Acquisitions

Newmark Brokers $11M Sale of Downtown Boston Office Building

by Taylor Williams November 1, 2023

BOSTON — Newmark has brokered the $11 million sale of a 73,000-square-foot office building located at 186 Lincoln St. in downtown Boston. The nine-story building recently underwent $5 million in capital improvements and was roughly 50 percent leased at the time of sale. Tenants include CozyKin, SmartSense by Digi, Full Contact Advertising and Mightier. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and Joseph Alvarado of Newmark represented the undisclosed seller in the transaction and procured the buyer, locally based investment firm City Realty Group.

November 1, 2023

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of Two Industrial Facilities Totaling 897,840 SF in Romeoville, Illinois

by Kristin Harlow November 1, 2023

ROMEOVILLE, ILL. — Colliers has brokered the sale of two recently constructed industrial facilities totaling 897,840 square feet in the Chicago suburb of Romeoville. The sales price was undisclosed. The buildings are located in the Weber 55 Logistics Park at the corner of Weber and Taylor roads. One of the buildings totals 627,840 square feet and is leased to RJW Logistics, while the other property spans 270,000 square feet and was vacant at the time of sale. Jeff Devine and Steve Disse of Colliers represented the seller, Molto Properties. The buyer was an institutional investor advised by Principal Asset Management.

November 1, 2023

Acquisitions Midwest Multifamily Wisconsin

MLG Capital Acquires Three Multifamily Properties in Metro Milwaukee

by Kristin Harlow November 1, 2023

MILWAUKEE AND BROOKFIELD, WIS. — MLG Capital has acquired three multifamily properties in metro Milwaukee. Trostel Square is a 99-unit property located at 1818 N. Commerce St. in Milwaukee. The mid-rise community features direct access to Milwaukee’s River Walk and is situated in the city’s Brewers Hill neighborhood. Norhardt Crossing and Norhardt Apartments are both located on Norhardt Drive in Brookfield. Together, the two properties total 211 units and share a full amenity set at Norhardt Crossing. The seller and sales price were not provided.

November 1, 2023

Acquisitions Mixed-Use Texas Top Stories

Newmark Brokers Sale of 2.2 MSF CityLine Mixed-Use Development in Metro Dallas

by Kristin Harlow November 1, 2023

RICHARDSON, TEXAS — Newmark has brokered the sale of CityLine, a 2.2 million-square-foot mixed-use development in Richardson, a northern suburb of Dallas. The price was undisclosed. The property consists of four State Farm Insurance-occupied office buildings, including 120,000 square feet of retail space, and an attached 42,000-square-foot medical office building. Mirae Asset Global Investments was the seller. The buyer was a firm created by former Phoenix Suns owner Robert Sarver, according to The Dallas Morning News. The office buildings, constructed in 2016, are the focal point of a master-planned, 186-acre development located at the connection of two major DART Rail lines. There are also eight luxury apartment complexes, 30 restaurants and bars, a 148-room Aloft hotel and 21 acres of green space and walking trails, none of which were included in the sale. Dallas-Fort Worth office-using employment continues to remain near historical highs, according to Newmark. As of the end of August 2023, the metroplex reported 1.28 million office workers, an increase of 67.6 percent compared with 2010 and an increase of 21.5 percent compared with 2019. “CityLine is a dynamic development, well situated to reap long-term appreciation as the metroplex continues to grow north,” says Chris Murphy, a vice …

November 1, 2023

Acquisitions California Multifamily Western

IPA Negotiates $106.6M Sale of Summerset Village Multifamily Property in Los Angeles’ Chatsworth Neighborhood

by Amy Works October 31, 2023

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Summerset Village, an apartment community in the Chatsworth neighborhood of Los Angeles. An institutional buyer acquired the property from an undisclosed seller for $106.6 million, or $380,893 per unit. Completed in 1986, Summerset Village features 280 apartments spread across 39 two-story residential buildings. Apartments offer full-size washers/dryers and panoramic views. Select units feature fireplaces, wrap-around patios and direct access garages. Community amenities include two solar-heated swimming pools, two hot tubs, a beach volleyball court and direct access to hiking trails. Kevin Green, Joseph Grabiec and Gregory Harris of IPA represented the seller and procured the buyer in the transaction.

October 31, 2023

Acquisitions Retail Utah Western

X Development, Midloch Buy 119,366 SF Highbury at Lake Park Shopping Center in West Valley City, Utah

by Amy Works October 31, 2023

WEST VALLEY CITY, UTAH — X Development and Midloch Investment Partners have acquired Highbury at Lake Park, a Class A retail center in West Valley City, a suburb approximately 10 miles southwest of Salt Lake City. An undisclosed seller sold the asset for $30 million. Located at 5600 West, Highbury at Lake Park features 119,366 square feet of retail space. Current tenants include Target, Bank of America, Xfinity, Freddy’s Frozen Custard & Steakburgers, Marshalls and Café Rio. Kip Paul of Cushman & Wakefield facilitated the transaction. The buyers financed the transaction with a fixed-rate loan from America First Credit Union. Midloch is a preferred equity investor in the property, which is the firm’s first investment in the Salt Lake City market.

October 31, 2023

Acquisitions California Net Lease Retail Western

Hanley Arranges $3.7M Sale of BLISS Car Wash Property in Santa Clarita, California

by Amy Works October 31, 2023

SANTA CLARITA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $3.7 million sale of a car wash property currently under construction in the Valencia neighborhood of Santa Clarita. The building, which is scheduled for completion in the first quarter of 2024, will total 4,263 square feet. BLISS Car Wash will occupy the property on a triple-net lease upon completion. Bill Asher and Jeff Lefko of Hanley represented the developer and seller, Fountainhead Development, in the transaction. Jenny Eng of CBRE represented the undisclosed buyer.

October 31, 2023

Acquisitions Multifamily Texas

Greysteel Arranges Sale of 274-Unit Park at Rialto Apartments in Northwest San Antonio

by Taylor Williams October 31, 2023

SAN ANTONIO — Greysteel has brokered the sale of Park at Rialto, a 274-unit apartment community located on the northwest side of San Antonio. Built in 2017, Park at Rialto is a garden-style community that offers a pool, media lounge and a fitness center. Units come in studio, one-, two- and three-bedroom units, according to Apartments.com. J.R. Ellis and Matthew Romanchuk of Greysteel negotiated the sale on behalf of the buyer and seller, both of which requested anonymity.

October 31, 2023

Acquisitions Illinois Industrial Midwest

Brit Properties Buys Three-Building Industrial Asset in Chicago for $13M

by Kristin Harlow October 31, 2023

CHICAGO — Brit Properties, a Chicago-based industrial real estate firm, has acquired Belmont Properties, a three-building industrial asset totaling 82,000 square feet on Chicago’s North Side. The purchase price was $13 million. The five-acre development is situated along the east bank of the Chicago River at Belmont Avenue. The Class B, single-tenant buildings were constructed between 1968 and 1991 and are fully leased to Tampico Beverages and Beverage Flavors International. Union National Bank of Elgin provided debt amounting to a 30 percent loan-to-value ratio. Nick Stellas of Hansen Realty represented Brit Properties, while Michael Milstead of Hansen Realty represented the seller, a family that had owned the property for 30 years.

October 31, 2023

Acquisitions Illinois Midwest Retail

NewMark Merrill Acquires Two Retail Centers in Chicago

by Kristin Harlow October 31, 2023

CHICAGO — NewMark Merrill Cos. Inc. has acquired Pulaski Promenade and Midway Square in Chicago for undisclosed prices. Pulaski Promenade totals 122,710 square feet and is situated on 10.5 acres along Pulaski Road. The center is fully leased to tenants such as Marshalls, Shoe Carnival, Ross Dress for Less, PetSmart, Ulta and Carter’s. DRA/Pine Tree was the seller. Midway Square totals 55,332 square feet and is located at the corner of Pulaski Road and South Archer Avenue. The center is 92 percent leased to tenants such as Dollar Tree, Chase Bank, T-Mobile and Sally’s Beauty. TRC Retail was the seller. With these two acquisitions, NewMark Merrill now owns and operates six properties in metro Chicago representing more than 1.5 million square feet and over $220 million in value. The company plans to make various upgrades to both Pulaski Promenade and Midway Square. Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison represented NewMark Merrill on an internal basis. Rick Drogosz of Mid-America and Danny Spitz and Jason St. John of Greenstone Partners represented the sellers.

October 31, 2023

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