Acquisitions

Interra Realty Brokers $17.5M Sale of Chicago Apartment Building

by Kristin Harlow October 18, 2023

CHICAGO — Interra Realty has brokered the sale of a 60-unit apartment building in Chicago’s Lakeview East neighborhood for $17.5 million. Located at 528 W. Oakdale Ave., the building includes 20 studios, 36 one-bedroom units and four two-bedroom units. Constructed in 1970, the property has undergone a full modernization over the past 18 months that added new finishes and upgrades to amenity spaces, including a fitness center, package room, additional laundry room and outdoor seating. Craig Martin and Joe Smazal of Interra represented the buyer, Beal Properties, and the seller, Horizon Realty Group.

October 18, 2023

Acquisitions Indiana Midwest Office Retail

Government Investment Partners Acquires Three Office, Retail Buildings in Indianapolis for $14M

by Kristin Harlow October 18, 2023

INDIANAPOLIS — Government Investment Partners (GIP) has acquired three office and retail buildings located near Monument Circle in downtown Indianapolis for roughly $14 million. The adjacent properties are located at 2 N. Meridian St., 20 W. Washington St. and 24 W. Washington St. The primary tenant is the Indiana Department of Health, which recently signed a 10-year lease extension for the entire 161,400 square feet of office space across all three buildings for its headquarters. The ground-floor retail space is leased to Bank of America, T-Mobile and Taco Bell Cantina, which recently signed a 2,860-square-foot lease to occupy the former Sugarfire Smokhouse space. There is 12,000 square feet of available retail and restaurant space, including the former homes of Rock Bottom Brewery and Pearings Café. Alex Cantu, Alex Davenport and Rachel Patten of Colliers represented the sellers, Two North Meridian Co. and John Goodman. Goodman will have a continued role with the properties as a consultant to GIP. Founded in 2016, GIP is a real estate investment, development and management firm specializing in properties leased to federal, state and local government entities. The firm’s portfolio now totals more than 30 buildings in 18 states.

October 18, 2023

Acquisitions Midwest Restaurant Retail Wisconsin

Marcus & Millichap Arranges $2.3M Sale of Chipotle-Occupied Property in Somers, Wisconsin

by Kristin Harlow October 18, 2023

SOMERS, WIS. — Marcus & Millichap has arranged the $2.3 million sale of a 2,361-square-foot retail property occupied by Chipotle in Somers, a southern suburb of Milwaukee. Constructed this year, the net-leased building is located at 3671 Market Lane and features a 400-square-foot patio as well as a drive-thru. Nicholas Kanich of Marcus & Millichap represented the seller, a development group based in Wisconsin. The asset sold to a Minnesota-based buyer completing a 1031 exchange.

October 18, 2023

4000-Union-Pacific-Ave-4040-Noakes-Ave-Commerce-CA

Acquisitions California Industrial Western

Dedeaux Properties Entity Purchases Distribution Facility Near Los Angeles in $190M Sale-Leaseback with 99 Cents Only

by Amy Works October 17, 2023

COMMERCE, CALIF. — A Dedeaux Properties entity has acquired a distribution facility in the Los Angeles suburb of Commerce. 99 Cents Only Stores sold the asset for $190 million in a sale-leaseback transaction. Situated on 24 acres at 4000 Union Pacific Ave. and 4040 Noakes Ave., the asset features 882,000 square feet of distribution space. The property is immediately adjacent to the Hobart Intermodal Railyard and located within a gated and guarded campus. Jack Cline of Lee & Associates, in collaboration with Eastdil Secured, facilitated the sale.

October 17, 2023

Acquisitions California Retail Western

Brixton Capital Buys 143,217 SF Pacific Town Center Retail Asset in Stockton, California

by Amy Works October 17, 2023

STOCKTON, CALIF. — Brixton Capital has purchased Pacific Town Center, a value-add retail property in Stockton. A Sacramento-based private seller sold the asset for an undisclosed price in an off-market transaction. Located at 718-769 W. Hammer Lane, Pacific Town Center features 143,217 square feet of retail space that was 42 percent leased at the time of sale. Existing tenants include Smart & Final, Aaron’s, Panda Express, Subway and other neighborhood-serving retailers and restaurants. Brixton plans to re-tenant a former Toys ‘R’ Us space and the recently vacated T.J.Maxx storefront. Hanley Investment Group represented the seller in the deal.

October 17, 2023

John-Reed-Commerce-Center-City-of-Industry-CA

Acquisitions California Industrial Western

Longpoint Partners Acquires 275,000 SF John Reed Commerce Center in City of Industry, California

by Amy Works October 17, 2023

CITY OF INDUSTRY, CALIF. — Boston-based Longpoint Partners has acquired John Reed Commerce Center, an industrial park located at 1200-1316 John Reed Court in City of Industry, just east of Los Angeles. A global investment advisor sold the asset for an undisclosed price. Situated on 16 acres, the 15-building property features a total of 275,000 square feet of industrial space. The asset was originally built in the late 1970s and has undergone renovations and upgrades. The freestanding buildings range from 12,400 square feet to 24,800 square feet and have a minimum divisibility of 3,800 square feet. All units feature ground-level loading, while select units also offer dock-high loading. Jeffrey Cole, Jeff Chiate, Rick Ellison, Bryce Aberg, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield’s national industrial advisory group in Southern California represented the seller in the deal. Longpoint Partners retained Chris Tolles, Erik Larson and Robin Dodson of Cushman & Wakefield to handle project leasing.

October 17, 2023

Acquisitions Multifamily Seniors Housing Utah Western

SLIB Negotiates Sale of Two Seniors Housing Communities in Utah

by Amy Works October 17, 2023

SANDY AND DRAPER, UTAH — Senior Living Investment Brokerage (SLIB) has arranged the sale of two assisted living and memory care communities in Utah. The properties are located just a few miles from each other in the southern Salt Lake City suburbs of Sandy and Draper. The communities were built in 2001 and consist of a total of 140 units. The properties total 35,334 and 53,255 square feet and are situated on approximately 1.5 and 2.1 acres of land. The seller is a private equity group divesting to focus on its core assets. The buyer is a Utah-based private equity group with a Utah-based operator expanding its existing footprint in the state. The price was not disclosed. The new owners plan to invest in capital expenditures and marketing to rejuvenate the communities and enhance their overall performance. Vince Viverito and Jason Punzel of SLIB handled the transaction.

October 17, 2023

Acquisitions Connecticut Development Industrial Northeast

WinStanley Acquires 135-Acre Industrial Development Site in Enfield, Connecticut

by Taylor Williams October 17, 2023

ENFIELD, CONN. — Regional developer WinStanley Enterprises has acquired a 135-acre industrial development site in Enfield, located near the Connecticut-Massachusetts border. The site is fully approved for the development of a two-building, 600,000-square-foot complex that will be known as Metro Park North. Specifically, the development will feature a 500,225-square-foot distribution facility and a 100,125-square-foot flex building. WinStanley expects to start construction in early to mid-2024, contingent upon securing tenant interest. Phil Gagnon and Nick Morizio of Colliers represented the seller and buyer in the land deal. Colliers will also handle leasing of the development.

October 17, 2023

Acquisitions Development Healthcare New York Northeast Office

Simone Development Buys 133,768 SF Office Building in Yonkers, Plans Healthcare Conversion

by Taylor Williams October 17, 2023

YONKERS, N.Y. — New York City-based Simone Development Cos. has purchased One Executive Boulevard, a 133,768-square-foot office building located north of Manhattan in Yonkers, with plans to convert the building into a healthcare facility. The four-story building sits on a 6.7-acre site that is located within a quarter mile of nearly 900,000 square feet of existing medical real estate. Robert Martin Co. sold the property for an undisclosed price.

October 17, 2023

Acquisitions Industrial Midwest Ohio

NK Parts Acquires Industrial Facility in Sidney, Ohio, for $6.5M

by Kristin Harlow October 17, 2023

SIDNEY, OHIO — NK Parts has acquired the former Norcold headquarters facility at 600 Kuther Road in Sidney, about 40 miles north of Dayton. The purchase price was $6.5 million. Sidney-based NK Parts currently occupies a 785,000-square-foot facility at 777 Kuther Road. Specializing in logistics and supply chain management, NK caters specifically to the automotive industry. The additional 205,000 square feet from the Norcold building will alleviate some of NK’s space constraints and enable them to better serve their clients, according to Industrial Property Brokers, which brokered the deal. NK plans to make improvements to the electrical system and parts of the roof that require replacement. The tenant expects to take occupancy in November. Tim Echemann and Conrad Echemann of Industrial Property Brokers represented NK in the transaction. “The opportunity for NK to acquire a 205,000-square-foot building right across the street from its existing operations is nothing short of incredible,” says Tim Echemann. “This expansion couldn’t have come at a better time, especially considering the escalating demands from NK’s customers for more space.”

October 17, 2023

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