Acquisitions

JLL Brokers $5.1M Sale of CVS Ground Lease in Schaumburg, Illinois

by Kristin Harlow November 25, 2020

SCHAUMBURG, ILL. — JLL Capital Markets has brokered the $5.1 million sale of a CVS Pharmacy ground lease in the Chicago-area community of Schaumburg. Completed in 2005, the single-tenant building spans 13,180 square feet. It is situated on 1.8 acres at 1855 W. Irving Park Road. Alex Sharrin and Alex Geanakos of JLL represented the seller, a New York-based, high-net worth individual. A California-based DST provider purchased the asset. CVS operates roughly 9,000 locations nationwide and all have remained open throughout the pandemic.

November 25, 2020

Acquisitions Industrial Midwest Missouri

Bass Pro Shops to Expand Boat Manufacturing Division with Purchase of 101,250 SF Building in Missouri

by Kristin Harlow November 25, 2020

BOLIVAR, MO. — White River Marine Group, which is owned by Bass Pro Shops, has purchased a 101,250-square-foot industrial building situated on 42 acres in Bolivar, about 30 miles north of Springfield. The purchase price was undisclosed. Todd Chambers of Chambers Real Estate Services LLC represented the undisclosed seller. The purchase will double the manufacturing capabilities for Bass in Bolivar where Tracker Boats are built. The company plans to add 300 jobs at the new property.

November 25, 2020

Acquisitions Illinois Midwest Retail

Boulder Group Arranges $1.6M Sale of ATI Physical Therapy-Occupied Property in Grayslake, Illinois

by Kristin Harlow November 25, 2020

GRAYSLAKE, ILL. — The Boulder Group has arranged the $1.6 million sale of a single-tenant, net-leased property occupied by ATI Physical Therapy in Grayslake, about 40 miles north of Chicago. The 3,942-square-foot building is located at 500 Center St. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a private real estate developer. A Midwest-based buyer purchased the asset. ATI has a new 10-year lease at the property. The physical therapy company maintains 823 locations across the country.

November 25, 2020

Acquisitions Industrial Northeast Pennsylvania

CBRE Global Investors Acquires 832,000 SF Industrial Facility in Myerstown, Pennsylvania

by Taylor Williams November 25, 2020

MYERSTOWN, PA. — A fund sponsored by CBRE Global Investors has acquired an 832,000-square-foot industrial facility located at 53 Central Blvd. in Myerstown, a city located within Lebanon County. The cross-dock building, which was acquired as part of a 1.4 million-square-foot portfolio sale, is situated on 72.8 acres and features 36-foot clear heights, 190-foot truck court depths and an ESFR sprinkler system. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE marketed the facility and negotiated the terms of sale on behalf of the undisclosed seller.

November 25, 2020

Acquisitions New Jersey Northeast Office

Mack-Cali Sells 154,820 SF Office Building in Parsippany, New Jersey, for $12.7M

by Taylor Williams November 25, 2020

PARSIPPANY, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has sold 7 Campus Drive, a 154,820-square-foot office building located in the Northern New Jersey city of Parsippany, for $12.7 million. According to commercialcafé.com, the property was built on 10 acres in 1982. The buyer was The Birch Group.

November 25, 2020

Acquisitions Industrial New York Northeast

Stan Johnson Brokers $9.2M Sale of Industrial Building Leased to FedEx Freight in Syracuse

by Taylor Williams November 25, 2020

SYRACUSE, N.Y. — Stan Johnson Co. has brokered the $9.2 million sale of a 33,304-square-foot industrial building leased to FedEx Freight in Syracuse. The 26-acre property was constructed as a build-to-suit the city’s east side in 2009. Erik Lundberg of Stan Johnson Co. represented the seller, a Pennsylvania-based private investor, in the transaction. Jerry Hopkins of Newmark represented the buyer, a California-based 1031 exchange investor.

November 25, 2020

Acquisitions Colorado Industrial Western

Inland Real Estate Buys 151,668 SF Last-Mile Logistics Building in Metro Denver for $57M

by Amy Works November 25, 2020

THORNTON, COLO. — Oak Brook, Ill.-based Inland Real Estate Group has acquired a newly constructed last-mile logistics building in Thornton. The Opus Group sold the asset, which its Denver office developed in 2019, for $57 million. Located at 900 E. 128th Ave., the 151,688-square-foot facility features 30-foot clear heights, 24 dock-high doors, six drive-in ramped doors, surface parking and a three-level parking structure. At the time of sale, the property was fully leased to a single tenant as an e-commerce distribution facility. Will Strong and Greer Oliver of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the deal. Joe Krahn and Harper Davis, also of Cushman & Wakefield, provided leasing services for the property.

November 25, 2020

Acquisitions Arizona Loans Multifamily Western

Berkadia Negotiates $49.2M Sale of Raven Multifamily Property in Phoenix

by Amy Works November 25, 2020

PHOENIX — Berkadia has arranged the sale of Raven, a garden-style multifamily property located in Phoenix. A private Arizona investor sold the asset for $49.2 million. Located at 3606 E. Baseline Road, Raven features 192 apartments in a mix of one-, two- and three-bedroom layouts offering full-size washers/dryers, nine-foot ceilings, spacious closets and private patios or balconies. Completed in 2001, the property also includes a swimming pool and 24-hour fitness center. Mark Forrester, Ric Holway and Dan Cheyne of Berkadia’s Phoenix office represented the seller, and the Berkadia team secured acquisition financing through Freddie Mac for the undisclosed buyer.

November 25, 2020

Acquisitions Industrial Washington Western

CenterPoint Properties Acquires 57,107 SF Distribution Facility Near Seattle

by Amy Works November 25, 2020

TUKWILA, WASH. — CenterPoint Properties has purchased an industrial facility located at 365-369 Upland Drive in Tukwila. Terms of the off-market sale-leaseback transaction were not released. Situated on 2.4 acres, the 57,107-square-foot distribution facility features secure parking, a 100-foot truck court, an 11,509-square-foot office space, 24-foot clear heights, six dock-high doors and two drive-in doors. Chris Corr of Kidder Mathews brokered the transaction. The seller was not disclosed.

November 25, 2020

Acquisitions California Multifamily Western

IPA Negotiates $91M Acquisition of Riata Multifamily Complex in Chandler, Arizona

by Amy Works November 24, 2020

CHANDLER, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Riata, a newly constructed apartment property located in Chandler. A private family trust acquired the asset for $91 million, or $303,333 per unit, as part of a 1031 exchange. San Antonio, Texas-based Embrey Partners developed and sold the property. Marty Cohan of Marcus & Millichap, in collaboration with Cliff David and Steve Gebing of IPA, represented the buyer, while CBRE represented the seller in the deal. Ryan Sarbinoff of Marcus & Millichap is the firm’s broker of record in Arizona. Completed in 2020 on nine acres, Riata features 300 units. The property is within walking distance of the Chandler Fashion Center and close to the Loop 101 and Loop 202 freeways. The complex features 13 four-story, elevator-serviced buildings; air-conditioned corridors; a club-style gym; and pool and spa area. Units offer nine-foot ceilings, granite countertops and full-size, in-unit washers/dryers. Select units feature kitchen islands with pendent lighting and under-counter wine refrigerators.

November 24, 2020

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