Acquisitions

Marcus & Millichap Negotiates $14.2M Sale of Oakridge Business Park One in Redmond, Washington

by Amy Works November 2, 2021

REDMOND, WASH. — The Leibsohn Group of Marcus & Millichap has arranged the sale of Oakridge Business Park One, an industrial property in Redmond. A local investor acquired the property from an undisclosed seller for $14.2 million. Located at 17965 NE 65th St., Oakridge Business Park One features 41,900 square feet of industrial space. At the time of sale, the property was fully leased to a single tenant on a long-term lease. The buyer plans to eventually redevelop the asset. Brian Leibsohn and Raymond Vara of The Leibsohn Group in Marcus & Millichap’s Seattle office represented the seller and procured the buyer in the deal.

November 2, 2021

Acquisitions California Industrial Western

Dalfen Industrial Acquires 80,527 SF Markham Distribution Center in Perris, California

by Amy Works November 2, 2021

PERRIS, CALIF. — Dalfen Industrial has purchased Markham Distribution Center, an industrial property located at 212 Markham St. in Perris. Terms of the transaction were not released. The 80,527-square-foot property was built in 2019. The acquisition is the eighth West Coast purchase Dalfen has made in the past seven months.

November 2, 2021

Acquisitions Industrial New Jersey Northeast

EverWest Acquires Industrial Property in Somerset, New Jersey for $27.7M

by Taylor Williams November 2, 2021

SOMERSET, N.J. — Denver-based EverWest Real Estate Investors has acquired a 125,790-square-foot industrial property in the Northern New Jersey community of Somerset for $27.7 million. Joel Lubin, John Buckley and Gary Politi of JLL, along with internal agent Stephen Feinberg, negotiated the deal on behalf of EverWest. The seller was Citgen Realty LLC. The Class A property was fully leased to drug developer Rising Pharma Holdings Inc. at the time of sale.

November 2, 2021

Acquisitions Industrial Northeast Pennsylvania

Marcus & Millichap Brokers $12M Sale of Harrisburg Industrial Property

by Taylor Williams November 2, 2021

HARRISBURG, PA. — Marcus & Millichap has brokered the $12 million sale of a 927,828-square-foot industrial property in Harrisburg. The complex consists of eight buildings on a 21.3-acre site that are leased to tenants including PP&L Electric Utilities Corp., Capital Building Supply, Martin Logistics and Midwest Transport Inc. Craig Dunkle, Chad Thomason and Mher Vartanian of Marcus & Millichap represented the seller and buyer, both of which were limited liability companies that requested anonymity, in the deal. Sean Beuche of Marcus & Millichap assisted in closing the transaction as the broker of record.

November 2, 2021

Acquisitions Healthcare New Jersey Northeast

Colliers Negotiates Sale of 30,000 SF Medical Office Building in Edison, New Jersey

by Taylor Williams November 2, 2021

EDISON, N.J. — Colliers International has negotiated the sale of a 30,000-square-foot medical office building in Edison, located roughly midway between Newark and Trenton. At the time of sale, the property was 83 percent leased to five tenants. Kim Kretowicz of Colliers represented the undisclosed seller and procured the buyer, private equity real estate firm Thomas Park, in the transaction.

November 2, 2021

Acquisitions Affordable Housing California Development Life Sciences Mixed-Use Multifamily Office Top Stories Western

IQHQ Buys Site in Bay Area to Develop New Elco Yards Life Sciences Campus

by John Nelson November 2, 2021

REDWOOD CITY, CALIF. — IQHQ, a private life sciences developer and owner with offices in San Diego and Boston, has purchased a “shovel-ready” development site in the Bay Area town of Redwood City that is fully entitled for mixed-use. The firm plans to develop Elco Yards, a project that will feature four life sciences buildings and two residential communities, as well as green space open to the public. The four office buildings will span 600,000 square feet and include laboratory, meeting and research and development space. The buildings are designed to meet LEED Gold standards. “Elco Yards represents an iconic project in a thriving life sciences market with a proven track record of attracting top companies and diverse talent,” says Steve Rosetta, CEO of IQHQ. “We are excited to advance this project, which is fully entitled and well-positioned to address the unmet demand for premier lab space in the Bay Area.” The multifamily portion will include two communities totaling 540 units. IQHQ is partnering with Charleston, S.C.-based Greystar for the residential component, which will feature 147 income-restricted units, according to Redwood City Mayor Diane Howard. “We look forward to Greystar’s continuing involvement and the creation of much-needed housing in Redwood …

November 2, 2021

Acquisitions Multifamily North Carolina Southeast

Middleburg Communities Sells New Apartment Community in Wilmington for $63.8M

by Julia Sanders November 1, 2021

WILMINGTON, N.C. — Middleburg Communities, a Vienna, Va.-based multifamily development, investment, construction and management company, has completed the disposition of Mosby at Riverlights, a 250-unit, Class A apartment community in Wilmington. Boca Raton, Fla.-based RAS Realty Partners purchased the property for $63.8 million and plans to rebrand the property as Oasis at Riverlights. Developed and completed by Middleburg Communities earlier this month, Mosby at Riverlights features one-, two- and three-bedroom homes. Units feature granite countertops, hard-surface plank flooring, designer lighting and stainless steel appliances. Community amenities include a pool with outdoor cabanas, an 8,000-square-foot, two-level clubhouse with terraces and an outdoor kitchen with grilling areas. Located at 4027 Watercraft Ferry Ave., the property is situated 6.5 miles from downtown Wilmington, about 7.6 miles from the University of North Carolina at Wilmington and approximately 6.4 miles from Wilmington Riverwalk.

November 1, 2021

Acquisitions Florida Office Southeast

Cushman & Wakefield Brokers $12.3M Sale of Riverwalk Center Office Property in Jupiter, Florida

by Julia Sanders November 1, 2021

JUPITER, FLA. — Cushman & Wakefield has brokered the sale of Riverwalk Center, a 35,324-square-foot, Class A office building located in Jupiter. ESJ Capital Partners sold the property for $12.3 million. Anthony Librizzi of Cushman & Wakefield represented the buyer, an entity doing business as RJM Jupiter Riverwalk LLC, in the transaction. Librizzi will also oversee leasing at the property. Truist Wealth, a wealth management advisory firm, recently renewed a 10,930-square-foot lease at Riverwalk Center. Truist Wealth has been a tenant at the property since 2005. The new owner of the property will occupy the fifth floor. Located at 150 US Highway 1, Riverwalk Center sits within Jupiter Yacht Club, a master-planned, mixed-use development that includes five condominium buildings, a 23,150-square-foot retail and restaurant building and a protected marina. Built in 2003, the office property offers amenities such as garage parking.

November 1, 2021

Acquisitions Georgia Multifamily Southeast Student Housing

TSB Realty Negotiates Sale of 656-Bed Student Housing Community Near Kennesaw State University

by Julia Sanders November 1, 2021

KENNESAW, GA. — TSB Realty has negotiated the sale of Bixby Kennesaw, a 656-bed student housing community located near the Kennesaw State University campus in Georgia, on behalf of Gilbane Development Co. TSB Capital Advisors helped to secure acquisition financing on behalf of the buyer, an undisclosed joint venture partnership. Bixby Kennesaw offers a mix of studio, one-, two-, three-, four- and five-bedroom units. Community amenities include a heated saltwater swimming pool, outdoor courtyard with fire pits, 24-hour fitness center and a rooftop terrace overlooking the university’s football stadium.

November 1, 2021

Acquisitions Multifamily Texas

TMG Arranges Sale of 350-Unit Apartment Portfolio in Lubbock

by Taylor Williams November 1, 2021

LUBBOCK, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of a portfolio of four multifamily properties totaling 350 units in Lubbock. The properties include Summertime Villa, Genoa Gardens, Genoa Gardens II and Yorkshire Villas. Jon Krebbs of TMG represented the seller, and Paul Yazbeck of TMG procured the buyer. The buyer and seller(s) involved in the transaction requested anonymity. The sales price was also not disclosed.

November 1, 2021

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