Acquisitions

CA Health and Science Trust Acquires 95,000 SF Medical Office Building in Elgin, Illinois

by Kristin Harlow November 5, 2021

ELGIN, ILL. — CA Health and Science Trust Inc. (CAHST) has acquired a 95,000-square-foot medical office building in Elgin for an undisclosed price. A publicly traded REIT was the seller. The four-story property is home to tenants such as Derick Dermatology, Suburban Orthopedics and Northwestern Medicine. The building is located at 1600 Randall Road near I-90 and is adjacent to Advocate Sherman Hospital. The latest investment from CAHST is part of an equity commitment of up to $245 million from partners Davidson Kempner Capital Management LP, Monarch Alternative Capital LP and CA Ventures for the acquisition, development and renovation of medical office and life sciences buildings.

November 5, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Negotiates $5.5M Sale of Apartment Property in Mount Prospect, Illinois

by Kristin Harlow November 5, 2021

MOUNT PROSPECT, ILL. — Interra Realty has negotiated the $5.5 million sale of 1050-1110 N. Wheeling Road in Mount Prospect, a northwest suburb of Chicago. The property consists of three buildings and 42 units. Built in 1965, the apartment property was 95 percent leased at the time of sale. Craig Martin of Interra represented the seller, Chicago-based 29th Street Capital, as well as the private buyer. The seller had extensively updated units with vinyl plank flooring, stone countertops, stainless steel appliances and new windows. The buyer plans to make additional minor enhancements.

November 5, 2021

Acquisitions Industrial Northeast

Arden Group, Arcapita Buy National Industrial Portfolio for $550M

by Taylor Williams November 5, 2021

PHILADELPHIA — A joint venture between Philadelphia-based investment firm Arden Group and global investment management firm Arcapita Holdings Group has acquired a portfolio of 18 industrial properties totaling approximately 5 million square feet. The properties are located in seven U.S. markets: Atlanta, Charlotte, Columbus, Dallas, Houston, Philadelphia and Indianapolis. The acquisition is part of the joint venture’s strategic plan to acquire up to $2 billion in multi-tenant industrial assets across the country. The seller(s) was not disclosed. Sheheryar Hafeez,John Huguenard, John Rose, Brian Walsh, Ross Bratcher, Anderson Granger and Michael Brady of JLL arranged acquisition financing for the joint venture.

November 5, 2021

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Arranges $64.7M Sale of Six Manhattan Multifamily Properties

by Taylor Williams November 5, 2021

NEW YORK CITY — Cushman & Wakefield has arranged the $64.7 million sale of The Metro Portfolio, a collection of six multifamily properties in Manhattan. Robert Shapiro, Andrew Berry, Michael Gembecki, Charlie Gravina, Austin Fabel and Nicholas Kontos of Cushman & Wakefield represented the seller, Metro Management, in each transaction. The buyer was not disclosed.

November 5, 2021

Acquisitions New York Northeast Retail

Cleeman Realty Negotiates Sale of 97,000 SF Shopping Center in Syracuse

by Taylor Williams November 5, 2021

SYRACUSE, N.Y. — Cleeman Realty Group, an investment advisory firm with offices in New York City and Miami, has negotiated the sale of Airport Plaza, a 97,000-square-foot shopping center in Syracuse. The sales price was $4.2 million. Airport Plaza was fully leased at the time of sale. Sam Seelenfreund of Cleeman Realty represented the undisclosed buyer and seller in the off-market transaction.

November 5, 2021

Acquisitions Colorado Multifamily Western

Inland Private Capital Divests of Conifer Creek Apartments in Aurora, Colorado for $127M

by Amy Works November 4, 2021

AURORA, COLO. — Inland Private Capital Corp. has completed the disposition of Conifer Creek Apartments, a multifamily community in Aurora. Grand Peaks, which previously owned the property from 2011 to 2013, repurchased the asset for $127 million. Located at 2205 S. Racine Way, Conifer Creek Apartments features 480 apartments in a mix of townhomes and condominium-style units spread across 53 residential buildings with tuck-under garages in every building. The property’s floor plans range from 668 square feet to 1,192 square feet and offer full-size washers/dryers, walk-in closets, individual hot water heaters, fireplaces, and expansive balconies and patios with outside storage. The community was built in 1986. Dave Martin and Brian Mooney of Northmarq’s Denver office represented the seller in the transaction.

November 4, 2021

Campus-at-South-County-Foothill-Ranch-CA

Acquisitions California Office Western

Newmark Arranges $50M Sale of Two-Building Office Campus in Foothill Ranch, California

by Amy Works November 4, 2021

FOOTHILL RANCH, CALIF. — Newmark has arranged the sale of The Campus at South County, a two-building office complex in Foothill Ranch. The asset traded for $50 million, or $238 per square foot, in an off-market transaction. Paul Jones, Brunson Howard, Ken White, Kevin Shannon and Brandon White of Newmark represented the seller, a private commercial real estate investment firm, in the deal. The buyer was an undisclosed high-net-worth individual. Located at 27051 and 27121 Towne Centre Drive, The Campus at South County features 210,083 square feet of office space. The property offers an outdoor courtyard, tenant lounge and conference center. Current tenants include Cox Communications, Ossur and Fujitsu.

November 4, 2021

Acquisitions California Net Lease Restaurant Retail Western

SRS Real Estate Partners Negotiates $8.2M Sale of Raising Cane’s-Occupied Property in San Bernardino

by Amy Works November 4, 2021

SAN BERNARDINO, CALIF. — SRS Real Estate Partners has arranged the sale of a restaurant building located at 1857 S. Tippecanoe Ave. in San Bernardino. An affiliate of Red Mountain Group sold the property to a San Diego-based high-net-worth investor for $8.2 million. Raising Cane’s Chicken Fingers occupies the 4,086-square-foot property, which was built in 2017 on 1.2 acres and has more than 11 years remaining on its absolute triple-net lease. Matthew Mousavi and Patrick Luther of SRS’s National Net Lease Group represented the seller, while Jim Casale of Lee & Associates represented the buyer in the deal. According to SRS Real Estate, the transaction is the highest price point for a Raising Cane’s property sold to date on a national basis.

November 4, 2021

1600-Desert-Surf-Circle-NE-Albuquerque-NM

Acquisitions Net Lease New Mexico Retail Western

Marcus & Millichap Brokers Sale of TopGolf-Leased Property in Albuquerque

by Amy Works November 4, 2021

ALBUQUERQUE, N.M. — Marcus & Millichap has arranged the sale of a retail building located at 1600 Desert Surf Circle NE in Albuquerque. A limited liability company acquired the asset for an undisclosed price. The name of the seller was not released. TopGolf occupies the 25,525-square-foot property, which was built in 2021, on a net-lease basis. Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office, along with Matthew Reeves of the firm’s New Mexico office, handled the transaction.

November 4, 2021

Acquisitions Multifamily Texas

TruePoint, Electra Capital Buy 436-Unit Apartment Community in Houston

by Taylor Williams November 4, 2021

HOUSTON — Metro Houston-based investment firm TruePoint Capital has acquired The Aubrey, a 436-unit apartment community in Houston’s Westchase neighborhood. Florida-based Electra Capital contributed a $5.2 million equity investment to the deal. The Aubrey offers one-, two- and three-bedroom units that range in size from 700 to 1,300 square feet and feature wood-style flooring, designer color schemes, washer/dryer connections and private patios/balconies. Communal amenities include two pools, a fitness center, a full-service business center, clothing care center, dog park and a playground.

November 4, 2021

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