Acquisitions

Hanley Investment Group Negotiates Sale of Mixed-Use Building in Suburban Indianapolis

by Kristin Harlow July 15, 2020

FISHERS, IND. — Hanley Investment Group Real Estate Advisors has negotiated the sale of the Bonn Building in Fishers within suburban Indianapolis. Although the sales price was undisclosed, the transaction marks the third for Hanley in the state of Indiana in the last five months for a total consideration of $12.2 million. Dylan Mallory and Corey Olson of Hanley represented the Toledo-based seller and developer, Republic Development. A Bloomington, Ind.-based private investor purchased the asset. Built in 2007, the Bonn Building sits on 2.3 acres at E. 131st St. within Saxony, a 3.5 million-square-foot office and industrial development. The Bonn Building was 92 percent leased at the time of sale to a mix of retail, food service, healthcare and office tenants.

July 15, 2020

Acquisitions Illinois Industrial Midwest

Premier Commercial Realty Brokers Sale of 45,000 SF Industrial Building in Huntley, Illinois

by Kristin Harlow July 15, 2020

HUNTLEY, ILL. — Premier Commercial Realty has brokered the sale of a 45,000-square-foot industrial building located at 11253-11299 Kiley Drive in Huntley, about 50 miles northwest of Chicago. The sales price was undisclosed. The multi-tenant building was fully leased at the time of sale. Bruce Kaplan and Kevin Kaplan of Premier brokered the transaction. A private investor purchased the asset from Blackhawk Huntley LP.

July 15, 2020

Acquisitions Multifamily Southeast Virginia

FCP Sells Multifamily Community in Northern Virginia for $81.5M

by Alex Tostado July 14, 2020

WOODBRIDGE, VA. — FCP has sold Potomac Vista Apartments, a 408-unit multifamily community in Woodbridge. Jair Lynch Realty Partners and Nuveen acquired the property for $81.5 million. The community offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, pool, playground, business center and a clubhouse. The three-story property was originally built in 1987. FCP acquired Potomac Vista in August 2016. The community is located at 14101 Kristin Court, 25 miles southwest of downtown Washington, D.C. Brian Crivella, Walter Coker and Robert Jenkins of JLL represented the seller in the transaction.

July 14, 2020

Acquisitions Florida Industrial Leasing Activity Southeast

Commercial Partners Realty Negotiates Sale-Leaseback of 94,000 SF Industrial Property in Metro Tampa

by Alex Tostado July 14, 2020

PINELLAS PARK, FLA. — Commercial Partners Realty has negotiated the sale-leaseback of a 94,000-square-foot industrial building in Pinellas Park. Woodhill Real Estate LLC acquired the asset for $6 million. The seller and tenant, Nautical Structures, specializes in manufacturing, designing, distributing and engineering yachting equipment. The property spans five acres and is situated at 7301 114th Ave., 20 miles west of downtown Tampa. Scott Clendening of Commercial Partners Realty represented the seller in the transaction.

July 14, 2020

Acquisitions Retail Texas

Marcus & Millichap Arranges Sale of 14,218 SF Retail Center in Roanoke, Texas

by Taylor Williams July 14, 2020

ROANOKE, TEXAS — Marcus & Millichap has arranged the sale of Roanoke Corners, a 14,218-square-foot retail center in Roanoke, located north of Fort Worth. The property was fully leased at the time of sale to tenants such as AT&T, Donut Paradise and Cinch Cleaners. Philip Levy of Marcus & Millichap represented the seller, a partnership, in the transaction. Levy also procured the buyer, a private investor. Both parties requested anonymity.

July 14, 2020

Acquisitions Industrial Massachusetts Northeast

Investcorp Sells 1.8 MSF Industrial Portfolio in Boston, Chicago for $200M

by Taylor Williams July 14, 2020

BOSTON AND CHICAGO — Investcorp, a global private equity firm based in Bahrain, has sold a 1.8 million-square-foot portfolio of industrial buildings located in the Boston and Chicago areas for $200 million. The Boston component of the portfolio includes a warehouse, distribution center and flex building totaling roughly 1.1 million square feet. The Chicago component features three cold storage properties totaling approximately 700,000 square feet. Investcorp initially acquired the portfolio, which was 98 percent leased at the time of sale, in 2017. The buyer was not disclosed.

July 14, 2020

Acquisitions Illinois Michigan Midwest Missouri

Cornerstone Acquires Nine Medical Properties Across Six States for $59.9M

by Kristin Harlow July 14, 2020

INDIANAPOLIS — Indianapolis-based Cornerstone Cos. Inc. has acquired nine healthcare real estate properties in six states totaling more than 300,000 square feet for $59.9 million. Cornerstone MOB Fund V, a private equity fund focused solely on medical real estate, was used to acquire the assets. The properties include: Northwest Medical Center in Poplar Bluff, Mo.; Danville Polyclinic in Danville, Ill.; PACE of Southeast Michigan Center in Eastpointe, Mich.; The Eye Institute of Paducah in Paducah, Ky.; The Surgery Center of Columbus in Columbus, Ga.; and The Jervey Eye Group portfolio, which is a four-property portfolio in Greenville, S.C. All of the assets are supported by net leases and the tenants are a mix of health systems and specialty physician groups.

July 14, 2020

Acquisitions Illinois Midwest Office

Marcus & Millichap Brokers $3.4M Sale of Government-Occupied Office Building in Chicago

by Kristin Harlow July 14, 2020

CHICAGO — Marcus & Millichap has brokered the sale of a 38,747-square-foot office property occupied by the Illinois Department of Human Services in Chicago for $3.4 million. The single-tenant building is located at 1642 W. 59th St. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a fund manager. A Chicago-based private investor purchased the asset. The Illinois Department of Human Services is one of the state’s largest agencies with more than 13,000 employees.

July 14, 2020

Acquisitions Illinois Industrial Midwest

Clear Height Properties Purchases 30,000 SF Industrial Building in Bensenville, Illinois

by Kristin Harlow July 14, 2020

BENSENVILLE, ILL. — Clear Height Properties has purchased a 30,000-square-foot industrial building located at 464-480 Country Club Drive in Bensenville for an undisclosed price. Built in 1973, the property was vacant at the time of sale. It has primarily been used for warehouse distribution and light manufacturing purposes. Clear Height plans to make capital improvements such as new landscaping, sidewalks, parking lot, dock staircase and overhead doors. Justin Lerner of Transwestern represented Clear Height in the transaction. Marcus & Millichap represented the seller, Aspen Industries.

July 14, 2020

Acquisitions California Office Western

CBRE Global Investors Buys 137,625 SF Historic Office Building in San Francisco

by Amy Works July 14, 2020

SAN FRANCISCO — A fund sponsored by CBRE Global Investors has acquired 123 Townsend Street, an office building located in San Francisco’s SoMa neighborhood. Terms, including acquisition price and seller, were not released. The acquisition is part of the fund’s broader strategy to invest in target office markets across the United States. Built in 1903, the six-story, brick-and-timber building underwent a full renovation in 2000, including significant seismic structural upgrades, a new roof, new systems and the addition of elevators and skylights. Totaling 137,625 square feet, the low-rise property features multiple stairwells and large, flexible floorplans. On-site amenities include a fitness center, bike storage and rooftop deck.

July 14, 2020

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