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Acquisitions

Two-Drydock-Boston
AcquisitionsMassachusettsNortheastOffice

KKR, Synergy Acquire Office Building in Boston’s Seaport District for $234.5M

by Taylor Williams

BOSTON — A partnership between global investment firm KKR and Boston-based Synergy Investments has acquired Two Drydock, a 235,000-square-foot office building located in the state capital’s Seaport District, for $234.5 million. The 13-story building features 7,000 square feet of ground-floor retail space that was recently leased to Lord Hobo Brewing Co. and Render Coffee, as well as 150 above-ground parking spaces and a 10,000-square-foot outdoor plaza. Newmark represented the seller, international developer Skanska, which originally broke ground on the property in June 2018, in the transaction.

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Tyson Court
AcquisitionsMultifamilySoutheastTennessee

LawlerWood Sells Multifamily Property in Downtown Knoxville for $6.6M

by Julia Sanders

KNOXVILLE, TENN. — LawlerWood has sold Tyson Court, a 30-unit multifamily property located in downtown Knoxville. Daniel Odle and Sam Harrell represented the seller, an entity known as Tyson Court LLC, internally in the transaction. An entity known as Tyson Court Apartments LLC purchased the property for $6.6 million. Built in 2019, Tyson Court offers studio, one- and two-bedroom floorplans. Units feature quartz countertops, modern cabinetry, stainless steel appliances and washer and dryers in each unit. The property also has on- and off-street parking for all units. The property was fully occupied at the time of sale. Located at 140 Jennings Ave., the property is situated off of North Central Street close to retailers and restaurants such as Wicked Chicken, Chivo Taqueria, Emilia, K Brew, Knox Food Park and Marble City Market, a food court. Additionally, the property is two miles from the University of Tennessee.

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AcquisitionsIllinoisIndustrialMidwest

Dayton Street Partners Sells 208,000 SF Distribution Center in Morton Grove, Illinois

by Kristin Harlow

MORTON GROVE, ILL. — Dayton Street Partners has sold a 208,000-square-foot distribution center in Morton Grove, about 16 miles northwest of Chicago. The sales price was undisclosed. The property, located at 6123 Monroe Court, features a clear height of 28 feet, 17 loading docks, three drive-in doors, parking for 150 cars and 1.5 acres of trailer parking. The facility was fully leased at the time of sale to five tenants. Dayton Street acquired the asset in 2016 and updated its façade, repaved the parking lots, installed a new roof and added new signage. Michael Caprile, Zach Graham and Ryan Bain of CBRE represented Dayton Street in the sale. Brookfield Property Group was the buyer.

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AcquisitionsIndustrialMidwestWisconsin

Coldwell Banker Commercial Arranges $12.1M Sale of Industrial Building in Janesville, Wisconsin

by Kristin Harlow

JANESVILLE, WIS. — Coldwell Banker Commercial has arranged the $12.1 million sale of a 150,000-square-foot industrial building in Janesville, about 75 miles southwest of Milwaukee. Built in 2016 and located at 4260 Capital Circle, the property features a clear height of 30 feet, 12 exterior docks and two drive-in doors. The tenant, IPM Foods, completed a lease renewal and expansion earlier this year. Following the expansion of warehouse space and a freezer, the building will measure 170,000 square feet. Bill Mears and Adam Schultz of Coldwell Banker Commercial McGuire Mears & Associates represented the seller, Badger Property Investments. The buyer was not provided.

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AcquisitionsIllinoisIndianaMichiganMidwestRetail

Boulder Group Brokers $5.4M Sale of Dollar General Portfolio Across Three States

by Kristin Harlow

MICHIGAN, INDIANA AND ILLINOIS — The Boulder Group has brokered the sale of a portfolio of properties net leased to Dollar General for $5.4 million. The four single-tenant buildings are located in Battle Creek, Mich., Bedford, Ind., Sheffield, Ill. and Streator, Ill. Randy Blankstein and John Feeney of Boulder represented the seller, a West Coast-based private individual, as well as the buyer, a Midwest-based institution. Each property has 10 to 12 years remaining on its lease term.

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AcquisitionsIndustrialNew JerseyNortheast

Seagis Property Group Acquires 63,000 SF Warehouse in South Hackensack, New Jersey

by Taylor Williams

SOUTH HACKENSACK, N.J. — Metro Philadelphia-based investment firm Seagis Property Group has acquired a 63,000-square-foot warehouse in South Hackensack, located outside of New York City in the Meadowlands submarket. The property was fully leased at the time of sale. The seller and sales price were not disclosed. The deal increases the size of Seagis Property Group’s New Jersey portfolio to 33 buildings totaling 5.2 million square feet.

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Union Cross Distribution Center
AcquisitionsIndustrialNorth CarolinaSoutheast

Dalfen Acquires 304,200 SF Industrial Property in Winston-Salem, North Carolina

by Julia Sanders

WINSTON-SALEM, N.C. — Dalfen Industrial has acquired Union Cross Distribution Center, a 304,200-square-foot industrial property in Winston-Salem. The sales price and seller were not disclosed. The building was fully leased at the time of sale. Built in 2006, Union Cross Distribution Center is located one mile off Interstate 74 with convenient access to Interstates 40 and 85. This location provides a last-mile distribution opportunity within North Carolina’s Triad region to reach Winston-Salem, Greensboro and High Point’s population base. Other tenants nearby include FedEx, Amazon, Caterpillar, Proctor & Gamble and PepsiCo.

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McLane Distribution Center
AcquisitionsFloridaIndustrialSoutheast

Cushman & Wakefield Arranges $27.3M Sale of Distribution Center in Lakeland, Florida

by Julia Sanders

LAKELAND, FLA. — Cushman & Wakefield has arranged the sale of McLane Distribution Center, a 211,113-square-foot distribution center located in Lakeland. The property is fully leased to the McLane Co. Inc., a supply chain services company. Mike Davis, Rick Brugge, Rick Colon, Zachary Eicholtz, Chloe Strada and Dominic Montazemi of Cushman & Wakefield represented the seller, Morris Realty Co., in the transaction. New York-based Brookfield Properties acquired the building for $27.3 million. Located at 2929 Old Tampa Highway, the McLane Distribution Center is situated 30.6 miles east of Tampa and 58.3 miles west of Orlando. The property is also 3.4 miles from downtown Lakeland, and is situated near retailers such as Lakeland-based Publix, Silver Moon Swap Shop Flea Market and a Shell gas station. Built in 1973, the building includes clear heights up to 28 feet, 35-foot x 40-foot column spacing and ample dock-high loading.

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Colonial Square
AcquisitionsRetailSoutheastVirginia

United Hampshire Acquires Grocery-Anchored Shopping Center in Metro Richmond for $26.3M

by Julia Sanders

COLONIAL HEIGHTS, VA. — United Hampshire US REIT, a Singapore-based real estate investment trust, has acquired Colonial Square, a 168,326-square-foot, grocery-anchored shopping center in Colonial Heights, about 23 miles south of Richmond. Jordan Lex, Daniel Naughton and Bill Moylan of JLL represented the seller, an entity known as Colonial Square Associates, in the $26.3 million transaction. Colonial Square was 99 percent leased at the time of sale to tenants including Publix, Locke Supply Co., Wells Fargo and Dollar General. Built in 1967, the center was most recently renovated in 2017 that coincided with the Publix opening. Located off Interstate 95 at 3107 Blvd., the shopping center is situated 20.5 miles from downtown Richmond, 27.8 miles from University of Richmond and 2.2 miles from Southpark Mall, a shopping mall with shops, a food court and a movie theater.

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AcquisitionsOfficeTexas

City Office REIT Buys Terraces Building in Dallas for $133.5M

by Taylor Williams

DALLAS — Vancouver, British Columbia-based City Office REIT has purchased The Terraces, a 173,000-square-foot building located in the Preston Center submarket of Dallas, for $133.5 million. The property was built in 2017 and features amenities such as a fitness center, rooftop deck, full-service deli and a conference facility. At the time of sale, The Terraces was 99 percent leased to a roster of tenants with a weighted average remaining lease term of eight years. The seller was not disclosed.

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