Acquisitions

Stos Partners Sells Industrial Asset in Southern California for $10.4M

by Amy Works June 5, 2020

TEMECULA, CALIF. — Stos Partners has completed the sale of an industrial property located at 28410 Vincent Moraga Drive in Temecula. An Orange County, Calif.-based private investor acquired the asset for $10.4 million in an off-market transaction. Tenants at the 65,300-square-foot facility include Habitat for Humanity and a publicly traded international consumer goods and farm products company. Stos Partners initially purchased the building in April 2019 for $7.1 million and immediately implemented a repositioning and improvements program. Rob Gunnes, Anthony DeLorenzo and Matt Pourcho of CBRE represented the seller, while Tucker Hohenstein and Mike Erwin of Colliers International represented the buyer in the deal.

June 5, 2020

Acquisitions Civic New York Northeast

RIPCO Real Estate Brokers $7.4M Sale of Post Office in Queens

by Alex Patton June 5, 2020

NEW YORK CITY — RIPCO Real Estate (RIPCO) has brokered the $7.4 million sale of Woolsey Station Post Office, a 7,668-square-foot building occupied by the United States Postal Service in the Astoria neighborhood of Queens. Located at 2268 31st St., the property is situated near multiple retail and restaurant businesses and offers convenient access to Interstate 278. Greg Batista, Todd Cooper and Mark Kaplan represented the seller, Ditmars Associates, in the transaction. LG Astoria LLC was the buyer.

June 5, 2020

Acquisitions Multifamily Texas

NKF Brokers Sale of 304-Unit Preserve at Old Dowlen Apartments in Beaumont

by Taylor Williams June 5, 2020

BEAUMONT, TEXAS — Newmark Knight Frank (NKF) has brokered the sale of The Preserve at Old Dowlen, a 304-unit apartment community in Beaumont. Built in 2008, the property offers one-, two- and three-bedroom units with stainless steel appliances, built-in desks and individual washers and dryers. Amenities include a pool and a clubhouse with a business center. Brad Shaffer and Brandon Miller of NKF represented the seller, Houston-based Venterra Realty, in the transaction. Purvesh Gosalia of NKF secured an undisclosed amount of Fannie Mae acquisition financing for the buyer, Miami-based LPI Holdings. The loan was structured with a 12-year term and a fixed interest rate.

June 5, 2020

Acquisitions Florida Multifamily Seniors Housing Southeast

Fairstead Acquires Seniors Housing Community in South Florida for $29.5M

by Alex Tostado June 5, 2020

SUNRISE, FLA. — Fairstead has acquired Federation Sunrise Apartments, a 123-unit seniors housing community in Sunrise, for $29.5 million. Fairstead plans to upgrade the property, including new kitchens, baths, flooring, windows and air conditioning units. The New York City-based buyer also plans to upgrade the landscaping, community room and other existing amenities. The community is located at 5010 N. Nob Hill Road, 13 miles west of downtown Fort Lauderdale. The Housing Finance Authority of Broward County provided the buyer with federal low-income housing tax credits and tax-exempt bonds for the acquisition. The seller was not disclosed.

June 5, 2020

Acquisitions Georgia Industrial Southeast

JLL Arranges $19.6M Sale of Distribution Facility Near Port of Savannah

by Alex Tostado June 5, 2020

PORT WENTWORTH, GA. — JLL has arranged the $19.6 million sale of a 281,467-square-foot distribution center in Port Wentworth. The property is situated at 110 Little Hearst Parkway, within Savannah River International Trade Park and six miles from the Port of Savannah. The asset was delivered in 2019. Patrick Nally, Trent Agnew, Matt Wirth, Britton Burdette, Dennis Mitchell and Pete Pittroff of JLL represented the buyer, Exeter Property Group, in the transaction. The seller was not disclosed.

June 5, 2020

Acquisitions Affordable Housing Florida Multifamily Southeast

Marcus & Millichap Negotiates $3.1M Sale of Affordable Housing Community in Sarasota

by Alex Tostado June 5, 2020

SARASOTA, FLA. — Marcus & Millichap has negotiated the $3.1 million sale of Beneva Oaks, a 40-unit affordable housing community in Sarasota. The property offers one- and two-bedroom floor plans ranging from 521 to 702 square feet. Communal amenities include a community room with a fully equipped kitchen. Beneva Oaks is located at 650 N. Beneva Road, three miles east of downtown Sarasota. Luis Baez, Miles Tombrink, Casey Babb and Shawn Rupp of Marcus & Millichap’s The Babb Group represented both the buyer and seller in the transaction. Though neither was disclosed, the Sarasota Herald-Tribune reports the buyer was Beneva Redevelopment LP and the seller was an affiliate of Goodwill Manasota.

June 5, 2020

Acquisitions Illinois Industrial Midwest

JLL Brokers Sale of 712,051 SF Cold Storage Portfolio in Metro Chicago

by Kristin Harlow June 5, 2020

CHICAGO, LYONS AND BARTLETT, ILL. — JLL Capital Markets has brokered the sale of a three-property cold storage portfolio totaling 712,051 square feet in metro Chicago for an undisclosed price. The facilities are located in Chicago, Lyons and Bartlett. They are fully leased to 11 tenants. John Huguenard, Ed Halaburt, Sean Devaney, Kurt Sarbaugh and Robin Stolberg of JLL represented the seller, Investcorp. Lineage Logistics, which is controlled and operated by Bay Grove, purchased the assets.

June 5, 2020

Acquisitions Massachusetts Multifamily Northeast

Jonathan Rose, Schochet Cos. Acquire Multifamily Property in Metro Boston for $83.5M

by Alex Patton June 4, 2020

MEDFORD, MASS. — A joint venture between New York-based developer Jonathan Rose Cos. and Massachusetts-based property owner and manager Schochet Cos. has acquired Riverside Towers, a 200-unit multifamily property in Medford, a northern suburb of Boston, for $83.5 million. Located adjacent to the Medford Senior Care Center at 99 Riverside Ave., the property is designated for occupancy by elderly and disabled residents. Schochet Cos., which was also a partner in the previous ownership team, has been the management agent for the property since 2007 and will continue in that role. The new owner plans to upgrade apartments with modern finishes, fixtures and appliances and repurpose and modernize common amenity areas to provide onsite health services, a fitness center, a business center, an enhanced entertainment center and communal meeting and dining areas. No broker representation for buyer or seller was disclosed.

June 4, 2020

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers Sale of 14-Unit Multifamily Property in West New York, New Jersey

by Alex Patton June 4, 2020

WEST NEW YORK, N.J. — Marcus & Millichap has brokered the $2 million sale of a 14-unit apartment property located in West New York, a western suburb of New York City. The property is located at 6115 Madison St. and was constructed in 1934. Jonathan Zamora of Marcus & Millichap represented the seller and procured the buyer. Both parties were private investors that requested anonymity.

June 4, 2020

Acquisitions Industrial Maryland Southeast

Stewart Properties Sells 550,050 SF Cold Storage Facility Near Baltimore

by Alex Tostado June 4, 2020

NORTH EAST, MD. — Stewart Properties has sold Principio Commerce Center II, a 550,050-square-foot cold storage facility in North East. The asset is fully leased to KeHE Distributors LLC. Stewart Properties delivered the property in February. The building features 36-foot clear heights; LED lighting; wide column spacing; loading positions including 43 dry, 14 cold and 36 additional punch-outs; four drive-in doors; and significant freezer and cooler buildouts. Principio Commerce Center is located at 585 Principio Parkway W., 47 miles northeast of downtown Baltimore and the Port of Baltimore. Bruce Strasburg, Dave Dannenfelser, Jay Wellschlager, Tyler Boykin and Craig Childs of JLL represented the seller in the transaction. CBRE Global Investors acquired the asset for an undisclosed price.

June 4, 2020

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