Acquisitions

Becovic Management Purchases Condo Property in Chicago for $13.3M, Plans Deconversion

by Kristin Harlow May 22, 2020

CHICAGO — Becovic Management Group LLC has purchased Shore Manor in Chicago for $13.3 million with plans to convert the 90-unit condo property into apartments. The building is located at 5858 N. Sheridan Road. Built in 1955 and converted to condos in 1977, the 12-story property offers a mix of studio and one-bedroom units averaging 576 square feet. Sam Haddadin and Justin Ross of CBRE represented the condo association in the sale. “Older buildings facing capital projects present a great opportunity for condo owners to get well above market value for their condos in a deconversion sale,” says Haddadin. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The city of Chicago recently increased the required owner approval to 85 percent. Sellers then have the option to either move out of their units or lease them back from the new owner.

May 22, 2020

Acquisitions Mixed-Use Texas

Ryman Hospitality Terminates Agreement to Purchase Block 21 Mixed-Use Development in Austin

by Taylor Williams May 22, 2020

AUSTIN, TEXAS — Nashville-based REIT Ryman Hospitality Properties Inc. (NYSE: RHP) has terminated its agreement to purchase Block 21, a mixed-use development that occupies a full city block in downtown Austin. Ryman initially agreed in December to purchase the property from Stratus Properties Inc. (NASDAQ: STRS) for $275 million, including a debt assumption of $142 million. As a result of the termination of the transaction, Ryman will forfeit its nonrefundable deposit of $15 million provided to Stratus in connection with the execution of the purchase agreement in December 2019. Originally developed in 2010, Block 21 houses the 2,750-seat Moody Theater, The project also features W Austin Hotel & Residences, 3TEN ACL Live club, 40,000 square feet of Class A office space and 18,000 square feet of retail and restaurants space.

May 22, 2020

Acquisitions Industrial Self-Storage Texas

Trez Capital, Hines Acquire 760-Unit Self-Storage Facility in Metro Dallas

by Taylor Williams May 22, 2020

WYLIE, TEXAS — A partnership between investment firm Trez Capital and Houston-based developer Hines has acquired a 760-unit self-storage facility located at 570 Country Club Road in Wylie, a northeastern suburb of Dallas. The 11-building, Class A property spans 101,931 square feet and includes 75 RV storage spaces. The seller and sales price were not disclosed. CubeSmart operates the facility.

May 22, 2020

Acquisitions Life Sciences Massachusetts Northeast Office

IQHQ Acquires 200,000 SF Life Sciences, Office Property in Andover, Massachusetts

by Alex Patton May 21, 2020

ANDOVER, MASS. — IQHQ, a Boston-based REIT, has acquired Innovation Park, an approximately 200,000-square-foot life sciences and office located in the northern Boston suburb of Andover. The sales price was $35.9 million. Located at 4 Corporate Drive, the property features Class A office and lab space, as well as ground-floor retail space. University of Massachusetts Lowell and clinical research firm Ora Inc. recently leased space at the campus. Colliers International represented IQHQ in the transaction.

May 21, 2020

Acquisitions Industrial Massachusetts Northeast

Stan Johnson Co. Brokers Sale of 180,000 SF Manufacturing Facility in Greenfield, Massachusetts

by Alex Patton May 21, 2020

GREENFIELD, MASS. — Stan Johnson Co. has brokered the sale of a 180,000-square-foot manufacturing facility in Greenfield, a city in northwestern Massachusetts. The property is located at 53 Silvio O. Conte Drive. The facility has been 100 percent leased to Schweitzer-Mauduit International Inc., a manufacturer of paper, film, surface protection supplies and other products, for more than 30 years. Mollie Alteri, Joey Odom, Mike Sladich and Maggie Holmes of Stan Johnson Co. represented the seller, a partnership between Jera Partners LLC and a DRA Advisors LLC, in the transaction. The buyer and sales price were not disclosed.

May 21, 2020

Acquisitions Development Texas

McCord Development Buys 201-Acre Tract Adjacent to Houston’s Generation Park

by Taylor Williams May 21, 2020

HOUSTON — McCord Development has purchased a 201-acre tract in northeast Houston that will be an addition to the 4,200-acre Generation Park master-planned development, from Chicago-based power company Exelon Generation Co Inc. Specific development plans were not disclosed, but the buyer stated that the site would feature commercial uses and would be part of a future network of trails and parks that connects each region of Generation Park. David Cook, Jeff Peden and Scott Miller of Cushman & Wakefield worked with Will Condrey, Kayla Black and Ben Sample of Cresa Global Inc. to represent Exelon Generation in the sale of the land. Since 2017, Generation Park has seen more than $1 billion in commercial development, including 438,000 square feet of office space, 490,000 square feet of retail space, 908,000 square feet of industrial space, 251 luxury apartment units and two colleges. Another 2.1 million square feet of new construction is currently under development with more in the development pipeline.

May 21, 2020

Acquisitions Retail Texas

JLL Negotiates Sale of 19,950 SF Rayford Village Retail Center in Metro Houston

by Taylor Williams May 21, 2020

SPRING, TEXAS — JLL has negotiated the sale of Rayford Village, a 19,950-square-foot retail center located in the northern Houston suburb of Spring. The two-building property houses tenants such as Cole Veterinary Services, SK Salon, Goodwill and Papa John’s. Ryan West, John Indelli and Katherine Miller of JLL represented the seller, BNS Rayford Partners LP, in the transaction. Michael Johnson, Stuart Helper and Trey Pizzitola of JLL arranged acquisition financing through First Community Credit Union on behalf of the undisclosed buyer. The loan carried a 10-year term and a fixed interest rate.

May 21, 2020

Acquisitions California Industrial Western

Westcore Acquires Industrial Warehouse in Oakland for $40.5M

by Amy Works May 21, 2020

OAKLAND, CALIF. — San Diego-based Westcore has purchased a 155,000-square-foot industrial warehouse located at 8380 Pardee Drive in Oakland for $40.5 million. Constructed in 2012, the fully leased distribution facility features 8,000 square feet of cold storage, 30-foot clear heights and ESFR fire suppression. The site is adjacent to the Oakland airport. Tom Damaschino of Cushman & Wakefield represented the buyer, while Richard Sutherland of The Sutherland Company represented the undisclosed seller in the deal.

May 21, 2020

Acquisitions Multifamily Washington Western

Milestone Properties Buys Queen Anne Gardens Multifamily Building in Seattle for $9M

by Amy Works May 21, 2020

SEATTLE — Milestone Properties has acquired Queen Anne Gardens, a multifamily property located at 1250 Fifth Ave. N. in Seattle. A private investor sold the asset for $9 million, or $746 per square foot. Built in 1991, Queen Anne Gardens features 38 apartments. Dan Swanson of Kidder Mathews represented the buyer in the deal.

May 21, 2020

Acquisitions California Retail Western

Hanley Investment Group Brokers $4M Sale of Two-Tenant Retail Asset in Ontario, California

by Amy Works May 21, 2020

ONTARIO, CALIF. — Hanley Investment Group Real Estate Advisors has directed the sale of a two-tenant retail pad building located at 961 N. Milliken Ave. in Ontario, approximately 35 miles east of downtown Los Angeles. The price was $4 million. Built in 2002, the building features 6,300 square feet of retail space. Assure Dental occupies 3,500 square feet of the property, while Verizon Wireless occupies the remaining 2,800 square feet. Sam’s Club at The Marketplace at Ontario Center shadow anchors the property. Matt Burnett of Hanley Investment Group represented the buyer and seller, both Los Angeles-based private investors, in the transaction.

May 21, 2020

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