Acquisitions

Interra Realty Brokers $6.1M Sale of Multifamily Property in Chicago’s Logan Square

by Kristin Harlow June 26, 2023

CHICAGO — Interra Realty has brokered the sale of a 16-unit multifamily property in Chicago’s Logan Square neighborhood for $6.1 million. Located at 2543 N. California Ave., the building was constructed in 1902 and renovated in 2018. There are eight two-bedroom units, five three-bedroom units, one four-bedroom layout and two commercial spaces. Starbucks has been a long-term tenant in one of the commercial spaces. Brad Feldman of Interra represented the seller, Chicago-based Barnett Capital Ltd. Feldman also represented the local private buyer.

June 26, 2023

Acquisitions Midwest Ohio Retail

Cooper Group Arranges $2M Sale of Retail Center in Salem, Ohio

by Kristin Harlow June 26, 2023

SALEM, OHIO — The Cooper Commercial Investment Group has arranged the $2 million sale of Salem Market Place in Salem, a city in Northeast Ohio. Tenants at the 16,252-square-foot property include Super Cuts, Sally Beauty Supply, GameStop, Little Caesar’s, Gadget Lab, Alternative Smokes, Hibachi Express and Drayer Physical Therapy. The center is 83 percent occupied. Dan Cooper and Bob Havasi of Cooper Group represented the seller, a West Coast-based investor. The sales price represented a cap rate of 7.73 percent and approximately 98 percent of the list price.

June 26, 2023

Acquisitions Affordable Housing Loans Montana Multifamily Seniors Housing Western

PGIM Provides $16.1M HUD Loan for South Forty Apartments in Billings, Montana

by Jeff Shaw June 26, 2023

BILLINGS, MONT. — PGIM Real Estate has provided $16.1 million in fixed-rate FHA financing to Lincoln Avenue Capital (LAC) for the acquisition and rehabilitation of South Forty Apartments, an affordable seniors housing community in Billings. The property features 101 units and is 100 percent subsidized by a Section 8 contract. The property also has a tax credit LURA on title restricting half of the units to residents earning up to 50 percent of area median income (AMI) and the other half at 60 percent AMI through 2069. LAC plans to complete an extensive rehabilitation of the property that will address deferred maintenance at the property, revitalize the apartments and update site amenities. The property was originally constructed in 1987 and was last renovated in 2007. LAC’s scope of work will include new kitchens and baths, new windows throughout, upgrades to the clubhouse, new solar panels and accessibility repairs. Alex Viorst, executive director at PGIM Real Estate, led the financing on behalf of the firm.

June 26, 2023

Acquisitions Colorado Healthcare Office Western

JV Buys 68,195 SF Dry Creek Medical Campus in Englewood, Colorado

by Jeff Shaw June 26, 2023

ENGLEWOOD, COLO. — Remedy Medical Properties and Kayne Anderson Real Estate have acquired the Dry Creek Medical Campus in the Denver suburb of Englewood. The portfolio includes two buildings totaling 68,195 square feet. They are fully leased by healthcare providers. Services are centered around a full-service ambulatory surgery center leased to Orthopedic Centers of Colorado in partnership with SCA Health, which UnitedHealth Group owns. Dr. Metz Bariatric Surgery, which is also on the campus, recently became part of HealthOne, one of the leading health systems in Colorado. Other specialties housed in the properties include imaging, spine, orthopedics, anesthesia and dermatology. CBRE U.S. Healthcare & Life Sciences brokered the transaction.

June 26, 2023

Methodist-Southlake-Medical-Office-Building

Acquisitions Healthcare Texas

JLL Brokers Sale of 82,238 SF Medical Office Building in Southlake, Texas

by Taylor Williams June 26, 2023

SOUTHLAKE, TEXAS — JLL has brokered the sale of Methodist Southlake Medical Office Building, an 82,238-square-foot healthcare property located on the outskirts of Fort Worth. The building is attached to a hospital operated by the same provider. Brian Bacharach and Vasili Davos of JLL represented the seller, a partnership managed by LandPlan Development, in the transaction. The duo also procured the buyer, a partnership between Virtus Real Estate Capital and Lincoln Property Co.

June 26, 2023

Acquisitions Industrial Texas

Stos. Partners Sells 79,883 SF Industrial Property in Laredo, Texas

by Taylor Williams June 26, 2023

LAREDO, TEXAS — Stos. Partners, an investment firm based in Southern California, has sold a 79,883-square-foot industrial property in the Rio Grande Valley city of Laredo. The sales price was $9.1 million. Built in 2021 and renovated earlier this year, the property features 21 loading bays, 22-foot clear heights and 53 parking spaces. Anthony DeLorenzo, Bryan Johnson, Nick Williams and Elizabeth Bachhuber of CBRE represented Stos. Partners in the deal. Monica Rubio of Century 21 Olympian Commercial represented the unnamed buyer. The facility was fully leased at the time of sale to logistics firm Grupo Cargoquin.

June 26, 2023

Acquisitions New York Northeast Office

SL Green Sells Interest in 245 Park Avenue in Midtown Manhattan for $2B

by Taylor Williams June 26, 2023

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has sold a 49.9 percent interest in 245 Park Avenue, a 1.8 million-square-foot office building in Midtown Manhattan, for $2 billion. The buyer was Tokyo-based Mori Trust Co. SL Green purchased its stake in the property, which is located between 46th and 47th streets, in September 2022 with the intent to reposition the asset with a partner. The company retained Kohn Pedersen Fox Associates to redesign the building to upgrade the façade, lobby, retail storefronts, amenity spaces and various infrastructural systems.

June 26, 2023

Acquisitions Industrial New Jersey Northeast

Bridge Industrial Acquires 115,000 SF Facility in Linden, New Jersey

by Taylor Williams June 26, 2023

LINDEN, N.J. — Bridge Industrial has acquired a 115,000-square-foot facility located in the Northern New Jersey community of Linden. The property was originally built on 9.2 acres in 1949 and offers a clear height of 19 feet, 19 drive-in doors and 7,500 square feet of office space. The seller and sales price were not disclosed. The Blau & Berg Co. brokered the deal. Bridge plans to implement capital improvements to the building’s interior and exterior features, and the facility is expected to be available for occupancy in the fourth quarter.

June 26, 2023

Acquisitions Multifamily New York Northeast

Marcus & Millichap Arranges $3.6M Sale of Brooklyn Multifamily Property

by Taylor Williams June 26, 2023

NEW YORK CITY — Marcus & Millichap has arranged the $3.6 million sale of a multifamily property located at 88 Fifth Ave. in Brooklyn’s Park Slope neighborhood. According to LoopNet Inc., the four-story building was constructed in 1920 and houses seven units. Shaun Riney, Mark Zarrella and Andrew Bronsteen of Marcus & Millichap represented the seller, an individual/personal trust, in the transaction. Additional terms of sale were not disclosed.

June 26, 2023

Acquisitions California Industrial New York Northeast Top Stories Western

Prologis Agrees to Acquire 14 MSF Industrial Portfolio from Blackstone for $3.1B

by Taylor Williams June 26, 2023

SAN FRANCISCO AND NEW YORK CITY — Prologis Inc. (NYSE: PLD) has agreed to acquire a 14 million-square-foot industrial portfolio from Blackstone (NYSE: BX) for $3.1 billion. The all-cash deal is expected to close in the coming days. The names and locations of the properties were not disclosed, but The Wall Street Journal reports that the portfolio encompasses about 70 assets in gateway markets such as Atlanta, Dallas and Washington, D.C., as well as in areas of New York, California and South Florida. The portfolio is collectively leased to 127 different tenants. Of those, 50 have preexisting relationships with Prologis, and 77 are effectively new customers. San Francisco-based Prologis now owns about 1.2 billion square feet of industrial assets across 19 countries. Over the past 11 years, Prologis and New York-based Blackstone have collaborated on more than a dozen transactions. With this deal, the price translates to a capitalization rate of approximately 4 percent based on net operating income in the first year and a 5.75 percent cap rate when adjusting to today’s market rents. “Where you invest matters, and this transaction demonstrates the exceptional demand for high-quality warehouses,” says Nadeem Meghji, head of Blackstone Real Estate Americas. Blackstone retained …

June 26, 2023

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