolis-St. Paul has brokered the sale of a three-property industrial portfolio in Minnetonka for an undisclosed price. The portfolio totals 168,315 square feet and was 99 percent occupied at the time of sale. The buildings, constructed in the 1970s and 1980s, range in size from 37,094 square feet to 68,721 square feet. Mark Kolsrud, John McCarthy, Peter Loehrer, Pete Carbonneau, Kyle Delarosby and Lydia Turczyn of Colliers represented the undisclosed seller. Ryan Cos. US Inc. was the buyer.

February 3, 2022

Acquisitions Illinois Industrial Midwest

Clear Height Properties, Harbert Acquire 83,745 SF Industrial Portfolio in Addison, Illinois

by Kristin Harlow February 3, 2022

ADDISON, ILL. — A joint venture between Illinois-based real estate investor Clear Height Properties and Harbert US Real Estate, an investment strategy sponsored by Harbert Management Corp., has acquired an 83,745-square-foot industrial portfolio in Addison, a western suburb of Chicago. The purchase price was not provided. The four buildings are situated along Cortland Court. The portfolio is just over 90 percent leased to a variety of tenants. Erik Foster, Mike Wilson, Adam Haefner, Zeke Rowan and Martin Mikaitis of Avison Young represented the undisclosed seller.

February 3, 2022

Acquisitions Georgia Industrial Southeast

Panattoni Sells Industrial Portfolio in Metro Atlanta for $112M

by Julia Sanders February 3, 2022

ADAIRSVILLE AND CARTERSVILLE, GA. — Panattoni has sold a two-property, Class A industrial portfolio totaling 949,211 square feet in metro Atlanta. Dennis Mitchell, Matt Wirth, Britton Burdette and Jim Freeman of JLL represented Panattoni in the transaction. Affiliates of LXP Industrial Trust acquired the property for $112 million. The portfolio comprises Georgia North Industrial Park Building 100 and Bartow Commerce Center Buildings 1 and 2. Tenants at the properties include Wellmade, Airman USA Corp. and Textron. Both properties have easy access to Interstate 285, Hartsfield-Jackson Atlanta International Airport and the Appalachian Regional Port. Built in 2020, the rear-load Georgia North Industrial Park Building 100 provides 225,211 square feet of multi-tenant space and features tilt-wall construction, 32-foot clear heights, 36 loading positions, 50 trailer parking stalls, ESFR fire protection and LED lighting. Located at 95 International Parkway in Adairsville, the property is situated within one mile of Interstate 75. Constructed in 2021, Bartow Commerce Center Buildings 1 and 2 feature rear-load configurations, clear heights ranging from 32 to 36 feet, 84 dock-high doors, eight grade-level doors with ramps, ESFR fire protection, LED lighting and 161 trailer parking stalls. The buildings are situated at 41 and 51 Busch Drive NE in Cartersville, …

February 3, 2022

Acquisitions Office Texas

Skanska Sells Two Office Buildings in Houston’s Energy Corridor for $147M

by Taylor Williams February 3, 2022

HOUSTON — International developer Skanska has sold West Memorial Place I and II, two office buildings located in Houston’s Energy Corridor submarket, for $147 million. The two-building complex totals approximately 716,000 square feet. West Memorial Place I was completed in 2015, and the sister building was completed in 2016. Amenities include a fitness center, onsite dining options and a connected parking structure. The buyer was a joint venture led by Houston-based Fuller Realty Interests LLC.

February 3, 2022

Acquisitions Industrial Texas

Triten Real Estate Buys 100-Acre Outdoor Storage Portfolio in Northeast Houston

by Taylor Williams February 3, 2022

HOUSTON — Triten Real Estate Partners, a development and investment firm with offices in Houston and Dallas, has purchased a portfolio of outdoor storage facilities totaling 100 acres in northeast Houston. The sites are located near Interstates 610 and 10, as well as Union Pacific railyards, and can also support truck parking and drayage users. Andrew Jewett of CBRE represented Triten Real Estate in the transaction. Blake Gibson of Colliers represented the undisclosed seller.

February 3, 2022

Acquisitions Net Lease Oklahoma Retail Texas

Stan Johnson Co. Arranges $7.3M Sale of Tulsa Retail Property Leased to CVS

by Taylor Williams February 3, 2022

TULSA, OKLA. — Stan Johnson Co., a locally based brokerage firm focused on net-leased assets, has arranged the $7.3 million sale of a 13,225-square-foot retail property in Tulsa that is leased to CVS. The property was built in 2011. B.J. Feller of Stan Johnson Co. represented the seller in the transaction. A California-based institutional investor acquired the asset. The deal traded at a cap rate of 5.25 percent and was executed via a 1031 exchange.

February 3, 2022

Acquisitions Florida Retail Southeast

Sleiman Enterprises Acquires 160,000 SF Shopping Center in Delray Beach, Florida

by Julia Sanders February 3, 2022

DELRAY BEACH, FLA. — Sleiman Enterprises has acquired Delray Square, a 160,000-square-foot shopping and dining destination in Delray Beach. Berkeley Capital Advisors represented the undisclosed seller in the transaction. The sales price was not disclosed. Built in 1976 on approximately 16 acres, Delray Square has tenants including Publix, Hobby Lobby, Walgreens, Chipotle and Chick-fil-A. Publix recently relocated to a newly constructed 45,600-square-foot space at the property, while Hobby Lobby recently signed a long-term lease with plans to open in the next few months. Redevelopments occurred in 2019 at Delray Square, which included new LED lighting for the parking lot, newly built anchor store and shops, roof renovation of Hobby Lobby and an overhauled façade. The property was 96 percent occupied at the time of sale. Located at 4771 W. Atlantic Ave., the property is situated 3.2 miles from Delray Beach and 10.4 miles from Boca Raton. The property is also 8.7 miles from the Boca Raton Airport and 7.9 miles from Florida Atlantic University.

February 3, 2022

Acquisitions Net Lease New York Northeast

iStar Inc. Agrees to Sell National Portfolio of Net-Leased Assets for $3B

by Taylor Williams February 3, 2022

NEW YORK CITY — New York City-based investment firm iStar Inc. (NYSE: STAR) has entered into an agreement to sell its portfolio of net-leased office, industrial and entertainment properties for roughly $3 billion. The properties are located in various markets throughout the country and total approximately 18.3 million square feet. The buyer is an affiliate of New York City-based private equity firm Carlyle Group. The deal is expected to close before the end of the first quarter. The stock price of iStar Inc. closed at $24.94 per share on Wednesday, Feb. 2, the first full day of trading after the deal was announced. The stock price is currently up more than 50 percent from its mark of $15.81 a year ago.

February 3, 2022

Acquisitions Development Industrial New Jersey Northeast

CBRE Negotiates $17.5M Sale of Industrial Development Site in Mahwah, New Jersey

by Taylor Williams February 3, 2022

MAHWAH, N.J. — CBRE has negotiated the $17.5 million sale of an industrial development site located at 1000 MacArthur Blvd. in the Northern New Jersey community of Mahwah. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer, Zach McHale, Matthew Saker and Patrick Cavanagh of CBRE represented the seller, TD Bank, in the transaction. The team also procured the buyer, a partnership between Russo Development and PGIM. The new ownership has secured approvals to develop a 200,000-square-foot building. Demolition of the existing 60,000-square-foot structure on site is set to begin in the coming days.

February 3, 2022

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