Acquisitions

Sterling Bay, J.P. Morgan Asset Management Sell Google-Occupied Office Building in Chicago for $169M

by Kristin Harlow September 8, 2021

CHICAGO — Sterling Bay and institutional investors advised by J.P. Morgan Global Alternatives have sold 210 N. Carpenter, a 206,315-square-foot office and retail building in Chicago’s Fulton Market neighborhood. The sales price was $169 million. Google occupies 132,000 square feet to house its Chicago-based cloud division. Other tenants at the fully leased property include Leopardo Cos., rEvolution Marketing, S2G Ventures, CVS Pharmacy and uncooked. Completed in 2019, the 12-story building is LEED Gold certified and WELL Health Safety certified. Amenities include a rooftop pool, tenant lounge, fitness center, yoga room, conference facilities and onsite parking. Sterling Bay was the developer, Solomon Cordwell Buenz was the architect, IA Interior Architects was the interior designer and Leopardo Cos. was the general contractor. Tom Sitz, David Knapp, Cody Hundertmark, Dan Deuter and Paul Lundstedt of Cushman & Wakefield marketed the property for sale and procured the buyer, German investment firm Deka Immobilien.

September 8, 2021

Acquisitions Illinois Industrial Midwest

Venture One Acquires 29,898 SF Industrial Building in St. Charles, Illinois, in Sale-Leaseback

by Kristin Harlow September 8, 2021

ST. CHARLES, ILL. — In a sale-leaseback transaction, Venture One Real Estate has acquired a 29,898-square-foot industrial building in St. Charles, about 40 miles west of Chicago. Located on Stern Avenue and constructed in 1988, the property is divided into two units and features two docks, three drive-in doors and parking for 70 cars. John Hamilton of CBRE represented the seller, Enginuity Communications Corp., which will lease back roughly 15,428 square feet. The remaining 14,470 square feet is leased. Venture One acquired the facility through its acquisition fund VK Industrial V LP, which is a partnership between Venture One and Kovitz Investment Group.

September 8, 2021

Acquisitions Connecticut Industrial Northeast

Lindquist Security Sells 20,062 SF Industrial Building in Stratford, Connecticut

by Taylor Williams September 8, 2021

STRATFORD, CONN. — Lindquist Security has sold a 20,062-square-foot industrial building in Stratford, located in the southern coastal part of the state. Lindquist has owned and occupied the building for the last 25 years. Bruce Wettenstein of Connecticut-based brokerage firm Vidal/Wettenstein represented Lindquist Security Co. in the transaction. Force3 Pro Gear, which manufactures protective equipment for Major League Baseball, has since taken occupancy of the building.

September 8, 2021

Acquisitions Kentucky Multifamily Seniors Housing Southeast Tennessee

Strawberry Fields REIT Acquires Six Nursing Facilities in Kentucky, Tennessee for $81M

by Julia Sanders September 7, 2021

SOUTH BEND, IND. — Strawberry Fields, a South Bend-based owner of long-term acute care hospitals, skilled nursing and assisted living facilities, has acquired six skilled nursing facilities located in Kentucky and Tennessee for $81 million. The properties include: • Landmark of Kuttawa, a 65-bed skilled nursing facility located at 1253 Lake Barkley Drive in Kuttawa, Ky., that was built in 1968. • Agape Rehabilitation & Nursing Center, an 84-bed skilled nursing facility located at 505 North Roan St. in Johnson City, Tenn., that was built in 2005. • Waters of Sweetwater, a 90-bed rehabilitation and nursing center located at 978 Highway 11S in Sweetwater, Tenn., that was built in 1966. • Waters of McKenzie, a 72-bed rehabilitation and nursing center located at 14510 Highway 79 in McKenzie, Tenn. • Waters of Memphis, a 90-bed rehabilitation and nursing center located at 6500 Kirby Gate Blvd. in Memphis, was built in 2015. • Waters of Bristol, a 120-bed rehabilitation and nursing center located at 2830 Highway 394 in Bristol, Tenn., was constructed in 2017. Some of the facilities offers physical, speech and occupational therapies for short-term rehab clients as well as long-term care residents. These facilities also feature a Department of Nursing, …

September 7, 2021

Acquisitions Multifamily Texas

Partnership Acquires 351-Unit Multifamily Property in Metro Houston

by Taylor Williams September 7, 2021

SPRING, TEXAS — A partnership between Austin-based Sunrise Capital, Plano-based Zane Holdings and Goodegg Investments has acquired Royal Spring, a 351-unit multifamily property located on the northern outskirts of Houston. Delivered earlier this year, Royal Spring’s units feature an average size of 1,007 square feet and are furnished with stainless steel appliances, granite countertops, custom cabinetry and wood-vinyl plank flooring. Amenities include a pool, clubhouse and lounge, fitness center, outdoor yoga space and a dog park. Rents start at approximately $1,200 per month for a one-bedroom unit.

September 7, 2021

Acquisitions Colorado Industrial Western

Karis Capital, AEW Sell Warehouse Facility in Downtown Denver for $114M

by Amy Works September 7, 2021

DENVER — A joint venture between Karis Capital and AEW has completed the disposition of a newly developed, Class A warehouse and distribution building in downtown Denver. A national real estate investment, development and management firm acquired the asset for $114 million. Located at 875 W. 64th St., the property features 147,000 square feet of industrial space and immediate access to interstates 25, 70 and 76 and the US 36 freeway. The property is fully leased to a global Fortune 100 company. Will Strong, Jeff Chiate, Jeffrey Cole, Mike Adey, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the deal. Cushman & Wakefield’s Matt Trone, Steve Hager, Drew McManus, Ryan Searle and Joey Trinkle provided market leasing advisory.

September 7, 2021

Acquisitions Arizona Multifamily Western

ABI Multifamily Negotiates $42M Sale of Solano Pointe Apartments in Glendale, Arizona

by Amy Works September 7, 2021

GLENDALE, ARIZ. — ABI Multifamily has arranged the sale of Solano Pointe Apartments, a multifamily community located in Glendale. Tower 16 Capital Partners acquired the property from an undisclosed, Arizona-based seller for $42 million, or $152,174 per unit. Built in 1983, Solano Pointe features 276 apartments in 18 rental buildings on a 10.1-acre site. The unit mix consists of 68 studio units, 168 one-bedroom/one-bath units, 16 two-bedroom/one-bath units and 24 two-bedroom/two-bath units. Individual units feature air conditioning, private patio/balcony in select units, large and/or walk-in closets and all-electric kitchens. Community amenities include three swimming pools, a dedicated leasing office, three laundry facilities, new poolside barbecue grill areas and a children’s playground area. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the buyer and seller in the deal.

September 7, 2021

Acquisitions Multifamily Nevada Western

Avison Young Brokers $21.7M Sale of Mark I Apartments in Las Vegas

by Amy Works September 7, 2021

LAS VEGAS — Avison Young has arranged the sale of Mark I Apartments, a multifamily community located at 1020 E. Desert Inn Road in Las Vegas. A Calabasas, Calif.-based limited liability corporation sold the asset to a Seattle-based limited liability corporation for $21.7 million, or $192,477 per unit. Built in 1975 and partially renovated in 2017, 2020 and 2021, Mark I features 113 apartments in a mix of studio, one- and two-bedroom layouts. Community amenities include a fitness center, pool, spa, laundry facility and clubhouse. The renovated residential units feature granite countertops and stainless steel appliances. Pat Sauter, Art Carll-Tangora and Steve Nosrat of Avison Young’s Sauter Multifamily team represented the seller in the transaction.

September 7, 2021

Acquisitions Florida Retail Southeast

CBRE Arranges Sale of 60,223 SF University Village Shopping Center in Tampa Bay Area

by Julia Sanders September 7, 2021

ST. PETERSBURG, FLA. — CBRE has arranged the sale of University Village, a 60,223-square-foot shopping center in downtown St. Petersburg. Casey Rosen and Dennis Carson of CBRE represented the seller, an affiliate of Bell Partners Inc., which is based in Greensboro, N.C. Publix Super Markets purchased the shopping center for an undisclosed price. Located at 250 Third St. S. and built in 2003, University Village is anchored by a Publix grocery store. Other tenants include CVS/pharmacy, Bank of America and seven other undisclosed retailers.

September 7, 2021

Acquisitions Office Texas

Partners Capital Sells 104,212 SF Wells Fargo Business Park in Houston

by Taylor Williams September 7, 2021

HOUSTON — Partners Capital, the investment arm of NAI Partners, has sold Wells Fargo Business Park, a 104,212-square-foot flex property in Houston. Partners Capital originally acquired the two-building complex in 2018. Trent Agnew and Charlie Strauss of JLL represented Partners Capital in the transaction. Dallas-based Hillview Capital Partners purchased the asset for an undisclosed price.

September 7, 2021

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