Acquisitions

Matthews Real Estate Negotiates $5.2M Sale of Industrial Building in Chandler, Arizona

by Jeff Shaw June 29, 2023

CHANDLER, ARIZ. — Matthews Real Estate Investment Services has arranged the sale of a freestanding, single-tenant industrial building in Chandler for $5.2 million. The property is located at 590 E. Pecos Road. Erik Manarino and John Stroud facilitated a 1031 exchange for the seller into a more profitable asset. The pair sourced the buyer, Sunbelt Rentals, through Matthews’ database. This sale marks the highest comparable price achieved in the surrounding area for an owner-user transaction, according to the brokers.

June 29, 2023

Acquisitions Multifamily New York Northeast

Global Holdings Management Acquires 57-Unit Apartment Building in Manhattan

by Taylor Williams June 29, 2023

NEW YORK CITY — Global Holdings Management Group has acquired a 57-unit apartment building located at 51 Irving Place in Manhattan. The location offers immediate proximity to the Gramercy Park and Union Square neighborhoods. Built in 1969, the six-story building features studio, one- and two-bedroom units as well as 8,000 square feet of retail space. The seller and sales price were not disclosed.

June 29, 2023

Acquisitions Kansas Midwest Multifamily

Berkadia Arranges Sale of 395-Unit Apartment Community in Merriam, Kansas

by Kristin Harlow June 29, 2023

MERRIAM, KAN. — Berkadia has arranged the sale of Georgetown Apartments in Merriam, a southwest suburb of Kansas City. The sales price was undisclosed. The 395-unit apartment community is situated on 33 acres at 7200 Eby Drive. The property was built in 1965, according to Apartments.com. Amenities include a pub room, billiards room, fitness center, indoor and outdoor swimming pools, a clubhouse, event space and laundry facilities. Pete Evans, Michael Spero and Kevin Jury of Berkadia represented the seller, New York-based Malkin Properties, and the buyer, Illinois-based Artisan Capital Group. John Schorgl of Berkadia structured a five-year acquisition loan through Freddie Mac.

June 29, 2023

Acquisitions Industrial Michigan Midwest Ohio

Marcus & Millichap Brokers $10M Sale-Leaseback of Industrial Portfolio in Ohio, Michigan

by Kristin Harlow June 29, 2023

OHIO AND MICHIGAN — Marcus & Millichap has brokered the $10 million sale-leaseback of a three-property industrial portfolio in Ohio and Michigan. The tenant is WW Williams, a truck and diesel engine maintenance and repair company. The properties are located in Cleveland and Brunswick, Ohio, as well as Dearborn, Mich. Alex Frankel, Chris Lind and Mark Ruble of Marcus & Millichap represented the seller and procured the buyer, a limited liability company.

June 29, 2023

Acquisitions Industrial Texas

MDH Partners Acquires 603,389 SF Industrial Facility in South Houston

by Taylor Williams June 28, 2023

HOUSTON — Atlanta-based investment firm MDH Partners has acquired a 603,389-square-foot industrial facility in Houston. Completed in 2023, the facility is situated within the 36.9-acre, 3.3 million-square-foot South Belt Central Business Park on the city’s south side. Building features include 36-foot clear heights, an ESFR sprinkler system and parking for 442 cars and 196 trailers. Trent Agnew, Charles Strauss and Tom Weber with JLL represented the undisclosed seller in the transaction. Georga Rowe represented MDH Partners on an internal basis.

June 28, 2023

Acquisitions Multifamily Texas

NewQuest Properties, Red Oak Negotiate Sale of 326-Unit Apartment Community in Houston

by Taylor Williams June 28, 2023

HOUSTON — Locally based brokerage firm NewQuest Properties and Red Oak Commercial have negotiated the sale of Virtuo Med Center Apartments, a 326-unit multifamily community in Houston. The property was built on 6.4 acres in 2020. Units come in studio, one- and two-bedroom units that range in size from 509 to 1,189 square feet. Amenities include a pool, fitness center, business center, private dining area, coffee bar and a podcast room. Glenn Dickerson and Brad LyBrand of NewQuest represented the undisclosed seller in the off-market transaction. The buyer, a private investor based in the Northeast, was also not disclosed.

June 28, 2023

Acquisitions Industrial Texas

Partners Real Estate Brokers Sale of 50,000 SF Cold Storage Facility in Metro Houston

by Taylor Williams June 28, 2023

SUGAR LAND, TEXAS — Partners Real Estate has brokered the sale of a 50,000-square-foot cold storage facility located within Sugar Land Business Park on the southwestern outskirts of Houston. According to LoopNet Inc., the property at 12501 Cardinal Meadow Drive was built in 2000. Chris Caudill of Partners and John Ferruzzo of Transwestern jointly represented the seller, Mainna Investments LP, in the transaction. Will Austin of Bridge Commercial represented the buyer, Gearment Investment LLC.

June 28, 2023

Acquisitions Industrial Midwest Minnesota

KCB Real Estate Acquires 740,000 SF Industrial Portfolio in Minnesota, Kentucky

by Kristin Harlow June 28, 2023

EDEN PRAIRIE, MINN. — KCB Real Estate has acquired a 740,000-square-foot industrial portfolio across two states for an undisclosed price. The portfolio includes a flex warehouse facility in Eden Prairie, a suburb of Minneapolis, as well as two distribution facilities in Bowling Green, Ky. The Bowling Green properties were built in 1990 and 2017, while the Eden Prairie facility was constructed in 1982. All the buildings feature multiple loading docks, and the Kentucky properties include automated warehouse management systems. KCB is an investment firm based in Pasadena, Calif.

June 28, 2023

Acquisitions Industrial Iowa Midwest

Dignity Apparel Purchases 77,000 SF Manufacturing Building in Waterloo, Iowa

by Kristin Harlow June 28, 2023

WATERLOO, IOWA — Through real estate holding company JP Management Corp., Dignity Apparel LLC is purchasing a 77,000-square-foot manufacturing building in Waterloo, just south of Cedar Falls. The transaction, including remodeling space and purchasing equipment and software, represents a capital investment of $4.5 million. Dignity Apparel manufactures garments with domestically sourced fabrics for Image Pointe, its wholly owned subsidiary. The Iowa Economic Development Authority board awarded tax benefits for the acquisition through the High Quality Jobs program. Dignity Apparel plans to create 40 to 55 new jobs in Waterloo.

June 28, 2023

Acquisitions Illinois Lee & Associates Midwest Restaurant Retail

Lee & Associates Brokers Sale of Undeveloped Retail Pad Site in Schaumburg, Illinois

by Kristin Harlow June 28, 2023

SCHAUMBURG, ILL. — Lee & Associates has brokered the sale of a 1.7-acre retail pad site located at 40 S. Roselle Road in the Chicago suburb of Schaumburg. The sales price was undisclosed. The transaction marks the final undeveloped site in the Town Square development. Rick Scardino of Lee & Associates represented the seller, the Village of Schaumburg. Simeon Spirrison of Adelphia Properties represented the buyer, SD Construct. The buyer plans to build a two-story, 6,342-square-foot HopScotch pub-themed restaurant.

June 28, 2023

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