Acquisitions

Faropoint Buys Industrial Portfolio in Northern New Jersey for $144.5M

by Taylor Williams October 23, 2023

ALLENDALE AND MAHWAH, N.J. — Regional investment firm Faropoint has purchased a two-property industrial portfolio in Northern New Jersey for $144.5 million. The portfolio consists of 10 buildings totaling 770,064 square feet across a combined 68 acres. Built in phases in the 1970s and 1980s, Allendale Shallow-Bay Industrial Park consists of seven industrial buildings totaling 370,064 square feet on a 35.1-acre site. The development, which offers dedicated dock-high loading for each unit and 985 total parking spaces, was fully leased at the time of sale to a roster of 19 tenants. Built in the 1960s, Mahwah Industrial Center comprises three buildings totaling 400,000 square feet across 33.2 acres. The complex features a total of 23 drive-in doors, as well as clear heights of 16 feet and parking for 1,463 cars. Mahwah Industrial Center was 91 percent leased to seven tenants at the time of sale. Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema of Cushman & Wakefield represented the seller, a joint venture between Camber Real Estate Partners and Advance Realty, in the transaction. “North Bergen County is one of the tightest industrial submarkets in the state and continues to demonstrate positive market rent growth, leasing velocity and compelling …

October 23, 2023

Acquisitions Healthcare South Carolina Southeast

Montecito Medical Acquires Seven Medical Office Buildings in Upstate South Carolina

by John Nelson October 20, 2023

NASHVILLE, TENN. — Nashville-based Montecito Medical has acquired a portfolio comprising seven medical office buildings (MOBs) in upstate South Carolina. Concentrated in the Greenville and Clemson markets, the properties total 88,000 square feet. The portfolio was fully leased at the time of sale. Clemson Eye occupies six of the buildings, and Carolinas Centers for Sight leases the seventh property. Both tenants are affiliates of Eye Health America. HREA | Healthcare Real Estate Advisors represented the undisclosed seller in the transaction. The sales price was also not disclosed.

October 20, 2023

Acquisitions Multifamily Washington Western

Kidder Mathews Brokers $26.9M Sale of Seventh & James Apartments in Seattle

by Amy Works October 20, 2023

SEATTLE — Kidder Mathews has negotiated the sale of Seventh and James Apartments, a multifamily asset in Seattle’s First Hill neighborhood. A large institutional owner sold the property to an undisclosed buyer for $26.9 million. Located at 600 7th Ave., Seventh and James Apartments features 96 units. The five-story, podium-style building was built in 1992. Dylan Simon, Matt Laird and JD Fuller of Kidder Mathews’ Simon Anderson team represented the seller and sourced the buyer in the transaction.

October 20, 2023

Acquisitions Illinois Industrial Midwest

Dayton Street Partners Acquires 11-Acre Industrial Property in Bensenville, Illinois

by Kristin Harlow October 20, 2023

BENSENVILLE, ILL. — Dayton Street Partners (DSP) has acquired an industrial property situated on 11 acres at 700 Larsen Lane in the Chicago suburb of Bensenville. The purchase price was undisclosed. The property features a 37-door truck terminal, two truck maintenance facilities and a warehouse with one acre of outdoor storage. The asset, which is located directly across the street from the Chicago O’Hare International Airport, was 85 percent leased at the time of sale. Jack Brennan of CBRE represented the seller, a private investor, and will market the property for lease. DSP will commence a multi-million-dollar renovation of the terminal in November.

October 20, 2023

Acquisitions Michigan Midwest Office

Friedman Brokers Sale of 62,752 SF Office Building in Southfield, Michigan

by Kristin Harlow October 20, 2023

SOUTHFIELD, MICH. — Friedman Real Estate has brokered the sale of a 62,752-square-foot office building in Southfield for an undisclosed price. The property is located at 16500 W. 12 Mile Road. Robert Moon of Friedman represented the seller, Atlas Holding Corp. The buyer, Kensington Community Church, will occupy the building.

October 20, 2023

Acquisitions California Industrial Western

Equipment Manufacturing Co. Sells 31,373 SF Industrial Building in Santa Fe Springs, California

by Amy Works October 20, 2023

SANTA FE SPRINGS, CALIF. — Equipment Manufacturing Co. has completed the sale of an industrial asset, located at 14930 Marquardt Ave. in Santa Fe Springs, just southeast of Los Angeles. Fortress Investment Group acquired the property for $10.5 million. Equipment Manufacturing Co. vacated the 31,373-square-foot heavy manufacturing facility, which was built in 1969. The new owner plans to renovate and reposition the property, which offers a large truck parking area and approximately one acre of excess land. Jason DuFault of KW Commercial represented the seller, while Phillip DeRousse of Lee & Associates represented the buyer in the deal.

October 20, 2023

Acquisitions California Retail Western

DP Vernon Retail Divests of 14,000 SF Shopping Center in Vernon, California

by Amy Works October 20, 2023

VERNON, CALIF. — DP Vernon Retail has completed the disposition of Vernon Shopping Center, a retail property located at 2544-2550 Alameda St. in Vernon, just south of Los Angeles. Wimatex Inc. acquired the asset for an undisclosed price in a 1031 exchange. Built in 2017, Vernon Shopping Center features 14,000 square feet of retail space. At the time of sale, the property was 77 percent occupied. Current tenants include Jersey Mike’s Subs and Café Dulce. Chris Maling and David Maling of Avison Young represented the seller and procured the buyer in the deal.

October 20, 2023

Acquisitions Build-to-Rent Development North Carolina Single-Family Rental Southeast

Barings, Foulger Pratt Purchase Build-to-Rent Residential Community Underway in Metro Raleigh for $50M

by John Nelson October 19, 2023

WENDELL, N.C. — A joint venture between Barings and Foulger Pratt has purchased a build-to-rent (BTR) residential community under construction in Wendell, an eastern suburb of Raleigh. The undisclosed seller and developer sold the unnamed project for $50 million. Situated on 39 acres, the 172-unit property will consist of 89 townhomes and 83 single-family rental homes. The initial deliveries of homes are expected to be available for lease in the first half of 2024. The transaction brings Foulger Pratt’s BTR portfolio to 700 homes and approximately $250 million in investment across North Carolina and Maryland.

October 19, 2023

Acquisitions Georgia Seniors Housing Southeast

Blueprint Brokers Sale of Three Piedmont Healthcare Seniors Housing Facilities in Georgia

by John Nelson October 19, 2023

AUGUSTA, STOCKBRIDGE AND EVANS, GA. — Blueprint has arranged the sale of three skilled nursing facilities: Laurel Park at Henry Medical Center in the Atlanta suburb of Stockbridge; Kentwood Extended Care in Augusta; and Westwood Extended Care in the Augusta suburb of Evans. The seller was Piedmont Healthcare Inc., Georgia’s largest nonprofit healthcare system. Through its 2022 affiliation with University Health Care System, two skilled nursing and long-term care facilities serving the greater Augusta market, as well as Piedmont Augusta and Piedmont McDuffie hospitals, became part of the Piedmont system. Westwood is licensed for 149 beds and Kentwood is licensed for 100 beds. The 89-bed Laurel Park facility is situated adjacent to Piedmont’s Henry Hospital and was managed by a third-party operator. The buyer was PruittHealth, a prominent Georgia-based owner/operator and the incumbent manager of Laurel Park. The sales price was not disclosed. The Blueprint team included Michael Segal and Daniel Waldhorn.

October 19, 2023

Acquisitions Industrial Texas

Lee & Associates Negotiates Sale of 50,138 SF Industrial Building in Northwest Dallas

by Taylor Williams October 19, 2023

DALLAS — Lee & Associates has negotiated the sale of a 50,138-square-foot industrial building in northwest Dallas. According to LoopNet Inc., the building at 11126 Shady Trail was built on 2.8 acres in 1978 and features 12-foot clear heights. Stephen Williamson of Lee & Associates represented the buyer, Boston-based investment firm Longpoint Realty Partners, in the transaction. Vaquero Ventures Management sold the building for an undisclosed price.

October 19, 2023

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