Acquisitions

Bridge Industrial Acquires 22-Acre Site in Suburban Chicago, Plans to Build 292,011 SF Spec Project

by Kristin Harlow January 24, 2024

BOLINGBROOK, ILL. — Bridge Industrial has acquired a 22-acre site in Bolingbrook within the I-55 submarket. The developer plans to build Bridge Point I-55 Commerce Center, a two-building speculative industrial project totaling 292,011 square feet. Bridge acquired the site from Chicagoland-based Orange Crush LLC, which previously used the facility as an asphalt crushing and transloading facility. Construction is scheduled to begin in the second quarter with completion slated for mid-2025. Dan Leahy of NAI Hiffman represented Bridge in the sale and will serve as the leasing agent for the development.

January 24, 2024

Acquisitions Civic Lee & Associates New York Northeast Retail

Lee & Associates Negotiates $18.2M Sale of Historic Building in Manhattan

by Taylor Williams January 24, 2024

NEW YORK CITY — Lee & Associates has negotiated the $18.2 million sale of the Clock Tower Building, a 20,000-square-foot historic bank hall located at 46 Lafayette St. in Manhattan’s Tribeca neighborhood. Peter Braus, Brad Schwarz and Cory Gahr of Lee & Associates represented the seller, locally based investment firm Elad Group, in the transaction. Anne-Brigitte Sirois from ART STATE LLC represented the buyer, Jack Shainman Gallery, which plans to new art exhibition venue at the property.

January 24, 2024

Acquisitions Industrial Texas

Finial Group Arranges Sale of 190,714 SF Industrial Park in North Houston

by Taylor Williams January 23, 2024

HOUSTON — Locally based brokerage firm Finial Group has arranged the sale of a 190,714-square-foot industrial park in North Houston. The master-planned development comprises nine buildings on a 15.1-acre site at 1531-15342 Vantage Parkway E. A family office sold the park to a private equity group for an undisclosed price, with both parties requesting anonymity. Keith Bilski, Dylan Schopper, Jack Gaffney, Chase Tucker and John Buckley of Finial Group brokered the deal.

January 23, 2024

Acquisitions Connecticut Development Multifamily Northeast

Cushman & Wakefield Brokers $12M Sale of Multifamily Development Site in Norwalk

by Taylor Williams January 23, 2024

NORWALK, CONN. — Cushman & Wakefield has brokered the $12 million sale of a 2.3-acre multifamily development site in the downtown area of the southern coastal Connecticut city of Norwalk. The buyer, RMS Cos., plans to develop a six-story, 204-unit building on the site at 370 West Ave., which formerly housed a YMCA. Al Mirin, Kate Schwartz, Matthew Torrance, Jim Fagan, Gerry Lees and Maureen O’Boyle of Cushman & Wakefield represented the seller, Norwalk Hospital, in the transaction.

January 23, 2024

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer, Berkadia Negotiate Sale of 59-Unit Apartment Complex in Morristown, New Jersey

by Taylor Williams January 23, 2024

MORRISTOWN, N.J. — Gebroe-Hammer Associates and Berkadia have negotiated the sale of The Metropolitan Lofts, a 59-unit apartment complex in the Northern New Jersey city of Morristown. Built in 2018, the property offers one- and two-bedroom units ranging from 679 to 1,203 square feet in size and amenities such as a fitness center with yoga and spin studios, golf simulator with lounge seating and outdoor grilling and dining stations. Gebroe-Hammer and Berkadia represented the seller, a partnership between Veris Residential and Woodmont Properties, in the transaction. The buyer was not disclosed.

January 23, 2024

Acquisitions Midwest Minnesota Multifamily

JLL Brokers $53.4M Sale of Elan West End Apartment Complex in Suburban Minneapolis

by Kristin Harlow January 23, 2024

ST. LOUIS PARK, MINN. — JLL Capital Markets has brokered the $53.4 million sale of Elan West End in the Minneapolis suburb of St. Louis Park. Built in 2020, the 164-unit apartment complex features studios, one-, two- and three-bedroom units averaging 855 square feet. Amenities include a pool and spa, sky lounge, amenity deck, lounge area with golf and hockey simulator, and a fitness center. Located at 1325 Utica Ave. South, the property is situated in The West End, a prominent shopping, dining, industry and entertainment hub in St. Louis Park. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Devon Dvorak of JLL represented the undisclosed buyer and seller. Brock Yaffe of JLL arranged $25.5 million in acquisition financing on behalf of the buyer through a life insurance company.

January 23, 2024

Acquisitions California Florida Retail Western

CBRE Arranges Sales of Nine Big Lots Retail Locations in California, Florida for $50.7M

by Amy Works January 23, 2024

LOS ANGELES — CBRE has brokered the sales of nine individual Big Lots-occupied retail properties to two buyer. Alex Kozakov and Patrick Wade of CBRE represented the seller, a large institutional investor, in the transactions. Robhana Group acquired four properties, totaling 117,494 square feet, for $23.6 million. The assets are: Reliable Properties purchased five locations, totaling 125,439 square feet, for $27.1 million. The properties are: The retail locations were part of a 25-property sale-leaseback portfolio acquired by a large institutional investor in 2023 with Kozakov and Wade representing the seller, Big Lots, in that transaction.

January 23, 2024

Acquisitions Indiana Midwest Retail

Marcus & Millichap Arranges $1.7M Sale of Retail Center in Richmond, Indiana

by Kristin Harlow January 23, 2024

RICHMOND, IND. — Marcus & Millichap has arranged the $1.7 million sale of a 9,785-square-foot retail center in Richmond, a city in eastern Indiana. UPS and Hoppe Jewelers are tenants at the property, which is located at 3643 National Road East. The building was constructed in 2003 and renovated in 2019 and 2020. Damien Yoder and Madison Harman of Marcus & Millichap’s The Yoder-Harman Group represented the seller, a private investor. During negotiations, a tenant vacated, so the duo helped the seller create a new three-year master lease for the vacancy. They also advised the seller on how to maximize the property’s value by structuring a new five-year lease for Hoppe Jewelers to commence at the close of the sale. Buyer information was not provided.

January 23, 2024

Acquisitions Arizona Industrial Retail Western

Capstone Acquires Two Commercial Properties in Tempe, Phoenix for $28M

by Amy Works January 23, 2024

PHOENIX AND TEMPE, ARIZ. — Capstone Advisors has purchased an urban core retail and entertainment property in Tempe and a flex industrial building in Phoenix. The names of the sellers were not released. Located at 420 and 501 S. Mill Ave. in Tempe, the retail and entertainment property consists of two buildings totaling 38,896 square feet. Capstone paid $22.2 million for the asset. At the time of sale, the property was fully occupied. Current tenants include Starbucks Coffee, Spinelli’s Pizza, Lotions & Potions, Bang Bang, Crispy Cones, Varsity Tavern, Rodeo Ranch and Low Key Piano Bar. In the second transaction, Capstone acquired a flex industrial building located at 16402 N. 28th Ave. in Phoenix for $5.8 million. Currently, the 51,680-square-foot building is used as a temperature-controlled, drop-ceiling office occupied by Kemper Insurance. Capstone plans to convert the building back to industrial use as soon as Kemper’s lease expires.

January 23, 2024

Acquisitions Colorado Industrial Self-Storage Western

DXD Capital Buys 135,050 SF Hill & Homes Self-Storage Portfolio in Colorado

by Amy Works January 23, 2024

GRAND JUNCTION AND PALISADE, COLO. — DXD Capital, a New Mexico-based self-storage private equity firm, has acquired a Hill & Homes Self-Storage portfolio featuring seven properties spread across Colorado’s western slope. A local private owner and developer sold the portfolio for an undisclosed price. Totaling 135,050 square feet, the portfolio features 922 units all managed from a central office. All locations have perimeter fences, remote-accessed security camera and gates. The facilities are located at 2222 Sandford Drive, 2462 Highway 6 and 50, 2693 Highway 50, 1462 Colorado Ave., 2787 Printer’s Court and 3170 Pipe Court in Grand Junction and 340 W. 3rd St. in Palisade. Thomas Parsons and Adam Schlosser of the LeClair-Schlosser Group of Marcus & Millichap represented the seller and procured the buyer in the deal.

January 23, 2024

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