Acquisitions

TEXLA, Crow Holdings Acquire 744-Bed Student Housing Community Near Texas Tech University

by Taylor Williams July 25, 2019

LUBBOCK, TEXAS — A partnership between TEXLA Housing Partners and a private equity fund managed by Crow Holdings Capital has acquired Thrive in Lubbock, a 744-bed student housing community serving Texas Tech University. The 264-unit property was built in 2004 and recently underwent a $1.6 million renovation program that upgraded certain amenities, including the clubhouse and fitness center. Benjamin Roelke and Ian Walker of CBRE arranged acquisition financing through East West Bank for the transaction. The loan carried a five-year term, a floating interest rate and three years of interest-only payments.

July 25, 2019

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Arranges Sale of 395-Unit Self-Storage Facility in Bellville, Texas

by Taylor Williams July 25, 2019

BELLVILLE, TEXAS — The LeClaire Group, a division of Marcus & Millichap, has arranged the sale of AAA Self Storage, a 395-unit facility in Bellville, located approximately 30 miles northwest of Houston. The property features 219 climate-controlled units and 176 non-climate-controlled units for a total of 65,950 net rentable square feet. The property, which was 91 percent occupied at the time of sale, originally opened in 2005 and has since been expanded. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, an Austin-based partnership, in the transaction. The sale included 1.6 acres for additional expansion.

July 25, 2019

Acquisitions Multifamily Texas

Partnership Sells 300-Unit Apartment Community in Houston

by Taylor Williams July 25, 2019

HOUSTON — A partnership between New York-based GAIA Real Estate, Menora Mivtachim Insurance and Amitim Senior Pension Funds has sold Cashel Springs, a 300-unit apartment community in northwest Houston. The partnership acquired the community in 2015 and executed a value-add program. The property offers one- and two-bedroom units ranging in size from 534 to 1,107 square feet. Amenities include two pools, a fitness center, an outdoor grilling area and onsite laundry facilities. Matt Saunders of Newmark Knight Frank represented the undisclosed buyer in the transaction.

July 25, 2019

Acquisitions Kansas Midwest Retail

NKF Brokers Sale of Towne West Square Regional Mall in Wichita, Kansas for $14M

by Kristin Harlow July 25, 2019

WICHITA, KAN. — Newmark Knight Frank (NKF) has brokered the sale of Towne West Square in Wichita for $14 million. The regional mall spans nearly 900,000 square feet and is situated on 46 acres at 4600 W. Kellogg Drive. It opened in 1980. Anchor tenants include Dick’s Sporting Goods, Dillard’s Clearance Center, JC Penney and Regal Cinemas. Shopping mall investment company Kohan Retail Investment Group purchased the asset. Kohan focuses on distressed properties with value-add opportunities. Thomas Dobrowski of NKF represented the seller. In February, ownership of the mall was transferred to Wells Fargo, according to the Wichita Business Journal.

July 25, 2019

Acquisitions Indiana Midwest Multifamily

Herman & Kittle Sells 296-Unit Apartment Community in Metro Indianapolis

by Kristin Harlow July 25, 2019

GREENWOOD, IND. — Herman & Kittle Properties have sold Copper Chase at Stones Crossing in Greenwood, south of Indianapolis. Copper Chase Apartments LLC purchased the 296-unit multifamily community for an undisclosed price. Built in 2010, the property is located at 2345 Thorium Drive. It features a pool, coffee café, business center, car care center and dog park. Steve LaMotte Jr. and Dane Wilson of CBRE represented the seller.

July 25, 2019

Acquisitions Industrial Midwest Wisconsin

Hillwood Acquires 307,850 SF Industrial Building in Mount Pleasant, Wisconsin

by Kristin Harlow July 25, 2019

MOUNT PLEASANT, WIS. — Hillwood, a Perot company, has acquired a newly constructed industrial building spanning 307,850 square feet in Mount Pleasant, about 30 miles south of Milwaukee. Located at 11905 Meridian Drive, the property features a clear height of 32 feet, rear loading and 140-foot truck courts. The purchase price and seller were not disclosed.

July 25, 2019

Acquisitions Midwest Minnesota Retail

Upland Negotiates $4.5M Sale of Property Net Leased to Caliber Collision in Maple Grove, Minnesota

by Kristin Harlow July 25, 2019

MAPLE GROVE, MINN. — Upland Real Estate Group Inc. has negotiated the sale of an 18,027-square-foot property net leased to Caliber Collision in Maple Grove for $4.5 million. The collision repair company has a 15-year lease at the building. A developer sold the asset to an undisclosed buyer as part of a 1031 tax-deferred exchange.

July 25, 2019

Acquisitions Industrial Northeast Pennsylvania

Realterm Logistics Acquires 311,000 SF Distribution Facility in Harrisburg

by Alex Patton July 25, 2019

HARRISBURG, PA. — Realterm Logistics, a Maryland-based investment firm, has acquired a 311,000-square-foot distribution facility in Harrisburg. Built on 52 acres in 2004, the property features 37-foot clear heights, 99 dock-high doors, six drive-in doors and immediate access to I-76, I-83 and I-81. Brandon Moghimi and Brad Feller of Stan Johnson Co. represented the undisclosed seller in the transaction. The property was fully leased at the time of sale.

July 25, 2019

Acquisitions Leasing Activity New Jersey Northeast Office

Colliers Secures 90,000 SF Headquarters Lease for Genmab Near Princeton

by Alex Patton July 25, 2019

PLAINSBORO, N.J. — Colliers International has secured a 90,000-square-foot office headquarters lease in Plainsboro, located just east of Princeton University, for global biotechnology company Genmab. The company will move its research and office space into two floors of the property, which is located at 777 Scudders Mill Road. Charlie Hatfield and Brett Incollingo of Colliers, along with Tom Romano of JLL, represented the property owner, Trawler Capital Management, in the transaction. Dan Spero and Craig Eisenhardt of JLL represented Genmab.

July 25, 2019

Acquisitions New York Northeast Office

ABS Partners Arranges $37.2M Sale of Office Property in New York City

by Alex Patton July 25, 2019

NEW YORK CITY — ABS Real Estate Partners has arranged the $37.2 million sale of 62 West 45th Street, a 55,000-square-foot office property in Manhattan. The building rises 12 stories and includes ground-floor retail space, 11 office units and a newly renovated lobby and elevators. The site is expandable by an additional 4,000 square feet. Alan Cohen, Jay Caseley, Steven Hornstock and Alex Warner of ABS represented the seller, 62 West 45th Street Associates LLC, in the transaction. Cohen and Casely will also head up leasing efforts. The buyer was New Jersey-based Renaissance Properties.

July 25, 2019

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