Acquisitions

JLL Arranges Sale of 117,261 SF Office Building in West Houston

by Taylor Williams January 26, 2024

HOUSTON — JLL has arranged the sale of The Westchester, a 117,261-square-foot office building in West Houston. The six-story building was constructed in 1999 and was 74 percent leased at the time of sale. Amenities include a conference center, deli, private courtyard and a putting green. Marty Hogan and Rick Goings of JLL represented the undisclosed seller in the transaction. John Ream led a JLL team that arranged acquisition financing though an undisclosed CMBS lender on behalf of the buyer, Mission Cos.

January 26, 2024

Acquisitions Life Sciences Massachusetts Northeast

Newmark Brokers Sale of 242,477 SF Life Sciences Building in Cambridge, Massachusetts

by Taylor Williams January 26, 2024

CAMBRIDGE, MASS. — Newmark has brokered the sale of a 242,477-square-foot life sciences building located at 640 Memorial Drive across the Charles River from Boston in Cambridge. The building was originally constructed in 1913 as an automobile manufacturing plant. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper of Newmark represented the seller, an affiliate of Alexandria Real Estate Equities Inc., in the transaction. The team, along with Steven Golubchik of Newmark, also procured the buyer, a partnership between Bain Capital Real Estate and Phase 3 Real Estate Partners.

January 26, 2024

Acquisitions Development New Jersey Northeast

Cushman & Wakefield Arranges Sale of 48-Acre Industrial Development Site in Hamilton, New Jersey

by Taylor Williams January 26, 2024

HAMILTON, N.J. — Cushman & Wakefield has arranged the sale of a 48-acre industrial development site in the Central New Jersey community of Hamilton that is approved for the construction of up to 420,000 square feet of space. The site at 861 Sloan Ave. offers proximity to both interstates 95 and 295. Robert Rudin, Gary Gabriel, Kyle Schmidt, David Bernhaut and Seth Zuidema of Cushman & Wakefield represented the seller, an entity doing business as Manchester 270 Development Inc., in the transaction. The team also procured the buyer, a partnership between Lincoln Equities Group and PGIM.

January 26, 2024

Acquisitions Multifamily Washington Western

IPA Brokers $60.5M Sale of Atrium on James Multifamily Community in Kent, Washington

by Amy Works January 26, 2024

KENT, WASH. — Institutional Properties Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Atrium on James, a multifamily property in Kent, midway between Seattle and Tacoma. A tenants-in-common group managed by Open House Westwood LLC sold the asset to FPA Multifamily LLC for $60.5 million, or $201,667 per unit. FPA Multifamily LLC purchased the property on behalf of its Opportunity Fund VII, which has acquired $1.5 billion of assets to date. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino of IPA represented the seller and procured the buyer in the deal. Built in 1989 on 21.5 acres, Atrium on James features 300 one-, two- and three-bedroom apartments, averaging 835 square feet with wood-burning fireplaces; private decks and patios with storage closets; walk-in closets; and washers and dryers. Community amenities include a large clubhouse, outdoor swimming pool, leasing office, resident lounge, business center, fitness center, playground and a sports court.

January 26, 2024

Acquisitions Net Lease Nevada Retail Western

Kingsbarn Realty Capital Sells Conoco-Occupied Property in Las Vegas for $7.1M

by Amy Works January 26, 2024

LAS VEGAS — SRS Real Estate Partners has brokered the sale of a retail property, located at 8880 S. Rainbow Blvd. in Las Vegas. Situated on 0.77 acres, Conoco occupies the 3,500-square-foot property under a 20-year, absolute triple-net lease with LV Petroleum LLC, a franchisee gas station operator with more than 30 locations. Las Vegas-based Kingsbarn Realty Capital sold the asset to a Las Vegas-based private investor for $7.1 million. Patrick Luther of SRS Capital Markets represented the seller in the deal.

January 26, 2024

Acquisitions Colorado Net Lease Retail Western

Marcus & Millichap Negotiates $2.2M Sale of Retail Ground Lease in Greeley, Colorado

by Amy Works January 26, 2024

GREELEY, COLO. — Marcus & Millichap has arranged the sale of a 15-year, absolute triple-net ground lease for a Ent Credit Union-occupied property in Greeley, southeast of Fort Collins. A developer sold the asset to an undisclosed buyer for $2.2 million. Drew Isaac and Ian Hicks of Marcus & Millichap’s Denver office represented the seller in the deal. Located at 10th Street Road, Ent Credit Union is part of a mixed-use development that features a Starbucks Coffee, QuikTrip, 177 single-family homes and 189 apartments.

January 26, 2024

Acquisitions Illinois Midwest Multifamily

Breneman Capital Sells Chicago Apartment Building for $4M

by Kristin Harlow January 26, 2024

CHICAGO — Breneman Capital has sold a 12-unit apartment building located on North Elston Avenue in Chicago’s Avondale neighborhood for $4 million. Breneman originally purchased the property in August 2019 for $3.5 million. Constructed in 2009, the building consists of three two-bedroom units and nine three-bedroom units. Breneman increased rents at the property by 21 percent over the hold period. The asset is one of 23 Chicago multifamily properties that Breneman has acquired since 2013.

January 26, 2024

Acquisitions Georgia Industrial Leasing Activity Southeast

Colliers Brokers $16.3M Sale-Leaseback for Distribution Center in Adairsville, Georgia

by John Nelson January 25, 2024

ADAIRSVILLE, GA. — Colliers has brokered the $16.3 million sale-leaseback of 400 Princeton Boulevard, a 294,020-square-foot distribution center located on a 17.5-acre site in Adairsville, about 60 miles northwest of Atlanta via I-75. The seller, The Dixie Group, sold the facility and leased it back for 10 years from the buyer, a private owner-operator based in California. Todd Harrell and Steve Bartlett of Colliers represented the seller in the transaction. Hagan Dick and Doug Alexander of Colliers’ Debt & Equity team assisted with the loan assumption on behalf of the buyer. 400 Princeton is close to I-75, Ga. Highway 104 and a CSX rail line, as well as within an hour’s drive to Appalachian Regional Port, an inland port that provides direct rail connection to the Port of Savannah.

January 25, 2024

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $7.5M Sale of Retail Center in Longboat Key, Florida

by John Nelson January 25, 2024

LONGBOAT KEY, FLA. — Marcus & Millichap has arranged the $7.5 million sale of Centre Shops, an oceanfront retail center located at 5370 Gulf of Mexico Drive in Longboat Key, a barrier island near Sarasota, Fla. Situated on a 4.7-acre site in Manatee County, the five-building property features 37,880 square feet of retail space that was 95 percent leased at the time of sale to tenants including Lazy Lobster Restaurant, Longboat Key Flower Shop, Pilates Longboat Key, La Norma Italian, Blue Dolphin Café, The UPS Store and Longboat Resort Wear. Nearly two-thirds of the tenant roster has operated at the retail center for seven years or longer. James Medefind of Marcus & Millichap’s Tampa office represented the Florida-based seller in the transaction. Jeff Enck of SRS Real Estate Partners represented the undisclosed buyer. Centre Shops has recently undergone improvements including new roofing and exterior lighting and a revamped parking lot.

January 25, 2024

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 130-Unit Multifamily Portfolio in Dallas

by Taylor Williams January 25, 2024

DALLAS — Marcus & Millichap has arranged the sale of a portfolio of two multifamily properties totaling 130 units in the Knox-Henderson neighborhood of Dallas. Garrett Gardens totals 66 units, and Moser Gardens totals 64 units. The seller was a private partnership from out of state that had owned the properties for 33 years. The buyer was a Dallas-based owner-operator. Al Silva and Ford Braly of Marcus & Millichap represented both anonymous parties in the deal.

January 25, 2024

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