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Acquisitions

AcquisitionsIllinoisLoansMidwestOffice

Forman Capital Provides $6.8M Acquisition Loan for Distressed Office Asset in Metro Chicago

by Kristin Harlow

OAK BROOK, ILL. — Forman Capital has provided a $6.8 million loan for the acquisition of a distressed office asset in the Chicago suburb of Oak Brook. Butterfield Office Plaza is a four-building office campus totaling 308,921 rentable square feet. The borrower, 2625 Butterfield LLC, is led by investor and developer Mitch Goltz, who acquired the property in a distressed sale and has a business plan to stabilize, reposition and redevelop key components of the campus. The developer will consolidate all tenants into two buildings totaling 95,511 square feet and redevelop the other two buildings. Once tenant consolidation is completed, the operating buildings are estimated to be around 57 percent leased. Brett Forman, Ben Jacobson, Scott Mehlman, Ty Regnier and Cam Fleury represented Forman Capital on an internal basis.

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AcquisitionsIndustrialMassachusettsNortheast

Marcus Partners Acquires 100,000 SF Industrial Property in Norwell, Massachusetts

by Taylor Williams

NORWELL, MASS. — Regional investment firm Marcus Partners has purchased an approximately 100,000-square-foot industrial property in Norwell, about 25 miles southeast of Boston. Built in 1983, the property at 77 Accord Park Drive consists of four light industrial buildings that were 78 percent leased to 13 tenants at the time of sale. Marcus Partners purchased the property in partnership with Boston-based Rhino Capital, with Middlesex Savings Bank financing the acquisition. The seller was the original developer.

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AcquisitionsDevelopmentHospitalityMassachusettsNortheast

Mount Vernon Co. Buys Historic Hospitality Property in Plymouth, Massachusetts, Plans Repositioning

by Taylor Williams

PLYMOUTH, MASS. — Boston-based investment firm The Mount Vernon Co. has purchased an 80-room historic hospitality property in Plymouth, located south of the state capital, with plans to implement a repositioning. Opened in 1969 and renovated in 2021, The John Carver Inn & Spa features a full-service spa, indoor pool, meeting and event space, fitness center, game room and onsite dining options. The repositioning will cover the property’s interiors, amenities, and the food-and-beverage program. Alan Suzuki and Matthew Enright of JLL represented the undisclosed seller in the transaction.

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AcquisitionsIndustrialMichiganMidwest

Friedman Real Estate Arranges $2.6M Sale of Industrial Property in Farmington Hills, Michigan

by Kristin Harlow

FARMINGTON HILLS, MICH. — Friedman Real Estate has arranged the sale of a 28,640-square-foot industrial property in the Detroit suburb of Farmington Hills for $2.6 million. The facility is located at 24450 Indoplex Circle. Phil Konopitski of Friedman represented the undisclosed buyer.

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ElmTree-Funds
AcquisitionsCompany NewsMissouriNew YorkTop Stories

BlackRock to Acquire Net-Lease Industrial Investor ElmTree Funds

by Hayden Spiess

NEW YORK CITY AND ST. LOUIS — New York City-based investment manager BlackRock Inc. (NYSE: BLK) has announced plans to acquire net-lease real estate investment firm ElmTree Funds. BlackRock has entered into a definitive agreement with ElmTree, which has $7.3 billion in total assets under management as of March 31. The transaction is expected to close in the third quarter of 2025, subject to regulatory approvals and customary closing conditions. Established in 2011 and based in St. Louis, ElmTree owns and operates real estate properties, with a focus on single-tenant, build-to-suit industrial assets. ElmTree’s portfolio includes investments in 122 properties across 31 states.  Additionally, ElmTree’s portfolio includes six office locations. BlackRock’s upfront consideration will be paid primarily in stock, with the potential for additional consideration subject to ElmTree Funds’ performance over the next five years. Additional financial details were not disclosed. Upon closing of the deal, ElmTree will be integrated into Private Financing Solutions (PFS), a new platform created through BlackRock’s combination with HPS Investment Partners. (BlackRock completed its acquisition of investment firm HPS earlier this month.)  “The net lease market is estimated at $1 trillion, and our continued belief in the industrial build-to-suit model is rooted in the mission-critical …

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AcquisitionsIndustrialTexas

Cushman & Wakefield Brokers Sale of 775,013 SF Industrial Portfolio in Metro Dallas

by Taylor Williams

DALLAS — Cushman & Wakefield has brokered the sale of the Greater Valwood Industrial Portfolio, a collection of seven buildings totaling 775,013 square feet in metro Dallas. The buildings are located in the Valwood/North Stemmons and Addison submarkets and were fully leased at the time of sale. Jim Carpenter, Jud Clements, Robby Rieke, Emily Brandt and Trevor Berry of Cushman & Wakefield represented the undisclosed seller in the transaction. John Alascio, T.J. Sullivan and Jason Blankfein, also with Cushman & Wakefield, arranged an undisclosed amount of acquisition financing through Lincoln Financial Group on behalf of the buyer, San Francisco-based investment firm Stockbridge Capital.

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AcquisitionsMultifamilyTexas

Colliers Negotiates Sale of 252-Unit Green Arbor Apartments in Southeast Houston

by Taylor Williams

HOUSTON — Colliers has negotiated the sale of Green Arbor Apartments, a 252-unit multifamily property in southeast Houston. The site spans 8.7 acres at 10601 Sabo Road in the Southbelt‑Ellington area, and the property offers one-, two- and three-bedroom units, some of which are equipped with private balconies/patios. Amenities include two pools and a playground. Chip Nash, Bob Heard and Jaleel Adatia of Colliers represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

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AcquisitionsIndustrialTexas

Apricus, ABR Capital Buy 11.3-Acre Industrial Outdoor Storage Facility in Northwest Houston

by Taylor Williams

HOUSTON — A partnership between Dallas-based Apricus Realty Capital and Baltimore-based ABR Capital Partners has purchased an 11.3-acre industrial outdoor storage (IOS) facility in northwest Houston. The site includes 32,358 square feet of crane-served warehouse space that is leased to Knight Oil Tools. Jason Tangen and Paul Dominique of Colliers represented the undisclosed seller in the transaction. C.W. Sheehan, Jack Britton, Peyton Ackerman and Nate Henderson of JLL arranged acquisition financing for the deal.

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AcquisitionsGeorgiaIndustrialSoutheast

JLL Negotiates Sale of 1 MSF Distribution Center in Rincon, Georgia Leased to NFI

by John Nelson

RINCON, GA. — JLL has negotiated the sale of NFI Distribution Center Savannah, a 1 million-square-foot distribution facility located at 1200 Logistics Parkway in Rincon. The distribution center is fully leased to National Distribution Centers LLC, a major subsidiary of New Jersey-based supply chains solutions provider NFI Industries. Britton Burdette, John Huguenard, Dennis Mitchell, Jim Freeman and Maggie Dominguez of JLL represented the seller, a joint venture between Becknell Industrial and Goldman Sachs Alternatives, in the transaction. Stockbridge purchased the Class A facility for an undisclosed price. Situated within Old Augusta Commerce Center, the cross-dock property is situated 10.7 miles from the Port of Savannah’s Garden City Terminal and within five miles of I-95. The property was completed in 2022 and features 40-foot clear heights, 190-foot truck courts, 270 trailer parking spaces (expandable to 307) and 102 dock levelers.

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AcquisitionsMultifamilyWashingtonWestern

Goodman Real Estate Sells Two-Property Multifamily Portfolio in Tacoma, Washington for $43M

by Amy Works

TACOMA, WASH. — Goodman Real Estate has completed the sale of Sienna and Sienna Park, two multifamily properties in Tacoma, to Interstate Equities Corp. for $43 million, or $173,387 per unit. Located adjacent to one another, the properties offer a total of 248 units. Built in 1986, Sienna offers 80 two- and three-bedroom apartments spread across eight residential buildings. Constructed in 1988, Sienna Park offers 168 one-, two- and three-bedroom apartments across 17 buildings. The communities share an onsite leasing office and resident clubhouse, an outdoor pool, fitness center and standalone cabana. Giovanni Napoli, Philip Assouad, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

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