Acquisitions

Berkadia Arranges Sale of 896-Bed Student Housing Property Near the University of Michigan

by Kristin Harlow April 6, 2018

ANN ARBOR, MICH. — Berkadia has arranged the sale of The Courtyards Apartments in Ann Arbor for an undisclosed price. The 896-bed student housing property features 320 units ranging from one- to four-bedroom floor plans. Amenities include a game room, movie theater, fitness center, picnic area, study room and bike storage. The property is situated near the University of Michigan’s North Campus. Kevin Larimer and Greg Gonzalez of Berkadia represented the seller, Chicago-based Kensington Realty Advisors Inc. Harrison Street Real Estate Capital LLC purchased the asset.

April 6, 2018

Acquisitions Industrial Lee & Associates Midwest Missouri

Lee & Associates Negotiates Sale of 672,000 SF Industrial Property in St. Louis

by Kristin Harlow April 6, 2018

ST. LOUIS — Lee & Associates has negotiated the sale of a 672,000-square-foot industrial property in St. Louis for an undisclosed price. The multi-tenant building is located at 4327 Gustine Ave. Herb Feldmann of Lee & Associates represented the buyer, SOA Gustine LLC. Will Mura of CBRE represented the seller, Gustine Avenue LLC.

April 6, 2018

Acquisitions Industrial Midwest Wisconsin

Dickman/CORFAC International Brokers Sale of 49,802 SF Industrial Building in Milwaukee

by Kristin Harlow April 6, 2018

MILWAUKEE — The Dickman Company Inc./CORFAC International has brokered the sale of a 49,802-square-foot industrial building in Milwaukee for an undisclosed price. The property is located at 8220 W. Sleske Court. Roger Siegel of Dickman represented the seller, Mortara Instrument LLC. Jeff Hoffman of Cushman & Wakefield/Boerke represented the buyer, HMLJ Industries LLC.

April 6, 2018

Acquisitions Maryland Office Southeast

Hertz Acquires Wells Fargo Tower in Baltimore’s CBD for $36.8M

by Camren Skelton April 6, 2018

BALTIMORE — Hertz Investment Group has acquired Wells Fargo Tower, a 24-story office building located at 7 St. Paul St. in Baltimore’s central business district, for $36.8 million. According to the Baltimore Business Journal, Bethesda, Md.-based special servicer CWCapital Asset Management sold the asset less than a year after acquiring it following foreclosure by the previous owner. Natixis provided a $29.3 million acquisition loan on behalf of Hertz. The 378,010-square-foot tower was 67 percent leased at the time of sale to tenants such as Wells Fargo Bank and law firms Whiteford Taylor & Preston, Anderson Coe King and Wright, Constable & Skeen. Wells Fargo Tower was originally constructed in 1985, and recently underwent renovations including an updated lobby and replacement of water pumps, chillers and cooling tower.

April 6, 2018

Acquisitions Florida Retail Southeast

Colliers Brokers $12.7M Sale of Shopping Center in Jacksonville

by Camren Skelton April 6, 2018

JACKSONVILLE, FLA. — Colliers International has arranged the $12.7 million sale of San Jose Plaza, a 95,433-square-foot shopping center in Jacksonville. Scott Rogers of Colliers arranged the transaction on behalf of the buyer, SJP Jax LLC, which acquired the asset from Shanri Holdings Corp. Bonefish Grill anchors the center, which was 75 percent leased at the time of sale to 30 tenants. A second anchor tenant, Aldi, will open this summer.

April 6, 2018

Acquisitions Industrial New York Northeast Top Stories

Gramercy Acquires Six Distribution Centers for $538M

by Kristin Harlow April 6, 2018

NEW YORK CITY — Gramercy Property Trust (NYSE: GPT), a New York-based REIT, has acquired six distribution centers located throughout the United States. The properties are the first acquisitions for a Gramercy-led e-commerce joint venture, which was launched in August 2017. The venture was established to acquire, own and manage Class A distribution centers across the country. Gramercy is a 51 percent partner in the venture. An undisclosed sovereign investor is the other partner. The portfolio is composed of six newly constructed distribution properties totaling 5.2 million square feet for a combined purchase price of $538 million. The first two properties were acquired on Jan. 31 for $178 million. The second pair of properties, totaling $181 million, closed on April 3. The remaining two assets are under contract for $179 million, with the sale expected to close between late 2018 and early 2019. Each building is expected to be fully leased to an e-commerce company on an initial 15-year term. Two of the properties are located in California’s Inland Empire, with the remainder in Dallas; Jacksonville, Fla.; southern New Jersey; and Winchester, Va. Gramercy is a real estate investment trust that specializes in acquiring and managing assets in the United States and Europe. The company’s stock …

April 6, 2018

Acquisitions Multifamily New Jersey Northeast

HFF Arranges Sale of 360-Unit Apartment Community in Hackensack

by David Cohen April 5, 2018

HACKENSACK, N.J. — HFF has arranged the sale of Prospect Place, a 360-unit, two-building apartment community in Hackensack, for $100 million. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval of HFF represented the undisclosed seller in the transaction. The buyer, Kushner Co. purchased the property free and clear of existing debt. Located at 300 and 310 Prospect Avenue, Prospect Place consists of an 18-story high-rise building with 157 units and a four-story mid-rise building with 203 units. Amenities include an outdoor pool, grilling stations, fitness centers, billiards room and 653 covered parking spaces. The community is currently 96 percent occupied.

April 5, 2018

Acquisitions Connecticut Northeast Retail

New England Retail Properties Facilitates Sale of Tractor Supply in Suburban Hartford for $3.6M

by David Cohen April 5, 2018

FARMINGTON, CONN. — New England Retail Properties has brokered the sale of the Tractor Supply store located at 361 Scott Swamp Road in Farmington for $3.6 million. New England Retail Properties arranged the transaction between the seller, AEI Property Corp., and the buyer, 361 Scott Swamp Road LLC. The property, a former Frank’s Nursery & Crafts, was acquired in 2010 and opened in 2011 as a Tractor Supply store after a retrofit of the building and grounds. The property, which is nine miles west of Hartford, serves the Farmington, Burlington, Plainville and surrounding markets. Founded in 1939, Tractor Supply has more than 1,700 stores in 49 states.

April 5, 2018

Acquisitions Multifamily Student Housing Texas

WINLYND Acquires 384-Bed Student Housing Community in Beaumont

by Taylor Williams April 5, 2018

BEAUMONT, TEXAS — WINLYND LLC, a joint venture between Chicago-based Windy City RE LLC and San Antonio-based Lynd Opportunity Partners, has acquired Village at Lamar, a 384-bed student housing community in Beaumont. Built in 2006, the 96-unit property serves students at Lamar University, a four-year college that is part of the Texas State University system. Amenities include a pool, fitness center, volleyball court and a business center. WINLYND acquired the property via a foreclosure auction and will invest in renovations that are expected to be complete prior to the fall semester.

April 5, 2018

Acquisitions Retail Texas

HFF Negotiates Sale of Whole Foods-Anchored Retail Center in Irving

by Taylor Williams April 5, 2018

IRVING, TEXAS — HFF has negotiated the sale of Shops at MacArthur Hills, a 75,387-square-foot retail center located within the 12,000-acre Las Colinas district in Irving. Anchored by Whole Foods Market, the property was fully leased at the time of sale to tenants such as Zoës Kitchen, Fidelity Investments, Pure Barre and Sprint. Ryan Shore, Barry Brown, Jim Batjer and Aaron Johnson of HFF represented the seller, Dallas-based investment Leon Capital Group, in the transaction. New York-based Clarion Partners LLC purchased the asset free and clear of existing debt. The sales price was not disclosed.

April 5, 2018

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