Acquisitions

Denholtz Properties Acquires 26,000-Square-Foot Industrial Building in Bridgewater, New Jersey

by Alex Patton January 16, 2020

BRIDGEWATER, N.J. — Denholtz Properties has acquired a 26,000-square-foot industrial building in Bridgewater, located approximately 45 miles west of New York City. Located at 6W Chimney Rock Road, the property is situated within Bridgewater Business Park, a 380,000-square-foot office complex comprising 16 industrial flex buildings. With this acquisition, Denholz now owns 12 buildings totaling 290,163 square feet in the park. Tenants include UPS, baseball training center Zoned Inc. and stone fabricator Bridgewater Marble. Kristine Hurlbut represented Denholtz Properties in the transaction on an internal basis. Marcus & Millichap represented the undisclosed seller.

January 16, 2020

Acquisitions Office Texas

JLL Negotiates Sale of 130,223 SF Concourse at Westway Office Building in Houston

by Taylor Williams January 16, 2020

HOUSTON — JLL has negotiated the sale of Concourse at Westway, a 130,223-square-foot office building located at 4700 W. Sam Houston Parkway in Houston. Built in 1999, the Class B property was 56 percent leased at the time of sale. Trent Agnew, Kevin McConn and Marty Hogan of JLL represented the seller, EverWest, in the transaction. The buyer was Houston-based investment firm Griffin Partners, which will implement a value-add program.

January 16, 2020

Acquisitions Retail Texas

Colliers Brokers Sale of 88,492 SF Former Gander Mountain Retail Building in Houston

by Taylor Williams January 16, 2020

HOUSTON — Colliers International has brokered the sale of an 88,492-square-foot retail building formerly occupied by Gander Mountain at 19820 Hempstead Road in Houston. Kimberly Lenardson, Robert Hantgan, Ace Schlameus and Jenny Seckinger of Colliers represented the seller, an undisclosed REIT, in the transaction. Zac Hoffer of The Retail Connection represented the buyer, locally based investment firm Tazz Enterprise, which plans to convert the building into a multi-level entertainment center.

January 16, 2020

Acquisitions Massachusetts Northeast Office

Burgess Properties Brokers $11.8M Sale of Three Office Buildings in Malden, Massachusetts

by Alex Patton January 16, 2020

MALDEN, MASS. — Burgess Properties Inc. has brokered the $11.8 million sale of three office buildings totaling 34,696 square feet in Malden, a northern suburb of Boston. Located at 15-23 Pleasant St., 11 Dartmouth St. and 17 Dartmouth St., the buildings are situated in close proximity to each other as well as to the Malden Orange Line T and Commuter Rail Stop transit lines. Steve Nohrden of Burgess Properties represented the seller, North River Malden II, in the transaction. Nohrden also represented the buyer, Boston-based developer Quaker Lane Capital.

January 16, 2020

Acquisitions Midwest Missouri Retail

StorCo Storage Buys Shopping Center in O’Fallon, Missouri, Plans to Build 100,000 SF Self-Storage Facility

by Kristin Harlow January 16, 2020

O’FALLON, MO. — StorCo Storage has purchased the O’Fallon Square Shopping Center from O’Fallon Square Properties LLC for $4.4 million. The self-storage provider plans to construct a 100,000-square-foot, indoor self-storage facility within the strip center. The two-story, climate-controlled facility will include space formerly occupied by Altitude Trampoline Park and Shop ‘n Save. Other tenants at the shopping center, including At Home Superstore, Vantage Credit Union and Fantastic Sam’s, will remain in place. StorCo will move its headquarters, including a call center and corporate offices, to the new facility. American Bank of Missouri is providing $7.5 million in acquisition and construction financing for the project. Tim McFarland of Sansone Group and Patrick Wittenbrink of Carmody MacDonald PC represented StorCo in the transaction. Scott Seyfried of Pace Properties represented the seller.

January 16, 2020

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $18.4M Sale of Apartment Portfolio in Chicago’s South Shore

by Kristin Harlow January 16, 2020

CHICAGO — Kiser Group has brokered the sale of a three-property apartment portfolio in Chicago’s South Shore neighborhood for $18.4 million. The transaction was the largest by dollar amount in the submarket in the last 15 years, according to CoStar Group. The portfolio includes the 130-unit 7500 S. Shore built in 1950; the 53-unit S. Clyde built in 1928; and the 25-unit 7038 S. Chappel constructed in 1926. Monthly rental rates range from $525 to $1,515. Noah Birk and Aaron Sklar of Kiser represented the seller, DAX Real Estate. An undisclosed buyer purchased the portfolio.

January 16, 2020

Acquisitions Industrial Kansas Midwest

Block & Co. Arranges Sale of 55,250 SF Warehouse in Kansas City, Kansas

by Kristin Harlow January 16, 2020

KANSAS CITY, KAN. — Block & Co. Inc. Realtors has arranged the sale of a 55,250-square-foot warehouse in Kansas City for an undisclosed price. Spicin Foods fully occupies the facility for its bottling and distribution operations. The property sits on nearly 2.5 acres at 111 Southwest Blvd. and includes a factory retail store. Spicin Foods, formerly known as Original Juan, is a specialty foods manufacturer that creates specialty sauces, salsas, snacks and dips. David Block and Max Kosoglad of Block brokered the sale. A local investment group purchased the building from an undisclosed seller.

January 16, 2020

Acquisitions California Industrial Western

Rexford Industrial Buys 751,528 SF Pomona Distribution Center from Prologis

by Amy Works January 16, 2020

POMONA, CALIF. — Rexford Industrial Realty has purchased Pomona Distribution Center, an infill industrial building located at 1601 W. Mission Blvd. within the Mission-71 Business Park in Pomona. Prologis sold the asset for an undisclosed price. Situated on a 32.2-acre site, the 751,528-square-foot multi-tenant building features a gated truck court, 20-foot clear heights, 84 dock-high loading doors, partial ESFR sprinklers and 4,000-amp power. The rectangular-shaped building offers access on three sides and dock-high loading positions on all four sides. At the time of sale, the property was fully leased to Lumber Liquidators and HD Supply. Jeff Chiate, Jeffrey Cole, Mike Adey and Ed Hernandez of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the deal. Additionally, Phil Lombardo and Ty Newland from Cushman & Wakefield served as market advisors for the transaction.

January 16, 2020

Acquisitions California Development Multifamily Student Housing Western

HighBridge Properties Sells 706-Bed Lincoln40 Development Near the University of California, Davis

by Amy Works January 16, 2020

DAVIS, CALIF. — HighBridge Properties has sold Lincoln40, a 706-bed student housing community currently under development near the University of California, Davis. Grand Peaks Properties acquired the project for an undisclosed price. HighBridge began construction on the community last fall, and will continue to co-develop the property alongside the new ownership. Upon completion, the community will offer two-, three-, four- and five-bedroom, fully furnished units with bed-to-bath parity. Shared amenities will include private study areas, a fitness facility, game room and lounge, as well as an outdoor swimming pool with cabanas and outdoor lounges featuring barbecue stations and gas fire pits. The development team also plans to contribute $1 million to the City of Davis for the construction of a pedestrian/bicycle bridge over the railroad tracks just north of the property, connecting to the city’s downtown business district. The project is scheduled for completion in fall 2021. The name is a reference to the project’s proximity to Route 40, also known as Lincoln Highway, according to the Davis Enterprise.

January 16, 2020

Acquisitions California Loans Multifamily Seniors Housing Western

Greystone Provides $37M Acquisition Loan for Seniors Housing Community Near Sacramento

by Amy Works January 16, 2020

ROCKLIN, CALIF. — Greystone has provided a $37 million Fannie Mae adjustable-rate mortgage loan for the acquisition of a 134-unit seniors housing property in Rocklin, a suburb of Sacramento. The Pines at Rocklin offers independent living, assisted living and memory care services. Merrill Gardens Senior Living is the operator and a joint venture partner in the community, which was built in 2015. The borrower was Harbert Seniors Housing Fund II. Greystone’s seniors housing finance team originated the 10-year loan with an adjustable rate and five years of interest-only payments. “Rocklin and the surrounding area are seeing overall population growth greater than the national average, so demand for this product type in this particular region is strong,” says Cary Tremper, head of Greystone’s seniors housing finance team.

January 16, 2020

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