Acquisitions

Rubenstein Properties Sells 28 Industrial Properties for $197M

by Alex Tostado February 21, 2019

LITTLE FALLS, N.J. — Rubenstein Properties has sold 28 industrial properties totaling more than 5 million square feet across six states for $197 million. Bernards Township, N.J.-based Silverman Group acquired 27 buildings for $183 million. Properties are located in New Jersey, Connecticut, Massachusetts, Iowa, Indiana and Alabama. The portfolio was 95.8 percent leased at the time of the sale. Locations include: New Jersey 10 Park Place, Butler; 20-21 Wagaraw Road, Fair Lawn; 39 Avenue C, Bayonne; 101 E. Main St., Little Falls; 114 Beach St., Rockaway; and 1578 Sussex Turnpike, Randolph, N.J. (units 2 through 5). Connecticut 20, 50 and 80 Utopia Road, Manchester; 118 Sanrico Drive, Manchester; 135 Sheldon Road, Manchester; 428 Hayden Station Road, Windsor; Alabama 207 Jacintoport Blvd., Saraland. Indiana 2190 Summit St., New Haven, Ind. Further details about the properties were not disclosed. In addition, a tenant occupying 1055 Crossroads Blvd. in Muhlenberg Township, Pa., acquired the asset for $14 million. “The properties are all strategically located within infill locations in order to take advantage of consistently improving industrial leasing fundamentals and increasing demand with extremely limited supply,” said Brian Fiumara, executive vice president of CBRE. “Rubenstein Properties’ portfolio provided the buyer with an exceptional opportunity …

February 21, 2019

Acquisitions Hospitality New Jersey Northeast Uncategorized

Marcus & Millichap Negotiates $13.5M Sale of Crowne Plaza Hotel in Englewood, New Jersey

by David Cohen February 20, 2019

ENGLEWOOD, N.J. — Marcus & Millichap has negotiated the $13.5 million sale of the Crowne Plaza Hotel in Englewood. Located at 401 South Van Brunt St., the 113,202-square-foot hotel is set on more than five acres. Alan Cafiero, Ben Sgambati and Michael DeVita of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

February 20, 2019

Acquisitions Alabama Multifamily Southeast

Castle Lanterra Sells Multifamily Property in Tuscaloosa for $20.7M

by Alex Tostado February 20, 2019

TUSCALOOSA, FLA. — Castle Lanterra Properties has sold Heights at Skyland, a 304-unit apartment property in Tuscaloosa, for $20.7 million to an undisclosed buyer. The property was developed in two phases in 1975 and 1991. The asset offers one- and two-bedroom floor plans and amenities such as a dog park, breakfast bar, coffee bar, picnic area, fitness center, swimming pool, playground, clubhouse, tennis court and a volleyball court. Heights at Skyland is situated about four miles south of the University of Alabama and about six miles south of downtown Tuscaloosa.

February 20, 2019

Acquisitions Northeast Pennsylvania

CBRE Arranges Sale of Two Office Buildings in Mechanicsburg, Pennsylvania

by David Cohen February 20, 2019

MECHANICSBURG, PA. — CBRE has arranged the sale of two office buildings totaling 76,972 square feet in Mechanicsburg. The sales price was undisclosed. The two properties are located at 4999 Louise Drive and 5053 Ritter Road and total 56,494 square feet and 20,478 square feet respectively. Michael Curran of CBRE represented the buyer, Linlo Properties, in the transaction. The seller was Members 1st Federal Credit Union, which will lease back a portion of both buildings as it searches for a new corporate headquarters.

February 20, 2019

Acquisitions Retail Texas

STRIVE Negotiates Sale of 69,651 SF Retail Center in Metro Fort Worth

by Taylor Williams February 20, 2019

FOREST HILLS, TEXAS — Dallas-based retail brokerage firm STRIVE has negotiated the sale of Forest Hills Village, a 69,651-square-foot retail center located on the southern outskirts of Fort Worth. Anchored by a Foodland Markets grocery store, the property was 100 percent occupied at the time of sale. Jennifer Pierson of STRIVE represented the seller, a California-based investor, in the deal. A Dallas-area investor acquired the asset for an undisclosed price.

February 20, 2019

Acquisitions Healthcare Illinois Midwest

Next Realty Acquires Medical Office Property in Arlington Heights, Illinois

by Kristin Harlow February 20, 2019

ARLINGTON HEIGHTS, ILL. — Next Realty Fund IX LP has acquired Arlington Executive Plaza, a medical office complex consisting of six single-story buildings in Arlington Heights. The purchase price was not disclosed. The buildings total approximately 62,500 square feet and are situated on more than 6.2 acres of land. The property is 90 percent leased by tenants such as Autism Home Support Services Inc., Cooperative Computer Services, Dawe’s Laboratories, BACT Process Systems Inc., Arlington Counseling Associates Ltd. and Dr. Kordas Pediatric Health. Tony Lombardo of Property Services Inc. represented the seller. Wintrust Bank provided acquisition financing.

February 20, 2019

Acquisitions Arizona Multifamily Seniors Housing Western

Chicago Pacific Founders Buys 217-Unit Seniors Housing Property in Tucson, Arizona

by Amy Works February 20, 2019

TUCSON, ARIZ. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired The Country Club of La Cholla, a 217-unit senior living community in Tucson. Located in the picturesque La Cholla Hills of Tucson, the property is located near medical facilities, outdoor recreation and retail/restaurant options. The Country Club of La Cholla provides independent living and assisted living amenities and programming. CPF plans to invest an undisclosed amount of money in the community, and Grace Management will take over operations. The property is situated on a 10.64-acre parcel and comprises a central clubhouse; three two-story garden style independent and assisted living buildings; and three single-story buildings that house 19 casitas and surround a greenhouse and putting green. Originally constructed as an independent living community in 1991 and 1992, the property has undergone a series of multimillion dollar renovations including the conversion of 78 units to assisted living and the renovation of the community’s clubhouse. Matthew Whitlock of CBRE National Senior Housing represented the seller, an affiliate of MBK Senior Living, in the transaction. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged $35 million in acquisition financing for the …

February 20, 2019

Acquisitions Industrial Oregon Western

Compass Commercial Arranges $3.8M Sale of Industrial Building in Oregon

by Amy Works February 20, 2019

REDMOND, ORE. — Compass Commercial Real Estate Services has arranged the sale of an industrial property located at 875 N.E. Kingwood Ave. in Redmond. Redmond Premium Properties sold the asset to an undisclosed buyer for $3.8 million. Situated on 4.5 acres, the property features 25,115 square feet of industrial space. Russell Huntamer and Dan Kemp of Compass Commercial Real Estate Services represented the seller in the deal.

February 20, 2019

Acquisitions Florida Hospitality Southeast Top Stories

HST Purchases South Beach Hotel for $610M

by John Nelson February 20, 2019

MIAMI BEACH, FLA. — Host Hotels & Resorts Inc. (NYSE: HST) has purchased 1 Hotel South Beach, a 429-room hotel and resort in Miami’s South Beach neighborhood. A partnership between Starwood Capital Group and LeFrak sold the property for $610 million, or a little over $1.4 million per room. Hodges Ward Elliot represented Starwood Capital and LeFrak in the sale. The property features 600 linear feet of ocean frontage and has direct beach access, as well as four pools with elevated decks that provide ocean views. SH Hotels & Resorts, an affiliate of Starwood Capital, will continue to operate and manage the 1.1 million-square-foot property as 1 Hotel South Beach. “We are excited about the opportunity to acquire one of the absolute best luxury hotels in the country and partner with SH Hotels & Resorts as our operator,” says James Risoleo, president and CEO of HST. “1 Hotels is redefining the luxury hotel industry and we could not be more proud to own its flagship hotel. We look forward to being a big part of the brand’s future growth.” Starwood Capital acquired the 1970s-era beachfront hotel in 2012 and executed a $300 million overhaul, including adding 155 condominiums and updating the …

February 20, 2019

Acquisitions Arizona Industrial Western

Industrial Logistics Properties Trust Agrees to Acquire 18 Industrial Properties for $625.3M

by Amy Works February 19, 2019

PHOENIX — Industrial Logistics Properties has agreed to acquire 18 industrial properties for a total of $625.3 million. Wholly owned subsidiaries of Cole Corporate Income Operating Partnership LP, of which Cole Office & Industrial REIT (CCIT II) is the sole general partner, have agreed to sell the assets for $568.3 million in cash and the assumption of a $57 million loan by the buyer. The 18 properties are 100 percent leased and encompass approximately 8.7 million gross rentable square feet across 12 states. Notable tenants include UPS, Procter & Gamble and Subaru. The transaction is anticipated to close within 60 days, subject to due diligence and the satisfaction of closing conditions. CCIT II plans to use sale proceeds for the repayment of debt and the acquisition of long-dated net-lease properties in furtherance of the company’s investment objectives. Eastdil Secured is represented CCIT II in the transaction.

February 19, 2019

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