Acquisitions

Stan Johnson Co. Arranges Sale of ComDoc Headquarters in Suburban Cleveland

by Kristin Harlow August 8, 2019

NORTH CANTON, OHIO — Stan Johnson Co. has brokered the sale of a newly constructed, 107,500-square-foot industrial building in North Canton, a suburb of Cleveland. The sales price was not disclosed. ComDoc, a subsidiary of Xerox, fully leases the property as its corporate headquarters. The build-to-suit is located at 8247 Pittsburg Ave. NW. Rob Gemerchak, Jeff Hughes and Jeff McKinney of Stan Johnson represented the seller, Industrial Commercial Properties LLC. A subsidiary of Global Net Lease, an institutional investor based in New York, purchased the building.

August 8, 2019

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $4.9M Sale of Retail Property in Woodstock, Illinois

by Kristin Harlow August 8, 2019

WOODSTOCK, ILL. — Marcus & Millichap has brokered the sale of a 10,336-square-foot, newly constructed retail property in Woodstock in northern Illinois for $4.9 million. Starbucks and Aspen Dental anchor the building. All of the tenants operate on a net-lease basis. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller. A local buyer completing a 1031 tax-deferred exchange purchased the asset.

August 8, 2019

Acquisitions Illinois Midwest

Podolsky Circle to Merge With Colliers International in Chicago

by Kristin Harlow August 8, 2019

CHICAGO — Podolsky Circle will merge with Colliers International in Chicago effective Sept. 1. Podolsky’s staff, totaling nine employees and seven independent contractors, will make the move to Colliers and operate under the Colliers brand. Podolsky’s team includes a four-person capital markets office team and a five-person industrial brokerage team. Colliers will fold Podolsky’s 32-building, 2.1 million-square-foot property management portfolio into its existing portfolio. Podolsky Circle was founded by the late Milton Podolsky in 1971 as a boutique commercial real estate firm comprised of brokerage, property management and investment advisory services. The firm was a founding member of CORFAC International in 1989.

August 8, 2019

Acquisitions Florida Hospitality Southeast Top Stories

Joint Venture Expands Beachfront Footprint with Acquisition of Two Hotels in Miami Beach for $139.9M

by Alex Tostado August 8, 2019

MIAMI BEACH, FLA. — A joint venture between SHVO, Bilgili Group and Deutsche Finance Group (DFG) has acquired the Richmond Hotel, Richmond Apartments and South Seas Hotel for a total of $139.9 million. The companies purchased South Seas Hotel from Majestic Hotel Corp. for $52 million. Along with direct access to the beach, the hotel offers amenities such as a swimming pool, poolside café and bar, business center, complimentary breakfast and concierge service. South Seas is located at 1751 Collins Ave., directly next to Richmond Hotel. Included in the $87.9 million Richmond Hotel sale was Richmond Apartments, an 18-unit apartment complex located at 1757 James Ave., one block from the two hotels, and the apartment’s parking lot. The joint venture bought Richmond Hotel, which has been family owned and operated since 1941, from Patti and Allan Herbert. The hotel is located at 1757 Collins Ave., directly next door to The Raleigh, which the joint venture acquired in February for $103 million. Lotus Capital Partners arranged a $100 million acquisition loan on behalf of the buyers from California-based Acore Capital for the purchase of Richmond and South Seas. These purchases mark the fourth and fifth purchases between SHVO, Bilgili Group and DFG. The joint …

August 8, 2019

Acquisitions Multifamily North Carolina Southeast

Lantower Acquires New Apartment Complex in Northeast Charlotte for $62.8M

by Alex Tostado August 7, 2019

CHARLOTTE, N.C. — Lantower Residential has acquired Garrison Park, a 322-unit apartment complex in northeast Charlotte, for $62.8 million. The seller, The Spectrum Cos., delivered the asset in spring 2019. The property offers studio through three-bedroom floor plans and communal amenities such as a 4,100-square-foot fitness center, 7,500-square-foot clubhouse, saltwater swimming pool, dog park, game room and outdoor grilling areas. Garrison Park was 45 percent occupied at the time of sale. Lantower will rebrand the property as Lantower Garrison Park. Caleb Troop and Alex McDermott of Capstone Apartment Partners represented the seller in the transaction.

August 7, 2019

Acquisitions Loans Maryland Multifamily Southeast

NKF Provides $61.8M Acquisition Loan for Multifamily Community in Suburban Maryland

by Alex Tostado August 7, 2019

LAUREL, MD. — Newmark Knight Frank (NKF) has provided a $61.8 million Freddie Mac acquisition loan for Concord Park at Russett, a 315-unit multifamily community in Laurel. Kevin Mignogna and Charlie Haggard of NKF originated the 10-year, interest-only loan at 70 percent loan-to-value. Concord Park was built in 2005 and offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, swimming pool with wading pool, outdoor lounge, business center, fitness center with yoga studio and a game room and media room. The unnamed borrower is a repeat NKF and Freddie Mac sponsor.

August 7, 2019

Acquisitions Industrial Kentucky Self-Storage Southeast

Marcus & Millichap Negotiates Sale of 452-Unit Self-Storage Facility in Glasgow, Kentucky

by Alex Tostado August 7, 2019

GLASGOW, KY. — Marcus & Millichap has negotiated the sale of Glasgow Self Storage, a 66,075-square-foot, 452-unit self-storage facility in Glasgow. The facility was built in 2010 at 908 Happy Valley Road. Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and procured the buyer in the transaction. The buyer and seller were both undisclosed limited liability companies. Colby Haugness of Marcus & Millichap, the broker of record, assisted the team in the transaction. The sales price was not disclosed.

August 7, 2019

Acquisitions Florida Industrial Southeast

BRW Floors Sells Industrial Warehouse in Metro Miami for $9.7M

by Alex Tostado August 7, 2019

MEDLEY, FLA. — BRW Floors Inc. has sold a 69,834-square-foot industrial warehouse in Medley for $9.7 million. The facility includes 7,000 square feet of office space, 15 dock doors with room to add more, 24-foot ceilings and a 120-foot fenced and secured truck court. The warehouse is located at 12800 N.W. South River Drive, about 15 miles northwest of downtown Miami and next to U.S. Highway 27. Nick Wigoda and Steve Medwin of Newmark Knight Frank represented both the seller and the buyer, Denver-based Black Creek Group, in the transaction.

August 7, 2019

Federal-Way-Industrial-Portfolio-Federal-Way-WA

Acquisitions Industrial Washington Western

BKM Capital Partners Buys 133,595 SF Industrial Portfolio in Metro Seattle for $14.7M

by Amy Works August 7, 2019

FEDERAL WAY, WASH. — BKM Capital Partners has purchased Federal Way Industrial Portfolio, a two-property portfolio in Federal Way. A private investor sold the eight-building portfolio for $14.7 million in an off-market transaction. Totaling 133,595 square feet, the properties are located at 34004-34016 Ninth Ave. South, 33623-33799 Ninth Ave. South and 801-815 S. 336th St. At the time of sale, the multi-tenant asset was 75 percent occupied. BKM plans to invest $3 million in capital improvements to renovate and reposition the properties, including the conversion of one building from office to industrial. Max White and Nicholas Ratzke of Nail Walter Co. represented both parties in the transaction.

August 7, 2019

Acquisitions California Industrial Western

Mid Cal Industrial Properties Directs Purchase of 21.3 Acres of Industrial Land in Tracy, California

by Amy Works August 7, 2019

TRACY, CALIF. — Mid Cal Industrial Properties has arranged the acquisition of 21.8 acres of industrial land in Tracy. Bigge Crane & Rigging Co. purchased the land parcel from Shimmick Construction/AECOM as a potential future site for its central valley heavy equipment yard. No date has been set for starting development on the site, which is currently being held for future expansion. Tim Pryor of Mid Cal Industrial Properties represented the seller, while Redwood Property Investors represented the buyer in the deal.

August 7, 2019

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