Acquisitions

MedProperties Realty Advisors Buys 51,591 SF Medical Office Building in South Salt Lake, Utah

by Jeff Shaw May 18, 2023

SOUTH SALT LAKE, UTAH — MedProperties Realty Advisors has purchased a 51,591-square-foot medical office building in South Salt Lake, just south of Salt Lake City. The property is 97 percent leased to high-quality tenants that primarily specialize in treating kidney disease. The Class A asset is known as Wasatch Renal Center. The buyer was attracted to the property due to the tenant base and physical quality of the building. The tenants are affiliated with Fresenius Medical Care, a worldwide leader in the treatment of renal disease and in kidney disease research.

May 18, 2023

Acquisitions Colorado Healthcare Office Western

Marcus & Millichap Brokers $2M Sale of Downing Street Office Building in Denver

by Jeff Shaw May 18, 2023

DENVER — A local family medicine practice has acquired an 8,360-square-foot office building in Denver for $2 million. The practice plans to convert most of the building for its medical practice. The property is located at 1634 Downing St. The two-story building is only a few blocks from SCL Saint Joseph Hospital. An immigration law firm currently occupies the space. Cory Gross and Erik Enstad of Marcus & Millichap’s Denver office had the exclusive listing to market the property on behalf of the seller, a private investor.

May 18, 2023

Acquisitions Northeast Office Pennsylvania

Newmark Arranges Sale of 155,663 SF Office Building in Pittsburgh

by Taylor Williams May 18, 2023

PITTSBURGH — Newmark has arranged the sale of Foster Plaza Nine, a 155,663-square-foot office building in Pittsburgh’s Parkway West submarket. The property was built in 1990 and was 64 percent leased at the time of sale. David Dolan, Michael Margolis, Gerry McLaughlin, Jeff Schultz, Angelo Brutico and John Cook of Newmark represented the seller, Sterling Equities, in the transaction. The undisclosed buyer plans to implement a value-add program.

May 18, 2023

Acquisitions Multifamily New York Northeast

TerraCRG Arranges $8M Sale of Two Multifamily Buildings in Brooklyn

by Taylor Williams May 18, 2023

NEW YORK CITY — Locally based brokerage firm TerraCRG has arranged the $8 million sale of two multifamily buildings totaling 14 units in Brooklyn. The eight-unit building at 277 Humboldt St. is located in the Williamsburg neighborhood, and the six-unit building at 767 Hart St. is located in the Bushwick area. Matthew Cosentino, Rémi Norris and Ronny Zimin of TerraCRG brokered the deals. The sellers were not disclosed. The buyer of both properties was Partners Path.

May 18, 2023

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

KIRCO Buys 91-Unit Seniors Housing Complex in Stoughton, Massachusetts

by Taylor Williams May 18, 2023

STOUGHTON, MASS. — Michigan-based development and management firm KIRCO has purchased Brookmeadow at Blue Hills, a 91-unit assisted living and memory care complex in the southern Boston suburb of Stoughton. The property was built in 2009. Cushman & Wakefield arranged both the sale of the property and subsequent acquisition financing. KIRCO plans to invest about $4 million in capital improvements to the property.

May 18, 2023

Acquisitions Retail Texas

JLL Arranges Sale of 195,575 SF Retail Power Center in Northwest Houston

by Taylor Williams May 17, 2023

HOUSTON — JLL has arranged the sale of Steeplechase Center, a 195,575-square-foot retail power center in northwest Houston. At the time of sale, Steeplechase Center was 82 percent leased to tenants such as Goodwill, Melrose, Citi Trends, Uptown Beauty, Dollar Tree, dd’s Discounts, 99 Cents Only, Big City Wings, Leslie’s Pool Supplies and Rent-A-Center. John Indelli and Ryan West of JLL represented the seller, an entity doing business as Jones 1960 Crossroads LLC, in the transaction. Nashville-based investment firm Highland Capital purchased the asset for an undisclosed price.

May 17, 2023

Acquisitions Maryland Office Southeast

JBG Smith Sells Majority Stake in Metro D.C. Headquarters for $196M

by John Nelson May 17, 2023

BETHESDA, MD. — JBG Smith, the developer behind Amazon’s HQ2 campus in Arlington, Va., has sold an 80 percent stake for its corporate headquarters at 4747 Bethesda Ave. in Bethesda. An undisclosed investor purchased the interest for $196 million, according to several media outlets. Built in 2019, the LEED Gold-certified building spans 300,508 square feet and was 98 percent leased at the time of sale to tenants including JBG Smith. The property, which is located adjacent to the popular Bethesda Row destination, features a rooftop lounge, modern fitness facility and a penthouse conference room with floor-to-ceiling glass windows. Jim Meisel, Matt Nicholson, Andrew Weir, Dave Baker and Kevin Byrd of JLL represented JBG Smith in the transaction.

May 17, 2023

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $10.2M Sale of Shops at Glen Pointe in Glenview, Illinois

by Kristin Harlow May 17, 2023

GLENVIEW, ILL. — Marcus & Millichap has brokered the $10.2 million sale of Shops at Glen Pointe in Glenview, about 15 miles northwest of the Chicago Loop. Located at 3700 Willow Road, the retail center consists of three buildings and is home to tenants such as Chipotle, Starbucks, Naf Naf Grill and AT&T. The property serves as an outlot to Mariano’s and LA Fitness. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a limited liability company based in Chicagoland. An Iowa-based investment group was the buyer.

May 17, 2023

Acquisitions New Jersey Northeast Office

JLL Negotiates $12.7M Sale of Princeton Office Building

by Taylor Williams May 17, 2023

PRINCETON, N.J. — JLL has negotiated the $12.7 million sale of a 71,550-square-foot office building in Princeton. Built in 2001, the three-story building sits on 7.6 acres at 150 College Road W and was 69 percent leased at the time of sale. Jeremy Neuer, Jose Cruz, Kevin O’Hearn, Tom Romano and Alexander Alfier of JLL represented the seller, Nessel Development, in the transaction. The buyer was New Jersey-based Strategic Funding Alternatives.

May 17, 2023

Acquisitions California Multifamily Western

Mogharebi Group Arranges $50.5M Sale of The Landing Apartments in Ontario, California

by Jeff Shaw May 17, 2023

ONTARIO, CALIF. — The Mogharebi Group has arranged the $50.5 million sale of The Landing Apartments, a 156-unit community in Ontario, 37 miles east of Los Angeles. Alex Mogharebi, Otto Ozen, and Bryan LaBar represented the seller, an Orange County-based family. A Los Angeles-based investor acquired the asset at less than a 4.5 percent cap rate. The Landing Apartments offers one- and two-bedroom floor plans, as well as amenities such as in-unit washers and dryers, a pool with a spa, a tennis court, carport parking and a community lake.

May 17, 2023

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