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Acquisitions

Hawthorne-Gardens-Portland-OR
AcquisitionsMultifamilyOregonSeniors HousingWestern

Cushman & Wakefield Brokers Sale of Two-Property Seniors Housing Portfolio in Portland

by Amy Works

PORTLAND, ORE. — Cushman & Wakefield National Senior Housing Capital Markets, exclusively advising seller Focus Healthcare Partners LLC, has arranged the sale of a portfolio of two seniors housing assets in Portland. The portfolio included Vancouver Pointe Senior Village, a 127-unit independent living community, and Hawthorne Gardens, a 58-unit assisted living and memory care community in the Sunnyside/Hawthorne neighborhood. A private equity investor acquired the properties for an undisclosed price. Artegan, the current operator, will continue to manage the communities.  Vancouver Pointe Senior Village was originally built in 2006 and recently underwent renovations to the common areas totaling nearly $1 million.  Hawthorne Gardens was built in 2007 featuring 36 assisted living units and a 22-unit memory care wing. The community also underwent a recent capital improvement program to complete a memory care conversion and a general upgrade of the community. 

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AcquisitionsMarylandMultifamilySoutheast

AMAC Acquires Multifamily Community in Metro D.C. for $66M

by Alex Tostado

CHEVERLY, MD. — New York-based Arbor Management Acquisition Co. (AMAC) has acquired Cheverly Station, a 555-unit multifamily community in Cheverly, for $66 million. Cheverly Station features one-, two- and three-bedroom floor plans, a playground, fitness center, dog park and a swimming pool. The asset is situated about eight miles east of downtown Washington, D.C. AMAC purchased the apartment community through its AMAC Fund III investment fund using a 10-year Freddie Mac loan. The acquisition brings AMAC’s portfolio in Prince George’s County, Maryland to approximately 2,500 units.

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AcquisitionsNorth CarolinaOfficeSoutheast

CBRE Arranges $29.9M Sale of Office Building in Downtown Charlotte

by Alex Tostado

CHARLOTTE, N.C. — CBRE has arranged the $29.9 million sale of the Chamber Building, a five-story, 65,444-square-foot office building located at 330 S. Tryon St. in downtown Charlotte. The asset was fully renovated in 2015 and includes a parking garage on a half-acre lot adjacent to the building. Tenants at the time of the sale included the Charlotte Chamber of Commerce, Perkins & Will, Compass Bank, Famous Toastery and Progressive AE. Patrick Gildea, Matt Smith and Grayson Hawkins of CBRE represented the seller, Grubb Properties, in the transaction. Ferncroft Capital purchased the property.

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AcquisitionsNew JerseyNortheastUncategorized

CBRE Arranges $10.3M Sale-Leaseback of Office Property in Mahwah, New Jersey

by David Cohen

MAHWAH, N.J. — CBRE has arranged the $10.2M sale and leaseback of an office property in Mahwah. Located at 1111 Macarthur Blvd., the two-story, 140,420-square-foot building was constructed in 1979 and fully renovated in 1990. Thomas Mallaney, Randy Eigen and Conor Dolan of CBRE represented the seller, Seiko Holdings Corp. in the sale and leaseback. The buyer was 1111 MacArthur Boulevard LLC. Seiko has agreed to lease 18,400 square feet at the property. Nuance Communications, a U.S.-based multinational software technology corporation already occupies 27,317 square feet of space at the property under a long-term lease. 

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AcquisitionsConnecticutMixed-UseNortheast

Northeast Private Client Group Brokers $6.4M Sale of Two Mixed-Use Buildings in Connecticut

by David Cohen

NEW BRITAIN, CONN. — Northeast Private Client Group has brokered the $6.4 million sale of two mixed-use buildings in New Britain. Located at 99 W. Main St. and 160 Main St., the properties consist of a combined nine ground-floor retail suites with 30 residential units on the upper floors. The buildings are located within one block of each other. Rich Edwards and Jeff Wright in the firm’s Shelton office represented the seller, AKK Enterprises, in the transaction. The buyer was Melrose Solomon Enterprises. 

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AcquisitionsIndustrialLee & AssociatesTexas

Lee & Associates Negotiates Sale of Newly Built, 14,000 SF Industrial Asset in Houston

by Taylor Williams

HOUSTON — Lee & Associates has negotiated the sale of a 14,000-square-foot industrial asset located at 6635 Theall Road in Houston. According to LoopNet Inc., the single-tenant property was built in 2017 and features 28-foot clear heights. Robert McGee, Thomas Leger and Chase Cribbs of Lee & Associates represented the seller, Axis Texas Development Group LLC, in the transaction. Clint Hankla, also with Lee & Associates, represented the buyer, CCIRF LLC.

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AcquisitionsMidwestOfficeOhio

TEI Purchases Office Building Near Cleveland for $7.5M

by Kristin Harlow

HIGHLAND HILLS, OHIO — Time Equities Inc. (TEI) has purchased a 163,000-square-foot, four-story office building in Highland Hills for $7.5 million. The Class A property is located at 23000 Millcreek Blvd., about 16 miles southeast of Cleveland. PNC Bank, which formerly occupied the building, sold the property. The building, constructed in 1997, is now vacant. Jonathan Dulberg of TEI led the acquisition. Robert Leibold, Steve Ross and Douglas Leary of CBRE represented TEI in the sale. CRESCO Real Estate represented PNC Bank. TEI plans to make upgrades to the property in order to attract new tenants. PNC Bank is consolidating employees to its downtown space.

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AcquisitionsHospitalityIllinoisMidwest

MCR Acquires Hampton Inn & Suites Hotel Near Chicago

by Kristin Harlow

WAUKEGAN, ILL. — MCR has acquired the 116-room Hampton Inn & Suites in Waukegan for an undisclosed price. The newly built hotel features Wi-Fi, complimentary breakfast, an on-site convenience store, indoor pool, fitness center and business center. The property is located at 438 Lakehurst Road near Highway 120.

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AcquisitionsMidwestMissouriOffice

Colliers Brokers Sale of Two Office Buildings in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Colliers International has brokered the sale of two office buildings within the Ward Parkway Corridor of Kansas City. One of the properties, 8080 Ward Parkway, is a 41,034-square-foot multi-tenant building that was 64 percent occupied at the time of sale. The other property, 9140 Ward Parkway, is a 33,687-square-foot building that was 76 percent occupied at the time of sale. Both assets were built in 1970. Mike Yeggy and Ross Simpson of Colliers represented the seller, Asset Management Group. The buyers, two private investors, plan to redevelop the properties.

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