Acquisitions

American Equity Partners Acquires Jersey City Office Building for $46M

by Taylor Williams September 29, 2023

JERSEY CITY, N.J. — American Equity Partners has acquired Harborside 6, a 200,000-square-foot office building in Jersey City, for $46 million. The building is situated within a larger waterfront development known as Harborside that was originally developed by Veris Residential (NYSE: VRE), then known as Mack-Cali Corp. The building can support traditional office tenants as well as healthcare, studio production and creative office users. A Whole Foods Market also recently opened on the building’s ground floor. American Equity Partners has appointed Newmark as the leasing agent.

September 29, 2023

Acquisitions North Carolina Retail Southeast

Legacy Brokers $4.8M Sale of Spring Hope Commons Retail Center in North Carolina

by Hayden Spiess September 29, 2023

SPRING HOPE, N.C. — Legacy Realty Group Advisors has brokered the $4.8 million sale of Spring Hope Commons, a retail center located in Spring Hope, approximately 35 miles northeast of Raleigh. Food Lion anchors the 47,950-square-foot property. Jacob Baruch and Daniel Baruch of Legacy represented the buyer and seller, neither of which were disclosed, in the transaction.

September 29, 2023

Acquisitions Development Healthcare Illinois Lee & Associates Midwest

Lee & Associates Negotiates $4.1M Sale of Development Site in Suburban Chicago for Future Advocate Health Outpatient Center

by Kristin Harlow September 29, 2023

HOFFMAN ESTATES, ILL. — Lee & Associates has negotiated the $4.1 million sale of a 6.5-acre development site located at the southwest corner of Route 59 and Hoffman Boulevard in the Chicago suburb of Hoffman Estates. Rick Scardino of Lee & Associates represented the seller, Prairie Pointe Commercial (c/o Conor Commercial). Jacob Dell and Gary Fazio of CBRE represented the buyer, Advocate Health and Hospitals Corp. According to Scardino, Advocate Health plans to build a 36,000-square-foot outpatient center at an estimated cost of $34 million, inclusive of land costs.

September 29, 2023

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $1.9M Sale of Historic Multifamily Property in Chicago

by Kristin Harlow September 29, 2023

CHICAGO — Kiser Group has brokered the sale of a historic multifamily property located at 2324 W. 111th St. in Chicago’s Morgan Park neighborhood for $1.9 million. Known as “The Castle” for its architecture, the property’s 16 apartment units were vacant at the time of sale. Originally constructed in the late 1800s as a funeral home, the building was later converted into a mixed-use asset in the 1920s. John George and Joe Bianchi of Kiser brokered the sale. Buyer and seller information was not provided.

September 29, 2023

Acquisitions Industrial New Jersey Northeast

Dalfen, Centerbridge Acquire Industrial Outdoor Storage Facility in Old Bridge, New Jersey

by Taylor Williams September 29, 2023

OLD BRIDGE, N.J. — Dallas-based development and investment firm Dalfen Industrial and private investment management group Centerbridge Partners have acquired a 6.9-acre industrial outdoor storage facility in Old Bridge, about 40 miles south of Manhattan. At the time of sale, the property was fully leased to two tenants that utilize the site for truck and trailer storage. Dalfen acquired the facility in conjunction with a 4.1-acre trailer storage yard in California’s Inland Empire. The seller and sales price were not disclosed.

September 29, 2023

Acquisitions California Office Western

HQ Development Acquires 28,512 SF Office Building in West Hollywood for $19M

by Amy Works September 28, 2023

WEST HOLLYWOOD, CALIF. — HQ Development, led by Robert Herscu, has purchased a vacant property at 825 N. San Vincente Blvd. in West Hollywood. Hilldale Property Owner sold the asset for $19 million. Christopher Bonbright and Jonathan Larsen of Avison Young handled the transaction on behalf of the seller, the property’s original owner and developer. Avison Young positioned the building as an opportunity for redevelopment, as the site is located between Sunset and Santa Monica boulevards near famous and popular venues like The Comedy Store, The Viper Club, The Troubadour and Whiskey A Go Go. Built in 1984 and renovated in 2014, the three-story property features 28,512 square feet of space and parking for 135 cars. According to Avison Young, the asset satisfies West Hollywood’s parking and zoning requirements for office, medical, co-working, health club and hospitality uses, including a boutique hotel and restaurant.

September 28, 2023

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 490-Unit Self-Storage Facility in Forney, Texas

by Taylor Williams September 28, 2023

FORNEY, TEXAS — Marcus & Millichap has brokered the sale of Bin 741 Storage, a 490-unit self-storage facility located in the eastern Dallas suburb of Forney. The facility was built in 2017 and spans 56,900 net rentable square feet. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the seller, a locally based family partnership that originally built the property, in the transaction. The duo also procured the buyer, a Houston-based investment firm.

September 28, 2023

Acquisitions Industrial Texas

Founders Properties Sells 114,000 SF Industrial Building in Plano

by Taylor Williams September 28, 2023

PLANO, TEXAS — Minnesota-based investment firm Founders Properties has sold a 114,000-square-foot industrial building located at 780 Shiloh Road in Plano. The building was constructed in 2001, renovated in 2007 and was fully leased at the time of sale to a single unnamed tenant. Randy Baird, Jonathan Bryan, Ryan Thornton, Nathan Wynne and Eliza Bachhuber of CBRE represented Founders Properties in the transaction. The buyer was an undisclosed, California-based private investor.

September 28, 2023

Acquisitions Industrial Midwest Missouri Ohio Wisconsin

BGO IREIT Acquires Interest in $948M Midwest Industrial Portfolio

by Kristin Harlow September 28, 2023

CINCINNATI, KANSAS CITY, ST. LOUIS AND KENOSHA, WIS. — BGO Industrial Real Estate Income Trust Inc. (BGO IREIT) has acquired an indirect 34.2 percent ownership interest in a portfolio of Midwest industrial assets valued at approximately $948 million in exchange for 13 million units of its operating partnership. The purchase price of the portfolio was approximately $130 million. The portfolio consists of 29 industrial buildings totaling more than 9.4 million square feet in Cincinnati, Kansas City, St. Louis and Kenosha, Wis. Developed between 2012 and 2023, the portfolio is 90 percent leased to multiple tenants with a weighted average remaining lease term of approximately five years.

September 28, 2023

Acquisitions Retail Texas

SRS Real Estate Arranges $14.6M Sale of Retail Building Leased to Kohl’s in Katy, Texas

by Taylor Williams September 28, 2023

KATY, TEXAS — SRS Real Estate Partners has arranged the $14.6 million sale of a 55,000-square-foot retail building in the western Houston suburb of Katy that is triple-net-leased to Kohl’s. The seller, an undisclosed, institutional development group, is nearing completion of construction of the building, which sits on a 5.2-acre site. The lease term is 12 years. Matthew Mousavi and Patrick Luther of SRS represented the seller and procured the undisclosed out-of-state buyer, which acquired the asset via a 1031 exchange.

September 28, 2023

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