Acquisitions

Kidder Mathews Brokers $26.9M Sale of Seventh & James Apartments in Seattle

by Amy Works October 20, 2023

SEATTLE — Kidder Mathews has negotiated the sale of Seventh and James Apartments, a multifamily asset in Seattle’s First Hill neighborhood. A large institutional owner sold the property to an undisclosed buyer for $26.9 million. Located at 600 7th Ave., Seventh and James Apartments features 96 units. The five-story, podium-style building was built in 1992. Dylan Simon, Matt Laird and JD Fuller of Kidder Mathews’ Simon Anderson team represented the seller and sourced the buyer in the transaction.

October 20, 2023

Acquisitions Illinois Industrial Midwest

Dayton Street Partners Acquires 11-Acre Industrial Property in Bensenville, Illinois

by Kristin Harlow October 20, 2023

BENSENVILLE, ILL. — Dayton Street Partners (DSP) has acquired an industrial property situated on 11 acres at 700 Larsen Lane in the Chicago suburb of Bensenville. The purchase price was undisclosed. The property features a 37-door truck terminal, two truck maintenance facilities and a warehouse with one acre of outdoor storage. The asset, which is located directly across the street from the Chicago O’Hare International Airport, was 85 percent leased at the time of sale. Jack Brennan of CBRE represented the seller, a private investor, and will market the property for lease. DSP will commence a multi-million-dollar renovation of the terminal in November.

October 20, 2023

Acquisitions Michigan Midwest Office

Friedman Brokers Sale of 62,752 SF Office Building in Southfield, Michigan

by Kristin Harlow October 20, 2023

SOUTHFIELD, MICH. — Friedman Real Estate has brokered the sale of a 62,752-square-foot office building in Southfield for an undisclosed price. The property is located at 16500 W. 12 Mile Road. Robert Moon of Friedman represented the seller, Atlas Holding Corp. The buyer, Kensington Community Church, will occupy the building.

October 20, 2023

Acquisitions California Industrial Western

Equipment Manufacturing Co. Sells 31,373 SF Industrial Building in Santa Fe Springs, California

by Amy Works October 20, 2023

SANTA FE SPRINGS, CALIF. — Equipment Manufacturing Co. has completed the sale of an industrial asset, located at 14930 Marquardt Ave. in Santa Fe Springs, just southeast of Los Angeles. Fortress Investment Group acquired the property for $10.5 million. Equipment Manufacturing Co. vacated the 31,373-square-foot heavy manufacturing facility, which was built in 1969. The new owner plans to renovate and reposition the property, which offers a large truck parking area and approximately one acre of excess land. Jason DuFault of KW Commercial represented the seller, while Phillip DeRousse of Lee & Associates represented the buyer in the deal.

October 20, 2023

Acquisitions California Retail Western

DP Vernon Retail Divests of 14,000 SF Shopping Center in Vernon, California

by Amy Works October 20, 2023

VERNON, CALIF. — DP Vernon Retail has completed the disposition of Vernon Shopping Center, a retail property located at 2544-2550 Alameda St. in Vernon, just south of Los Angeles. Wimatex Inc. acquired the asset for an undisclosed price in a 1031 exchange. Built in 2017, Vernon Shopping Center features 14,000 square feet of retail space. At the time of sale, the property was 77 percent occupied. Current tenants include Jersey Mike’s Subs and Café Dulce. Chris Maling and David Maling of Avison Young represented the seller and procured the buyer in the deal.

October 20, 2023

Acquisitions Build-to-Rent Development North Carolina Single-Family Rental Southeast

Barings, Foulger Pratt Purchase Build-to-Rent Residential Community Underway in Metro Raleigh for $50M

by John Nelson October 19, 2023

WENDELL, N.C. — A joint venture between Barings and Foulger Pratt has purchased a build-to-rent (BTR) residential community under construction in Wendell, an eastern suburb of Raleigh. The undisclosed seller and developer sold the unnamed project for $50 million. Situated on 39 acres, the 172-unit property will consist of 89 townhomes and 83 single-family rental homes. The initial deliveries of homes are expected to be available for lease in the first half of 2024. The transaction brings Foulger Pratt’s BTR portfolio to 700 homes and approximately $250 million in investment across North Carolina and Maryland.

October 19, 2023

Acquisitions Georgia Seniors Housing Southeast

Blueprint Brokers Sale of Three Piedmont Healthcare Seniors Housing Facilities in Georgia

by John Nelson October 19, 2023

AUGUSTA, STOCKBRIDGE AND EVANS, GA. — Blueprint has arranged the sale of three skilled nursing facilities: Laurel Park at Henry Medical Center in the Atlanta suburb of Stockbridge; Kentwood Extended Care in Augusta; and Westwood Extended Care in the Augusta suburb of Evans. The seller was Piedmont Healthcare Inc., Georgia’s largest nonprofit healthcare system. Through its 2022 affiliation with University Health Care System, two skilled nursing and long-term care facilities serving the greater Augusta market, as well as Piedmont Augusta and Piedmont McDuffie hospitals, became part of the Piedmont system. Westwood is licensed for 149 beds and Kentwood is licensed for 100 beds. The 89-bed Laurel Park facility is situated adjacent to Piedmont’s Henry Hospital and was managed by a third-party operator. The buyer was PruittHealth, a prominent Georgia-based owner/operator and the incumbent manager of Laurel Park. The sales price was not disclosed. The Blueprint team included Michael Segal and Daniel Waldhorn.

October 19, 2023

Acquisitions Industrial Texas

Lee & Associates Negotiates Sale of 50,138 SF Industrial Building in Northwest Dallas

by Taylor Williams October 19, 2023

DALLAS — Lee & Associates has negotiated the sale of a 50,138-square-foot industrial building in northwest Dallas. According to LoopNet Inc., the building at 11126 Shady Trail was built on 2.8 acres in 1978 and features 12-foot clear heights. Stephen Williamson of Lee & Associates represented the buyer, Boston-based investment firm Longpoint Realty Partners, in the transaction. Vaquero Ventures Management sold the building for an undisclosed price.

October 19, 2023

Acquisitions Multifamily Oregon Western

Fairfield Divests of 206-Unit Sandy28 Apartment Building in Portland, Oregon

by Amy Works October 19, 2023

PORTLAND, ORE. — Fairfield has completed the disposition of Sandy28, a mixed-use multifamily property located in Portland’s Central Eastside. Terms of the transaction were not released. Developed in early 2020 by Fairfield, Sandy28 features 206 apartments and 3,300 square feet of retail space. The community offer a rooftop lounge, fitness center, game room, coworking space, and expansive outdoor courtyard spaces with a dog park and pet lounge. Anthony Palladino, Giovanni Napoli, Philip Assouad, Nick Ruggiero and Ryan Harmon of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the deal.

October 19, 2023

Acquisitions California Retail Western

IPA Negotiates $25.3M Sale of Long-Term Ground Lease for Nohl Plaza in Orange, California

by Amy Works October 19, 2023

ORANGE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $25.3 million sale of the leasehold interest in a long-term ground lease at Nohl Plaza in Orange. Tom Lagos, Patrick Toomey and Jose Carrazana of IPA, along with Joe Linkogle of Marcus & Millichap, represented the seller, Nohl Plaza LLC, and procured the undisclosed buyer in the deal. Built between 1966 and 1979 on more than 10 acres, Nohl Plaza features 103,639 square feet of retail space. Current tenants include Vons, Starbucks Coffee, Del Taco, Bank of America, the Tartan Room restaurant and Union 76 gas station.

October 19, 2023

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