NORTHVALE, N.J. — Cushman & Wakefield has brokered the $27 million sale of Ludlow Industrial Park, a 193,235-square-foot complex in Northvale, located along the New York-New Jersey border. The three-building property sits on nine acres and was fully leased to RAB Lighting at the time of sale. Building features include clear heights up to 33 feet, 228 car parking spaces and 21 loading positions. Gary Gabriel, Kyle Schmidt, Chuck Fern, Tom Tucci and Eli Millstein of Cushman & Wakefield represented the seller in the transaction. The buyer was not disclosed.
ATLANTA — Cousins Properties (NYSE: CUZ) has acquired 725 Ponce, a 372,000-square-foot office property in Midtown Atlanta, for $300.2 million. The seller, New City Properties, completed development of the 12-story asset in late 2019. Located on the Atlanta BeltLine and directly across from popular mixed-use development Ponce City Market, 725 Ponce is fully leased to tenants such as BlackRock, McKinsey & Co. and Chick-fil-A. The $140 million development includes an adjacent 60,000-square-foot Kroger grocery store, which replaced a former Kroger that was built in 1986. As part of the transaction, Cousins also acquired a 50 percent ownership interest in an adjacent land site for an additional $4 million that can accommodate 150,000 to 200,000 square feet of development. Atlanta-based Cousins is a self-managed REIT that primarily invests in Class A office buildings within Sun Belt markets. The company’s stock price opened at $40.04 per share Friday, July 30, up from $30.49 per share one year ago. Cousins recently sold One South at the Plaza, a 40-story office tower in Uptown Charlotte, for $271.5 million. Additionally, Cousins and New City recently unveiled plans to develop a mixed-use project known as Neuhoff in the Germantown submarket of Nashville. Plans call for 448,000 …
VALLEY VIEW, PA. — CBRE has negotiated the $25.7 million sale of an industrial development site in Valley View, about 120 miles northwest of Philadelphia. The buyer, California-based Panattoni Development Co., plans to develop two speculative buildings that will total approximately 2.4 million square feet and that will be known as Rausch Creek Logistics Center. Michael Hess, Bart Anderson and Patrick Lafferty of CBRE represented the seller, Tremont FT LLC, an affiliate of Viridian Partners, in the transaction.
By Ryan Mueller and Mitch Faccio, vice presidents of acquisitions, MLG Capital There’s no end in sight for the rising competition among multifamily investors in the desirable Dallas-Fort Worth (DFW) market. These days, it’s common for a fully marketed multifamily property in the DFW metroplex to receive upwards of 50 offers during the first round of the sale process alone. This sheer competitiveness in acquisitions has forced sellers to pursue several rounds of bidding and buyers to differentiate themselves through pricing and terms. In addition, the level of competition has made it difficult for new buyers to participate in the market at all. The metroplex has been, and continues to be, the top transactional market in the country for multifamily. In the last 12 months, sales volume across Texas has exceeded $19.2 billion, with DFW accounting for $9.6 billion, or approximately 50 percent of the Lone Star State’s total sales volume. DFW has outpaced both Atlanta and New York City by more than $1 billion in sales volume in the last year, with those markets seeing $8.6 and $8.4 billion in multifamily sales, respectively. At the same time, we are seeing capitalization rates compress across the metroplex. In the last …
Prime US REIT Buys Sorrento Towers Office Complex in San Diego from Shorenstein Properties for $146M
SAN DIEGO — Prime US REIT has purchased Sorrento Towers, a Class A office complex located at 5355 and 5375 Mira Sorrento Place in San Diego’s Sorrento Mesa submarket. Shorenstein Properties sold the asset for $146 million. Built in 1990, Sorrento Towers features two seven-story buildings totaling 296,327 square feet of office space atop a multi-level parking structure. At the time of sale, the property was 98.2 percent occupied. Kevin Shannon, Brunson Howard, Ken White and Paul Jones of Newmark represented the seller in the deal. KBS serves as the United States-based asset manager for the Singapore-based buyer’s portfolio, which includes identifying and sourcing this asset on Prime’s behalf. Shorenstein acquired the property in 2018 and increased occupancy to 98 percent. Since 2018, the property underwent more than $8.4 million in renovations, including an expanded first-curtain wall that captured additional ground-floor area, a renovated open-air plaza and revitalized main lobbies, elevator lobbies, elevator cabs and restrooms. The renovation also included the addition of an amenity space, including a fitness center, conferencing spaces, a training center and multiple outdoor meeting areas. Shorenstein also invested approximately $16.7 million for new, best-in-class tenant improvements within the last two years. The new owners are …
SAN ANTONIO — Chicago-based investment firm Redwood Capital Group has purchased Ascent Cresta Bella, a 322-unit apartment community in northwest San Antonio. The property offers one-, two- and three-bedroom units with quartz countertops, stainless steel appliances, hardwood-style floors, kitchen islands and tile backsplashes. Communal amenities include an infinity pool with cabanas, outdoor kitchens, a rooftop terrace, social lounge, business center, two-story fitness center with a spin room and multiple dog parks. The seller and sales price were not disclosed.
PARK RIDGE, ILL. — Trilogy Real Estate Group, a Chicago-based real estate investment, management and development firm, has acquired Park 205 in the Chicago suburb of Park Ridge. Located at 205 Touhy Ave., the luxury apartment community features 115 units. Amenities include a fitness center, heated pool, firepit, grills and a parking garage. The property is situated adjacent to a Whole Foods Market. Trilogy Residential Management, Trilogy’s management company, will serve as property manager. The seller and sales price were undisclosed.
INDIANAPOLIS — Marcus & Millichap has brokered the sale of the Banta Trails office portfolio in Indianapolis for $5.6 million. The four-building portfolio spans 79,246 square feet. All of the buildings are located on the same street. Forest Bender and Joseph DiSalvo of Marcus & Millichap marketed the portfolio for sale and procured the buyer, a local ownership group. The portfolio had been owned by a single ownership group up until 2016 when Buildings III and IV were sold to an owner-occupant.
CHICAGO — Venture One Real Estate has acquired a 60,033-square-foot industrial building located at 6450 Cortland St. in Chicago for an undisclosed price. The property was vacant at the time of acquisition. Situated on nearly three acres, the building features seven docks, one drive-in door and parking for 63 cars. Venture One plans to undertake office renovations, add energy-efficient lighting, resurface the parking lot and build a new roof. Elise Couston and Jimena Sayavedra of Newmark represented the undisclosed seller and will be retained to market the property for lease. Venture One’s acquisition fund VK Industrial V LP is a partnership between Venture One and Kovitz Investment Group.
ORLAND PARK, ILL. — Adelphia Properties has arranged the sale of a 7,365-square-foot retail building in Orland Park, a suburb of Chicago. The sales price was undisclosed. Situated on one acre at 15845 S. Harlem Ave., the value-add property was 17 percent occupied at the time of sale. It was formerly home to Panera Bread. George Spirrison and Simeon Spirrison of Adelphia represented the seller, a Chicago-based private real estate investor. The buyer was also a local investor.