INDIANAPOLIS AND CINCINNATI — Industrial Logistics Properties Trust (Nasdaq: ILPT) has acquired an eight-property industrial portfolio in metro Indianapolis and Cincinnati for $280 million. The buildings total 4.2 million square feet and are fully leased to 10 tenants. On average, the properties are 13 years old and feature clear heights of 34 feet. The seller was not disclosed. ILPT also acquired a portfolio of 18 properties located in 12 states from affiliates of Cole Office & Industrial REIT Inc. for $625.3 million.
FLOSSMOOR, ILL. — Marcus & Millichap has brokered the $3.7 million sale of a 7,098-square-foot retail building in Flossmoor, about 30 miles south of Chicago. AT&T, Jersey Mike’s, Starbucks and Captain Hooks occupy the property, which is located at 3820 Vollmer Road. Meijer shadow-anchors the property. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller. The asset sold to a local buyer completing a 1031 tax-deferred exchange.
HUDSON COUNTY, N.J. — Progress Capital has secured a $60 million acquisition loan for an 18-property multifamily portfolio in Hudson County. The undisclosed borrower acquired the portfolio for $75 million. Brad Domenico of Progress Capital arranged the seven-year loan, which featured a fixed 4.14 percent interest rate, 30-year amortization schedule and two years of interest-only payments. The lender was undisclosed.
CLINTON, CONN. — HFF has arranged the $12.9 million sale of Clinton Plaza, a 100,360-square-foot grocery-anchored shopping center in Clinton. Located at 215 Main St., the property is approximately 22 miles east of New Haven. The 92-percent-leased center is anchored by Stop & Shop supermarket. Additional tenants include T.J. Maxx and Dunkin’ Donuts. Jim Koury of HFF represented the seller, JMH Associates LLC, in the transaction. The buyer was Jerome Properties 215 LLC.
SOMERSET, N.J. — Marcus & Millichap has brokered the $12.2 million sale of Shoppes at Pierce Street, a 37,800-square-foot shopping center in Somerset. Located at 147-151 Pierce St., the newly developed property consists of three buildings, as well as a standalone Investors Bank pad site. Michael Lombardi and Marc Karlin of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was undisclosed.
WIND GAP, PA. — CBRE has arranged the sale of Wind Gap Logistics Center, a 349,012-square-foot distribution facility in Wind Gap, a town in Pennsylvania’s Lehigh Valley region. The sales price was undisclosed. Located at 1380 Jacobsburg Road, the property features 36-foot clear heights with a 600-foot deep loading bay and an ESFR sprinkler system. The property was designed and built by J.G. Petrucci. Brad Ruppel, Michael Hines, Brian Fiumara, and Lauren Dawicki of CBRE Capital Markets’ Institutional Properties team represented the sellers, J.G. Petrucci and The Davis Companies. The buyer was undisclosed.
WESTPORT, CONN. — Vidal Wettenstein LLC has negotiated the $10.5 million sale of a 30,000-square-foot retail plaza in Westport. Located at 877 Post Road East, the two-story property was developed in 1970. The property was 90 percent leased at the time of sale. Robert Lewis of Vidal Wettenstein represented the seller, Rosenfeld Realty & Development, in the transaction. The buyer was undisclosed.
WELLINGTON, FLA. — HFF has arranged the $43 million sale of The Pointe at Wellington Green, a 107,368-square-foot shopping center in Wellington. HFF represented the seller, The Centre at Wellington Green Ltd., in the transaction. The asset was 96 percent leased at the time of the sale to tenants including LA Fitness, Saito’s Japanese Steak House, Sport Clips, Five Guys, Jamba Juice, Olive Garden, Don Ramon Cuban Cuisine and Franco’s Italian Restaurant. The property is situated on 21.3 acres, about 14 miles west of West Palm Beach. HFF also arranged a $13.5 million, 13-year, fixed-rate acquisition loan through Principal Real Estate Investors on behalf of the buyer, The Pointe at Wellington LLC.
RALEIGH, N.C. — Cushman & Wakefield has arranged the sale of Legacy at Brier Creek, a four-story, 117,138-square-foot office building in Raleigh. Legacy at Brier Creek delivered in December 2017 and was fully leased at the time of the sale and anchored by Infosys, an Indian multinational corporation that provides business consulting, information technology and outsourcing services. The asset is situated about 13 miles northwest of Raleigh and about nine miles southeast of Durham. David Finger, Sara Owen, David Meline and Samir Idris of Cushman & Wakefield represented the undisclosed seller in the transaction. Zurich Alternative Asset Management LLC represented the buyer, a member company of Zurich North America, in the transaction. The sales price was not disclosed.
FRISCO, TEXAS — New York City-based investment firm Admiral Capital Group has acquired Duke Bridges III, a 161,131-square-foot office building located in the northern Dallas suburb of Frisco. The property was built in 2007 and was 94 percent leased at the time of sale to tenants in the technology, government and business services sectors. Admiral Capital also acquired with Parkwood Place, a 98,750-square-foot office complex in Plano that was sold by California-based KBS.