Acquisitions

SRS Brokers $58.2M Sale of Large Distribution Center in Effingham, Illinois

by Kristin Harlow December 23, 2021

EFFINGHAM, ILL. — SRS Real Estate Partners has brokered the $58.2 million sale of a 1.3 million-square-foot distribution center occupied by Sherwin-Williams in Effingham, about 90 miles southeast of Springfield. The property sits on 71 acres at 711 W. Wabash Ave. John Redfield, Britt Raymond and Kyle Fant of SRS represented the seller, a private partnership. JRW Realty represented the buyer, ExchangeRight. The facility serves as the only center that Sherwin-Williams uses to distribute coatings for the automotive industry. More than 300 workers are employed at the property.

December 23, 2021

Acquisitions Michigan Midwest Office

Bedrock Acquires Former UAW-GM Training Center in Detroit

by Kristin Harlow December 23, 2021

DETROIT — Dan Gilbert’s Bedrock has acquired The ICON, a 420,000-square-foot facility in Detroit that formerly served as the home of the UAW-GM training center. The purchase price was undisclosed, but the vacant property previously traded hands for $34 million in November 2020, according to Crain’s Detroit Business. In addition to office and training space, the property includes 880 parking spaces, a 375-seat auditorium and direct access to Detroit’s East Riverfront. Located at 200 Walker St., the facility is adjacent to a 500,000-square-foot office building at 300 River Place that Bedrock also owns.

December 23, 2021

Acquisitions Midwest Nebraska Office

Three-Building Office Portfolio in Omaha Trades Hands for $30.7M

by Kristin Harlow December 23, 2021

OMAHA, NEB. — A local family trust has sold a portfolio of three office buildings totaling 169,183 square feet in Omaha for $30.7 million. The portfolio includes: a 21,368-square-foot building at 2323 171st St.; a 47,815-square-foot property at 2425 S. 171st St.; and a 100,000-square-foot asset at 13609 California St. The properties are situated within Omaha’s Suburban West Dodge and Lakeside Hills submarkets. Steve Sheppard and Dan Fishburn of CBRE represented the seller. The portfolio sold to three undisclosed buyers.

December 23, 2021

Acquisitions Georgia Multifamily Southeast

Kaplan Residential Sells Apartment Community in Downtown Atlanta for $126.9M

by John Nelson December 23, 2021

ATLANTA — Kaplan Residential has sold Generation Atlanta, a 336-unit, 17-story high-rise apartment building located in downtown Atlanta. Frankforter Group purchased the community for $126.9 million. The sales transaction marks the largest multifamily sale in downtown Atlanta’s history, according to Kaplan Residential. Located at 369 Centennial Olympic Park Drive, Generation Atlanta offers studio apartments to two-bedroom units, spanning from 459 to 1,512 square feet, with monthly rents ranging from $1,600 to $3,650. Units feature quartz countertops, custom cabinetry, kitchen islands, stainless steel appliances, full-size washers and dryers, private balconies and smart keyless entry. Community amenities include an outdoor theater, rooftop pool and sundeck, bowling alley, EV charging stations, coffee bar, fitness center, yoga studio and a rooftop lounge that offers views of the Atlanta skyline. The property is located on a 1.8-acre land parcel close to Atlanta’s most notable landmarks, including Centennial Olympic Park, World of Coca-Cola, National Center for Civil & Human Rights, Georgia Aquarium, CNN Center, State Farm Arena and Mercedes-Benz Stadium.

December 23, 2021

Acquisitions Development Florida Industrial Southeast

CBRE Arranges $26.4M Sale of Industrial Site in Hialeah, Florida

by John Nelson December 23, 2021

HIALEAH, FLA. — CBRE has arranged the sale of North Dade Distribution, a 16.5-acre industrial site under development in Hialeah. Dallas-based Dalfen Industrial purchased the site for $26.4 million. Christian Lee, Chris Riley, José Lobón, Amy Julian and Royce Rose of CBRE represented the seller, Coconut Creek, Fla.-based Butters Realty, in the transaction. Slated to be completed in March 2023, North Dade Distribution will total 298,354 square feet. The rear-load warehouse will feature 32-foot clear heights, a 120-foot truck court, 240-foot building depth, separate ingress and egress access for cars and trucks and an ESFR sprinkler system. Located on the corner of 97th Ave. and 165th St., the site provides access to Interstate 75 and the Florida Turnpike via NW 138th St.

December 23, 2021

Acquisitions Florida Office Southeast

Integra, Constellation Group Trade Office Building in Miami Beach for $26.5M

by John Nelson December 23, 2021

MIAMI BEACH, FLA. — Miami-based Integra Investments, in partnership with Miami-based Constellation Group, has sold 1674 Meridian, a 31,979-square-foot office building in Miami Beach for $26.5 million or $828 price per square foot. The buyer was not disclosed. Integra Investments and Constellation Group acquired 1674 Meridian in August 2019 for $10.1 million. Over the course of their ownership, the firms completed building renovations including new HVAC systems, touchless elevators and face temperature camera telecoms. The Class A office building also includes 5,505 square feet of retail space. The five-story building is located one block from Lincoln Road, Miami Beach’s pedestrian-only, high street promenade with dining, retail and entertainment options.

December 23, 2021

Acquisitions New York Northeast Office

Boston Properties Acquires Midtown Manhattan Office Building for $300M

by Taylor Williams December 23, 2021

NEW YORK CITY — Boston Properties (NYSE: BXP) has acquired 350 Park Avenue South, a 450,000-square-foot office building in Midtown Manhattan. Enterprise Asset Management sold the 20-story building for approximately $300 million. The new ownership plans to implement a capital improvement program to enhance building systems, work suites and common areas. Boston Properties also secured a $220 million loan for the refinancing of the existing debt attached to the property.

December 23, 2021

Acquisitions New Jersey Northeast Office

CBRE Negotiates $16M Sale of Office Building in Roseland, New Jersey

by Taylor Williams December 23, 2021

ROSELAND, N.J. — CBRE has negotiated the $16 million sale of a 121,667-square-foot office building in the Northern New Jersey community of Roseland. At the time of sale, the property was 91 percent leased to tenants in the cybersecurity, legal and financial services sectors. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale of CBRE represented the seller, a partnership between Northlight Capital Partners and Accordia Realty, in the transaction. The team also procured the buyer, New York-based investment firm Aresco Management.

December 23, 2021

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers Sale of 53-Unit Apartment Complex in Toms River, New Jersey

by Taylor Williams December 23, 2021

TOMS RIVER, N.J. — Marcus & Millichap has brokered the sale of Briar Knoll, a 53-unit apartment complex in Toms River, located in the central coastal part of the Garden State. The property offers 43 one-bedroom units and 10 two-bedroom units. Chez Eider and Andrew Townsend of Marcus & Millichap represented the seller, Pine View Equity Group LLC, in the transaction, and procured a private investor as the buyer. James Conley and Neil Campbell of Marcus & Millichap Capital Corp. arranged acquisition financing for the buyer.

December 23, 2021

Stonepost-at-Shadow-Creek-Ranch-Pearland

Acquisitions Multifamily Texas

Waterton Acquires 360-Unit Stonepost at Shadow Creek Ranch Apartments in Metro Houston

by Taylor Williams December 22, 2021

PEARLAND, TEXAS — Chicago-based investment firm Waterton has acquired Stonepost at Shadow Creek Ranch, a 360-unit apartment community located within the Shadow Creek master-planned community in the southern Houston suburb of Pearland. Built on 27.5 acres in 2010, the garden-style property offers one-, two- and three-bedroom units with an average size of 1,150 square feet. Amenities include a pool, fitness center, resident clubhouse, grilling area, billiards room, playground and a dog park. Waterton plans to upgrade the community’s unit interiors, mechanical systems, exterior landscaping and parking areas, as well as to rebrand the community as Sladestone at Shadow Creek Ranch. The seller and sales price were not disclosed.

December 22, 2021

Newer Posts

Older Posts