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Acquisitions

AcquisitionsIllinoisMidwestMultifamily

Kiser Arranges $43M Sale of Chicago Multifamily Property

by Kristin Harlow

CHICAGO — Kiser Group has arranged the sale of a 188-unit multifamily property located at 5815 N. Sheridan Road in Chicago for $43 million. Lee Kiser of Kiser represented both the buyer, TLC Management, and the seller, Greenstone Property Group. The property last sold in 2018 for $27.2 million. Greenstone completed a condo deconversion at that time and renovated 70 percent of the units, which range in size from 515 to 780 square feet. TLC plans to continue updating units and add more amenities. The property fronts Lake Michigan and features private beach access.

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AcquisitionsIllinoisMidwestOffice

JLL Brokers Sale of Two-Building Office Property in Suburban Chicago

by Kristin Harlow

NORTHBROOK, ILL. — JLL Capital Markets has brokered the sale of Edens Corporate Center, a two-building office property in the northern Chicago suburb of Northbrook. The sales price was undisclosed. Located on Dundee Road, Edens Corporate Center rises four stories and spans 188,040 rentable square feet. The two buildings were constructed in 1987 and 1988 and renovated from 2016 to 2019. Amenities include heated parking, an outdoor terrace, café, fitness center, yoga room and bike room. Patrick Shields, Sam DiFrancesca, Jaime Fink, Jeff Bramson and Bruce Miller of JLL represented the seller, KBS. Bradford Allen Investment Advisors was the buyer.

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AcquisitionsHealthcareMidwestMinnesota

Davis Negotiates Sale of 19,124 SF Medical Office Building in Suburban Twin Cities

by Kristin Harlow

SHAKOPEE, MINN. — Davis has negotiated the sale of Dean Lakes Health Building in Shakopee, a southwest suburb of the Twin Cities. The sales price was undisclosed. The 19,124-square-foot medical office building rises one story and is located at 4201 Dean Lakes Blvd. Allina Health, Edina Eye Physicians & Surgeons PA and Caravel Autism fully occupy the property. Jill Rasmussen of Davis represented the undisclosed seller. A partnership between Chicago-based Harrison Street and Minneapolis-based MedCraft Healthcare Real Estate was the buyer.

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AcquisitionsMultifamilyNew YorkNortheast

GAIA Real Estate Acquires Multifamily Portfolio in Manhattan’s East Village for $49.5M

by Taylor Williams

NEW YORK CITY — New York City-based GAIA Real Estate has acquired a portfolio of three multifamily buildings totaling 71 units in Manhattan’s East Village for $49.5 million. The buildings are located at 50-58 E. Third St. and primarily feature two- and three-bedroom units. The seller was a locally based limited liability company that is affiliated with Anbau Enterprises. The portfolio, which includes about 15 rent-controlled units, was 97 percent occupied at the time of sale. The property traded in an off-market transaction.  

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AcquisitionsAffordable HousingMultifamilyNew YorkNortheast

Ariel Property Advisors Brokers $25.3M Sale of Harlem Affordable Housing Community

by Taylor Williams

NEW YORK CITY — Locally based firm Ariel Property Advisors has brokered the $25.3 million sale of Johanna Apartments, a 60-unit Section 8 multifamily property located at 104-110 W. 144th St. in Central Harlem. The four-building complex spans 51,560 square feet and consists entirely of two-bedroom units. Victor Sozio and Courtney Lee of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.

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6950-Sherman-Lane-Pennsauken-New-Jersey
AcquisitionsIndustrialNew JerseyNortheast

Restaurant Supplies Provider Buys 71,280 SF Warehouse in Pennsauken, New Jersey

by Taylor Williams

PENNSAUKEN, N.J. — Brooklyn-based restaurant supplies distributor BakeDeco/Kerekes has purchased a 71,280-square-foot warehouse located at 6950 Sherman Lane in Pennsauken, located outside of Philadelphia. Ian Richman and Marc Isdaner of Colliers International represented the buyer in the transaction. The buyer will also occupy the building, which features a clear height of 24 feet and nine loading docks. Marc Policarpo of Westfield Real Estate represented the undisclosed seller.

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AcquisitionsMultifamilyNew YorkNortheastSeniors Housing

SLIB Negotiates $8M Sale of Manor Hills Assisted Living Facility in Wellsville, New York

by Taylor Williams

WELLSVILLE, N.Y. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Manor Hills Assisted Living for $8 million. Located in Wellsville, near the New York-Pennsylvania border, the asset features 89 assisted living and memory care units and was built in 1989. The seller was a private owner that previously divested its skilled nursing portfolio. The privately held buyer was an Albany, N.Y.-based seniors housing owner-operator. Dave Balow from SLIB handled the transaction.

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AcquisitionsCaliforniaCompany NewsNew YorkNortheastOfficeTop StoriesWestern

PIMCO to Acquire Office REIT Columbia Property Trust in $3.9B Deal

by John Nelson

NEWPORT BEACH, CALIF. AND NEW YORK CITY — Pacific Investment Management Co. (PIMCO) has entered into a definitive agreement with Columbia Property Trust (NYSE: CXP) to acquire the New York City-based office REIT. Funds managed by PIMCO will acquire all of the outstanding shares of Columbia’s common stock in a deal valued at $3.9 billion, including debt. Columbia owns 15 office properties spanning more than 6 million square feet in the gateway markets of New York City, Boston, San Francisco and Washington, D.C. The firm’s portfolio also includes four office properties under development and 8 million square feet under management for private investors and third parties. The U.S. office sector has been severely impacted by the outbreak of COVID-19 and rise of the Delta variant as millions of office-using employees are currently working from home. According to The Wall Street Journal, New York City and San Francisco reported the lowest usage rates among the 10 major office markets tracked by Falls Church, Va.-based Kastle Systems, which monitors access swipes of office buildings. New York City had a usage rate of 22.3 percent and San Francisco had a 19.7 usage rate for the week ending Aug. 25. Despite the headwinds facing …

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Sunny Lake
AcquisitionsFloridaMultifamilyTop StoriesWalker & Dunlop

Walker & Dunlop Arranges $79.3M Sale of Sunny Lake Apartments in South Florida

by Julia Sanders

LAUDERHILL, FLA. — Walker & Dunlop has arranged the $79.3 million sale of Sunny Lake Apartments, a 405-unit, garden-style community in Lauderhill. Still Hunter and Kaya Suarez of Walker & Dunlop represented the seller, Bar Invest Group. The buyer is a joint venture between East Hill Capital Partners, The Bascom Group and Leste Group, with Leste Group participating as the majority equity investor. Bridge Investment Group provided the debt financing for the acquisition, which Stuart Wernick of Walker & Dunlop arranged. Built in 1988, Sunny Lake Apartments offers one-, two- and three-bedroom units with an average of 719 to 1,129 square feet. Units feature double bathroom vanities; storage units; washers and dryers in unit; walk-in closets; patios and decks; and hardwood floors. Community amenities include a pet play area, car wash, fitness center, pool, clubhouse, business center, playground and tennis court. Located at 2360 NW 56th Ave. on nearly 27 acres, the apartment property is situated in the suburban Broward County area. The property is about 2.8 miles from Sunrise, approximately 7.9 miles from Fort Lauderdale and about 2.9 miles from Plantation. The property is less than two miles from Florida’s Turnpike, which provides fast connectivity to other areas of …

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Bridge Crossing
AcquisitionsOfficeSoutheastTennessee

Bridge Investment Sells Bridge Crossing Office Building in Metro Nashville for $46M

by Julia Sanders

BRENTWOOD, TENN. — Bridge Investment Group has sold Bridge Crossing, a three-story, 199,194-square-foot office building in Brentwood, about 10.3 miles south of Nashville. Pacific Oak Capital Advisors purchased the property for $46 million. Jay O’Meara, Morgan Hillenmeyer, Roscoe High and Ryan Reethof of CBRE represented Bridge Investment in the transaction. Originally built in 1989, Bridge Investment purchased the property in January 2018 and rebranded the building for multi-tenant use by adding new signage. Bridge Crossing recently underwent a $3 million renovation, including a $1.8 million parking lot expansion that added 147 additional parking spaces. The third floor was also updated, and enhancements were made to common areas, lobbies and elevators. Bridge Crossing is fully occupied with leases signed through May 2026. The building is anchored by Fleetcor Technologies Inc., an Atlanta-based business payment processing firm. The property also has tenants including information technology and services company Cognizant and Comdata, a payment processing company. Comdata, which has had its headquarters at Bridge Crossing since 1996, has recently expanded its lease to 50,690 square feet on the third floor. Located at 5301 Maryland Way, Bridge Crossing is situated within Maryland Farms, a 400-acre, mixed-use park with over 20,000 jobs. Brentwood overall has …

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