Acquisitions

NorthMarq Arranges $67.3M Sale of Streets of Greenbrier Apartments in Chesapeake, Virginia

by Julia Sanders April 5, 2021

CHESAPEAKE, VA. — NorthMarq’s Wink Ewing and Mike Marshall, along with the firm’s Ryan Rilee, has arranged the $67.3 million sale of the Streets of Greenbrier apartment community in Chesapeake. The NorthMarq team represented the Richmond-based seller, GrayCo Inc., which sold the property to Capital Square, a DST (Delaware Statutory Trust) platform based in Richmond. Built in 2013, the Streets of Greenbrier is a 280-unit property located at 929 Wintercress Way. A joint venture with Wood Partners & GrayCo Inc. originally developed the property. The market conditions were extremely favorable due to Chesapeake reporting some of the highest annual rent growth in the area at more than 6 percent. The property is located close to the Greenbrier and Summit Pointe business districts. Greenbrier is the largest business district in Hampton Roads, containing 19 million square feet of commercial space. The property includes one-, two- and three-bedroom floorplans. The apartment features include 9- to 10-foot ceilings, attached/detached garages, ceramic tile flooring and tub surrounds in bathrooms, custom lighting package, espresso cabinetry with nickel hardware, LVP flooring in entries and kitchen, open kitchens with granite countertops/islands, stainless steel Whirlpool appliances, oversized bedrooms, patio/sunroom options, soaking tubs in master bathrooms, tile backsplash in …

April 5, 2021

Acquisitions North Carolina Office Southeast

Tri Properties | NAI Carolantic Brokers $26.5M Sale of Office Building in Raleigh

by Julia Sanders April 5, 2021

RALEIGH, N.C. — Tri Properties | NAI Carolantic has brokered the $26.5 million sale of Trinity Place, a four-story, Class A office building located at 1201 Edwards Mill Road in Raleigh. The 113,368 square-foot-building is situated on 6.3 acres across from PNC Arena. Jimmy Barnes of Tri Properties | NAI Carolantic, handled the transaction on behalf of the buyer, JPB Raleigh Holdings. The seller was Chicago-based Origin-Trinity Holding. Trinity Place was 90 percent leased at the time of sale to tenants representing a diverse mix of industries, including public relations, insurance, real estate, data processing and other business services. JPB Raleigh Holdings currently owns over 400,000 square feet of Class A office space in its Raleigh/Durham portfolio, including other buildings such as Northchase on Six Forks Road and Time & Temperature on Glenwood Avenue. The firm has renovation plans to refurbish Trinity Place’s lobby and common areas and upgrade the landscaping. Tri Properties | NAI Carolantic will handle the leasing and management.

April 5, 2021

Acquisitions Maryland Multifamily Southeast

JLL Arranges Sale of Multifamily Property in Metro Baltimore

by Julia Sanders April 5, 2021

LINTHICUM HEIGHTS, MD. — JLL has arranged the sale of Element Linthicum Heights, an apartment community located just outside of Baltimore in Linthicum Heights. JLL worked on behalf of the seller, JLB Partners, to complete the sale to the buyer, AvalonBay Communities Inc. Walter Coker, Brian Crivella and Robert Jenkins of JLL arranged acquisition financing on behalf of AvalonBay. The loan amount and sales price were not disclosed. Located at 820 Concorde Circle, Element Linthicum Heights includes one- and two-bedroom floorplans with features, including walk-in closets, in-unit washers and dryers, 9-foot ceilings, stainless steel appliances and quartz or granite countertops. Community amenities include a pool, outdoor lounge and entertainment areas, courtyard with hammocks, grilling area, fitness center with CrossFit equipment, clubroom, pet park and a pet spa. Element Linthicum Heights is near Baltimore’s Inner Harbor area, less than 10 miles from downtown Baltimore and less than 30 miles from Washington, D.C. Additionally, the property is proximate to Baltimore-Washington Parkway, Interstate 195, Interstate 95, Interstate 97 and MARC Rail’s Penn Line.

April 5, 2021

Acquisitions Industrial Self-Storage Texas

Berkshire Hathaway Storage Group Brokers Sale of 1,044-Unit Portfolio in Laredo

by Taylor Williams April 5, 2021

LAREDO, TEXAS — Berkshire Hathaway Storage Group has brokered the sale of the Laredo Storage Portfolio, a collection of self-storage facilities in the Rio Grande Valley. The portfolio consists of an undisclosed number of properties that are situated on a combined 6.8 acres and that feature 1,044 units across 138,980 net rentable square feet. A locally based seller sold the portfolio to an institutional private equity firm for an undisclosed price. Josh Cato, Cameron Vale and Parker Sweet of Berkshire Hathaway Storage Group brokered the deal.

April 5, 2021

Acquisitions Healthcare Massachusetts Northeast

Newmark Arranges Sale of 52,337 SF Medical Office Building in Downtown Boston

by Taylor Williams April 5, 2021

BOSTON — Newmark has arranged the sale of a 52,337-square-foot medical office building located at 147 Milk St. in downtown Boston. The 10-story property was fully leased at the time of sale to Atrius Health/Harvard Vanguard Medical Associates, the largest independent physicians’ group in New England. Robert Griffin, Frank Nelson and Michael Greeley of Newmark represented the seller, New York City-based institutional investment firm BentallGreenOak, in the transaction. The trio also procured the buyer, KanAm Grund, an investment firm based in Frankfurt, Germany.

April 5, 2021

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $4.5M Sale of Apartment Building in The Bronx

by Taylor Williams April 5, 2021

NEW YORK CITY — Marcus & Millichap has brokered the $4.5 million sale of a 42-unit apartment building located at 653 Cauldwell Ave. in The Bronx. The sales price equates to roughly $107,000 per unit. Michael Fusco, Seth Glasser, Joe Koicim, Peter Von Der Ahe and Bryan Jimenez of Marcus & Millichap represented the seller and the buyer, both of which were private individual investors, in the transaction. John Krueger, regional manager of the firm’s Manhattan office, also assisted in closing the deal.

April 5, 2021

Acquisitions Hospitality Illinois Midwest

Commonwealth Acquires Two Adjacent Hotels in Suburban Chicago

by Kristin Harlow April 5, 2021

WARRENVILLE, ILL. — Commonwealth Hotels has acquired a Hyatt House hotel and a Hyatt Place hotel in Warrenville, about 30 miles west of Chicago. The purchase price and seller were undisclosed. The two hotels are located next door to each other and include 123 rooms each. Both properties feature meeting space, indoor pools, fitness centers, business centers, onsite restaurants, a complimentary breakfast and shuttle service. The Hyatt House provides longer-stay travelers with in-suite kitchens.

April 5, 2021

Acquisitions Illinois Industrial Midwest

Baum Negotiates Sale of 50,000 SF Industrial Property in Chicago

by Kristin Harlow April 5, 2021

CHICAGO — Baum Realty Group LLC has negotiated the sale of a 50,000-square-foot industrial property in Chicago for an undisclosed price. Located at 3333 W. Lake St., the two-story property consists of a former vehicle fleet storage and field office training facility. The asset is situated in East Garfield Park with convenient access to I-280 and the Chicago Transit Authority’s Green Line. Baum represented the buyer, a local developer. Baum has also been retained to lease the property.

April 5, 2021

Acquisitions Illinois Midwest Office

Cawley Chicago Brokers Sale of 25,229 SF Office Building in Lincolnshire, Illinois

by Kristin Harlow April 5, 2021

LINCOLNSHIRE, ILL. — Cawley Chicago has brokered the sale of a 25,229-square-foot office building located at 680 Barclay Blvd. in Lincolnshire for $4 million. Rawly Lantz and Justin Harris of Cawley represented the buyer, Relevant Radio, which opted to move the company’s headquarters closer to its local radio operations. Mason Hezner of Brown Commercial Group represented the seller, Union Building Corp. Based in Green Bay, Wisconsin, Relevant Radio is a religious radio network.

April 5, 2021

Acquisitions Arizona Office Western

BPM Real Estate Group Purchases PetSmart Corporate Headquarters in Phoenix for $110M

by Amy Works April 5, 2021

PHOENIX — Portland, Ore.-based BPM Real Estate Group has acquired PetSmart’s corporate headquarters in Phoenix from an undisclosed institutional seller for $110 million. Barry Gabel, Chris Marchildon and Will Mast of CBRE, along with Kevin Shannon, Ken White and CJ Osbrink of Newmark, represented the seller, while Newmark’s Nick Kucha represented the buyer in the deal. David Milestone and Ramsey Daya of Newmark arranged acquisition financing for the buyer. Located at 19601 N. 27th Ave. in Phoenix’s Deer Valley submarket, PetSmart’s corporate headquarters features 365,672 square feet. The property includes three four-story buildings, one of which was built in 1997 and two in 2008, as well as a six-level parking structure. On-site amenities include a recently renovated full-service café, a daycare center and a fitness center with full-service locker rooms. The 15.1-acre site allows for the development of a 90,000-square-foot building and parking structure.

April 5, 2021

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