Acquisitions

Provender Partners Sells 232,556 SF Distribution Center in Berkeley, Missouri

by Kristin Harlow August 12, 2020

BERKELEY, MO. — Provender Partners has sold a 232,556-square-foot distribution center leased to Dollar General in Berkeley near St. Louis. Provender also sold a separate Dollar General-occupied distribution center in San Antonio along with the Berkeley facility for a total of nearly $64 million. Provender acquired both facilities in 2019 and invested more than $6 million in improvements and renovations before securing 10-year leases with Dollar General for both properties. With freezer, cooler and dry storage space, the properties are part of Dollar General’s new DG Fresh initiative to bring logistics capabilities in-house. Guy Ponticello and Robert Gibson of CBRE and Scott Delphey of Food Properties Group represented Provender in the sale. The buyer was undisclosed.

August 12, 2020

Acquisitions Industrial New Jersey Northeast

High Street Logistics Acquires 432,000 SF Industrial Facility in Southern New Jersey

by Taylor Williams August 12, 2020

VINELAND, N.J. — Boston-based investment firm High Street Logistics Properties has acquired a 432,000-square-foot industrial facility located within the 2.7 million-square-foot Vineland Industrial Park, about 40 miles south of Philadelphia. The sales price was $23.2 million. Built in 1989 and expanded in 1997, the cross-dock property is fully leased to Ardagh Glass Inc., a provider of sustainable packing solutions. Building features include 28- to 34-foot clear heights, 24 dock doors, 18 trailer parking spaces, 54 automobile parking spaces and 110- to 120-foot truck court depths. Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki of CBRE represented the seller, Vineland Construction, in the transaction. CBRE local market advisors Ken Zirk, Robert Zwengler, Dan McGovern, Paul Touhey and Andrew Green also assisted on the sale.

August 12, 2020

Acquisitions Multifamily Northeast Pennsylvania

Rittenhouse Brokers Sale of 141-Unit Apartment Community in Philadelphia’s University City Area

by Taylor Williams August 12, 2020

PHILADELPHIA — Rittenhouse Realty Advisors has brokered the sale of LVL 4125, a 141-unit apartment community located at 4125 Chestnut St. in the University City neighborhood of Philadelphia. Alterra Property Group developed the community, which features proximity to the University of Pennsylvania and Drexel University, in 2019. Units offer stainless steel appliances and individual washers and dryers, and amenities include a roof deck, fitness center, clubroom and a dog run. The buyer was not disclosed.

August 12, 2020

Acquisitions New York Northeast Office

CBRE Commits to Additional 44,612 SF at 200 Park Avenue Office Building in Manhattan

by Taylor Williams August 12, 2020

NEW YORK CITY — CBRE has committed to an additional 44,612 square feet of office space at 200 Park Avenue in Manhattan. The expansion gives the real estate firm a total footprint of more than 215,000 square feet at the 58-story, Class A property, which is known as the MetLife Building. In addition, CBRE will be leaving its 140 Broadway location to occupy space at the new Hana coworking space at 3 World Trade Center, which will open later this year. Craig Reicher of CBRE handled the lease negotiations with Gus Field and Megan Sheehan of Tishman Speyer, the owner of the building.

August 12, 2020

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Arranges $9.7M Sale of Multifamily Portfolio in Jersey City

by Taylor Williams August 12, 2020

JERSEY CITY, N.J. — Gebroe-Hammer Associates has arranged the $9.7 million sale of a 57-unit multifamily portfolio in Jersey City. The sales price equates to roughly $171,000 per unit. The portfolio consists of two buildings that were both constructed around the turn of the 20th century. Niko Nicolaou of Gebroe-Hammer represented the seller, Kevelson Family LLC, in the transaction. Brad Domenico of Progress Capital provided acquisition financing on behalf of the undisclosed buyer.

August 12, 2020

Acquisitions Industrial Video

Video: Credit Union Structure Allows Alliant to Finance Deals and Look to the Future

by Sarah Daniels August 11, 2020

Left: Paul Letourneau, Manager of Commercial Loan Originations, Alliant Credit Union. Right: Randall Shearin, Senior Vice President, France Media. Flexibility and Lending in the Midst of Pandemic Listen to Paul Letourneau, Manager of Commercial Loan Originations at Alliant Credit Union describe why his company has been able to continue lending in the midst of the pandemic. COVID-19 has forced many capital providers to pull back, but Alliant’s flexibility and adaptability has allowed it to source deals discerningly. Tune in to hear a concise conversation on what balance sheet lenders have to offer borrowers and how Alliant is able to look to the future of financing. Q&A sponsor: Alliant’s members-first philosophy has always served them well. With over 80 years of history and more than $12 billion in assets, Alliant Credit Union is the largest credit union in Illinois and one of the largest in the nation. Their excellent online, mobile and phone banking services, combined with their full suite of competitive products, make banking simpler for their 500,000 members nationwide.

August 11, 2020

Acquisitions Florida Hospitality Southeast

The Estate Cos. Acquires Former Ramada Inn Near Miami for $15.3M

by Alex Tostado August 11, 2020

HIALEAH, FLA. — The Estate Cos. has acquired a former Ramada Inn in Hialeah for $15.3 million. The non-operational hotel was originally built in 1970 with expansions completed in 1973, 1979 and 1988. The property offers 258 rooms and sits on five acres at 1950 W. 49th St., 15 miles northwest of downtown Miami. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending originated an $11.5 million acquisition loan on behalf of the buyer. The seller was a partnership between UCH1 LLC, Miami Corporate Partners, Bidart Dairy II LLC and Noriega Properties. Details of renovation plans were not disclosed.

August 11, 2020

Acquisitions Illinois Industrial Midwest

Colliers Brokers $98M Sale of 1.3 MSF Industrial Development in Romeoville, Illinois

by Kristin Harlow August 11, 2020

ROMEOVILLE, ILL. — Colliers International has brokered the sale of Interchange 55 Logistics Park in Romeoville for $98 million. Located near I-55, the two-building industrial development spans 1.3 million square feet. Completed in late 2019, the project was 30 percent occupied at the time of sale. Both buildings feature clear heights of 36 feet. Jeff Devine and Steve Disse of Colliers International represented the seller, Macquarie Real Estate. Prologis purchased the asset.

August 11, 2020

Acquisitions Indiana Industrial Midwest

Exeter Acquires 604,000 SF Spec Industrial Building in Metro Indianapolis

by Kristin Harlow August 11, 2020

WHITESTOWN, IND. — Exeter Property Group has acquired Fishback 4, a 604,000-square-foot speculative industrial building within Fishback Creek Business Park in the northwest Indianapolis suburb of Whitestown. The purchase price was undisclosed. There are three other buildings within the industrial park. A planned second phase of development will provide an additional 1.5 million square feet of industrial space at the site. Terry Busch and Jared Scaringe of CBRE represented the seller, INDHLAND LLC.

August 11, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges Sale of Walgreens-Occupied Property in Centralia, Illinois

by Kristin Harlow August 11, 2020

CENTRALIA, ILL. — Marcus & Millichap has arranged the sale of a 13,650-square-foot property occupied by Walgreens in Centralia, about 60 miles east of St. Louis. The sales price was undisclosed. The building is located at 225 N. Elm St. and features a pharmacy drive-thru window. Walgreens has operated at the property since 2003. Brian Parmacek and Victor Cornelio of Marcus & Millichap marketed the building on behalf of the seller and procured the buyer, One Family Property.

August 11, 2020

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