Acquisitions

Garden State Commercial Sells 240,000 SF Office Building in Trenton, Buyer Plans Residential Conversion

by Taylor Williams October 12, 2023

TRENTON, N.J. — Garden State Commercial Properties has sold a 240,000-square-foot office building located at 240 W. State St. in downtown Trenton to an undisclosed buyer that plans to redevelop the 16-story building for residential usage. The new complex will offer studio, one- and two-bedroom apartments and amenities such as a fitness center, pool and ground-floor café. In addition, the company will renovate the building’s enclosed parking garage. Completion of the conversion is slated for 2026. Jerry Fennelly of Fennelly Associates represented both parties in the sale.

October 12, 2023

Acquisitions Illinois Midwest Retail

JLL Arranges Sale of 54,120 SF Retail Center in Suburban Chicago

by Kristin Harlow October 12, 2023

OAKBROOK TERRACE, ILL. — JLL Capital Markets has arranged the sale of The Overlook at Oakbrook, a 54,120-square-foot retail center in the Chicago suburb of Oakbrook Terrace. Built from 2022 to 2023, the fully leased property consists of seven single-tenant and multi-tenant buildings. Some of the tenants include Guidepost, Lazy Dog, Panera and Vet Emergency Group. Alex Sharrin, Michael Nieder, John Detlaff and Noel O’Donnel of JLL represented the seller, GW Properties, and procured the buyer, MetLife Investment Management.

October 12, 2023

Acquisitions Midwest Nebraska Office

Investors Realty Brokers $6.2M Sale of Office Building in Omaha

by Kristin Harlow October 12, 2023

OMAHA, NEB. — Investors Realty Inc. has brokered the sale of a 66,011-square-foot office building in Omaha for $6.2 million. The property at 8420 W. Dodge Road is 76 percent leased to Senior Market Sales. Ember Grummons and JP Raynor of Investors Realty represented the seller, an entity doing business as 8420 LLC. Joseph Failla of Atrium Properties represented the buyer, an entity doing business as 5332 So. 138th St. LLC.

October 12, 2023

Acquisitions Industrial Massachusetts Northeast

Marcus & Millichap Brokers $2.8M Sale of Industrial Building in Agawam, Massachusetts

by Taylor Williams October 12, 2023

AGAWAM, MASS. — Marcus & Millichap has brokered the $2.8 million sale of a 37,650-square-foot industrial building in Agawam, located just south of Springfield in western Massachusetts. The building, which was fully occupied at the time of sale, sits on a 3.4-acre site and features five loading docks and 40 parking spaces. Harrison Klein of Marcus & Millichap represented the seller, a group of private investors, in the transaction. Tom Hovey and Eric Suffoletto of Atlantic Capital Partners represented the buyer, an individual/personal trust.

October 12, 2023

Acquisitions Florida Industrial Southeast

PGIM Sells 646,436 SF Industrial Park in Central Florida to Clarion Partners

by John Nelson October 12, 2023

APOPKA, FLA. — An affiliate of PGIM Real Estate has sold Northwest Distribution Center, a four-property, 646,436-square-foot industrial park in Apopka, a suburb of Orlando. New York-based Clarion Partners purchased the asset for an undisclosed price. Situated off State Road 429 and Ocoee Apopka Road, the portfolio was 85 percent leased at the time of sale. Buildings A and B at Northwest Distribution Center were built in 2008, and Buildings C and D were delivered in 2017. Jose Lobón, Frank Fallon, Trey Barry, David Murphy, Royce Rose and Alain Bonvecchio of CBRE represented the seller in the transaction.

October 12, 2023

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Negotiates Sale of 257-Unit SODO Duluth Apartments in Metro Atlanta

by John Nelson October 12, 2023

DULUTH, GA. — Cushman & Wakefield has negotiated the sale of SODO Duluth, a newly built, 257-unit apartment community located in downtown Duluth, a northeast suburb of Atlanta in Gwinnett County. The sellers, The Residential Group (TRG) and PointOne Holdings, delivered SODO Duluth earlier this year. The buyer, Weinstein Properties, purchased the asset for an undisclosed price. Robert Stickel, Alex Brown, Ashlyn Warren and Michael Kay of Cushman & Wakefield represented the sellers in the transaction. According to Apartments.com, SODO Duluth features studio, one- and two-bedroom apartments ranging in size from 616 to 1,470 square feet. Amenities include a sky lounge, saltwater swimming pool, fitness center, coworking spaces, EV charging stations, package lockers and a dog park.

October 12, 2023

Acquisitions Multifamily South Carolina Southeast

Marcus & Millichap Brokers $5.4M Sale of Clement Arms Apartments in North Charleston

by John Nelson October 12, 2023

NORTH CHARLESTON, S.C. — Marcus & Millichap has brokered the $5.4 million sale of Clement Arms Apartments, a 49-unit multifamily community located at 1815 Clements Ave. in North Charleston. The property was built in 1980 on 1.2 acres. Ryan Lipomi, Will Graves and Nate McDaniel of Marcus & Millichap’s Charleston office represented the seller and procured the buyer in the transaction. Both parties requested anonymity.

October 12, 2023

Acquisitions Arizona Industrial Top Stories Western

Prologis Acquires Airpark Logistics Center in Suburban Phoenix for $184M

by Kristin Harlow October 12, 2023

GOODYEAR, ARIZ. — Prologis Inc. (NYSE: PLD) has acquired Airpark Logistics Center in Goodyear, a western suburb of Phoenix, for $184 million. Creation and CrossHarbor Capital Partners were the sellers. The transaction marks the largest multi-building industrial business park acquisition in Arizona history, according to Creation. Located directly adjacent to Phoenix Goodyear Airport, the campus spans 170 acres. The first phase, comprising three buildings with 1.4 million square feet of leasable space, was completed last month. LGE Design Build served as the architect and general contractor. The second phase of the project includes 84 acres of undeveloped land for build-to-suit industrial projects. At full build-out, the development will span more than 2.7 million square feet. “The recognition of Airpark Logistics Center’s potential by a logistics real estate leader like Prologis is a testament to the quality of the asset,” says Grant Kingdon, principal of Creation’s Mountain region. “The center’s strategic location, innovative design and growth potential align perfectly with our vision for delivering sustainable developments that meet the needs of modern logistics tenants. This sale is especially significant today given the current market dynamics, where deals of this scale are rare.” Will Strong, Kirk Kuller, Michael Matchett and Molly Hunt …

October 12, 2023

Acquisitions Content Partner Development Features Midwest NAI Northeast Self-Storage Southeast Texas Western

Following Pandemic-Fueled Run-Up in Acquisition Prices, Where Is Self-Storage Headed?

by Sarah Daniels October 12, 2023

Self-storage has had an amazing run since just before the pandemic. Cap rates started near 6 percent, with buildings starting at $150 per square foot. Then came the flood of pandemic capital pushing prices — by mid-2022 prices jumped to a point no one had previously experienced. “In some of the bigger markets, we were seeing per-square-foot prices of $300 and above for the first time,” says Denise Nunez, executive managing director with NAI Horizon. Cap rates fell to as low as 4 percent. “The low cap rates had gotten to such a point where many brokers were not even pricing deals because they didn’t want to miss that extra that they could get on the sale.” But rising interest rates have had an impact on self-storage, as they have had on every other commercial real estate asset class, with prices reversing again. Investors are still unsure of what the Federal Reserve will be doing in the near term with monetary policy. Building costs are high — final delivery construction costs are still higher by 40 percent or more than pre-pandemic. That reality has resulted in investors alternating between cold feet and, with some signs that the Fed may plan …

October 12, 2023

Acquisitions Colorado Multifamily Western

Alliance Residential Sells 254-Unit Broadstone Kendrick Apartments in Denver for $111M

by Amy Works October 11, 2023

DENVER — Alliance Residential has completed the disposition of Broadstone Kendrick, a multifamily community in Denver’s Uptown neighborhood, Jackson Square Properties sold the asset for $111 million. Constructed in two phases between 2021 and 2022, the 184,574-square-foot Broadstone Kendrick consists of two eight-story buildings with two levels of subterranean parking. The property features 254 studio, one- and two-bedroom apartments with an average unit size of 727 square feet. The two buildings are located at 1780 Marion St. and 1160 E. 18th Ave. across the street from the Uptown Medical District. Units feature gas ranges, wine fridges and soft-close drawers and cabinets. Community amenities include two rooftop terraces; a fitness center and wellness center fully equipped with Technogym and barre equipment; a lounge; and coworking space. Terrance Hunt, Shane Ozment, Chris Cowan, Chris Hart, Brad Schlafer and Jessica Graham of CBRE’s multifamily investment properties team in Denver represented the seller in the transaction.

October 11, 2023

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