Acquisitions

2-Executive-Drive-Chelmsford-Massachusetts

Newmark Arranges Sale, Financing of 113,800 SF Life Sciences Building in Chelmsford, Massachusetts

by Taylor Williams December 9, 2024

CHELMSFORD, MASS. — Newmark has arranged the sale and financing of 2 Executive Drive, a 113,800-square-foot life sciences building located in the northwestern Boston suburb of Chelmsford. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell, Joseph Alvarado and Casey Valente of Newmark represented the seller, Foxfield, in the transaction. David Douvadjian Sr., Timothy O’Donnell, David Douvadjian Jr. and Conor Reenstierna, also with Newmark, arranged an undisclosed amount of acquisition financing for the buyer, Rhino Capital, through Bank Newport.

December 9, 2024

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers $4.6M Sale of Boston Apartment Building

by Taylor Williams December 9, 2024

BOSTON — Marcus & Millichap has brokered the $4.6 million sale of a six-unit apartment building in the Brighton area of Boston. The newly renovated building at14 Mt. Hood Road was originally constructed in 1910 and offers a mix of one-, two-, three- and four-bedroom units. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

December 9, 2024

Acquisitions Midwest Missouri Multifamily Student Housing

CBRE Arranges Sale of 552-Bed Student Housing Community Near University of Missouri

by Kristin Harlow December 9, 2024

COLUMBIA, MO.— CBRE has arranged the sale of The Den, a 552-bed student housing community located near the University of Missouri campus in Columbia. A joint venture between The Michaels Organization and Capital Solutions Inc. purchased the property from Hamilton Point Investments for an undisclosed price. Jaclyn Fitts, William Vonderfecht and Casey Schaefer with CBRE National Student Housing represented the seller in partnership with Matt Bukhshtaber of CBRE’s St. Louis office. The Den offers two- and four-bedroom units with bed-to-bath parity. Shared amenities include a swimming pool and sundeck, fitness center, clubhouse, community lounge, game room, tanning booth, dog park, conference rooms, basketball courts, fire pits and an outdoor kitchen and grilling station.

December 9, 2024

Acquisitions Illinois Midwest Multifamily

Laramar Group Sells Two Multifamily Properties in Metro Chicago Totaling 414 Units

by Kristin Harlow December 9, 2024

AURORA AND GURNEE, ILL. — The Laramar Group has sold two multifamily properties in metro Chicago totaling 414 units. The sales prices and buyers were undisclosed. Laramar completed comprehensive renovation programs on each property, including a condo deconversion of one. Covey at Fox Valley in Aurora is a 216-unit asset adjacent to Rush Copley Medical Center. Laramar completed an extensive renovation program to improve the common areas and exterior, along with unit upgrades. The property includes an expanded fitness center, a dog park and an exterior seating and grilling area. Laramar also installed professional management and leasing staff to oversee the property. Luna Park Apartments is a three-building, 198-unit development in Gurnee that Laramar purchased in 2019 as a condo deconversion project. Laramar’s property repositioning plan included significant interior and exterior renovations, including adding an expansive barbecue and outdoor amenity area, updating the fitness center and improving the garage and mechanical systems. Laramar also completed common area improvements and unit renovations.

December 9, 2024

Acquisitions Indiana Midwest Retail

Marcus & Millichap Brokers $5.8M Sale of Retail Strip Center in Westfield, Indiana

by Kristin Harlow December 9, 2024

WESTFIELD, IND. — Marcus & Millichap has brokered the $5.8 million sale of Creekside Centre, a 15,168-square-foot retail strip center in Westfield, a northern suburb of Indianapolis. Riverview Health anchors the property, which was built in 2001. Additional tenants include Titus Orthodontics, Bumble Kids and Domino’s. Julia Evinger of Marcus & Millichap represented the buyer, a long-time client from the area that completed a 1031 exchange.

December 9, 2024

Acquisitions Industrial North Carolina South Carolina Southeast

Indus Realty Trust Acquires Majority Interest in 4.3 MSF Carolinas Industrial Portfolio from Childress Klein

by John Nelson December 6, 2024

NEW YORK CITY — Indus Realty Trust, an industrial owner-operator based in New York, has purchased the majority interest in a logistics portfolio in the Carolinas from Charlotte-based Childress Klein. The 4.3 million-square-foot logistics portfolio spans 21 properties. The transaction amount was not shared, but the Indus Realty Trust investment puts the value of the portfolio at $575 million. Childress Klein will retain a minority stake and continue to operate and lease the properties. Eastdil Secured represented Childress Klein in arranging the transaction. The Carolinas portfolio was 94 percent occupied at the time of the recapitalization. Sixteen of the porftolio’s buildings are located in the metro Charlotte region and five buildings are in the greater Charleston market. The portfolio features a mix of last-mile and bulk facilities that average 205,000 square feet in size and 13 years in age.

December 6, 2024

Acquisitions Multifamily Texas

Partnership Acquires Multifamily Property in Downtown San Antonio for $48M

by Taylor Williams December 6, 2024

SAN ANTONIO — A partnership between locally based developer The Lynd Group, New York City-based investment firm Declaration Partners and Delaware-based investment manager Corten Partners has acquired a multifamily property in downtown San Antonio for $48 million. Augusta Flats is a five-story, 260-unit apartment community that was initially developed in 2021 and subsequently sold during lease-up. The property offers studio, one- and two-bedroom units and amenities such as a pool, fitness center, rooftop lounge, golf simulator and outdoor grilling and dining stations. The partnership purchased Augusta Flats from the previous owner’s lender. Benefit Street Partners provided acquisition financing for the deal.

December 6, 2024

Acquisitions California Industrial Loans Western

JLL Secures $32.2M in Acquisition Financing for Inland Empire West Industrial Portfolio in California

by Amy Works December 6, 2024

CHINO AND POMONA, CALIF. — JLL Capital Markets has arranged $32.2 million in financing for Proficiency Capital’s acquisition of McGee Business Center I & II, an industrial portfolio in Chino and Pomona. Peter Thompson, Kyle White and Nick Englhard of JLL secured the three-year, floating-rate loan through a bank for the borrower. McGee Business Center consists of two fully leased industrial parks totaling 231,696 square feet. Business Park 1, located at 2300 S. Reservoir St. in Pomona, features four buildings totaling 128,800 square feet. Business Park II, located at 12301-12395 Mills Ave. in Chino, consists of five buildings totaling 101,896 square feet. Constructed in 1981 and 1987, the property features 71 industrial suites averaging 3,263 square feet.

December 6, 2024

Acquisitions California Office Western

Ambient Communities Buys 24-Story Office Tower in San Diego for $27.5M

by Amy Works December 6, 2024

SAN DIEGO — Encinitas, Calif.-based Ambient Communities has acquired 530 B Street, a 24-story office tower in downtown San Diego. An undisclosed seller sold the building for $27.5 million. At the time of sale, the 250,181-square-foot tower was 76.8 percent occupied, with US Bank as a major tenant occupying 77,414 square feet. Ambient Communities plans to eventually convert the office building to primarily residential units. Mickey Morera of Kidder Mathews represented the buyer in the deal. Mary Blagg of Kidder Mathews is overseeing management of the building.

December 6, 2024

Acquisitions Arizona Multifamily Western

Pinnacle Holdings Sells 112-Unit Rancho Las Palmas Apartments in Tempe, Arizona

by Amy Works December 6, 2024

TEMPE, ARIZ. — Boca Raton, Fla.-based Pinnacle Holdings has completed the disposition of Rancho Las Palmas Apartments in Tempe to an Arizona-based private investor for $18 million, or $160,714 per unit. Built in 1986 on 5.2 acres, Rancho Las Palmas features 112 apartments spread across six two-story and three-story buildings. The community offers 48 one-bedroom units and 64 two-bedroom units with an average size of 777 square feet. Unit amenities include balconies/patios, vaulted ceilings in select units and fully equipped kitchens with stainless steel appliance packages in select units. Community amenities include a clubhouse, fitness center, swimming pool, spa, laundry facility, gated entry and ample parking. Avison Young’s Peter Sherman, Keith O’Donnell and Mark Seale, along with Alon Shnitzer, Rue Bax, Eddie Chang, Doug Lazovick and Tyler Bruggman of ABI Multifamily, brokered the transaction.

December 6, 2024

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