Acquisitions

NKF Arranges Sale of Six-Building Office Portfolio in Columbia, Maryland

by Alex Tostado October 27, 2020

COLUMBIA, MD. — Newmark Knight Frank (NKF) has arranged the sale of a six-building, 253,079-square-foot office portfolio in Columbia. At the time of the sale, the properties were leased to more than 20 tenants, including Liberty Mutual Insurance, AXA, Howard Chamber of Commerce and State Farm. The portfolio is located at 6200-6250 Old Dobbin Lane, 16 miles southwest of downtown Baltimore. Richmond, Va.-based real estate investment bank John B. Levy & Co. and an affiliate of Fernau LeBlanc Investment Partners acquired the portfolio for an undisclosed price. Cris Abramson, Nicholas Signor and Ben McCarty of NKF represented the undisclosed seller in the transaction.

October 27, 2020

Acquisitions Alabama Multifamily Southeast

Wicker Park Capital Sells 336-Unit Apartment Complex Near Huntsville

by Alex Tostado October 27, 2020

MADISON, ALA. — Wicker Park Capital Management has sold Elements of Madison, a 336-unit apartment complex in Madison. The property offers one-, two- and three-bedroom floor plans averaging 999 square feet. Communal amenities include two pools, a business center, playground, fitness center and a clubhouse. Elements of Madison was built in two phases between 1986 and 1999. The asset was 95 percent occupied at the time of sale. The community is located at 101 Royal Drive, 12 miles west of downtown Huntsville. Justin Uffinger and Bo Flurry of Newmark Knight Frank (NKF) represented the Savannah, Ga.-based seller in the transaction. Mishawaka, Ind.-based The Sterling Group acquired the complex for an undisclosed price.

October 27, 2020

Acquisitions Georgia Multifamily Southeast

Joint Venture Acquires 260-Unit Multifamily Community in Southwest Atlanta

by Alex Tostado October 27, 2020

ATLANTA — A joint venture between Crown Bay Group LLC, Acorn Property Group LLC and Iron Street Capital LLC has acquired FortyThree 75 Apartments, a 260-unit multifamily community in southwest Atlanta. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, clubhouse, dog park, playground and a MARTA bus stop. The buyers plan to renovate unit interiors as they become available. The asset is situated at 4375 Cascade Road, 12 miles west of downtown Atlanta. The seller and sales price were not disclosed.

October 27, 2020

Acquisitions Illinois Midwest Ohio

Investcorp Acquires 32 Industrial Properties in Illinois, Ohio

by Kristin Harlow October 27, 2020

ILLINOIS AND OHIO — Investcorp has acquired 32 industrial properties totaling approximately 3.5 million square feet across four U.S. markets. The value of the acquired properties was more than $280 million. The assets are 96 percent leased and consist of a variety of Class A and B warehouse, distribution and flex industrial buildings. Tenants work in the healthcare, logistics, e-commerce, telecommunications and food service industries. Most of the properties are located in Chicago and Cleveland but others are situated in Columbus and Cincinnati. The acquisition grows Investcorp’s U.S. industrial portfolio to roughly $2 billion with 22 million square feet across 260 buildings.

October 27, 2020

Acquisitions Indiana Midwest Office

Marcus & Millichap Brokers $1.1M Sale of Office Building in Fort Wayne, Indiana

by Kristin Harlow October 27, 2020

FORT WAYNE, IND. —Marcus & Millichap has brokered the sale of a 7,631-square-foot office building in Fort Wayne for $1.1 million. The property is located at 1020 E. Dupont Road. It was fully occupied by two tenants at the time of sale. In 2018, the property underwent improvements such as new LED lighting, HVAC units, carpet and a roof replacement. Jordan Klink and Nick Weaver of Marcus & Millichap’s The Klink Group marketed the asset on behalf of the seller, a Fort Wayne-based limited liability corporation. Agents from Marcus & Millichap’s San Diego office represented the undisclosed buyer.

October 27, 2020

Acquisitions Massachusetts Northeast Office

JLL Negotiates $72M Sale of 228,912 SF Office Building in Boston

by Taylor Williams October 27, 2020

BOSTON — JLL has negotiated the $72 million sale of a 228,912-square-foot creative office building located at 20 Guest St. in Boston. Designed by architecture firm ADD Inc. and completed in 2000, the property is located near the Boston Landing mixed-use development and was fully leased to seven tenants at the time of sale. Coleman Benedict, Kerry Hawkins and Ben Sayles of JLL represented the seller, NB Development Group, in the transaction. The buyer was a partnership between Griffith Properties LLC and Artemis Real Estate Partners.

October 27, 2020

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 13,290 SF Shopping Center in Mesquite, Texas

by Taylor Williams October 27, 2020

MESQUITE, TEXAS — Marcus & Millichap has brokered the sale of Belt Line Crossing, a 13,290-square-foot shopping center located in the eastern Dallas suburb of Mesquite. Philip Levy of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction. The property was 84 percent leased at the time of sale to tenants such as Subway and metroPCS.

October 27, 2020

Acquisitions California Industrial Western

Oaktree Capital, Intertex Cos. Sell Two-Building Industrial Park in Southern California for $22M

by Amy Works October 27, 2020

SYLMAR, CALIF. — Oaktree Capital Management and Intertex Cos., through managed funds, have completed the sale of a two-building industrial park located at 12744 San Fernando Road in Sylmar. Rexford Industrial Realty acquired the asset for $22 million. Situated on 6.5 acres, the property features 140,837 square feet of industrial space. At the time of sale, the asset was 56 percent occupied by two tenants. Kevin Shannon, Sean Fulp, Bret Hardy, Jim Linn and Ryan Plummer of Newmark represented the sellers, while the buyer was self-represented in the transaction.

October 27, 2020

Acquisitions Arizona Healthcare Office Western

Cypress West Partners Acquires Tatum Highlands Medical Office Complex in Phoenix

by Amy Works October 27, 2020

PHOENIX — Cypress West Partners has purchased two single-story medical office buildings located at 2264 and 26232 N. Tatum Blvd. in Phoenix for an undisclosed price. Known as Tatum Highlands Medical and Dental, the medical campus features a 27,204-square-foot medical office and a 5,667-square-foot dental office. The two properties were built in 1998 and 2000. At the time of sale, the property was 87 percent occupied. Tenants include HonorHealth Medical Group, Desert Sun Pediatrics and Jet Set Smiles Pediatric Dentistry. The Southern California-based healthcare investment, leasing and property management firm was self-represented in the joint venture transaction with private investors, while Aaron Kuhl represented the seller, a public REIT, in the deal. The transaction marks Cypress West’s 10th acquisition in the Arizona medical office market totaling 428,000 square feet.

October 27, 2020

Acquisitions California Industrial Western

Stos Partners Divests of Cold Storage Facility in San Diego for $8.3M

by Amy Works October 27, 2020

SAN DIEGO — Stos Partners has completed the disposition of a 56,300-square-foot cold storage facility located at 9925 Airway Road in San Diego’s Otay Mesa submarket. A private investor acquired the asset for $8.3 million. Stos Partners initially acquired the property for $6.1 million in 2019 and successfully brought the property to 100 percent occupancy. During its tenure, the company implemented a value-add program that resulted in a 35 percent value increase. Upgrades included a new roof and paint, mechanical enhancements, fresh landscaping and other general building improvements. Louay Alsadek, Hunter Rowe, Erik Parker and Matthew Pourcho of CBRE represented the seller in the deal.

October 27, 2020

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