Acquisitions

Logistics Firm Completes $16.2M Sale-Leaseback of Warehouse in Metro Miami

by Alex Tostado November 10, 2020

DORAL, FLA. — Logistics firm Clover Systems has sold a 113,891-square-foot warehouse in Doral for $16.2 million. The family-owned company signed a short-term lease to remain at 1910 NW 97th Ave., which is situated nine miles east of Miami International Airport and 15 miles east of downtown Miami. The buyer was Los Angeles-based 1910 NW 97th Ave Owner LLC, an institutional investor registered in Delaware. The warehouse was originally built in 1979 and was most recently traded in 1996 for $4.7 million. Jose Sasson-Lerner of Axiom Capital Advisors represented the buyer in the transaction. Stephen DiGiacomo, Roger Zuniga and Patty Marquez of DiGiacomo Group represented the seller.

November 10, 2020

Acquisitions Industrial Texas

Westmount Realty, DRA Advisors Sell 1.1 MSF Cold Storage Facility in Metro Dallas

by Taylor Williams November 10, 2020

GARLAND, TEXAS — A partnership between Dallas-based Westmount Realty Capital LLC and a fund managed by New York-based DRA Advisors has sold Dallas Food Center. The 1.1 million-square-foot cold storage facility is located in the northeastern Dallas metro of Garland. The property was originally built as a distribution center for grocer Safeway and has been renovated a number of times in subsequent decades. Westmount implemented a capital improvement program that raised the ceiling heights by 15 feet and added 90,000 square feet of freezer space. The property was 92 percent leased at the time of sale to a mix of tenants that includes Kraft Heinz. The tenants carry a weighted average of 8.75 years remaining on their leases. Jonathan Bryan and Randy Baird of CBRE represented the undisclosed seller in the transaction.

November 10, 2020

Acquisitions Company News Industrial Office Texas

Tuesday Morning Agrees to Sell Dallas Headquarters, Warehouses for $60M

by Taylor Williams November 10, 2020

DALLAS — Home goods discount retailer Tuesday Morning has entered into an agreement with Miami-based Rialto Capital to sell its Dallas headquarters building, located at 6250 LBJ Freeway, and three warehouses for $60 million. The deal comes several months after the Dallas-based retailer filed for Chapter 11 bankruptcy, citing major financial losses stemming from the COVID-19 pandemic. Tuesday Morning is also closing 230 stores, or roughly a third of its total inventory, across the country. The deal is expected to close by the end of the year.

November 10, 2020

Acquisitions Indiana Industrial Midwest

Colliers Arranges Sale-Leaseback of 636,742 SF Distribution Center in Whitestown, Indiana

by Kristin Harlow November 10, 2020

WHITESTOWN, IND. — Colliers International has arranged the sale-leaseback of Whitestown Business Park Building 2, a 636,742-square-foot industrial building in Whitestown, about 20 miles northwest of Indianapolis. The sales price was undisclosed. Constructed in 2019, the building is located at 3632 Perry Blvd. It is fully leased to Puma North America Inc. Alex Cantu, Jeff Devine and Steven Disse of Colliers represented the seller, Puma. An affiliate of Walton Street Capital, a Chicago-based real estate private equity firm, purchased the asset. The property serves as the largest of Puma’s two national distribution hubs, handling 75 percent of its e-commerce business. The sportswear retailer took occupancy of the facility in June of this year.

November 10, 2020

Acquisitions Healthcare Illinois Indiana Midwest Missouri

JLL Brokers Sale of Seven-Property Medical Office Portfolio in Midwest

by Kristin Harlow November 10, 2020

INDIANA, ILLINOIS AND MISSOURI — JLL Capital Markets has brokered the sale of a medical office portfolio spanning seven properties and 439,000 square feet for an undisclosed price. The assets are primarily located on hospital campuses in metro areas within Indiana, Illinois and Missouri. The Class A portfolio is 93 percent leased to healthcare systems such as Ascension, Franciscan, AMITA and University of Missouri Health. Mindy Berman, Daniel Turley, Tim Joyce and Brannan Knott of JLL represented the undisclosed seller. Healthpeak Properties Inc. purchased the portfolio.

November 10, 2020

Acquisitions Illinois Industrial Midwest

Peppercorn Capital Sells 70,000 SF Warehouse in Chicago for $12M

by Kristin Harlow November 10, 2020

CHICAGO — Peppercorn Capital, a Chicago-based commercial real estate development company, has sold a 70,000-square-foot warehouse in Chicago for $12 million to Prologis. The property is located at 455 N. Ashland Ave. and features a ceiling height of 22 feet and five docking systems. Peppercorn purchased the asset in 2017 and leased it to movie production and equipment companies.

November 10, 2020

Acquisitions Illinois Midwest Multifamily

Kiser Group Negotiates $2.2M Sale of Single Room Occupancy Building in Chicago’s Hyde Park

by Kristin Harlow November 10, 2020

CHICAGO — Kiser Group has negotiated the sale of Park Beach Apartments in Chicago’s Hyde Park neighborhood for $2.2 million. The 77-unit single room occupancy (SRO) building is located at 5327 S. Cornell Ave. SRO refers to a form of housing that is geared toward residents with low incomes who rent furnished single rooms. The buyer will continue operating the property as an SRO. Park Beach Apartments includes 27 private bathroom units and 50 semi-private units. Jimal Gilbert and Lee Kiser brokered the transaction. Buyer and seller information was not disclosed.

November 10, 2020

Acquisitions Massachusetts Northeast Office

SVN Brokers Sale of 33,000 SF Office Building in Lowell, Massachusetts

by Taylor Williams November 10, 2020

LOWELL, MASS. — SVN | Parsons Commercial Group | Boston has brokered the sale of a 33,000-square-foot office building located at 81 Bridge St. in Lowell, which is located north of Boston. The sales price was approximately $2.5 million. According to LoopNet Inc., the two-story building was constructed in 1916. Marci Alvarado and Jake Parsons of SVN represented the seller, Bridge Street Business Center LLC, in the transaction. The duo also procured the buyer, Mill Bridge Residential LLC.

November 10, 2020

Acquisitions Multifamily Washington Western

EJF Capital, Holland Partner Group Purchase Two Multifamily Buildings in Washington State for $62.5M

by Amy Works November 10, 2020

VANCOUVER, WASH. — EJF Capital and Holland Partner Group have formed a joint venture to acquire and operate two adjacent six-story buildings in downtown Vancouver. The $62.5 million acquisition will be rebranded Coen & Columbia, offering a total of 200 multifamily units and approximately 2,220 square feet of retail space. Scheduled for delivery in the fourth quarter, Coen will feature 118 apartments, with 20 percent set aside for workforce housing, and 2,220 square feet of retail space. Columbia, will feature 82 apartments. Both buildings sit atop a city-owned parking garage with more than 750 parking spaces. The buildings are located on 1.1 acres in an area certified as Qualified Opportunity Zone under the Tax Cuts and Jobs Act of 2017, which offers investors tax benefits to invest into opportunity zones with the aim of spurring economic growth in lower income areas. KeyBank provided financing for the project.

November 10, 2020

Acquisitions Arizona Multifamily Western

JRK Property Holdings Buys 408-Unit Multifamily Community in Tempe, Arizona

by Amy Works November 10, 2020

TEMPE, ARIZ. — Los Angeles-based JRK Property Holdings has purchased 909 West, an apartment property located at 909 W. Grove Parkway in Tempe. MG Properties Group sold the asset for an undisclosed price. Built in 1999, 909 West features 408 units in a mix of one-, two- and three-bedroom floor plans in three- and four-story buildings. Community amenities include two swimming pools, a resident clubhouse, basketball court, fitness center, picnic area with gas grills and dog park. Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch and Mark McFate of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the transaction.

November 10, 2020

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