Acquisitions

Griffis Residential Buys Platform at Union Station Apartments in Denver for $125.5M

by Amy Works January 4, 2024

DENVER — Griffis Residential has acquired Platform at Union Station, a multifamily community in downtown Denver, for $125.5 million in an all-cash transaction. The asset is located at 1650 Wewatta St. Built in 2015, the 21-story Platform at Union Station features 287 apartments in a mix of studio, one- and two-bedroom floor plans with an average size of 814 square feet. Community amenities include a resort-style rooftop terrace and pool; a 24-hour fitness center and yoga studio; an indoor dog run and pet wash station; and business and coworking centers. Tupelo Honey Southern Kitchen & Bar occupies the building’s ground-floor retail space. Terrance Hunt, Shane Ozment, Chris Cowan, Andy Hellman, Justin Hunt, Chris Hart and Brad Schlafer of CBRE’s multifamily investment properties team in Denver represented the undisclosed seller in the deal.

January 4, 2024

Acquisitions Development Multifamily Office Washington Western

Stream Real Estate Acquires Queen Anne Plaza Office Property in Seattle for Residential Conversion

by Amy Works January 4, 2024

SEATTLE — Stream Real Estate, a developer/investor, has purchased Queen Anne Plaza, a four-story office building and two levels of parking in Seattle’s Lower Queen Anne neighborhood, from East West Investment Co. for $7 million. The buyer plans to convert the asset into a residential property. Located at 201 Queen Anne Ave. N, the property is situated across from Climate Pledge Arena, home to the National Hockey League’s Seattle Kraken and Women’s National Basketball Association’s Seattle Storm. Official details for Stream Real Estate’s new apartment redevelopment have not yet been released. Dan Chhan, Tim McKay, Sam Wayne and Matt Kemper of Cushman & Wakefield represented the buyer, while Andrew Shultz and Brandon Burmeister of Cushman & Wakefield represented the seller in the transaction.

January 4, 2024

Acquisitions California Industrial Western

Voit Arranges $19.4M Sale of Cedarwoods Business Park in Fullerton, California

by Amy Works January 4, 2024

FULLERTON, CALIF. — Voit Real Estate Services has arranged the sale of Cedarwoods Business Park, a five-building industrial property located at 2461-2495 E. Orangethorpe Ave. in the Orange County city of Fullerton. Chino Hills-based HK Ventures acquired the asset from a private investor for $19.4 million, or $226.95 per square foot. Situated on 4.8 acres, the 85,700-square-foot distribution buildings offers space for multiple tenants. HK Ventures plans to hold the property for investment and may redevelop the asset in the future. Michael Hefner of Voit Real Estate Services’ Anaheim office represented the buyer and seller in the deal. Barry Walshe of Voit Real Estate Services’ Anaheim office is the leasing agent for Cedarwoods Business Park and acted as local market advisor in the transaction.

January 4, 2024

Acquisitions Idaho Industrial Western

MAG Capital Partners Purchases 60,056 SF Agricultural Industrial Facility in Driggs, Idaho

by Amy Works January 4, 2024

DRIGGS, IDAHO — MAG Capital Partners has purchased a 60,056-square-foot agricultural industrial facility in Driggs, a tiny city of fewer than 2,000 residents east of Idaho Falls and near the Wyoming border. Potandon Produce sold the asset for an undisclosed price in a sale-leaseback transaction. Situated on 20 acres at 2540 S. 5000 West, the multi-building site serves as warehouse and storage space for Idaho Falls-based Potandon, the largest marketer of fresh potatoes and onions in North America. Jeff Lizzo and Daniel Macks of STREAM Capital Partners represented the seller.

January 4, 2024

Acquisitions Indiana Industrial Midwest

CBRE Brokers $28.4M Sale of Industrial Facility in Suburban Indianapolis

by Kristin Harlow January 4, 2024

WHITESTOWN, IND. — CBRE has brokered the $28.4 million sale of Building 3 within Park 130 at Whitestown. The 319,336-square-foot industrial facility is located at 6040 Commerce Drive in the Indianapolis suburb of Whitestown. The Class A building is triple net leased to three national companies. The property features a clear height of 28 feet, 61 truck docks and four drive-in doors. Kevin Foley, Anthony DeLorenzo, Andrew Morris and Jeremy Woods of CBRE represented the undisclosed seller. The property sold to a high-net-worth buyer from California.

January 4, 2024

Acquisitions Illinois Midwest Restaurant Retail

Marcus & Millichap Arranges $9.1M Sale of Fogo de Chao-Occupied Property in Suburban Chicago

by Kristin Harlow January 4, 2024

OAK BROOK, ILL. — Marcus & Millichap has arranged the $9.1 million sale of an 11,857-square-foot restaurant property occupied by Fogo de Chao in the Chicago suburb of Oak Brook. Constructed in 2021 and located at 1204 W. 22nd St., the Brazilian steakhouse anchors the new Oak Brook Commons mixed-use development that is located on the former McDonald’s headquarters site. Oak Brook Commons currently features a 17-story apartment building, a medical office building and three freestanding restaurants. Future construction plans call for creative office space, condos and a hotel. Nicholas Kanich of Marcus & Millichap marketed the property on behalf of the seller, a Houston-based developer and property manager. Kanich also secured and represented the buyer, a Chicago-based developer and investor.

January 4, 2024

Acquisitions Illinois Midwest Multifamily

Breneman Capital Acquires 52-Unit Apartment Building in Chicago’s West Loop

by Kristin Harlow January 4, 2024

CHICAGO — Breneman Capital has acquired Adams Laflin Place, a 52-unit apartment building in Chicago’s West Loop neighborhood. The purchase price was undisclosed. Built in 2020, the property is located at 128 S. Laflin St. There are seven one-bedroom units and 45 two-bedroom units. Dwelle Properties, a full-service property management firm founded in 2019 by Drew Breneman and Sam Meyer, will manage the property. Steve Horvath and Marc Bombicinio of CREW Advising brokered the sale. Brett Hill of Greystone originated acquisition financing. Breneman Capital now owns 171 units in the West Loop neighborhood.

January 4, 2024

Acquisitions Industrial Iowa Midwest

Lee & Associates Negotiates Sale of 75,000 SF Industrial Property in Grundy Center, Iowa

by Kristin Harlow January 4, 2024

GRUNDY CENTER, IOWA — Lee & Associates has negotiated the $800,000 sale of a 75,000-square-foot industrial property in Grundy Center, a city in central Iowa. The building is located at 701 A Ave. Tom Condon of Lee & Associates represented the seller, Richelieu Foods. Matt Miehe of Fischels Commercial Group represented the buyer, Honary Enterprises, an environmental lubricant manufacturing company.

January 4, 2024

Acquisitions Industrial Massachusetts Northeast

CBRE Negotiates $49.5M Sale of Industrial Facility in Wilmington, Massachusetts

by Taylor Williams January 4, 2024

WILMINGTON, MASS. — CBRE has negotiated the $49.5 million sale of a 187,589-square-foot warehouse and distribution facility in Wilmington, a northern suburb of Boston. The property features clear heights of 24 to 30 feet and was fully leased at the time of sale. Scott Dragos, Chris Skeffington, Doug Jacoby, Roy Sandeman, Tim Mulhall, Tony Hayes and Dan Hines of CBRE represented the seller, locally based investment firm Marcus Partners, in the transaction. The buyer was a partnership between two Boston-based firms, Oliver Street Capital and Bain Capital Real Estate.

January 4, 2024

Acquisitions Industrial Northeast Rhode Island

Marcus & Millichap Brokers $8.9M Sale of Industrial Property in Pawtucket, Rhode Island

by Taylor Williams January 4, 2024

PAWTUCKET, R.I. — Marcus & Millichap has brokered the $8.9 million sale of a 64,928-square-foot industrial building in Pawtucket, Rhode Island. The building at 670-710 Narragansett Park Drive, which according to LoopNet Inc. was originally constructed in 1978, houses six suites. Harrison Klein of Marcus & Millichap represented the seller, Legacy Real Estate Ventures, in the transaction. Klein also procured the buyer, an affiliate of NSD Real Estate.

January 4, 2024

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