Acquisitions

Berkadia Arranges Sale, Financing of 1,002-Unit Waterview Apartment Complex in Memphis

by Julia Sanders August 17, 2021

MEMPHIS, TENN. — Berkadia has arranged the sale and financing of Waterview Apartment Homes, a 1,002-unit multifamily community in southeast Memphis. Patrick Jordan of Berkadia represented the seller, CapReit, in the transaction. Blue Magma Residential, a Tampa-based real estate firm, acquired the property for an undisclosed price. Charles Foschini and Christopher Apone of Berkadia arranged acquisition financing on behalf of Blue Magma. Arbor Realty Trust provided the $82 million bridge loan, which is a non-recourse, floating-rate, three-year, interest-only loan that includes two one-year extension options. Located at 6860 Quince Road, Waterview is located close to Interstate 240 and Bethel University and approximately 18.4 miles from downtown Memphis. Built in 1985, the property offers one- and two-bedroom apartments ranging from 533 square feet to 1,160 square feet. Individual units are cable ready and feature vaulted ceilings and ceiling fans. Some units will include washers and dryers, wood-burning fireplaces and built-in bookshelves. Community amenities include a fitness center, 22 acres of lakes with water features, tennis courts, indoor and outdoor pools and spas and a sundeck and lounge area.

August 17, 2021

Acquisitions Industrial Kansas Midwest

Taurus Acquires 20-Building Kansas City Industrial Portfolio for $55.2M

by Kristin Harlow August 17, 2021

KANSAS CITY, KAN. — Taurus Investment Holdings LLC, a global private equity real estate firm, has acquired a light industrial portfolio in Kansas City for $55.2 million. Comprised of 20 buildings and more than 715,000 square feet, the portfolio will expand Taurus’ industrial platform to encompass 196 buildings totaling over 13 million square feet. Seller information and specific properties were not disclosed.

August 17, 2021

Acquisitions Illinois Midwest Multifamily

Kiser Group Negotiates $5M Sale of Chicago Multifamily Property

by Kristin Harlow August 17, 2021

CHICAGO — Kiser Group has negotiated the sale of a 40-unit multifamily property located at 5301 N. Ashland Ave. in Chicago’s Andersonville neighborhood for $5 million. The building, comprised of 26 studio units and 14 one-bedroom units, went under contract in four days at the full asking price. Andy Friedman and Jake Parker of Kiser represented both the buyer, a local investor, and the seller, an unnamed family trust.

August 17, 2021

Acquisitions Indiana Midwest Retail

Blue West Capital Arranges Sale of Ridgewood Plaza Retail Center in Northwest Indiana

by Kristin Harlow August 17, 2021

MUNSTER, IND. — Blue West Capital has arranged the sale of Ridgewood Plaza in Munster for $4.5 million. The 36,307-square-foot retail center is located on Ridge Road. Tenants include Fresenius, ATI Physical Therapy, Check ’n Go, GNC, Supercuts and Applebee’s. Carly Kelly of Blue West Capital represented the buyer, Time Equities Inc. A Chicago-based private investor was the seller.

August 17, 2021

Acquisitions Michigan Midwest Retail

SRS Brokers $2.5M Sale of Aldi Ground Lease in Clinton Township, Michigan

by Kristin Harlow August 17, 2021

CLINTON TOWNSHIP, MICH. — SRS Real Estate Partners has brokered the $2.5 million sale of an Aldi ground lease in Clinton Township, about 20 miles north of Detroit. The 19,744-square-foot, single-tenant building is located at 39827 S. Groesbeck Highway. Aldi has roughly 18 years remaining on its lease at the property, which was built in 2009. Frank Rogers and Michael Carter of SRS represented the seller, a Michigan-based private investor. SRS also represented the buyer, a Midwest-based private investor.

August 17, 2021

Acquisitions Florida Office Southeast

Cushman & Wakefield Negotiates $43.8M Sale of Office Property in Jacksonville

by Julia Sanders August 17, 2021

JACKSONVILLE, FLA. — Cushman & Wakefield has negotiated the sale of 6651 Gate Parkway, a 120,407-square-foot office building in Jacksonville. Mike Davis, Karl Johnston, Rick Brugge, Rick Colon, Dominic Montazemi, Zach Eicholtz and Chloe Strada of Cushman & Wakefield represented the seller, Real Capital Solutions, in the transaction. Aventura, Fla.-based MG3 REIT LLC acquired the property for $43.8 million. Located in the heart of Deerwood Park, the four-story building is fully leased to McKesson Corp., a provider of healthcare supply chain management solutions, retail pharmacy, community oncology and specialty care and healthcare information solutions. Built-to-suit for McKesson in 2019, 6551 Gate Parkway houses nearly 800 employees and features collaborative workspace, lake views, highway visibility and walkable amenities. Additionally, 6551 Gate Parkway has received WELL and LEED Silver certifications.

August 17, 2021

Acquisitions Industrial Texas

JLL Brokers Sale of 182,129 SF Southlake Business Park Near Fort Worth

by Taylor Williams August 17, 2021

SOUTHLAKE, TEXAS — JLL has brokered the sale of Southlake Business Park, a 182,129-square-foot light industrial development located near Fort Worth. The three-building park was developed in 2020 and was fully leased at the time of sale. Building features include 24- to 28-foot clear heights, 63 dock-high doors, 15 percent office finishes, ESFR fire protection systems and ample vehicle parking. Dustin Volz, Stephen Bailey, Dom Espinosa, Matthew Barge and Wesley Gilmer of JLL represented the seller, Holt Lunsford Commercial Investments, in the transaction. CBRE Global Investors purchased the asset for an undisclosed price. The development was fully leased to six tenants at the time of sale.

August 17, 2021

Acquisitions Office Texas

Colliers Brokers Sale of 79,956 SF Office Building in East Houston

by Taylor Williams August 17, 2021

HOUSTON — Colliers International has brokered the sale of Atrium 10 Tower, a 79,956-square-foot office building located on Houston’s east side. The six-story property is situated on a 2.4-acre site that fronts Interstate 10 and Loop 610. David Carter of Colliers represented the undisclosed seller in the transaction. Guy Brown of Texas Overland represented the buyer, an entity doing business as 11811 Properties.

August 17, 2021

Acquisitions New York Northeast Office

Harbor Group International Agrees to Buy Midtown Manhattan Office Building for $760M

by Taylor Williams August 17, 2021

NEW YORK CITY — Harbor Group International (HGI) has entered into an agreement to buy 51 West 52nd Street, an office building in Midtown Manhattan known as the CBS Building, for $760 million. As the former owner-occupier, ViacomCBS will lease back its space on a short-term basis. The deal marks the first sale of the building since it originally opened in 1964. HGI plans to implement a significant capital program to reposition the property in support of a long-term leasing plan. Updates will include significant upgrades to the lobby and other tenant amenities. CBRE leases the building. The deal is expected to close by the end of the year.

August 17, 2021

Acquisitions Mixed-Use New Jersey Northeast

CBRE Negotiates Sale of Mixed-Use Property in Garfield, New Jersey

by Taylor Williams August 17, 2021

GARFIELD, N.J. — CBRE has negotiated the sale of a three-building mixed-use property in Garfield, located in the northern part of the Garden State. The property consists of a 69,157-square-foot industrial building that Is fully leased and anchored by textile manufacturer Wearbest Weavers, as well as a retail structure and a two-unit apartment building. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin and Zach McHale of CBRE represented the undisclosed private seller in the transaction. The team also procured the buyer, New York City-based Snowball Developments LLC.

August 17, 2021

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