Acquisitions

Midwest Industrial Funds Acquires 600,000 SF Industrial Complex in Hodgkins, Illinois for $17M

by Kristin Harlow July 17, 2018

HODGKINS, ILL. — Midwest Industrial Funds has purchased a 600,000-square-foot, two-building industrial complex in Hodgkins, about 17 miles southwest of Chicago, for more than $17 million. The company plans to renovate and reposition both buildings at a total cost of $15 million. Midwest Industrial plans to tear down part of the building at 6600 River Road in order to modernize the property with 45 additional exterior docks, new glass façade, new office space, a new roof and HVAC. Once renovated, the 408,000-square-foot building will be named Hodgkins Center of Commerce and feature 62 dock doors, onsite trailer parking and a clear height of 26 feet. The smaller property at 6620 River Road will remain 110,000 square feet and undergo an exterior renovation. Walter Murphy of Lee & Associates represented the undisclosed seller. Steve Roth of CBRE secured construction financing for the project. Harris Architects will provide architectural services and Spaceco is the civil engineer.

July 17, 2018

Acquisitions Illinois Industrial Midwest

Amerco Purchases Two Industrial Buildings in Libertyville, Illinois

by Kristin Harlow July 17, 2018

LIBERTYVILLE, ILL. — Amerco Real Estate Co. has purchased two industrial buildings in Libertyville, about 40 miles northwest of Chicago. The purchase price was not disclosed. Amerco is the parent company of U-Haul and provides real estate and development services to U-Haul. The company purchased a 48,439-square-foot building at 14045 Rockland Road as well as a 12,000-square-foot building located next door. Both properties will serve as storage and truck rentals for U-Haul. Brian Bocci of Entre Commercial Realty represented the buyer in both transactions. John Hauser of Avison & Young represented the undisclosed seller of the larger building. The second building was not officially on the market, but JLL represented its seller.

July 17, 2018

Edgewater-Hotel-&-Casino-Resort-Laughlin-Nevada

Acquisitions Hospitality Nevada Top Stories Western

Golden Entertainment to Acquire Two Casino Resorts in Nevada for More Than $168M

by Taylor Williams July 16, 2018

LAUGHLIN, NEV. — Golden Entertainment Inc. (NASDAQ: GDEN), an owner-operator of casino resorts, has agreed to acquire two properties in Nevada for more than $168 million. Golden will acquire Edgewater Hotel & Casino Resort and Colorado Belle Hotel & Casino Resort, both of which are located about 100 miles south of Las Vegas in Laughlin. The seller is Marnell Gaming LLC, which is also based in Nevada. The deal is expected to close during the first quarter of 2019. Combined, Edgewater Hotel & Casino Resort and Colorado Belle Hotel & Casino Resort feature more than 1,400 slot machines, 40 table games and 2,150 hotel rooms. The casino resorts also offer 11 restaurants and dedicated entertainment venues, including the 12,000-seat Laughlin Event Center. The properties are situated adjacent to Aquarius Casino Resort, an asset owned by Golden Entertainment that features 1,200 slot machines, 30-plus game tables and roughly 2,000 hotel rooms. “Over the past several years, Marnell Gaming has taken their expertise and created a significant hotel, casino and entertainment presence in Laughlin,” says Blake Sartini, chairman and CEO of Golden Entertainment. “We are excited to solidify our presence in this growing and attractive game market.” The exact sales price has …

July 16, 2018

Acquisitions Industrial Texas

Silicon Valley Investment Firm Acquires 460,000 SF Industrial Portfolio in Houston

by Taylor Williams July 16, 2018

HOUSTON — Wilson Investment Properties, a Silicon Valley-based investment firm, has acquired a portfolio of 19 industrial properties totaling approximately 460,000 square feet in northwest Houston. The properties are situated within six different industrial parks and are leased to a total of 103 tenants, including users in the manufacturing and fabrication services. The seller was not disclosed.

July 16, 2018

Acquisitions Multifamily North Carolina Southeast

Dominion Realty Sells Newly Built Apartment Community in Uptown Charlotte for $68.8M

by Camren Skelton July 16, 2018

CHARLOTTE, N.C. — Dominion Realty Partners (DRP) has sold Centric Gateway, a 297-unit apartment community located at 1010 W. Trade St. in Uptown Charlotte. An affiliate of TH Real Estate acquired the property for $68.8 million. Justin Good, Allan Lynch and Jeff Glen of HFF arranged the transaction on behalf of DRP, which completed construction on the property in December 2017. Individual units feature quartz countertops, private balconies, exterior storage and keyless entry. Community amenities include a central courtyard with a saltwater pool, activity lawn, automated package delivery system, fitness center with an interactive studio and a game room. Centric Gateway was 43 percent occupied at the time of sale.

July 16, 2018

Acquisitions Hospitality New York

New York REIT to Sell Viceroy Hotel in Manhattan for $41M

by David Cohen July 16, 2018

NEW YORK CITY — New York REIT (NYSE: NYRT) has entered into a contract to sell the Viceroy Hotel in Manhattan for $41 million. The buyer is Arden Group. After the sale of the Viceroy Hotel, New York REIT, which is in the process of liquidating, will have sold all properties aside from a remaining 50.1 percent interest in Worldwide Plaza in Manhattan. Located at 120 W. 57th St., the 29-story, 240-room hotel features a rooftop lounge and bar, fitness center and restaurant. The transaction is expected to close by the end of the third quarter.

July 16, 2018

Acquisitions Northeast Office Pennsylvania

Hinerfeld Negotiates $6.4M Sale of Office Building in Scranton

by David Cohen July 16, 2018

SCRANTON, PA. — Hinerfeld Commercial Real Estate has negotiated the sale of the Mount Pleasant Medical and Professional Center in Scranton for $6.4 million. The two-story, 30,750-square-foot office building sits on a three-acre parcel and is located at 521 Mt. Pleasant Drive. Geisinger-Community Medical Center purchased the property. The seller was undisclosed. The building was fully occupied at the time of sale to a tenant roster that includes Valley Oral & Maxillofacial Surgery, Physicians Health Alliance and LabCorp.

July 16, 2018

Acquisitions Illinois Midwest Multifamily

Interra Brokers $10.1M Sale of Three Multifamily Buildings in Chicago Area

by Kristin Harlow July 16, 2018

CHICAGO AND EVANSTON, ILL. — Interra Realty has brokered the sale of three multifamily buildings in the Chicago area for $10.1 million. Located in Evanston, 222-240 Asbury Ave. is a three-story, 34-unit condominium building. Joe Smazal, Patrick Kennelly and Paul Waterloo of Interra brokered the $4.8 million deconversion sale. An Illinois-based investor purchased the asset from 222-240 Asbury Condominium Association with the intent to convert the units into rentals. The second transaction was a 23-unit apartment building located at 3149 N. Springfield Ave. in Chicago’s Avondale community. The property, built in 1932, was 96 percent occupied at the time of sale. Smazal represented the buyer and the seller, both of which were Illinois-based investors. The asset sold for $3.1 million. A third building, a 19-unit multifamily building in Chicago’s Rogers Park neighborhood, sold for $2.2 million. Built in 1917 and located at 7735-57 N. Sheridan Road, the property features 16 studios and three one-bedroom units. The buyer plans to upgrade some of the units in the building, which is 95 percent occupied. Smazal represented the buyer and the seller, both of which were Illinois-based investors.

July 16, 2018

Acquisitions Illinois Industrial Lee & Associates Midwest

Lee & Associates Negotiates $5M Sale of Industrial Building in Bensenville, Illinois

by Kristin Harlow July 16, 2018

BENSENVILLE, ILL. — Lee & Associates has negotiated the $5 million sale of a 73,594-square-foot industrial building in Bensenville, about 20 miles northwest of Chicago. The multi-tenant property is located at 100-300 Devon Ave. At the time of sale, the property was 97 percent leased to 16 tenants. Jay Farnam and Terry Grapenthin of Lee & Associates represented the seller, VJW Investments LLC. A private buyer purchased the asset.

July 16, 2018

Acquisitions Industrial Midwest Wisconsin

Founders 3 Arranges $2.8M Sale of Industrial Facility in Menomonee Falls, Wisconsin

by Kristin Harlow July 16, 2018

MENOMONEE FALLS, WIS. — Founders 3 Real Estate Services has arranged the $2.8 million sale of Shenandoah Center in Menomonee Falls, about 20 miles northwest of Milwaukee. The 46,727-square-foot flex industrial facility is located on Whittaker Way. Ned Purtell and Paul McBride of Founders 3 represented the seller, Burke Business Park LLC. BW Management LLC was the buyer.

July 16, 2018

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