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Acquisitions

AcquisitionsMidwestMissouriMultifamily

Partnership Acquires 624-Unit Apartment Community in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — A partnership between L5 Investments, Odyssey Properties Group and BH Equities has acquired The Crossing at Barry Road Apartments in Kansas City for an undisclosed price. The buyers plan to begin a three-year, $13.8 million renovation of the 624-unit apartment community. Built in 1997, the garden-style community is situated on nearly 41 acres and includes 54 three-story buildings. Amenities include a clubhouse, fitness center, business center, Starbucks coffee bar, two pools, two lakes and a lighted tennis court. The asset was 95 percent occupied at the time of sale. Jeff Stingley, Max Helgeson and Michael Spero of CBRE represented the seller, a joint venture led by GoldOller Real Estate Investments.

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AcquisitionsIllinoisMidwestMultifamily

Essex Brokers $15M Sale of Multifamily Building in Suburban Chicago

by Kristin Harlow

PARK RIDGE, ILL. — Essex Realty Group Inc. has brokered the sale of The Parker in Park Ridge for $15 million. The 46-unit apartment building features two-bedroom floor plans. Amenities include a fitness center, car washing area, pet run and grilling area. A joint venture between CA Residential and Orchard Development Group developed the property in 2016. Jim Darrow, Jordan Gottlieb and Jordan Multack of Essex represented the developers in the sale. Doug Imber, Kate Verde and Clay Maxfield of Essex represented the buyer, a private investor completing a 1031 tax-deferred exchange.

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AcquisitionsIllinoisIndustrialMidwest

Colliers Arranges Sale of 50,080 SF Warehouse in Bartlett, Illinois

by Kristin Harlow

BARTLETT, ILL. — Colliers International has arranged the sale of a 50,080-square-foot warehouse in Bartlett for an undisclosed price. Located in Brewster Creek Business Park, the property sits on 2.8 acres at 1291 Humbracht Circle. Built in 2003, the facility features a clear height of 24 feet and 66 car parking spaces. Bremskerl, a Germany-based producer of abrasives for industrial applications, occupies the facility for its North American headquarters. John D’Orazio of Colliers represented the private seller in the transaction. Cabot Properties purchased the property.

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AcquisitionsHealthcareIndianaMidwest

Marcus & Millichap Negotiates $3.6M Sale of Property Net Leased to Fresenius in Northwest Indiana

by Kristin Harlow

EAST CHICAGO, IND. — Marcus & Millichap has negotiated the $3.6 million sale of a 9,109-square-foot property net leased to Fresenius Medical Care in East Chicago, about 23 miles southeast of the Windy City. Fresenius has signed a new 15-year lease at the building, which is located at 4016 Main St. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller. An out-of-state buyer purchased the asset. Fresenius specializes in the production of medical supplies for dialysis.

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AcquisitionsIndustrialNortheastPennsylvaniaSelf-Storage

Cushman & Wakefield Arranges Sale of 718-Unit Self-Storage Facility Near Philadelphia

by Taylor Williams

CLIFTON HEIGHTS, PA. — Cushman & Wakefield has arranged the sale of a 718-unit self-storage facility in Clifton Heights, a western suburb of Philadelphia. The property comprises 82,116 rentable square feet with 590 climate-controlled units and 128 non-climate-controlled units. Units range from 18 to 320 square feet. Mike Mele, Robert Bloch and Noah Obuchowski of Cushman & Wakefield represented the seller, an affiliate of Vertical Fields Capital LLC, in the transaction. The buyer and sales price were not disclosed. CubeSmart has been retained as a third-party manager. More than 200,000 people with an average household income in excess of $80,000 live within a three-mile radius of the property.      

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AcquisitionsIndustrialMassachusettsNortheast

F.W. Webb Acquires 75,000 SF Industrial Building Near Worcester

by Taylor Williams

AUBURN, MASS. — The F.W. Webb Co., a wholesale distributor of plumbing, heating and cooling products, has purchased a 75,000-square-foot industrial building at 33 Sword St. in Auburn, just west of Worcester. The property, which fetched a sales price of about $4.4 million, is situated on three acres and was formerly owned by Imperial Distributors, which services non-food merchandisers that sell products in grocery stores. David Stubblebine and James Stubblebine of The Stubblebine Co., a brokerage firm active throughout New England, negotiated the transaction.

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AcquisitionsArizonaDevelopmentMultifamilySeniors HousingWestern

Cadence Living Plans $46M Seniors Housing Community in Chandler, Arizona

by Amy Works

CHANDLER, ARIZ. — Cadence Living has acquired 7.7 acres in Chandler, approximately 20 miles southeast of Phoenix, with plans to build a seniors housing community on the site. Named Cadence at Ocotillo, the community will offer 191 units of independent living, assisted living and memory care. Development costs for the 206,283-square-foot building are estimated at $46 million. Construction of Cadence at Ocotillo is slated to begin in the fall of this year. Partners on this project include Chandler-based Whitneybell Perry as the architect and locally based Drive Development Partners as construction manager. The company partnered with Global Senior Housing on the land acquisition. This will be Scottsdale-based Cadence’s fourth community in Arizona: Inspira Arrowhead in Glendale celebrated its grand opening on March 28, 2019. Inspira Arrowhead is in partnership with locally owned The PB Bell Companies and MT Builders. Acoya Mesa, opening in Summer 2019, is located adjacent to Granite Reef Park in Mesa and will feature 170 independent living, assisted living and memory care units. Acoya Scottsdale at Troon, which features views of Pinnacle Peak, is located in north Scottsdale. Cadence broke ground on the community in November 2018 and plans to open 135 luxury independent and assisted living …

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Elevate-Discovery-Park-Tempe-AZ
AcquisitionsArizonaMultifamilyWestern

MG Properties Group Buys 379-Unit Elevate at Discovery Park Apartments in Tempe, Arizona

by Amy Works

TEMPE, ARIZ. — San Diego-based MG Properties Group has acquired Elevate at Discovery Park Apartments, formerly known as Villa Blanco, in Tempe for an undisclosed price. The low-density, garden-style apartment community features 379 units in a mix of one-, two and three-bedroom layouts. The community includes resort-style amenities and immediate access to the Loop 101 Freeway. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE represented the undisclosed seller, while Brian Eisendrath and Cameron Chalfant, also of CBRE, arranged financing for the buyer in the deal.

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13900-Sycamore-Way-Chino-CA
AcquisitionsCaliforniaIndustrialWestern

SteelCo USA Acquires 68,175 SF Manufacturing Facility in Inland Empire for $10.7M

by Amy Works

CHINO, CALIF. — SteelCo USA has purchased a manufacturing facility located at 13900 Sycamore Way in Chino. A private individual sold the property for $10.7 million. Built in 1986, the 68,175-square-foot facility features 10,116 square feet of office space, 26-foot minimum clear height and eight ground-level drive-in doors with 1.8 acres of excess land. The property will serve as SteelCo USA’s sixth facility in the Inland Empire. West Coast Steel divisions include SteelCo USA, Great Pacific Elbow, Mission Metals and Deluxe Building Products. Tim Pimentel, Chuck Belden and Kyle Kehner of Cushman & Wakefield’s Ontario, Calif., office represented SteelCo USA, while David Nguyen of Lee & Associates and Brad Yates of Colliers International represented the seller in the transaction.

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Joes-Crab-Shack-Garden-City-CA
AcquisitionsCaliforniaRestaurantRetailWestern

SRS Arranges $3.4M Ground Lease Sale of Joe’s Crab Shack-Occupied Property Near Disneyland

by Amy Works

GARDEN GROVE, CALIF. — SRS Real Estate Partners has arranged the sale of the ground lease for a single-tenant restaurant property, located at 12011 Harbor Blvd. in Garden Grove. A Southern California-based private investor sold the property for $3.4 million. Joe’s Crab Shack occupies the asset, which is situated along restaurant row approximately 1.2 miles from Disneyland. Patrick Luther and Matthew Mousavi of SRS’ National Net Lease Group represented the buyer, a Southern California-based private investor, in the all-cash transaction.

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