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Acquisitions

AcquisitionsSoutheastStudent HousingTennessee

Transwestern Arranges $26.3M Sale of Student Housing Community Near East Tennessee State University

by John Nelson

JOHNSON CITY, TENN. — Transwestern Real Estate Services has arranged the $26.3 million sale of Monarch 815, a 576-bed student housing property located at 1109 University Parkway near the East Tennessee State University campus in Johnson City. Mike McGaughy, Jon Kleinberg and Bradley Fulkerson of the firm’s National Student Housing team represented the seller, an entity doing business as 1109 University Parkway Holdings, in the disposition. Logen Capital acquired the property via commercial real estate auction platform RI Marketplace. Built in 2014, the community consists of four residential buildings offering 176 fully furnished units. Shared amenities include a resort-style pool, fitness center, private yoga studio, billiards room and a dog park.

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AcquisitionsAffordable HousingConnecticutDevelopmentMultifamilyNortheast

CPP, Beacon Acquire 104-Unit Affordable Housing Complex in New Haven, Plan $43M Rehabilitation

by Taylor Williams

NEW HAVEN, CONN. — A partnership between two affordable housing development and management companies, Community Preservation Partners (CPP) and Beacon Communities, has acquired the 104-unit Brewery Square Apartments in New Haven. The new ownership plans to invest about $43 million in the rehabilitation of the two-building complex, which was originally constructed in 1896 as a brewery and converted to housing in the 1980s. The partnership will upgrade units’ appliances, bathrooms, countertops, windows and floors, as well as enhance the landscaping and security systems. Renovations will serve to extend the affordability status of the property, which houses 41 one-bedroom units, 55 two-bedroom residences and six three-bedroom units. The renovation will transition 84 of the 104 units into the Low-Income Housing Tax Credit program, with affordability levels ranging from 30 to 80 percent of  the area median income.

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AcquisitionsDevelopmentIndustrialNortheastPennsylvaniaRetail

Sordoni Properties Buys Historic Industrial Building in Northeast Pennsylvania, Plans Redevelopment

by Taylor Williams

DALLAS, PA. — Local investment firm Sordoni Properties has purchased the former Offset Paperback factory in the northeastern Pennsylvania city of Dallas with plans to redevelop the historic industrial building. The sales price was $5.5 million. The 16-acre facility originally opened in 1948. Sordoni’s redevelopment will feature a supermarket, convenience store and restaurant, with fitness and medical uses also in consideration. Jeff Algatt of Colliers represented Sordoni in the transaction. 

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AcquisitionsCaliforniaIndustrialWestern

Terreno Realty Acquires Industrial Facility in Santa Ana, California for $49.5M

by Amy Works

SANTA ANA, CALIF. — Terreno Realty has purchased an industrial building located at 3500 W. MacArthur Blvd. in Santa Ana from an undisclosed seller for $49.5 million. Situated on 12 acres, the 134,000-square-foot property features seven dock-high and three grade-level landing positions. At the time of sale, the facility was fully occupied by a major home improvement retailer and operated as a retail location.

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AcquisitionsCaliforniaMultifamilySeniors HousingWestern

JCH Negotiates $14.1M Sale of Senior Living Community in California’s Inland Empire

by Amy Works

ANAHEIM HILLS, CALIF. — JCH Senior Housing Investment Brokerage has arranged the sale of an assisted living and memory care facility located in the Inland Empire region of Southern California. A local operator acquired the property for $14.1 million. Licensed for 100 beds, the facility features 86 units. Cindy Hazzard and Jim Hazzard of Anaheim, Calif.-based JCH represented both the buyer and seller in the transaction. 

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1250-Simms-St-Lakewood-CO
AcquisitionsColoradoIndustrialWestern

Malman Real Estate Brokers Sale of 54,416 SF Industrial Property in Lakewood, Colorado

by Amy Works

LAKEWOOD, COLO. — Malman Real Estate has arranged the sale of 1250 Simms Street, an industrial property in Lakewood. An entity doing business as 1250 Simms LLC sold the asset to 1250 Simms St LLC and 1250 Simms St JP LLC for $7.2 million. At the time of sale, the 54,416-square-foot property was fully leased. Jake Malman of Malman Real Estate represented the seller, while Paul Cattin of Platinum CRE represented the buyer in the deal.

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AcquisitionsColoradoIndustrialWestern

John Propp Commercial Group Arranges $1.6M Sale of Industrial Building in Denver

by Amy Works

DENVER — John Propp Commercial Group has arranged the sale of an industrial building at 1448 W. Cedar Ave. in Denver. Five Quarters Farm LLC acquired the asset from Cedar Palms LLC for $1.6 million, or $248.97 per square foot. The 6,275-square-foot property features two suites and three overhead grade doors. John Propp of John Propp Commercial Group represented the seller, while Christian Dinsdale of SVR Real Estate represented the buyer in the transaction.

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AcquisitionsData CentersIllinoisIndustrialMidwest

SRM, Pearlmark Acquire Fully Leased Data Center in Arlington Heights, Illinois

by Kristin Harlow

ARLINGTON HEIGHTS, ILL. — SRM Cos. and Pearlmark have acquired a data center and flex industrial facility located at 545 E. Algonquin Road in the Chicago suburb of Arlington Heights. The transaction marks SRM’s first acquisition in the Chicago market. The property is fully leased to two tenants and features robust power and infrastructure. According to a release, the buyers plan to maintain and enhance the facility’s long-term value through proactive asset management and continued investment. Wintrust Commercial Real Estate provided acquisition financing.

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AcquisitionsMidwestMultifamilyWisconsin

Marcus & Millichap Brokers $6.3M Sale of Multifamily Portfolio in Hudson, Wisconsin

by Kristin Harlow

HUDSON, WIS. — Marcus & Millichap has brokered the $6.3 million sale of a 38-unit multifamily portfolio in Hudson, about 30 miles east of Minneapolis. The portfolio consists of 34 two-bedroom units and four one-bedroom units, with assigned garages for 10 residents. Scott Anderson of Marcus & Millichap represented the seller, a Wisconsin-based investment group, and procured the buyer, a Wisconsin-based syndication. The City of Hudson continues to command the highest rents in western Wisconsin due to its proximity to the Twin Cities and its favorable cost-to-value position compared with the Minnesota side of the border, according to Anderson.

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AcquisitionsMichiganMidwestRetail

Howe Equipment Acquires Former AMC Theatres Property in Jackson, Michigan

by Kristin Harlow

JACKSON, MICH. — Howe Equipment has acquired a 4.5-acre property formerly occupied by AMC Theatres in Jackson, a city in southern Michigan. Bill McLeod and Tjader Gerdom of Gerdom Realty & Investment, in cooperation with Marla Chaliff and Mark Kaplan of Dimension Development Partners, represented the undisclosed seller. ERA Reardon Realty represented Howe.

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