Acquisitions

Venture One Acquires 126,086 SF Industrial Portfolio in Suburban Chicago

by Kristin Harlow September 23, 2020

BENSENVILLE AND SCHAUMBURG, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a four-building industrial portfolio spanning 126,086 square feet in the suburban Chicago communities of Bensenville and Schaumburg. The purchase price was not disclosed. The properties are located at 401 Eastern Ave., 501 Eastern Ave. and 1231 Ellis St. in Bensenville and 635 Remington Road in Schaumburg. The Bensenville properties are all single- Stenant buildings and are fully leased. The Schaumburg facility is home to multiple tenants and is currently 82 percent leased. Venture One plans to make improvements to the Schaumburg building’s 9,507-square-foot vacant space. Eric Fischer of Cushman & Wakefield represented the undisclosed seller. VK Industrial V LP is a partnership between Venture One and Kovitz Investment Group.

September 23, 2020

Acquisitions Northeast Office Pennsylvania

Marcus & Millichap Brokers Sale of 113,300 SF Madison Building in Reading, Pennsylvania

by Taylor Williams September 23, 2020

READING, PA. — Marcus & Millichap has brokered the sale of The Madison Building, a 113,300-square-foot office property in Reading. Originally built in 1927, the property is situated on 1.1 acres and rises 12 stories. Craig Dunkle, Jackson Day and Mher Vartanian of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The trio also procured the buyer, an out-of-state developer that will convert the building into a Class A apartment complex. The Madison Building was 97 percent vacant at the time of sale.

September 23, 2020

Acquisitions Arizona Multifamily Student Housing Western

Joint Venture Acquires Cadence Tucson Student Housing Community Near University of Arizona

by Amy Works September 23, 2020

TUCSON, ARIZ. — A joint venture between Pebb Student Living and Coastal Ridge Real Estate has acquired The Cadence Tucson, a 456-bed student housing community located near the University of Arizona, for an undisclosed price. The community offers studio, one-, two-, three-, four- and five-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, hot tub, rooftop fire pit, grilling station, onsite retail space, fitness center, tanning salon, sauna, gaming lounge and coffee bar. The seller in the transaction was undisclosed.

September 23, 2020

Acquisitions Industrial Maine Northeast

Power REIT Acquires Cannabis Cultivation Facility in York County, Maine

by Taylor Williams September 23, 2020

YORK COUNTY, MAINE — A subsidiary of New York-based Power REIT has acquired a three-acre site in York County that houses a 32,800-square-foot cannabis cultivation facility that is under construction. Locally based cannabis grower Sweet Dirt is the operator of the greenhouse, which is expected to be complete by the end of the year. The site also houses a 2,800-square-foot distribution building. The seller was not disclosed.

September 23, 2020

Acquisitions Colorado Development Industrial Self-Storage Western

Self-Storage Operator Purchases Former Toys R Us Building in Colorado Springs

by Amy Works September 23, 2020

COLORADO SPRINGS, COLO. — In Self Storage Management has acquired the former Toys R Us building located at 3730 N. Citadel Drive in Colorado Springs. Dunton Commercial of Colorado sold the asset for an undisclosed price. The buyer plans to retrofit the existing freestanding building into mini-storage and make way for a new In Self Storage facility. The 3.1-acre property is bordered by Galley Road, North Citadel Drive, North Academy Boulevard and Delaware Drive. Patrick Kerscher of CBRE represented the seller in the deal.

September 23, 2020

Acquisitions Arizona Industrial Western

Westcore Sells West80 Industrial Property in Phoenix to KKR

by Amy Works September 22, 2020

PHOENIX — Westcore has completed the disposition of West80, an industrial property located at 8001 W. Buckeye Road in southwest Phoenix. Affiliates of KKR acquired the asset for an undisclosed price. Totaling 380,000 square feet, West80 features an ESFR sprinkler system, 36-foor clear heights, cross-dock loading, an office suite and a fully secured property with drive-around capabilities. At the time of sale, the property was fully leased to ABB Inc., which signed a lease this spring to occupy the asset. The facility is near Phoenix’s main east-west transportation node, Interstate 10, as well as Loop 202. Will Strong, Greer Oliver, Mike Haenel and Andy Markham of Cushman & Wakefield represented the seller, while KKR was self-represented in the deal. Westcore originally purchased the property from a joint venture between Phoenix-based Wentworth Property Co. and a private real estate fund managed by Dallas-based Crow Holdings Capital when construction was completed in August 2019.

September 22, 2020

Acquisitions Multifamily Oregon Western

Gelt Buys Silverwood Apartments in Gresham, Oregon for $30M

by Amy Works September 22, 2020

GRESHAM, ORE. — Los Angeles-based Gelt has purchased Silverwood Apartments, a multifamily community located at 4777 SW 11th St. in Gresham, for $30 million. The seller was not disclosed. Built in 1991 on nine acres, Silverwood Apartments features 164 units in a mix of one-, two- and three-bedroom layouts spread across 32 garden-style buildings. On-site amenities include a pool, playground, walking/biking trails and a picnic area. Gelt plans to upgrade the interior of the units to include vinyl-plank flooring, stainless steel appliances, new cabinet faces, backsplashes, ceiling fans and other cosmetic improvements. Additionally, the firm will rebrand the property, create new signage, paint the exterior of the building and refresh the pool and playground areas.

September 22, 2020

Acquisitions Arizona Multifamily Western

Praedium Group Acquires 385-Unit Liv North Valley Multifamily Property in Phoenix for $90M

by Amy Works September 22, 2020

PHOENIX — New York-based The Praedium Group has purchased Liv North Valley, an apartment community in Phoenix, and immediately implemented a process to rebrand the asset as Nova North Valley. An undisclosed seller sold the asset for $90 million, or $233,766 per unit. Constructed in 2019, the 385-unit property features outdoor fitness stations, a community garden, sports court, sand volleyball court, playground, bark park, barbecue grills, lounge areas, heated saltwater pool, spa, clubhouse and gym. Units offer modern gourmet kitchens with GE Energy Star appliances, granite countertops, pendent lighting and wood-style plank flooring. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

September 22, 2020

Acquisitions Office South Carolina Southeast

Cushman & Wakefield Arranges $23.8M Sale of Office Building in Downtown Charleston

by Alex Tostado September 22, 2020

CHARLESTON, S.C. — Cushman & Wakefield has arranged the $23.8 million sale of 134 Meeting Street, a 71,947-square-foot office building in downtown Charleston. The asset was 93 percent leased at the time of sale to tenants including law firms K&L Gates and Sinkler & Boyd. The building was renovated in 2015 to include a new HVAC system; upgraded lobbies, restrooms and common corridors; and a 1,702-square-foot fitness center with showers. Jared Londry, Rob Cochran and Nolan Ashton of Cushman & Wakefield represented the seller, Cobalt Property Group, in the transaction. Highland Ventures, a separate account client of Insite Properties, acquired the property.

September 22, 2020

Acquisitions Multifamily Texas

ZOM Living Sells 376-Unit Kinstead Apartment Community in Metro Dallas

by Taylor Williams September 22, 2020

MCKINNEY, TEXAS — Florida-based ZOM Living has sold Kinstead, a 376-unit apartment community located in the northern Dallas metro of McKinney. The property features studio, one- and two-bedroom units and amenities such as two pools, a 24-hour fitness center, outdoor grilling stations, a game room and a pet park. Brian O’Boyle Jr. and Brian Murphy of Newmark Knight Frank represented ZOM Living in the all-cash transaction. The buyer was a fund sponsored by CBRE Global Investors.

September 22, 2020

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