Acquisitions

RK Centers Acquires Retail Property in Davie, Florida for $28.7M

by Julia Sanders January 11, 2022

DAVIE, FLA. — Sunny Isles Beach, Fla.-based RK Centers has acquired Lakeside Town Shops, a 79,746-square-foot retail property in Davie. The sales price was $28.7 million, or $361 per square foot. An entity known as Lakeside Town Shops LLC, which is managed by Columbia, S.C.-based Edens, was the seller. Dennis Carson of CBRE represented the seller and the buyer in the transaction. Lakeside Town Shops features three buildings on 10.3 acres. The property was 98 percent leased at the time of sale to 25 tenants, including Dollar Tree, Ross Dress for Less, Target SuperCenter and Chick-fil-A. Located at 5800 South University Drive, the property is situated 9.1 miles from Hollywood, 24.7 miles from Miami Beach and 7.6 miles from Miami Gardens. Lakeside Town Shops is also located 23.9 miles from Miami International Airport and 33.3 miles from the University of Miami.

January 11, 2022

Acquisitions Georgia Retail Southeast

Marcus & Millichap Brokers $9.1M Sale of CVS-Leased Store in Athens, Georgia

by Julia Sanders January 11, 2022

ATHENS, GA. — Marcus & Millichap has brokered the sale of a property located at 795 Oglethorpe Ave. in Athens that is leased to CVS/pharmacy. An undisclosed buyer purchased the 14,781-square-foot property for $9.1 million. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the undisclosed seller. “This CVS traded at list price for $600,000 more than what the sellers paid for it seven years ago, in addition to $3 million they collected in rent. This transaction is another example of the current peak demand for quality net lease inventory in the market today,” says McMinn. “Due to this demand and current supply constraints, we are still seeing cap rate compression and historic pricing for our sellers. There is no better time to be a seller than the present.”

January 11, 2022

Acquisitions Life Sciences Midwest Missouri

Cushman & Wakefield Arranges $92M Sale of Life Sciences Building in St. Louis

by Kristin Harlow January 11, 2022

ST. LOUIS — Cushman & Wakefield has arranged the sale of EDGE@BRDG in St. Louis for $92 million. The 151,829-square-foot life sciences building is fully leased and serves as the headquarters of Benson Hill Biosystems, a food technology company. Completed in 2020, the property features office and lab space as well as a test kitchen, sterilization station and walk-in refrigeration units. The building is located at 1001 N. Warson Road within 39 North, a 600-acre district anchored by the Donald Danforth Plant Science Center. Michael Hanrahan, Josh McGee and Josh King of Cushman & Wakefield represented the seller, Larson Capital Management. Chicago-based Harrison Street Real Estate Capital was the buyer.

January 11, 2022

Acquisitions Illinois Midwest Multifamily

JLL Brokers Sale of 403-Unit Apartment Community in Lombard, Illinois

by Kristin Harlow January 11, 2022

LOMBARD, ILL. — JLL Capital Markets has brokered the sale of City View at the Highlands in Lombard, a western suburb of Chicago. The apartment community rises seven stories with 403 units. Recently upgraded amenities include a pool, fitness center, community kitchen, business center, conference room and outdoor lounge areas. The property sits on five acres at 2720 S. Highland Ave. Units average 902 square feet. Kevin Girard, Marty O’Connell and Matthew Lawton of JLL represented the sellers, a joint venture between Marquette Cos. and an institutional partner. Torchlight Investors LLC was the buyer. The Hayman Co. will provide leasing and property management services. Jimmy Conley and Carter Wroblewski of JLL arranged $73.5 million in acquisition financing through Freddie Mac. JLL Real Estate Capital LLC will service the 10-year, floating-rate loan.

January 11, 2022

Acquisitions Industrial Midwest Missouri

Newmark Zimmer Negotiates Sale of 700,000 SF Distribution Center in Kansas City

by Kristin Harlow January 11, 2022

KANSAS CITY, MO. — Newmark Zimmer has negotiated the sale of 4001 N. Norfleet Road in Kansas City for an undisclosed price. The 700,000-square-foot distribution center was built in 2007 as a build-to-suit for Musician’s Friend, which continues to occupy the property today. The facility sits on 68 acres near I-435. Mark Long, John Hassler, Jim Linn and Bret Hardy of Newmark Zimmer brokered the transaction. Buyer and seller information was not provided.

January 11, 2022

Acquisitions Industrial Texas

Reich Brothers Acquires 1.2 MSF Industrial Campus Near Houston

by Taylor Williams January 11, 2022

BAYTOWN, TEXAS — Reich Brothers, an investment firm based in White Plains, New York, has purchased the former DHL Intermodal Campus, a 1.2 million-square-foot industrial property located in the eastern Houston suburb of Baytown. The rail- and barge-served campus consists of four buildings spanning between 200,000 and 400,000 square feet on a 67-acre site. Building features include 28- to 40-foot clear heights, more than 100 dock-high doors, ample car and trailer parking and renovated office space. The seller and sales price were not disclosed. The new ownership plans to invest in site improvements at the property to further enhance its functionality for distribution, rail and port-related logistics and manufacturing uses.

January 11, 2022

Acquisitions Office Texas

Colliers Brokers Sale of 260,000 SF Meadow Park Tower in Dallas

by Taylor Williams January 11, 2022

DALLAS — Colliers has brokered the sale of Meadow Park Tower, a 260,000-square-foot office building located along the North Central Expressway corridor in Dallas. Dallas-based owner-operator Bradford Cos. purchased the property from an undisclosed seller and plans to invest about $8 million in capital improvements. Construction of that project will start during the current quarter. The sales price was not disclosed. Creighton Stark and Chris Boyd of Colliers brokered the deal along with Richmond Collinsworth of Bradford Cos.

January 11, 2022

Acquisitions Industrial Office Texas

Partners Capital Buys 90,000 SF Silverlake Business Park in Metro Houston

by Taylor Williams January 11, 2022

PEARLAND, TEXAS — Partners Capital, the investment management platform and development arm of Partners Real Estate Co., has purchased Silverlake Business Park, a five-building, 90,000-square-foot office and industrial complex located in the southern Houston suburb of Pearland. Wes Cole of Cantera Real Estate Group represented Partners Capital in the off-market transaction in conjunction with internal agents Andrew Pappas and Adam Hawkins. The seller and developer, WC Properties Ltd., was self-represented. Veritex Bank provided acquisition financing for the transaction.

January 11, 2022

Acquisitions Hospitality New York Northeast

RLJ Sells DoubleTree by Hilton Hotel in Manhattan for $169M

by Taylor Williams January 11, 2022

NEW YORK CITY — Maryland-based hospitality REIT RLJ Lodging Trust (NYSE: RLJ) has sold the 764-room DoubleTree by Hilton Hotel Metropolitan New York City for $169 million. The sale of the property, which is located at 569 Lexington Ave. in Midtown, equates to a per-room price of roughly $221,000. The property offers amenities such as a fitness center, salon, business center, conference facilities and an onsite bar and lounge.

January 11, 2022

Acquisitions Multifamily New York Northeast

JLL Negotiates Sale of 504-Unit Apartment Community in Nanuet, New York

by Taylor Williams January 11, 2022

NANUET, N.Y. — JLL has negotiated the sale of Alister Nanuet, a 504-unit apartment community in Nanuet, located about 30 miles north of Manhattan. The property features an average unit size of 1,208 square feet and amenities such as a pool, tennis court, fitness center, dog park, clubhouse and outdoor grilling and picnic areas. Jose Cruz, Michael Oliver, Steve Simonelli, Kevin O’Hearn and Michael Zlotnick of JLL represented the undisclosed seller in the transaction. New York City-based Cammeby’s purchased the asset for an undisclosed price.

January 11, 2022

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