Acquisitions

Mid-America Brokers Sale of 108,412 SF Iroquois Center in Naperville, Illinois

by Kristin Harlow June 20, 2024

NAPERVILLE, ILL. — Mid-America Real Estate Corp. has brokered the sale of Iroquois Center, a 108,412-square-foot retail center in the Chicago suburb of Naperville. Northpond Partners purchased the asset for an undisclosed price. Some of the tenants at the value-add property include Planet Fitness, Duly Health and Care, Illiana Financial Credit Union and Cookies by Design. Joe Girardi, Rick Drogosz and Bine Wineman of Mid-America represented the seller, IRC Retail Centers/DRA Advisors. Pine Tree managed the property.

June 20, 2024

Acquisitions Affordable Housing Midwest Minnesota Multifamily Seniors Housing

JLL Arranges Sale of 96-Unit Affordable Seniors Housing Community in Stillwater, Minnesota

by Kristin Harlow June 20, 2024

STILLWATER, MINN. — JLL Capital Markets has arranged the sale and financing of Rivertown Commons, a 96-unit Section 8 affordable seniors housing community situated along the St. Croix River in Stillwater. The seven-story building totals 55,800 square feet. Amenities include a game room, library and private garden patio. Josh Talberg and Doug Childers of JLL represented the seller, Dominium Management, and procured the buyer, Standard Communities. The buyer plans to refresh the units and common areas in addition to extending the existing affordability restrictions. C.W. Early, Ken Dayton and Pat McMullen of JLL arranged acquisition financing through Freddie Mac.

June 20, 2024

Acquisitions Office Southeast Virginia

Marcus & Millichap Brokers Sale of 180,000 SF Fair Oaks Plaza Office Building in Fairfax, Virginia

by Hayden Spiess June 20, 2024

FAIRFAX, VA. — Marcus & Millichap’s Institutional Property Advisors (IPA) has brokered the sale of Fair Oaks Plaza, a 180,000-square-foot office building located in the Northern Virginia city of Fairfax. A private investor acquired the property, which was 90 percent leased at the time of sale, for an undisclosed price. The building was renovated in 2022. Robert Filley, Chandler Pace and Stacey Milam of Marcus & Millichap represented the seller, Novel Office, in the transaction.

June 20, 2024

Acquisitions Georgia Retail Southeast

Big V Property Group Acquires 303,297 SF Johns Creek Town Center Retail Asset in Metro Atlanta

by Hayden Spiess June 20, 2024

JOHNS CREEK, GA. — Big V Property Group has acquired Johns Creek Town Center, a 303,297-square-foot retail center located at 3630 Peachtree Parkway in Johns Creek, roughly 30 miles northeast of Atlanta. Sprouts Farmers Market anchors the property, which was built in 2001 and almost fully leased at the time of sale. Other tenants at the center include HomeGoods, Michaels, Market by Macy’s, Kohl’s, PetSmart and Ulta Beauty. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the undisclosed seller in the transaction.

June 20, 2024

Chandler-Airport-Business-Park-Chandler-AZ

Acquisitions Arizona Industrial Loans Western

Cushman & Wakefield Arranges $64.1M in Acquisition Financing for Industrial Portfolio Near Phoenix

by Amy Works June 20, 2024

CHANDLER AND MESA, ARIZ. — Cushman & Wakefield has advised Newport Beach, Calif.-based CapRock Partners in securing $64.1 million in financings for the acquisition of a Class A industrial portfolio comprising two newly built, multi-building business parks totaling 562,969 square feet in metro Phoenix. The assets include the four-building, 318,683-square-foot Chandler Airport Business Park in Chandler and the two-building, 244,286-square-foot Longbow Industrial Center in Mesa. Funds and accounts managed by BlackRock’s U.S. real estate debt team provided a $38.5 million floating-rate bridge loan for Chandler Airport Business Park in March. California Bank & Trust provided an approximately $25.6 million floating-rate bridge loan for Longbow Industrial Center in May. Situated on 20 acres, Chandler Airport Business Park features 28-foot to 30-foot clear heights and 428 auto parking stalls, while Longbow Industrial Center features 30-foot clear heights and 320 auto parking stalls on 14 acres. Both industrial parks offer ample speculative office space, ESFR sprinklers, numerous loading positions, large secured concrete truck courts, full warehouse HVAC and LED lighting. Rob Rubano, Brian Share, Max Schafer, Lars Weston and Billy Coyle of Cushman & Wakefield Equity, Debt & Structured Finance represented the borrower in both financing transactions. Will Strong, Molly Hunt and Michael Matchett …

June 20, 2024

Acquisitions Industrial Nevada Western

Colliers Brokers Sale of 93,550 SF Desert Canyon Industrial Park in Henderson, Nevada

by Amy Works June 20, 2024

HENDERSON, NEV. — Colliers has arranged the sale of Desert Canyon Industrial Park, a five-building, small-bay industrial complex in Henderson. Nicola Wealth Commercial Real Estate sold the asset to an undisclosed buyer for $16.9 million. Built in 2001, the five-building complex offers 93,550 square feet of industrial space. The property is situated on 4.7 acres at 249-257 Elliott Road. Brian Riffel and Tyler Jones at Colliers represented the seller in the deal.

June 20, 2024

Acquisitions Hospitality Idaho Western

Obie Cos. Acquires 104-Room Residence Inn Boise Downtown University

by Amy Works June 20, 2024

BOISE, IDAHO — Obie Cos. has purchased Residence Inn Boise Downtown University from an institutional seller for an undisclosed price. Brian Embree of Hunter Hotel Advisors facilitated the transaction. Built in 1986, Residence Inn Boise Downtown University features 104 guest rooms with in-room kitchenettes and complimentary breakfast, as well as a fitness center, business center and an outdoor pool. Crystal Investment Property served as the Idaho licensed broker of record for the seller and assisted the buyer during the deal.

June 20, 2024

Acquisitions Arizona Healthcare Office Western

NAI Horizon Negotiates Sale of 22,591 SF Chandler Medical Center in Arizona

by Amy Works June 20, 2024

CHANDLER, ARIZ. — NAI Horizon has arranged the sale of Chandler Medical Center, a multi-tenant medical office building at 655 S. Dobson Road in Chandler. New York City-based Chandler Medical Property Company LLC (Tolis Advisors) sold the asset to Cleveland-based Provider Real Estate Partners Fund I LP for $7.3 million, or $323.14 per square foot. Lane Neville, Cole Neville, Brandon Hall, Whitney Heritage and Matt Westra of NAI Horizon represented the seller, while the buyer was self-represented in the transaction. The 22,591-square-foot Chandler Medical Center is located adjacent to Dignity Health’s 429-bed Chandler Regional Medical Center.

June 20, 2024

Acquisitions Hospitality New York Northeast Top Stories

EOS Hospitality Acquires The William Vale Luxury Hotel in Brooklyn for $177M in Bankruptcy Sale

by Katie Sloan June 20, 2024

NEW YORK CITY — EOS Hospitality has acquired The William Vale, a luxury hotel located at 111 N. 12th St. in the Williamsburg neighborhood of Brooklyn in New York City. The property was purchased for $177 million through a bankruptcy sale. The acquisition by stalking horse bidder EOS followed a three-year ownership restructuring and litigation process, which was led by Asaf Ravid of All Year Holdings Ltd. The transaction was approved by the U.S. Bankruptcy Court for the Southern District of New York in late May and resulted in the full payment of all outstanding secured bonds. Developed in 2016 by Riverside Developers, The William Vale rises 21 stories and offers 183 rooms. The property is one of four luxury hotels in Brooklyn and features eateries by restaurateur Andrew Carmellini, 7,300 square feet of indoor and outdoor function spaces, retail and office space. Eastdil Secured and A&G Real Estate Partners arranged the sale of the property. The partnership also secured the sale of the Williamsburg Hotel, a 147-room property also located in the Williamsburg neighborhood of Brooklyn, last summer. Manhattan-based EOS Hospitality is a full-service hospitality management company with a portfolio ranging from budget-conscious to five-star luxury properties. —Katie Sloan

June 20, 2024

Acquisitions Industrial North Carolina Southeast

Avison Young Arranges $97M Sale of Industrial Building in Charlotte, North Carolina

by Hayden Spiess June 19, 2024

CHARLOTTE, N.C. — Avison Young has arranged the $97 million sale of an industrial building located at 1900 Continental Blvd. in Charlotte. The multi-tenant property totals 1.4 million square feet. LM Real Estate acquired the building from a joint venture between Somerset Properties and Waterfall Asset Management. Chris Skibinski, Chris Loyd and Erik Foster of Avison Young brokered the transaction. According to the firm, this marks the largest industrial sale within the Charlotte market this year.

June 19, 2024

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