Acquisitions

TerraCRG Arranges $55.9M Sale of 150,000 SF Office Building in Brooklyn

by Taylor Williams June 13, 2019

NEW YORK CITY — Commercial brokerage firm TerraCRG has arranged the sale of 1000 Dean Street, a 150,000-square-foot office building in the Crown Heights area of Brooklyn, for approximately $55.9 million. Asher Abehsera, founder and CEO of LIVWRK, was the buyer of the historic building, which was originally constructed in 1920 as a service station for Dodge and Plymouth vehicles. LIVWRK is a real estate company focused on mixed-use urban development. The seller, a joint venture that included the Goldman Sachs Urban Investment Group, purchased the building in 2012 and converted it into an office property that is now home to more than 90 media companies, nonprofit organizations, tech start-ups and manufacturers. Ofer Cohen, Dan Marks and Daniel Lebor of TerraCRG brokered the deal.

June 13, 2019

Acquisitions Development Industrial New York Northeast Retail Self-Storage

Hampshire to Convert Newly Acquired 134,444 SF Retail Building in Syracuse Into Self-Storage Facility

by Taylor Williams June 13, 2019

SYRACUSE, N.Y. — Hampshire Venture Partners LLC has purchased a 134,444-square-foot retail building in Syracuse that was formerly occupied by Sam’s Club The purchase price was roughly $5.6 million. The new ownership plans to convert the building, which sits on 14.2 acres at 2649 Erie Blvd., into a self-storage facility. Phil Marshall of O,R&L Commercial represented Hampshire in the sale. Bill Anninos of CBRE represented the seller, Sam’s Real Estate Business Trust. No timeline for the building conversion was provided.

June 13, 2019

Acquisitions Connecticut Northeast Retail

Urstadt Biddle Sells 10,100 SF Retail Property in Monroe, Connecticut

by Taylor Williams June 13, 2019

MONROE, CONN. — Urstadt Biddle, a publicly traded REIT based in Connecticut, has sold a 10,100-square-foot retail property in Monroe for $3.6 million. The deal closed at a capitalization rate of 6.9 percent. Tenants at the property, which Urstadt Biddle acquired in 2007, include Starbucks Coffee and M&T Bank. The buyer was an undisclosed, locally based investor.

June 13, 2019

Acquisitions Multifamily North Carolina Southeast

HFF Arranges $57.3M Sale of Multifamily Community in Charlotte

by Alex Tostado June 12, 2019

CHARLOTTE, N.C. — HFF has arranged the $57.3 million sale of Solis Berewick, a 275-unit multifamily community completed in 2017 in Charlotte. The property is located at 9550 Gannon Drive next to the grocery-anchored Berewick Town Center development, part of the 1,200-acre Berewick master-planned community in southwest Charlotte. Solis Berewick offers one-, two- and three-bedroom floor plans averaging 1,016 square feet per unit. Communal amenities include a saltwater swimming pool, outdoor grilling area with fire pit, gaming and entertainment lounge, fitness center, private yoga/spin studio, dog park and pet spa, electric car charging stations, community nature trail, and a playground. Allan Lynch, Justin Good, Caylor Mark and Jeff Glenn of HFF represented the seller, Terwilliger Pappas, in the transaction. The team also procured the buyer, RK Properties.

June 12, 2019

Acquisitions Florida Office Southeast

Savlan Capital Acquires Office Building Near Tampa for $15M

by Alex Tostado June 12, 2019

BRADENTON, FLA. — Savlan Capital has acquired Bradenton Financial Center, a 116,839-square-foot office building in Bradenton, for $15 million or $127.95 per square foot. Bradenton Financial Center was built in 1986 at 1401 W. Manatee Ave., 45 miles south of downtown Tampa. BFC Bradenton LLC sold the building, which was 90 percent leased at the time of sale to tenants including Mauldin Jenkins, Workforce Business Services, Fisher-Rosemount Systems, Bank of America, Merrill Lynch and Morgan Stanley. Amenities include a Sage Biscuit Café on the ground level and an adjacent five-story parking garage that is accessible via a covered-walkway from the main building. Savlan Capital plans to invest significant funds into the property for exterior renovations and common-area improvements. Savlan Capital has retained Debra Cooper and Angela Varga of SVN Commercial Advisory Group as leasing agents for Bradenton Financial Center. Rick Brugge, Mike Davis and Rick Colon of Cushman & Wakefield represented both seller and buyer in the transaction.

June 12, 2019

Acquisitions Midwest Missouri Multifamily

Timberland Partners Acquires 608-Unit Apartment Community in Hazelwood, Missouri

by Kristin Harlow June 12, 2019

HAZELWOOD, MO. — Timberland Partners has acquired Knollwood Apartments in Hazelwood for an undisclosed price. The garden-style, 608-unit apartment community was built in two phases in 1980 and 1984. Amenities include two outdoor pools, two dog parks, a fitness center and clubhouse. Timberland plans to implement a capital improvement plan and rebrand the property as The Finn. Renovations will include new cabinet fronts, faux wood flooring, stainless-steel appliances, updated lighting fixtures and hardware. This is Timberland’s sixth property in the St. Louis market. The seller was not disclosed.

June 12, 2019

Acquisitions Indiana Industrial Midwest

Plymouth Industrial REIT Purchases Facility in Indianapolis for $17.1M

by Kristin Harlow June 12, 2019

INDIANAPOLIS — Plymouth Industrial REIT Inc. has purchased a multi-tenant, Class B industrial building in Indianapolis for $17.1 million. Located on Sam Jones Expressway, the 484,879-square-foot property is situated in the Southwest submarket in close proximity to the Indianapolis International Airport. The facility is fully leased by Phoenix Material Management, a provider of container management solutions, and Quemetco Inc., a subsidiary of RSR Corp. that recycles lead-based batteries.

June 12, 2019

Acquisitions Healthcare Indiana Midwest

Strawberry Fields REIT Sells Medical Office Building in Indiana for $6.1M

by Kristin Harlow June 12, 2019

VALPARAISO, IND. — Strawberry Fields REIT LLC has sold The Glendale Medical Center in Valparaiso for $6.1 million. The property features a 20,207-square-foot main building constructed in 1967 and an 8,630-square-foot annex building constructed in 2007. The main building was renovated in conjunction with the construction of the annex building. Strawberry Fields sold the property because it was not within the company’s core investment strategy of owning and managing skilled nursing facilities, according to CEO Moishe Gubin. The buyer was not disclosed.

June 12, 2019

Acquisitions Massachusetts Multifamily Northeast

DSF Group Acquires 1,020-Unit Apartment Community in Metro Boston

by Taylor Williams June 12, 2019

FRAMINGHAM, MASS. — An affiliate of DSF Group, an investment firm with offices in Boston and Washington, D.C., has acquired Jefferson Hills Apartments, a 1,020-unit multifamily community in the western Boston suburb of Framingham. The property is situated on 27 acres and consists of four six-story apartment buildings and a clubhouse. The unit mix comprises 180 studio units, 551 one-bedroom apartments and 289 two-bedroom residences. Unit features include stainless steel appliances, quartz countertops, walk-in closets and private balconies. Communal amenities include a pool with a sundeck, fitness center, turf soccer field, basketball and tennis courts, a dog park, internet café, business center, game room and a children’s play area. The seller and sales price were not disclosed.

June 12, 2019

Acquisitions Mixed-Use Northeast Pennsylvania

NAI Mertz Negotiates Sale of 7,140 SF Mixed-Use Building in Bensalem, Pennsylvania

by Taylor Williams June 12, 2019

BENSALEM, PA. — NAI Mertz has negotiated the sale of a 7,140-square-foot building in Bensalem, Pennsylvania, located northeast of Philadelphia. The property is located along the Bristol Pike and includes office, retail and industrial space. Joe Sternberg, Adam Lashner and Jeffrey Licht of NAI Mertz represented the seller, Medimpex Holdings LLC, in the transaction. The buyer was not disclosed.

June 12, 2019

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