Acquisitions

Xebec Realty Partners Buys 6.1-Acre Industrial Redevelopment Opportunity in San Fernando Valley

by Amy Works January 20, 2022

SYLMAR, CALIF. — Xebec Realty Partners has purchased a 6.1-acre redevelopment opportunity in Sylmar from Howmet Aerospace for $24 million. Located at 12975 Bradley Ave., the property is currently improved with an approximately 104,903-square-foot industrial building, which will be torn down in favor of a high-bay, Class A industrial building. The property is zoned M2, permitting a wide range of uses including wholesale, storage, limited commercial, manufacturing and media products. John DeGrinis, Patrick DuRoss and Jeff Abraham of Newmark represented the seller and buyer in the deal.

January 20, 2022

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Negotiates $7.5M Purchase of Apartment Portfolio in Grand Junction, Colorado

by Amy Works January 20, 2022

GRAND JUNCTION, COLO. — Pinnacle Real Estate Advisors has arranged the acquisition of a three-property multifamily portfolio in Grand Junction. The assets traded for $7.5 million, or $100,000 per unit. Totaling 75 units, the portfolio includes a mix of one- and two-bedroom layouts. The communities are located at 306, 420 and 445 Chipeta Ave. Chirs Knowlton of Pinnacle Real Estate represented the buyer in the transaction.

January 20, 2022

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $3.8M Sale of Vara Multifamily Property in Phoenix

by Amy Works January 20, 2022

PHOENIX — ABI Multifamily has arranged the sale of Vara, an apartment community located at 2922 N. 35th St. in Phoenix. A California-based buyer acquired the property for $3.8 million, or $180,476 per unit, from California-based seller. Vara features 21 units consisting of 19 one-bedroom/one-bath units and two two-bedroom/one-bath units. The property was built in 1968 and renovated in 2017. Each unit is metered for electricity. John Klocek and Patrick Burch of ABI Multifamily represented the buyer in the deal.

January 20, 2022

Acquisitions Development Industrial NAI Texas

NAI Partners Arranges Sale of 78-Acre Industrial Development Site in Metro Houston

by Taylor Williams January 20, 2022

WALLER, TEXAS — NAI Partners has arranged the sale of a 78-acre industrial development site in Waller, a northwestern suburb of Houston. The site is located within Beacon Hill, a 564-acre mixed-use development by Wolff Cos. John Simons, Gray Gilbert and Chris Haro of NAI Partners represented Wolff Cos. in the transaction. The buyer, Houston-based Hines, plans to develop an industrial park that will be able to support up to 1.3 million square feet of warehouse, distribution and/or manufacturing space. NAI Partners has also been tapped to market the project.

January 20, 2022

Acquisitions Illinois Midwest Office

JLL Arranges Sale of Two-Building Office Portfolio in Downers Grove, Illinois

by Kristin Harlow January 20, 2022

DOWNERS GROVE, ILL. — JLL Capital Markets has arranged the sale of Corridors I and II, a two-building office portfolio totaling 301,606 square feet in the Chicago suburb of Downers Grove. The sales price was undisclosed. Built in the late 1990s, the properties are located at 2651 and 2655 Warrenville Road with immediate access to I-88 and I-355. The five-story buildings are fully leased to tenants such as Huntington, Oak Street Health and Citgo. Amenities include a fitness center, conference facility, deli, tenant lounge and parking garage. Patrick Shields, Sam DiFrancesca, Jaime Fink, Jeff Bramson and Bruce Miller of JLL represented the seller, Soundview Real Estate Partners. The team also procured the buyer, Group RMC.

January 20, 2022

Acquisitions Loans Multifamily Texas

Marcus & Millichap Brokers Sale of 396-Unit Apartment Community in Weatherford, Texas

by Taylor Williams January 20, 2022

WEATHERFORD, TEXAS — Marcus & Millichap has brokered the sale of Lone Oak, a 396-unit apartment community located in the western Fort Worth suburb of Weatherford. The property was built on 18 acres in 2020. Units feature stainless steel appliances, granite countertops and full-size washers and dryers. Amenities include a pool, clubhouse with a game room and a fitness center. John McGregor, Nick Fluellen and Bard Hoover of Marcus & Millichap represented the buyer and seller, both of which requested anonymity, in the transaction. New York City-based Ready Capital provided a $59.3 million acquisition loan for the deal. The borrower plans to use a portion of the proceeds to fund capital improvements.

January 20, 2022

Acquisitions Industrial Leasing Activity Midwest Nebraska

Cushman & Wakefield/Lund Negotiates Lease, Sale of 178,368 SF Industrial Property in Nebraska

by Kristin Harlow January 20, 2022

LA VISTA, NEB. — Cushman & Wakefield/The Lund Co. has negotiated both the lease renewal and sale of 11720 Peel Circle in La Vista, a suburb just south of Omaha. The 178,368-square-foot industrial property sits on 16 acres within the Sarpy West submarket. Denny Sciscoe of Cushman & Wakefield/Lund represented the current tenant in its lease renewal. Upon completion of the lease transaction, Sciscoe also marketed the building for sale. The total consideration for both the lease renewal and the sale was $23 million.

January 20, 2022

Acquisitions Multifamily Texas

Hazel Equity Buys 261-Unit Multifamily Property in Northwest Houston

by Taylor Williams January 20, 2022

HOUSTON — Locally based investment firm Hazel Equity has purchased Cranbrook Forest, a 261-unit multifamily property in northwest Houston. Built in 1983, the property offers one- and two-bedroom units with an average size of 829 square feet. The amenity package consists of a pool, fitness center, coffee bar, playground and a computer lab. The seller was an affiliate of New York City-based Lone Star Capital Group. Bob Heard, Teresa Lowery, Todd Stewart, Chip Nash, Cindy Cooke, Brad Cooke, Chris Roach and Matt Roach of Colliers brokered the deal. Cranbrook Forest was 92 percent occupied at the time of sale.

January 20, 2022

Acquisitions Massachusetts Northeast Office

Newmark Negotiates $190M Sale of Metro Boston Office Campus

by Taylor Williams January 20, 2022

ANDOVER, MASS. — Newmark has negotiated the $190 million sale of 3000 Minuteman Road, an office development that is situated within Minuteman Park, a corporate campus located about 25 miles north of Boston in Andover. According to LoopNet Inc., the property consists of six buildings totaling roughly 700,000 square feet on a 120-acre site along the Merrimack River. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and William Sleeper of Newmark represented the seller, Atlantic Management, in the transaction. The buyer was not disclosed.

January 20, 2022

Acquisitions Development Industrial Northeast Pennsylvania

Dermody Acquires Former Manufacturing Site in York, Pennsylvania, Plans Redevelopment

by Taylor Williams January 20, 2022

YORK, PA. — Nevada-based Dermody Properties has acquired the former Glen-Gery Corp. manufacturing site in York with plans to redevelop the property into a 342,720-square-foot logistics center. Glen-Gery, a Pennsylvania-based manufacturer of building products, has occupied the 29.5-acre site for more than 50 years and will lease back the facility for the next two years. Dermody will begin construction of the logistics center at that time. The company also intends to complete roadwork improvements to the adjoining intersection.

January 20, 2022

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