Acquisitions

Dermody Properties Acquires 172,445 SF Goodrick Logistics Center in Richmond, California

by Amy Works May 14, 2020

RICHMOND, CALIF. — Dermody Properties has purchased Goodrick Logistics Center, a two-building, 172,445-square-foot e-commerce and distribution facility located at 2589 and 2593 Goodrick Ave. in Richmond. Terms of the transaction, including the name of seller and acquisition price, were not released. The property at 2589 Goodrick Ave. is currently available for lease and can accommodate one to three tenants ranging in size from 15,000 square feet to 57,872 square feet. An international mattress distributor occupies the entire facility at 2593 Goodrick Ave. Built in 2018, 2589 Goodrick Avenue features 24-foot clear height, 10 drive-in doors, 75-foot by 65-foot column spacing, LED warehousing lighting and an ESFR fire protection system. Mark Detmer, Bo Mills and Ryan Sitov of JLL represented Dermody Properties in the sale. Jason Ovadia, Patrick Metzger, Eddie Shuai and Mike Murray, also of JLL, will handle leasing for the property.

May 14, 2020

Acquisitions Illinois Midwest Restaurant Retail

Historic Restaurant Property in Chicago’s Lincoln Square Sells for $3.1M

by Kristin Harlow May 14, 2020

CHICAGO — SVN Chicago Commercial has arranged the sale of the Chicago BrauHaus restaurant property for $3.1 million. The historic building is located at 4732 N. Lincoln Ave. within Chicago’s Lincoln Square. Tim Rasmussen and Marcus Sullivan of SVN represented the buyer, GW Properties. Matt Feo of Essex Realty Group represented the sellers, Harry and Guenter Kempf, who are longtime owners of the Chicago BrauHaus. The restaurant closed in late 2017 after 52 years.

May 14, 2020

Acquisitions Midwest Retail Wisconsin

KW Commercial Brokers Sale of 52,290 SF Retail Center in Wisconsin

by Kristin Harlow May 14, 2020

NEW LONDON, WIS. — KW Commercial has brokered the sale of Wolf River Plaza in New London, about 40 miles west of Green Bay. Anchored by Family Dollar, the 52,280-square-foot retail center is home to a mix of regional and national tenants. Matthew Klein and Anthony Passanante of KW represented the buyer, Sunnyside Retail Partners LLC. The seller and sales price were undisclosed.

May 14, 2020

Acquisitions California Retail Western

Marcus & Millichap Arranges Sale of North Hills Retail Portfolio in Los Angeles

by Amy Works May 14, 2020

LOS ANGELES — Marcus & Millichap has brokered the sale of a two-property retail asset located in Los Angeles’ North Hills neighborhood. A limited liability company sold the portfolio to a partnership for $6.2 million. The asset consists of two adjacent parcels featuring 7,835 square feet of building space and 52,260 square feet of commercial-zoned land. According to Marcus & Millichap, the sales price represents a market-leading price per square foot of $798 for the existing structures and $120 per square feet for the land. Brandon Michaels, Steven Schechter and Sean Brandt of Marcus & Millichap’s Encino, Calif., office represented the seller and buyer in the deal.

May 14, 2020

Acquisitions California Company News District of Columbia Southeast Top Stories Western

CoStar Group Agrees to Purchase Ten-X for $190M

by Alex Tostado May 14, 2020

WASHINGTON, D.C. — CoStar Group Inc. (NASDAQ: CSGP) has agreed to purchase Ten-X for $190 million. The all-cash deal is expected to close in the third quarter of this year. Irvine, Calif.-based Ten-X was launched in 2009 with the goal of providing a digital platform to complete commercial real estate transactions during the Great Recession. Since its founding, nearly $24 billion worth of commercial real estate transactions have been completed on the site. Companies such as Fannie Mae, Bank of America, JP Morgan Chase, Blackstone, Starwood, BlackRock, Capital One, MetLife, LNR, UBS and PNC have used the website to complete transactions. CoStar hopes the acquisition will position the combined company as a major player in the distressed commercial property market that COVID-19 is expected to leave in its wake. “We believe that the volume of distressed properties coming to market will surge and that this combined platform will support the market’s recovery,” says CoStar CEO Andrew Florance regarding the acquisition. Echoing Florance’s sentiment, Ten-X CEO Steve Jacobs says, “Just like CoStar Group, we are focused on driving volume and efficiency and have devoted ourselves to addressing the massive, untapped demand for digital commercial real estate solutions. We see significant demand …

May 14, 2020

Acquisitions Industrial Lee & Associates New Jersey Northeast

Lee & Associates Brokers $14.7M Sale of Industrial Development Site in Florence, New Jersey

by Alex Patton May 13, 2020

FLORENCE, N.J. — Lee & Associates has brokered the $14.7 million sale of a 30.8-acre industrial development site located in Florence, a southern suburb of New Jersey. Located on Railroad Avenue, the property consists of two parcels that have been approved for construction of a 300,700-square-foot warehouse and distribution facility. Details of the construction schedule were undisclosed. Bob Yoshimura, Joe Hill and Eric Mattson led a Lee & Associates team that represented the seller, Foxdale Properties, in the transaction. The team also worked with Robert Lambert of Cushman & Wakefield. Denver-based Black Creek Group was the buyer.

May 13, 2020

Acquisitions Georgia Industrial Southeast

JLL Arranges $33.5M Sale of Distribution Center Near Atlanta Airport

by Alex Tostado May 13, 2020

EAST POINT, GA. — JLL has arranged the $33.5M Sale of Creekside Distribution Center, a 538,500-square-foot property in East Point. Developed in 2016, the property is situated on 32 acres at 2110-2135 Lawrence Ave., five miles north of Hartsfield-Jackson Atlanta International Airport and seven miles southwest of downtown Atlanta. The property features 32-foot clear heights, concrete tilt-wall construction, 85 dock-high doors, five drive-in doors and ESFR fire suppression. Dennis Mitchell, Britton Burdette, Matt Wirth and Brent Bono of JLL represented the seller, a joint venture between Solution Property Group and Singerman Real Estate, in the transaction. Summit Real Estate Group purchased the asset.

May 13, 2020

Acquisitions Kentucky Multifamily Southeast

Four Mile Capital Acquires New Multifamily Community in Louisville for $22M

by Alex Tostado May 13, 2020

LOUISVILLE, KY. — Four Mile Capital has acquired Avalon Springs Apartments, a 141-unit multifamily community in Louisville, for $22 million. The community was built in 2018, spans 18 acres and was 99 percent occupied at the time of sale. The property offers 126 two-bedroom townhomes, as well as 16 two- and three-bedroom apartments that have their own patios. Communal amenities include a fitness center, pool, playground and a clubhouse. Avalon Springs is situated at 7935 Zelma Fields Ave., 17 miles southeast of downtown Louisville. Ed Belz of Newmark Knight Frank originated a Freddie Mac acquisition loan on behalf of the buyer. The 10-year loan features a fixed 3.14 percent interest rate, 65 percent loan-to-value ratio and five years of interest-only payments.

May 13, 2020

Acquisitions Affordable Housing Multifamily Texas

JLL Negotiates Sale of 844-Unit Affordable Housing Portfolio in San Antonio

by Taylor Williams May 13, 2020

SAN ANTONIO — JLL has negotiated the sale of a portfolio of five garden-style affordable housing properties totaling 844 units in San Antonio. The portfolio includes the 120-unit Roselawn Apartments; the 160-unit Spanish Spur Apartments; the 160-unit Villas of Pecan Manor; the 308-unit Westwood Plaza Apartments and the 96-unit Winston Square Apartments. The properties were built between 1960 and 1976 and feature an average unit size of 769 square feet across the portfolio. Moses Siller and Zar Haro of JLL represented the seller, locally based investment firm Terravista Partners, and procured the buyer, Pico Union Housing Corp. Anson Snyder of JLL arranged acquisition financing on behalf of the new ownership.

May 13, 2020

Acquisitions Multifamily Texas

Presidium Completes Phase I of 188-Unit Multifamily Project in Frisco

by Taylor Williams May 13, 2020

FRISCO, TEXAS — Locally based developer Presidium has completed Phase I of Presidium at Edgestone, a multifamily project in the northern Dallas suburb of Frisco that will ultimately total 188 units. Designed by Cross Architects, Presidium at Edgestone will eventually offer amenities such as a pool, fitness center, media and game room, hair salon, cinema, bocce ball court and a dog park. Presidium expects to open the community this summer.

May 13, 2020

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