Acquisitions

Newmark Arranges $55M Sale of Two Multifamily Assets in Phoenix

by Amy Works December 14, 2020

PHOENIX — Newmark has brokered the sale of two multifamily properties, known as Ascent 1829 and Vicinity, in Phoenix for a total of $55 million. The name of the buyer was not released. Constructed in 1980, Ascent 1829 features 180 units with renovation efforts underway — 47 of the units have been fully updated with stainless steel appliances, vinyl wood plank flooring, painted gray cabinetry with hardware pulls, built-in microwave oven, modern plumbing fixtures and contemporary lighting. Vicinity Apartments, which was built in 1975, features 125 units spread across 10 buildings on 4.3 acres. Each of the buildings were recently renovated and feature wood frame construction, stucco exterior finishes and mansard tiled roofs. Brad Goff, Brett Polacheck and Chris Canter of Newmark handled the transactions.

December 14, 2020

Acquisitions Colorado Industrial Western

Graham Street Realty Enters Industrial Market with $16M Commerce Square Acquisition in Aurora, Colorado

by Amy Works December 14, 2020

AURORA, COLO. — San Francisco-based Graham Street Realty has purchased Commerce Square, an industrial asset located in the Interstate 70 East Industrial submarket of the Denver-Aurora metro. First Industrial Realty Trust sold the property for $16 million. Commerce Square features 144,464 rentable square feet of shallow-bay, light industrial space across two Class B buildings, which were built in 1984. The single-story buildings offer above-standard loading capabilities and storefronts. At the time of sale, Commerce Square was fully leased. Oakland, Calif.-based Paramount Property Co. will provide property management services for the asset. This deal brings Graham Street Realty’s Colorado portfolio to nine properties and marks the firm’s first industrial acquisition.

December 14, 2020

Acquisitions Industrial Nevada Western

GPR Ventures Expands to Reno with 331,632 SF Warehouse Acquisition

by Amy Works December 14, 2020

RENO, NEV. — GPR Ventures has acquired an industrial warehouse property located at 4910 Longley Lane in Reno. Details of the transaction were not released. The purchase is GPR’s first acquisition in the Reno market. Situated near Reno-Tahoe International Airport, the 331,632-square-foot facility features dedicated office space; 21 dock-high doors, with potential for 16 more; two grade-level doors illuminated with T5 high-output fluorescent lamps for increased visibility; and new roofing that represented a $1.5 million investment. At the time of acquisition, the property was 80 percent occupied by two tenants: Hamilton Co., a global manufacturer of precision measurement devices, and Powertrain Industries, which offers a line of unique products used by mechanics to repair vehicle driveshafts.

December 14, 2020

Acquisitions Office Washington Western

Marcus & Millichap Brokers $6.9M Sale of James Center Plaza Office Building in Tacoma, Washington

by Amy Works December 14, 2020

TACOMA, WASH. — Marcus & Millichap has arranged the sale of James Center Plaza, an office property located at 1628 S. Milred St. in Tacoma. A limited liability company sold the building to an undisclosed buyer for $6.9 million. Built in 1997, the asset features 33,375 square feet of office and medical office space. At the time of sale, the building was 78.1 percent occupied, mostly by longstanding medical-dental tenants. Matthew Herman and Stren Lea of Marcus & Millichap’s Seattle office represented the seller in in the deal.

December 14, 2020

Acquisitions Illinois Industrial Midwest

Entre Commercial Realty Brokers Sale of 21,460 SF Industrial Building in Mundelein, Illinois

by Kristin Harlow December 14, 2020

MUNDELEIN, ILL. — Entre Commercial Realty has brokered the sale of a 21,460-square-foot industrial building in Mundelein, a northern suburb of Chicago. The sales price was undisclosed. Located at 300 Townline Road, the property features a clear height of 18 feet, one exterior dock, two drive-in doors and parking for 100 cars. Brian Bocci of Entre represented the buyer, a private investor that plans to convert the building into a baseball training facility. John Coleman of MK Asset Brokerage represented the undisclosed seller.

December 14, 2020

Acquisitions Industrial Texas

ML Realty Acquires 56,520 SF Industrial Building in Dallas

by Taylor Williams December 14, 2020

DALLAS — ML Realty Partners has acquired a 56,520-square-foot industrial building located at 3942 Irving Blvd. in the South Stemmons submarket of Dallas. According to LoopNet Inc., the property was built in 1968, renovated in 2000 and features 20- to 24-foot clear heights. Jeremy Mercer and Jeff Turner of Mercer Co. represented the seller and will also be responsible for leasing the building on behalf of ML Realty Partners.

December 14, 2020

Acquisitions Massachusetts Northeast Office

JLL Negotiates $14.5M Sale of Historic Office Building in Worcester, Massachusetts

by Taylor Williams December 14, 2020

WORCESTER, MASS. — JLL has negotiated the $14.5 million sale of a 333,302-square-foot historic office building located at 340 Main St. in Worcester, located in the central part of the state. The property was built in 1897 and is currently leased to a roster of legal, financial services and government tenants. Adam Dunn, Mike Restivo and Chris Phaneuf of JLL represented the seller, Commerce Associates LLC, in the transaction. The buyer, Silverbrick Group, plans to convert the nine-story building into a mixed-use development with office, retail, multifamily and self-storage uses.

December 14, 2020

Acquisitions Multifamily New York Northeast

Alpha Realty Brokers $5.1M Sale of Apartment Building in The Bronx

by Taylor Williams December 14, 2020

NEW YORK CITY — Locally based firm Alpha Realty has brokered the $5.1 million sale of a 33-unit apartment building located in the Wakefield area of The Bronx. The seller, a private family that owned the asset for 45 years, sold the property to LAL-Roughlock Fund I. Lev Mavashev, Yehuda Leser and Shai Egison of Alpha Realty represented both parties in the transaction.

December 14, 2020

Acquisitions Healthcare Life Sciences Massachusetts Northeast Office Top Stories

Blackstone Acquires Life Sciences Portfolio in Metro Boston for $3.4B

by Taylor Williams December 14, 2020

CAMBRIDGE, MASS. — Blackstone (NYSE: BX) has acquired a 2.3 million-square-foot life sciences portfolio in Cambridge, located across the Charles River from Boston, for approximately $3.4 billion. The seller was Brookfield Asset Management. The majority of the properties in the portfolio are located in East Cambridge, adjacent to the Massachusetts Institute of Technology (MIT) campus, and are leased to investment-grade tenants with both traditional office and lab requirements. Following the closing of the deal, which is scheduled for the first quarter of 2021, Blackstone will be the largest owner of life sciences space in Cambridge. Blackstone is acquiring the portfolio through BioMed Realty, its $20 billion subsidiary that launched in 2018 and is focused on life sciences properties. “This transaction illustrates Blackstone’s continued conviction in the life sciences space, both broadly and within real estate, and in investing in best-in-class assets located adjacent to top-tier research and education institutions,” says Nadeem Meghji, head of real estate in the Americas for Blackstone. Cambridge continues to be a hub for development and leasing of life sciences properties. In November, locally based developer King Street Properties partnered with California-based Healthpeak Properties to break ground on a $170 million life sciences facility that will …

December 14, 2020

Acquisitions Development Florida Hospitality Multifamily Southeast

Royal Palm Buys Parcel at Miami Worldcenter for $33.9M, Plans to Develop Mixed-Use Tower

by Alex Tostado December 11, 2020

MIAMI — Royal Palm Cos. (RPC) will develop Legacy Hotel & Residences, a 50-story mixed-use building featuring 256 hotel rooms and 274 apartment units, within Miami Worldcenter. The master developer of Miami Worldcenter, Miami World Center Associates, sold the 1.5-acre plot to RPC for $33.9 million. RPC plans to break ground on the tower in early 2021. The asset will feature a business lounge, pool, a one-acre pool deck and a 100,000-square-foot wellness center. A timeline for completion was not disclosed. Robert Given, Troy Ballard and James Quinn of Cushman & Wakefield represented the seller in the land transaction. Miami Worldcenter is a $4 billion, 27-acre mixed-use development that has been delivering in phases. Assets that are currently open include RPC’s 60-story Paramount Miami Worldcenter condo tower, which opened across the street from Legacy Hotel & Residences in November 2019; and Caoba, a 444-room apartment tower. Projects currently underway and planned include a 348-room CitizenM hotel, ZOM Living’s 434-unit Bezel apartments, Hines’ 500,000-square-foot office building and MDM Group’s 1,700-room Marriott Marquis and adjacent 600,000-square-foot expo center.

December 11, 2020

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