WILMINGTON, DEL. — Incyte, a biopharmaceutical company focused on developing treatments for cancer and other autoimmune diseases, has purchased two office buildings totaling 517,307 square feet in downtown Wilmington. The buildings, which are known as Bracebridge I and III, formerly housed the operations of financial institution MBNA until its merger with Bank of America in 2006. Incyte plans to consolidate more than 300 employees — currently working in Chadds Ford, Pa. — in the newly acquired buildings. The company also plans to hire 500 additional workers in the coming years.
Acquisitions
MIDDLETOWN, PA. — JLL has brokered the sale of Middletown Logistics Center, a 251,200-square-foot industrial property located just south of Harrisburg. The property was built in 2021-2022 and features a clear height of 36 feet, an ESFR sprinkler system, 42 loading doors, one drive-in door and parking for 193 cars and 33 trailers. John Plower, Ryan Cottone, Zach Maguire and Jeff Lockard of JLL represented the seller, an affiliate of Endurance Real Estate Group, in the transaction and procured the buyer, a fund backed by Ares Management.
CHESTNUT HILL, MASS. — Regional brokerage firm Atlantic Capital Partners has arranged the $41 million sale of The Landing at Chestnut Hill, an office campus located about six miles south of downtown Boston. The Landing at Chestnut Hill comprises four buildings totaling 117,641 square feet on a 5.3-acre site. Justin Smith, Sean Gildea, David Smookler, Chris Peterson and Danielle Donovan of Atlantic Capital Partners represented the undisclosed seller in the transaction. The team also procured the buyer, City Realty, which plans to redevelop the property to feature a mix of uses.
SUFFOLK, VA. — A joint venture between Atapco Properties Inc. and Ausblick Development has purchased 124 acres within Virginia Port Logistics Park, a 932-acre industrial campus located in the Hampton Roads city of Suffolk. Situated about 30 miles from the Port of Virginia, the site has the capacity to accommodate 1.5 million square feet of industrial space across a single facility or multiple buildings. Construction plans were not disclosed. The project represents the entry into Hampton Roads for both Atapco Properties and Ausblick Development.
CBRE Arranges $45.9M Acquisition Financing for Preston Apartments in McDonough, Georgia
by John Nelson
MCDONOUGH, GA. — CBRE has arranged $45.9 million in acquisition financing for The Preston, a 334-unit apartment community located at 100 Preston Creek Drive in McDonough, a southeast suburb of Atlanta. Blake Cohen and Charlie Clark of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta arranged the financing on behalf of the borrower, ARC Multifamily, which purchased the property for approximately $52.4 million. CBRE originated a $34.2 million senior Fannie Mae loan and arranged an $11.7 million preferred equity investment from Related Fund Management on behalf of the borrower. Built in 2001, The Preston features a mix of one-, two- and three-bedroom apartments ranging in size from 767 to 1,794 square feet. Amenities include two swimming pools, a grilling area, business center and a resident lounge.
LEBANON, TENN. — Marcus & Millichap has brokered the sale of Leeville Pike Storage, a 182-unit self-storage facility located at 6000 Leeville Pike in Lebanon, about 20 miles east of Nashville via I-40. The gated property was built in 2015 and features LED lighting and security cameras. Andrew Beeckman of Marcus & Millichap’s Nashville office represented the seller and procured the buyer in the transaction. Both parties requested anonymity, and the sales price was also not disclosed. Beeckman says the previous owner was motivated to sell in order to retire.
KYLE, TEXAS — Texas-based private equity firm SPI Advisory has sold Oaks on Marketplace, a 254-unit apartment complex located in the southern Austin suburb of Kyle. The property was built in 2017 and offers one-, two- and three-bedroom units. According to Apartments.com, amenities include a pool, fitness center, clubhouse and a dog park. SPI Advisory acquired the property in 2019 as part of a portfolio deal and implemented a value-add program. The buyer was not disclosed, but the property website currently identifies metro Chicago-based Sherman Residential as the owner and operator. The new ownership has rebranded the property as Axis Marketplace.
ARLINGTON, TEXAS — NAI Robert Lynn has brokered the sale of a 61,458-square-foot warehouse in Arlington. According to LoopNet Inc., the property at 525 113th St. was built on 2.8 acres in 1970, renovated in 2014 and features 21-foot clear heights, 100-foot truck court depths and parking for 56 cars. Michael Stanzel of NAI Robert Lynn represented the seller, JTM Management LLC, in the transaction. Eugene Krasny of KEI Realty represented the buyer, Weby Holdings Inc.
CINCINNATI AND BELTON, MO. — Matthews Real Estate Investment Services has brokered the sale of a two-property industrial portfolio in Cincinnati and Belton, Mo., for $11 million. SiteOne occupies the buildings, which total 37,201 square feet. The seller was the founder of Semco Stone, one of the largest natural stone distributors in the Midwest. SiteOne Landscape Supply acquired Semco Stone in 2021. An all-cash buyer purchased the portfolio at a cap rate of 6.55 percent. Taylor Dintzner, Erik Manarino and John Stroud of Matthews brokered the sale.
CHICAGO — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 188-unit independent living, assisted living and memory care community in a southern submarket of Chicago. The seller was a Midwest-based institutional capital provider, and the buyer was a Midwest-based owner-operator looking to expand its footprint throughout the region. Brad Clousing, Daniel Geraghty and Ryan Saul of SLIB brokered the transaction.