MORTON GROVE, ILL. — Adelphia Properties has arranged the sale of an 8,020-square-foot retail building in Morton Grove for an undisclosed price. The property is situated on one acre at 9300 Waukegan Road near Skokie. Gail’s Carriage Grove, a restaurant and pancake house, is a tenant at the property. George Spirrison and Simeon Spirrison of Adelphia represented the seller, a private Chicago-based real estate investor. A local private buyer purchased the asset.
VALPARAISO, IND. — Baum Realty Group LLC has brokered the sale of a 3,600-square-foot retail property leased to Starbucks and Rosati’s Pizza in Valparaiso for $1.4 million. The asset serves as an outparcel to a shopping center anchored by grocer Strack & Van Til. Starbucks recently extended its lease for an additional 10 years. Patrick Forkin of Baum represented the seller, a private regional investor. The buyer was not disclosed.
ORANGE, CONN. — CBRE has arranged the $35 million sale of Grand Reserve Orange, a 168-unit apartment community located in Orange, a western suburb of New Haven. Built in 2005, Grand Reserve Orange offers one-, two- and three-bedroom floor plans with amenities including a fitness center, resident clubhouse and pool. Jeffrey Dunne, Gene Pride, Eric Apfel, Simon Butler and Biria St. John of CBRE represented the seller, Fairfield Grand Reserve LLC. The team also procured the buyer, a private New Jersey investment firm.
ANDOVER, MASS. — Condyne, a Massachusetts-based developer, has sold 160 Dascomb Road, a 125,609-square-foot research facility in Andover, located approximately 20 miles north of Boston, for $26.2 million. The facility was 100 percent leased to Lockheed Martin and data and security company Accu-Tech at the time of sale. Boston Private Bank provided $17.2 million in acquisition financing. Coleman Benedict, Matthew Sherry, Kerry Hawkins, Ben Sayles and Michael Restivo of JLL represented Condyne in the transaction. An affiliate of Northbridge Partners was the buyer.
MOUNT LAUREL, N.J. — Colliers International has brokered the $10.6 million sale of the Fellowship Business Center, a 96,000-square-foot office complex in Mount Laurel, an eastern suburb of Philadelphia. The five-building complex is situated within the East Gate Business Park and was 96 percent occupied at the time of sale. Ian Richman and Marc Isdaner of Colliers represented the seller, The Bloom Organization. The buyer was a private investor.
TOLEDO, OHIO — Welltower Inc. (NYSE: WELL), a Toledo-based seniors housing and healthcare REIT, is continuing to expand its medical office holdings. The company announced five transactions totaling approximately $1.7 billion, including a $787 million portfolio acquisition of 29 Class A medical office buildings from Hammes Partners, a medical office investment firm based in Milwaukee. The 1.5 million-square-foot portfolio is concentrated in the New York City and Boston suburbs and includes properties in California, Texas and Maryland. The portfolio was 97 percent occupied at the time of sale and is affiliated with Baylor Scott & White, Providence St. Joseph, Trinity Health, Medstar and other not-for-profit health systems and multi-specialty physician groups. The portfolio has an average age of 10 years, a weighted average lease term of 12 years and 2.2 percent average annual rent increases. The Hammes transaction is scheduled to close in the fourth quarter of 2019. Separately, Welltower announced four separate outpatient medical transactions that are currently under contract for approximately $885 million. Details on these four deals were not disclosed. “These transactions establish Welltower as the largest commercial owner of medical office real estate in the country, with a platform approaching 30 million square feet,” says Thomas …
TAMPA, FLA. — Olympus Property has acquired Icon Harbour Island, a 21-story, 340-unit multifamily property in Tampa, for $131.5 million. The seller, The Related Group, delivered the community in 2017. Olympus Property will rebrand the asset as Olympus Harbour Island. The property offers studio through three-bedroom floor plans. Communal amenities include a pool, cabanas, daybeds, clubhouse, catering kitchen, 24-hour fitness center, game room, billiards tables, game tables, wine cellar, movie theater, grilling and picnic area and a parking garage. Patrick Dufour, Richard Donnellan and Ryan Crowley of Newmark Knight Frank represented the seller in the transaction. The sales price was not disclosed.
ATLANTA — Cushman & Wakefield has negotiated the $54.3 million sale of 464 Bishop, a 232-unit apartment complex in Atlanta’s West Midtown district. The RADCO Cos. acquired the property for $233,836 per unit and will rebrand it as Radius West Midtown. The asset was built in 2017 and offers one- and two-bedroom floor plans. Communal amenities include car charging stations, bike storage, a clubhouse, 24-hour fitness center, media room, internet café, business center, pool and a dog park. Situated at 464 Bishop St. NW, the property is less than a mile from Atlantic Station and five miles northwest of downtown Atlanta. Chris Spain, Robert Stickel and Alex Brown of Cushman & Wakefield represented the seller and developer, Newport Development Partners, in the transaction.
BOSTON — Hawkins Way Capital has acquired the historic 143-room Copley Square Hotel in the Back Bay neighborhood of Boston. Built in 1891, the Copley Square Hotel is situated within close proximity of Newbury Street retail and culture center, several colleges and universities, Fenway Park and the Prudential Center. Amenities include 1,500 square feet of meeting and event space, a 24-hour fitness center, a lower-level nightclub and 11,800 square feet of retail space — including 2,800 square feet of vacant ground-floor retail. Denny Meikleham, Alan Suzuki and Matt Enright of JLL represented the seller, insurance service company Barings LLC, in the transaction.
LINDEN, N.J. — Cushman & Wakefield has brokered the sale of two industrial warehouses totaling approximately 200,000 square feet in Linden, an eastern suburb of New York City. Located at 2401 E. Linden Ave. and 1501-1525 W. Blancke St., the properties are situated three miles apart and comprise 84,220 and 115,913 square feet, respectively. The location offers close access to the Port of New York and New Jersey. Both warehouses were fully leased to five tenants at the time of sale. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Larkin of Cushman & Wakefield represented the seller, Penwood Real Estate Investment Management, in the transaction. Link Industrial Properties was the buyer.
