Acquisitions

JLL Arranges Sale of 464,400 SF Distribution Center in Auburndale, Florida

by John Nelson April 11, 2023

AUBURNDALE, FLA. — JLL has arranged the sale of Building 100, a 464,000-square-foot, cross-dock distribution facility located at Pace Logistics Center in Auburndale. The seller, Intersect Development Group, delivered the property earlier this year. The buyer and sales price were not disclosed. Luis Castillo, Britton Burdette, Cody Brais and Taylor Osborne of JLL represented the seller in the transaction. Paul Spellman, Taylor Allison and Emma Buch of JLL arranged an undisclosed amount of acquisition financing on behalf of the buyer. Located on a 30-acre site at 1234 Pace Road, Building 100 features 40-foot clear heights, a 60-foot speed bay, dock levelers and a 185- to 190-foot truck court.

April 11, 2023

Acquisitions California Industrial Western

Vertical Ventures Buys 232,863 SF Rose Canyon Business Park in Central San Diego

by Jeff Shaw April 11, 2023

SAN DIEGO — Vertical Ventures has purchased a 232,863-square-foot industrial park in Central San Diego. The multi-tenant park is located at 4901- 4907 Morena Blvd., west of the Clairemont submarket. Known as Rose Canyon Business Park, the property’s 15 buildings are spread across 38.1 acres. The asset was built in the late 1970s through the 1980s, and has recently undergone external renovations. The property is 99.5 percent occupied and offers suites ranging from 500 to 5,000 square feet. Phillip Linton of the CBRE Capital Markets Division in San Diego represented the buyer, while Cushman & Wakefield represented the seller.

April 11, 2023

Acquisitions Multifamily Seniors Housing Utah Western

SLIB Negotiates Sale of 145-Unit Seniors Housing Community in Bountiful, Utah

by Jeff Shaw April 11, 2023

BOUNTIFUL, Utah — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 145-unit independent living, assisted living and memory care community in Bountiful, approximately 10 miles north of Salt Lake City. The facility was built in 1978 expanded in 1999. The property totals 124,673 square feet on approximately 2.4 acres of land. The buyer was a California-based private equity group partnering with a Salt Lake City-based management company. They plan to invest heavily in remodeling the community and improving the overall performance. Vince Viverito and Brad Clousing of SLIB handled the transaction. The seller was not disclosed.

April 11, 2023

Acquisitions California Industrial Western

Rexford Industrial Sells Industrial Building in Van Nuys, California for $17M

by Jeff Shaw April 11, 2023

VAN NUYS, CALIF. — Rexford Industrial Realty has sold a 48,394-square-foot, multi-tenant industrial building in Van Nuys for $17 million. The buyer was Orion Business Park LLC. The building is located at 8101-8117 Orion Ave. in the San Fernando Valley. Built in 1978, it consists of 29 tenant spaces ranging from 1,000 to 4,000 square feet. The building features 13-foot clear height ceilings and 25 ground-level loading docks. The building was about 93 percent leased at the close of escrow. The new owner intends to lease up the remaining vacancy and hold the asset as a long-term investment. Chris Jackson, Todd Lorber and Tim Foutz with NAI Capital Commercial’s Investment Services Group represented Rexford in the transaction.

April 11, 2023

Acquisitions Midwest Minnesota Retail

Hanley Investment Group Arranges $6.6M Sale of Walgreens-Occupied Property in Minneapolis

by Kristin Harlow April 11, 2023

MINNEAPOLIS — Hanley Investment Group Real Estate Advisors has arranged the sale of a 14,535-square-foot retail property occupied by Walgreens in Minneapolis for $6.6 million. Built in 1966 and renovated in 2020, the single-tenant building is located at 4323 W. Chicago Ave. Hanley’s Kevin Fryman and Ed Hanley, in association with ParaSell Inc., represented the seller, a private investor based in California. A New York-based private investor was the buyer.

April 11, 2023

Acquisitions Indiana Midwest Retail

Marcus & Millichap Brokers $4M Sale of Retail Property in Portage, Indiana

by Kristin Harlow April 11, 2023

PORTAGE, IND. — Marcus & Millichap has brokered the $4 million sale of Diamond Plaza in Portage, a city in Northwest Indiana. The 26,524-square-foot retail property is located right off U.S. Route 6. Tarek Chbeir of Marcus & Millichap secured and represented the buyer, a private investor. Josh Caruana, broker of record in Indiana, assisted in closing the transaction. Seller information was not provided.

April 11, 2023

Acquisitions Affordable Housing Michigan Midwest Multifamily

Dominion Negotiates Sale of 24-Unit Affordable Housing Community in Croswell, Michigan

by Kristin Harlow April 11, 2023

CROSWELL, MICH. — Dominion Real Estate Advisors LLC has negotiated the sale of Croswell Manor Apartments in Croswell, a city in eastern Michigan. The sales price was undisclosed. The 24-unit apartment building is a project-based Section 8 property. Rem Murray of Dominion brokered the transaction, which included the facilitation of a Housing Assistance Payments (HAP) contract transfer with HUD and an agency loan assumption. According to Dominion, the loan assumption enabled the buyer to purchase the property with a lower interest rate than what’s available in the market today and enabled the seller to obtain a higher purchase price.

April 11, 2023

Acquisitions Hospitality New York Northeast

Muroff Hospitality Arranges Sale of 40-Room Hotel in Utica, New York

by Taylor Williams April 11, 2023

UTICA, N.Y. — Boutique brokerage firm Muroff Hospitality Group has arranged the sale of a two-story, 40-room Econolodge hotel located just off Exit 31 of I-90 in the upstate New York community of Utica. The sales price was $1.5 million. Mitch Muroff of Muroff Hospitality Group represented the buyer and seller, both of which were limited liability companies, in the transaction.

April 11, 2023

Acquisitions Company News Healthcare Life Sciences Massachusetts Northeast Office Seniors Housing Top Stories

Office Properties Income Trust Agrees to Acquire Diversified Healthcare Trust in All-Share Transaction

by John Nelson April 11, 2023

NEWTON, MASS. — Office Properties Income Trust (NASDAQ: OPI) has entered into a definitive merger agreement whereby the office REIT will acquire all the outstanding common shares of Diversified Healthcare Trust (NASDAQ: DHC), a REIT that owns properties in the medical office, life sciences and seniors housing sectors. The combined company will have approximately $12.4 billion of total gross assets under management, representing 539 properties across 40 states and Washington, D.C. The portfolio comprises about 264 seniors housing communities, 10 triple-net-leased wellness centers and 265 medical office, traditional office and life sciences buildings. About 42 percent of the portfolio is located in the Sun Belt. The RMR Group (NASDAQ: RMR), an alternative asset management firm based in Newton, manages both REITs and acquires properties on behalf of the entities. RMR also makes acquisitions on behalf of Service Properties Trust and Industrial Logistics Properties Trust. RMR Group will continue to manage the new company, which will be rebranded as Diversified Properties Trust and trade publicly on the Nasdaq Stock Market exchange. OPI’s executive team will lead the new company and will keep the firm’s corporate headquarters in Newton. The boards of trustees for both REITs unanimously approved the merger, which is …

April 11, 2023

Acquisitions Arizona Industrial Western

Fundrise Acquires Industrial Building within Cubes at Glendale in Arizona for $82.6M

by Jeff Shaw April 10, 2023

GLENDALE, ARIZ. — Fundrise has purchased Building E at the Cubes at Glendale, a 570,080-square-foot, Class A industrial warehouse in Glendale, for $82.6 million. The asset is located along the 303 Corridor. Upon completion, the Cubes at Glendale industrial park will feature 5.5 million square feet of Class A industrial space at the intersection of Reems Road and Northern Avenue. The seller, CRG, has completed construction on Building A, a 1.2-million-square-foot industrial building leased to Williams Sonoma, and Building D, a 637,000-square-foot industrial building. LaSalle Investment Management and US Merchants, respectively, were the buyers. Cushman & Wakefield’s Will Strong, Phil Haenel, Micki Strain, Kirk Kuller and Molly Hunt of the firm’s National Industrial Advisory Group — Mountain West team represented CRG in the latest sale transaction.

April 10, 2023

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