Acquisitions

MacKenzie Realty Capital Acquires Office Campus in Windsor, Connecticut, for $38M

by Alex Patton June 10, 2020

WINDSOR, CONN. — MacKenzie Realty Capital, Inc. has acquired Addison Corporate Center, a 588,445-square-foot office campus in Windsor, a northern suburb of Hartford, for $38 million. MacKenzie already owned a portion of the 75-acre, Class A property, and this acquisition brings its ownership stake to 100 percent. Amenities include a full-service cafeteria, fitness center and 200-seat conference center. Located at 175 Addison Road, the property offers convenient access to Interstate 91 and is located near the Marriott Courtyard, Marriott Conference Center and Hilton Garden hotels. The seller was undisclosed.

June 10, 2020

Acquisitions Massachusetts Northeast Retail

RK Centers Acquires 58,000 SF Retail Property in Marlborough, Massachusetts

by Alex Patton June 10, 2020

MARLBOROUGH, MASS. — RK Centers, an investment firm focused on retail properties in New England and South Florida, has acquired a 58,000-square-foot retail center in Marlborough, approximately 30 miles west of Boston. The sales price was $8.6 million. The property is located at the intersection of State Route 20 at 225-235 Boston Post Road, adjacent to RK’s Hannaford Supermarket-anchored RK Center. RK Centers will rebrand the asset as RK Center II. At the time of sale, tenants included Chipotle Mexican Grill, Great Clips, Mattress Firm, Subway and Sullivan Tire. The seller was undisclosed.

June 10, 2020

Acquisitions New Jersey Northeast Office

CBRE Brokers $4.3M Sale of Office Building in New Brunswick, New Jersey

by Alex Patton June 10, 2020

NEW BRUNSWICK, N.J. — CBRE has brokered the $4.3 million sale of an 18,144-square-foot office building in New Brunswick, a southwestern suburb of New York City. Located at 104 Bayard St., the six-story property was fully leased by Soba College Recovery, Rutgers Nursing and the New Jersey Public Interest Group at the time of sale. Bayard Street Associates LLC developed the property in 2016. Charles Berger, Elli Klapper and Mark Silverman, along with A&T Services’ Peter Shikar and Alec Monaghan, represented Bayard Street Associates in the transaction. The team also procured the undisclosed buyer.

June 10, 2020

Acquisitions Hospitality Southeast Tennessee

Joint Venture Acquires 250-Room Hutton Hotel in Midtown Nashville

by Alex Tostado June 10, 2020

NASHVILLE, TENN. — A joint venture between BentallGreenOak, Flank Management LP and Geolo Capital has acquired Hutton Hotel, a 250-room hotel in Midtown Nashville. The sales price was not disclosed, though the joint venture said it bought the asset in an all-cash deal. Hutton Hotel was delivered in 2009 and draws inspiration from its proximity to Music Row, with two writers’ and recording studios within the hotel. The hotel also offers three dining concepts: a coffee shop, all-day restaurant and a 5,000-square-foot entertainment venue that hosts live music events. Additional amenities include a Tesla Model S for guest transportation, fitness center, a spa and in-room record players. The seller was not disclosed, but Carey Watermark Investors (now known as Watermark Lodging Trust) purchased the asset in 2013 and listed it on the company’s year-end 2019 portfolio snapshot. Earlier this week, the Nashville Business Journal reported that 137 employees at Hutton Hotel were permanently laid off due to the COVID-19 pandemic.

June 10, 2020

Acquisitions Florida Loans Multifamily Southeast

Berkadia Arranges $6.9M Acquisition Loan for Two Apartment Complexes in Boca Raton

by Alex Tostado June 10, 2020

BOCA RATON, FLA. — Berkadia has arranged a $6.9 million acquisition loan for a 52-unit apartment portfolio in Boca Raton. An undisclosed bridge lender provided the fixed-rate, three-year loan on behalf of the borrower, Rental Asset Management (RAM). The properties were unoccupied at the time of sale. Mitch Sinberg and Matthew Robbins of Berkadia represented the borrower in the transaction. The first property, Villas at Camino, comprises five two-story building totaling 28 units. The property is located at 329 W. Camino Real. Built between 1958 and 1968, the asset offers amenities such as a pool, cabana and two laundry facilities. The other property, dubbed the Southwest 14th and 15th Street portfolio, offers two- and three-bedroom floor plans. The collection of apartments were built between 1966 and 1974 and range from 1,180 and 2,250 square feet.

June 10, 2020

Acquisitions Alabama Retail Southeast

Marcus & Millichap Negotiates $3.4M Sale of New Store Leased to Aldi in Phenix City, Alabama

by Alex Tostado June 10, 2020

PHENIX CITY, ALA. — Marcus & Millichap has negotiated the $3.4 million sale of a 21,000-square-foot, Aldi-occupied property in Phenix City. The seller, Halpern Enterprises Inc., delivered the asset earlier this year. The store is located at 3670 Marketplace Drive, six miles northwest of downtown Columbus, Ga. Aldi is occupying the space on a 20-year triple-net lease. Don McMinn of Marcus & Millichap’s Taylor McMinn Group represented the seller in the transaction. Martina Crevecoeur of International Capital Acquisitions represented the buyer, H.H. US Real Estate Phenix City LLC.

June 10, 2020

Acquisitions Indiana Industrial Midwest Ohio

Granite Acquires 4 MSF of Industrial Real Estate in Heartland for $246.1M

by Kristin Harlow June 10, 2020

INDIANA AND OHIO — Canada-based Granite Real Estate Investment Trust (NYSE: GRP.U) has acquired eight U.S. industrial properties totaling approximately 4 million square feet for $246.1 million. The buildings are fully leased to various tenants. The Midwest properties include: 445 Airtech Parkway in Indianapolis; 5415 Centerpoint Parkway in Obetz, Ohio; 6201 Green Pointe Drive South in Groveport, Ohio; 8779 Le Saint Drive in Hamilton, Ohio; and 8754 Trade Port Drive in West Chester, Ohio. Granite also acquired three properties in the Southeast. These include: 4460 E. Holmes Road in Memphis, Tenn.; 4995 Citation Drive in Memphis, Tenn.; and 8650 Commerce Drive in Southaven, Miss. The acquisitions are expected to close in the second quarter. Granite expects to fund the purchases using a combination of net proceeds from its recent equity offering and cash on hand. Granite’s portfolio consists of more than 90 properties totaling approximately 40.3 million square feet of leasable area.

June 10, 2020

Acquisitions Midwest Office Ohio

90 North Purchases Ensemble Health Headquarters Property in Suburban Cincinnati

by Kristin Harlow June 10, 2020

BLUE ASH, OHIO — The Chicago office of United Kingdom-based 90 North Real Estate Partners, acting as the investment advisor to Kuwait-based Rasameel Investment Co., has purchased a 400,296-square-foot office property in Blue Ash. The campus serves as the new headquarters of Ensemble Health Partners. 90 North acquired the property from a local developer for an undisclosed price. The campus, situated at 11311 Reed Hartman Highway in suburban Cincinnati, formerly served as the Procter & Gamble Sharon Woods Technical Center. Over the last year, the campus has been redeveloped for Ensemble, which is a medical billing management company. The property consists of a 390,096-square-foot main building, a newly constructed 75,554-square-foot addition and a separate 10,200-square-foot building that is being converted into a conference center. The campus also includes 2,262 car parking spots and sits on 51.3 acres. Ensemble expects to be operational in the facility by September. The company is expected to bring approximately 2,000 employees to the property.

June 10, 2020

Acquisitions Illinois Midwest

Chicago’s BlockPoint Acquires Pacific Construction

by Kristin Harlow June 10, 2020

CHICAGO —BlockPoint, a project development and general contracting company, has acquired Pacific Construction, a general contractor, construction management and development services firm. The purchase price was undisclosed. Both companies are based in Chicago. Pacific, which will continue to operate under its same name, has built projects such as the Fermilab R&D building in Batavia, the Adler Planetarium in Chicago and military bases around the state such as the Army Reserve Center in Fort Sheridan. Pacific works in the institutional and public works, healthcare, retail, restaurants and multifamily sectors.

June 10, 2020

Acquisitions Industrial Texas

CBRE Arranges Sale of Newly Built Southeast Distribution Center Near Port Houston

by Taylor Williams June 10, 2020

HOUSTON — CBRE has arranged the sale of Southeast Distribution Center, a 170,476-square-foot, newly built industrial facility located at 730 Genoa Red Bluff Road near Port Houston. Nathan Wynne and Cape Bell of CBRE represented the seller and developer, Houston-based Vigavi, in the transaction. David Buescher and Louis Tomaselli of JLL represented the buyer and new occupant, Hallmark Floors. Burton Construction acted as the general contractor on the development, and Powers Brown served as the architect. Amegy Bank provided construction financing. The sales price was not disclosed.

June 10, 2020

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