Acquisitions

SL Green, Ivanhoe Agree to Sell Office Condo Portion of Tower in Manhattan for $633M

by Camren Skelton April 12, 2018

NEW YORK CITY— SL Green Realty Corp. (NYSE:SLG) and joint venture partner Ivanhoé Cambridge have agreed to sell their office condominium space at 1745 Broadway in Manhattan for $633 million. The 930,000-square-foot tower includes retail spaces, offices and residential condominiums. SL Green and Ivanhoé will sell their portion of the property, totaling 674,000 square feet and spanning floors two through 26, to an institutional client of Invesco Real Estate. In deals separate from Ivanhoé Cambridge, SL Green also agreed to sell two suburban office properties in New York —115-117 Stevens Ave. in Valhalla and Reckson Executive Park in Rye Brook — to two different buyers for a combined price of $67 million. The transactions are expected to generate combined net proceeds to SL Green of approximately $190 million, which will be used toward the company’s $1.5 billion stock repurchase program. To date, SL Green has repurchased a total of 12.3 million shares. “We continue to make strategic divestments of non-core assets to both support the stock repurchase program and strengthen our portfolio,” says Isaac Zion, co-chief investment officer of SL Green. 1745 Broadway occupies the entire block front between 55th and 56th streets and is located three blocks from Central Park and …

April 12, 2018

Acquisitions Industrial New Jersey Northeast Office

Cushman & Wakefield Arranges Sale of Monmouth Shores Corporate Park in New Jersey

by David Cohen April 11, 2018

WALL TOWNSHIP, N.J. — Cushman & Wakefield has arranged the sale of Monmouth Shores Corporate Park, an eight-building office/flex complex totaling 400,000 square feet in Wall Township. Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Frank DiTommaso of Cushman & Wakefield represented the seller, Mack-Cali Realty Corp. The buyer was Monmouth 2 LLC, an affiliate of BHN Associates. Monmouth Shores Corporate Park is one of the largest business parks in the region, according to Cushman & Wakefield, and it was 88 percent leased to 24 tenants at the time of sale. The park is comprised of five single-story flex buildings and three office buildings.

April 11, 2018

Acquisitions Mixed-Use New Jersey Northeast

Marcus & Millichap Negotiates $6.3M Sale of Mixed-Use Building in Red Bank, New Jersey

by David Cohen April 11, 2018

RED BANK, N.J. — Marcus & Millichap has brokered the $6.3 million sale of the Kislin Building, a 23,000-square-foot mixed-use property in Red Bank, four miles south of Middletown. Michael Lombardi and Charles Loccisano of Marcus & Millichap represented the seller, a private investor, and the buyer, also a private investor. Located at 8 East Front St., the Kislin Building is the former home of a sporting goods store, which closed in 2005 after a century of continuous operation. The property was renovated in 2007 and the upper two floors were converted into eight, two-bedroom apartments and two, one-bedroom apartments. The ground floor features 7,500 square feet of retail space. The purchase also included a 6,000-square-foot parking lot across the street.

April 11, 2018

Acquisitions Massachusetts Northeast

Seyon Group Acquires Industrial Facility in Greater Boston for $38.5M

by David Cohen April 11, 2018

MANSFIELD, MASS. — The Seyon Group has acquired a 350,000-square-foot warehouse in Mansfield for $38.5 million. Located at 560 West St., the Class A facility, which was built in 2009, is a cross-dock warehouse. Cross-dock warehouses are rare in the Greater Boston market, where high land costs have resulted in limited new warehouse construction. There are only 12 such facilities in Boston, according to the Seyon Group. This marks the 15th acquisition for the Seyon Group, which was launched in January 2017.

April 11, 2018

Acquisitions Industrial New York Northeast

Cushman & Wakefield Brokers Sale of Commercial Building in Brooklyn for $12.8M

by David Cohen April 11, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the $12.8 million sale of a commercial building and lot in the Gowanus neighborhood of Brooklyn. Located at 80 4th St., the purchase includes a 180-by-107-foot lot and a 17,942-square-foot, single-story, brick warehouse. Winfield Clifford and William Barrett of Cushman & Wakefield represented the seller, sculptor Tom Otterness, in the transaction. The final closing price of $12.8 million equates to approximately $714.40 per square foot and more than $300,000 above the original asking price. The buyer was The Brooklyn Home Company. The property is located in an M3-1 zoning district, allowing for 35,954 square-feet of commercial development.

April 11, 2018

Acquisitions Industrial Midwest Northeast Ohio

Affiliates of Phoenix Investors Acquire Three Industrial Properties in New York, Connecticut and Ohio for $12.8M

by David Cohen April 11, 2018

PAWCATUCK, CONN., DELAWARE, OHIO and POUGHKEEPSIE, N.Y. — Affiliates of Phoenix Investors have acquired three industrial properties totaling 1 million square feet in Pawcatuck, Delaware and Poughkeepsie. The sales price was $12.8 million. The seller was Industrial Realty Group. The properties range in size from approximately 250,000 to 450,000 square feet. The occupancy rate across the portfolio averaged 65 percent and included a diverse roster of 20 tenants at the time of sale. Phoenix intends to renovate these assets in order to attract new users. Following the transaction, Phoenix affiliates own approximately 22 million square feet of industrial real estate across 23 states. Walker & Dunlop Commercial Property Funding LLC provided senior mortgage financing for the purchase.

April 11, 2018

Acquisitions Midwest Missouri Multifamily

Elite Street, Rialto Acquire 200-Unit Apartment Complex in St. Louis

by Kristin Harlow April 11, 2018

ST. LOUIS — A joint venture between Elite Street Capital and Rialto Capital Management has acquired the Lofts at the Highlands in St. Louis for an undisclosed price. The 200-unit apartment property is situated on 2.8 acres at 1031 Highlands Plaza Drive. Completed in 2006, the property features units that average 1,233 square feet. Amenities include a hot tub, grilling area, courtyard, fitness center, business center and recreation room. The complex was 95 percent occupied at the time of sale. Matthew Lawton, Sean Fogarty, Marty O’Connell and Wickliffe Kirby of HFF marketed the property on behalf of the seller, KBS Legacy Partners Apartment REIT Inc., which is a public, non-traded real estate investment trust sponsored by KBS Capital Advisors LLC and affiliates of Legacy Partners Residential Realty LLC.

April 11, 2018

Acquisitions Kansas Midwest Office

Disaster-Restoration Firm Purchases Headquarters Building in Shawnee, Kansas for $3.2M

by Kristin Harlow April 11, 2018

SHAWNEE, KAN. — Fire and water damage restoration company ServiceMaster DSI is relocating the headquarters for its national large loss division, ServiceMaster Recovery Management, to Shawnee this month. The 47,000-square-foot office building will also serve as the fire and water damage restoration company’s regional headquarters for Missouri and Kansas. The property is situated on four acres at 8450 Cole Parkway. Bill Maas of Block & Co. Inc. Realtors negotiated the $3.2 million sale on behalf of ServiceMaster DSI. The seller was not disclosed.

April 11, 2018

Acquisitions Multifamily Texas

Sterling Acquires 230-Unit Apartment Community in Austin

by Taylor Williams April 11, 2018

AUSTIN, TEXAS — Sterling Real Estate Partners, a joint venture between Los Angeles-based Barker Pacific Group and Pacific Real Estate Partners (PREP), has acquired Spring Valley Apartments, a 230-unit multifamily community in Austin. The property was built in 2001 and features a fitness center, business center, basketball court, playground, swimming pool and spa. Sterling plans to upgrade the property’s landscaping, signage, clubhouse and kitchens. The seller was not disclosed.

April 11, 2018

Acquisitions Illinois Industrial Midwest

Lagestee-Mulder Acquires 47,000 SF Industrial Building in Naperville, Illinois

by Kristin Harlow April 11, 2018

NAPERVILLE, ILL. — Lagestee-Mulder has acquired a 47,000-square-foot industrial building in Naperville for an undisclosed price. The property is situated on 4.3 acres at 1600 Shore Road. Built in 1989, the property is fully leased to nine tenants that occupy spaces ranging in size from 3,118 to 9,429 square feet. Lagestee-Mulder’s investment fund, LM Value Investors II LLC, was used to acquire the newly renovated property. John Whitehead and Adam Johnson of NAI Hiffman represented the seller, Midwest Industrial Funds.

April 11, 2018

Newer Posts

Older Posts