TAUNTON, MASS. — JLL has brokered the sale of a 198,720-square-foot distribution center in Taunton, located near the Massachusetts-Rhode Island border. Built in 2014, facility at 151 Charles F. Colton Road features a clear height of 28 feet, 30 loading docks, 23 trailer parking spaces and ESFR sprinkler system. Michael Restivo and David Coffman of JLL represented the seller, a fund managed by Brookfield Asset Management, in the transaction. An Ares Management Real Estate fund acquired the property, which was fully leased at the time of sale to a tire and automotive services company, for an undisclosed price.
CHICAGO — Glenstar and a high-net-worth private investor have acquired 200 South Wacker, a 40-story office tower in Chicago’s West Loop. According to Crain’s Chicago Business, the duo bought a non-performing $151 million loan backed by the property from lender Bank of China and simultaneously took control of the building from Toronto-based owner Manulife Financial via a deed-in-lieu of foreclosure. The news outlet also reports that the purchase price was close to $68 million. Designed by Harry Weese Associates and constructed in 1981, the building totals 761,775 square feet. Glenstar has taken over as the building’s asset and property manager, and The Telos Group will serve as the leasing agent. Glenstar and its equity partner are allocating approximately $30 million to build fully furnished move-in ready spec suites, modernize common areas, enhance amenities and fund other capital improvements. Current amenities include a rooftop deck, tenant lounge, conference center, fitness facility and a Mojo Coffee shop in the lobby.
WHITEHALL, PA. — Philadelphia-based brokerage firm SCOPE Commercial Real Estate has negotiated the $11.8 million sale of Aspen Apartments, an 80-unit multifamily building located in the Lehigh Valley city of Whitehall. The three-story building offers one-, two- and three-bedroom units that range in size from 1,080 to 1,600 square feet. The undisclosed buyer purchased the asset via a 1031 exchange following its disposition of two multifamily assets totaling 52 units in nearby Allentown. Zeke Rotter led the SCOPE team led that handled those sales as well as the purchase of Aspen Apartments.
TOLEDO, OHIO AND HOUSTON — An affiliate of Welltower Inc. (NYSE: WELL) has entered into an agreement to acquire NorthStar Healthcare Income Inc., a non-listed REIT that owns a diversified portfolio of seniors housing properties throughout the United States, for roughly $900 million. Toledo-based Welltower will take ownership of NorthStar Healthcare’s portfolio of 40 seniors housing communities in the acquisition. Founded in 2010, Houston-based NorthStar Healthcare’s portfolio includes independent living, assisted living and memory care properties. “We expect that this portfolio will serve to further enhance our regional densification strategy through our existing geographic footprint and network of exceptional seniors housing operators,” says Nikhil Chaudhri, co-president and chief investment officer of Welltower, calling the agreement a “win-win outcome for shareholders of both companies.” NorthStar Healthcare stockholders will receive $3.03 per share according to the agreement, exceeding the net asset value per share of $2.96 as decided by NorthStar Healthcare’s board of directors in June 2024. Under terms of the agreement, the NorthStar board of directors and advisors may initiate, solicit and consider alternative acquisition proposals during a 40-day “go shop” period beginning from the date of the merger agreement. The all-cash transaction is scheduled to close within the first half …
SAN ANTONIO — California-based investment firm KBS has sold Fountainhead Tower, a 179,932-square-foot office building in San Antonio. The building sits on a 5.6-acre site about 10 miles northwest of the downtown area. Amenities include a fitness center, conference facility, deli, outdoor gathering spaces and an onsite bank branch. Todd Mills of Cushman & Wakefield represented KBS, which implemented a multimillion-dollar capital improvement program at Fountainhead Tower in 2017, in the transaction. The buyer was a partnership led by Austin-based SynerMark Properties.
HARLINGEN, TEXAS — Marcus & Millichap has brokered the sale-leaseback of a 105,000-square-foot industrial building in the Rio Grande Valley city of Harlingen. The building sits on 9.1 acres and features 10 dock-high doors and one grade-level door. Adam Abushagur, Ernesto Melgar Campos, Tyler Ranft and Davis Cagle of Marcus & Millichap represented the seller and occupant, packaging provider Bulk-Pack Inc., in the transaction. The team also procured the buyer, an undisclosed private investor.
HOUSTON — Locally based brokerage firm Oxford Partners has arranged the sale of a 16,074-square-foot industrial building in East Houston. According to LoopNet Inc., the facility at 5611 Clinton Drive was built in 1945. Perry Mazzone and Matt Rogers of Oxford Partners represented the buyer, healthcare services provider ASC Solutions, in the deal. Lorin Miner and Bobby Tyson of Eastwood Realty represented the undisclosed seller.
ORLANDO, FLA. — Halstatt Real Estate Partners has sold UnionWest at Creative Village, a 664-bed student housing property near the University of Central Florida’s (UCF) downtown Orlando campus. Halstatt developed the 15-story tower in partnership with Development Ventures Group and Ustler Development in August 2019. Provident Resources Group purchased UnionWest for an undisclosed price using bonds underwritten by BofA Securities. Located at the corner of West Livingston Street and North Terry Avenue, the student housing tower is a component of the $1.5 billion Creative Village mixed-use campus, which includes academic space for both UCF and Valencia College’s downtown campus. In addition to student housing, UnionWest offers more than 100,000 square feet of academic space, 11,000 square feet of street-level retail space and a 600-space parking garage.
MIAMI — Marcus & Millichap has negotiated the $8.4 million sale of Blue Grotto Plaza, an 11,890-square-foot retail strip center located in Miami. Built in 1973 and renovated in 2023, the multi-tenant property features a mix of service-oriented businesses and food-and-beverage tenants, including 10 retail spaces and 68 parking spaces. Jonathan De La Rosa and Matthew Albregts of Marcus & Millichap marketed the property on behalf of the seller, Minkin Enterprises Inc., and procured the buyer, OMAC Real Estate LLC, in the transaction.
GEORGETOWN, KY. — Home Invest has acquired Pine Tree Path, a 72-unit apartment community in Georgetown, about 70 miles east of Louisville, Ky. Longtime owner PAJ Properties Inc. sold the Class B property to Home Invest for approximately $7.8 million. Home Invest will be the property manager for Pine Tree Path, which was fully occupied at the time of sale. The firm will also replace roofs for seven buildings and make light renovations to unit interiors as the leases turn over.