Acquisitions

Citadel Partners Arranges Sale of 279,180 SF Logistics Facility in Metro Dallas

by Taylor Williams May 18, 2023

MCKINNEY, TEXAS — Locally based brokerage firm Citadel Partners has arranged the sale of a 279,180-square-foot logistics facility in the northern Dallas suburb of McKinney. Scott Jessen and Andy Goldston of Citadel Partners represented the seller and developer, Atlanta-based Core5 Industrial Partners, in the transaction. Dan Spika of Henry S. Miller represented the buyer, United Pacific Industries, which will also occupy the facility. The automotive design and manufacturing firm plans to move in during the second quarter. The sales price was not disclosed.

May 18, 2023

Acquisitions Multifamily Texas

CBRE Brokers Sale of 128-Unit Coronado Villas Apartments in Denton

by Taylor Williams May 18, 2023

DENTON, TEXAS — CBRE has brokered the sale of Coronado Villas, a 128-unit apartment complex in the North Texas city of Denton. The property was originally constructed in 1974 and was 99 percent occupied at the time of sale. Chris Deuillet, William Hubbard, Jaxx Davies and Matthew Pastrano of CBRE represented the seller, N.O.I.S.E. Ventures, in the transaction. Josh Berde, Andrew Woertendyke and Peyton Chur, also with CBRE, arranged acquisition financing on behalf of the buyer, Jordan Multifamily. The sale included a half-acre parcel that can support future development.

May 18, 2023

Acquisitions Development New Jersey Northeast Retail

Pacific Retail Capital Partners Acquires 1.2 MSF Mall in Bridgewater, New Jersey, Plans Redevelopment

by Taylor Williams May 18, 2023

BRIDGEWATER, N.J. — Pacific Retail Capital Partners (PRCP) has acquired Bridgewater Commons, a 1.2 million-square-foot mall located in Bridgewater, roughly 40 miles outside New York City, for an undisclosed price. The Village at Bridgewater Commons, an adjacent 94,000-square-foot open-air shopping center, was included in the acquisition. Tenants at the mall include Bloomingdale’s, Macy’s, Apple, J. Crew, lululemon, Athletica, Williams-Sonoma, The Cheesecake Factory, AMC Dine-In Theatres, LOFT, Maggiano’s Little Italy, Shake Shack and Starbucks Coffee. PRCP has assumed the property’s existing loan and secured an extension, with plans to transform the mall into a mixed-use development. Specific details and uses of the redevelopment have not yet been finalized.

May 18, 2023

Acquisitions Hospitality Kentucky Southeast

Mumford Arranges Sale of 52-Room Baymont Inn & Suites Hotel in Madisonville, Kentucky

by John Nelson May 18, 2023

MADISONVILLE, KY. — Mumford Co. has arranged the sale of Baymont Inn & Suites, a 52-room hotel in the southwest Kentucky town of Madisonville. An entity doing business as Skyann Corp. sold the asset to an entity doing business as Paras 1981 LLC for an undisclosed price. The buyer is an affiliate of a multi-property hotelier that is active in the region, according to Mumford. Carter Wilcox of Mumford’s Newport News, Va., office represented the seller in the transaction. The buyer plans to retain the property as a Baymont, a flag under Wyndham Hotels & Resorts, following upgrades to the hotel’s guestrooms and public areas. Amenities at the hotel include a fitness center, business center, complimentary breakfast and Wi-Fi, meeting room and an outdoor pool, according to the hotel’s website.

May 18, 2023

Acquisitions California Industrial Nevada Oregon Western

BKM Buys 10 Industrial Properties in Western States for $280M

by Jeff Shaw May 18, 2023

LAS VEGAS; LOS ANGELES; AND PORTLAND, ORE. — BKM Capital Partners has purchased 10 properties in four recent transactions valued at more than $280 million. The deals involve more than 1.1 million square feet of light industrial space across 35 buildings in Las Vegas, Los Angeles and Portland. The bulk of the activity occurred in Las Vegas, where BKM significantly expanded its holdings through two off-market transactions involving eight properties totaling nearly 830,000 square feet. The 22 small-bay industrial buildings consist of 321 units and are located near the Las Vegas Strip and McCarran Airport in Clark County’s Southwest submarket.

May 18, 2023

Acquisitions Healthcare Office Utah Western

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

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