Acquisitions

Kislak Negotiates $6.2M Sale of Northern New Jersey Apartment Complex

by Taylor Williams November 4, 2022

ELIZABETH, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $6.2 million sale of Winfield Scott Tower, a 48-unit apartment complex located in the Northern New Jersey community of Elizabeth. The 10-story building, which includes 26,000 square feet of retail space, was originally constructed in 1927 as a hotel and banquet hall and converted to residential use in the 1990s. Jeff Squires of Kislak represented the seller, a private lender that previously acquired the property out of foreclosure, in the transaction. Squires also procured the buyer, Magill Real Estate.

November 4, 2022

Acquisitions Life Sciences New Jersey Northeast

Cushman & Wakefield Brokers Sale of 44,400 SF Life Sciences Facility in Plainsboro, New Jersey

by Taylor Williams November 4, 2022

PLAINSBORO, N.J. — Cushman & Wakefield has brokered the sale of a 44,400-square-foot life sciences facility located at 107 Morgan Lane in Plainsboro, a suburb of Princeton. At the time of sale, the single-story building was leased to a subsidiary of global pharmaceutical firm WuXi AppTec. Frank DiTommaso, David Bernhaut and Andy Merin of Cushman & Wakefield represented the seller, XBL Realty, in the transaction. The buyer was undisclosed.

November 4, 2022

Acquisitions Midwest Office Wisconsin

Colliers Brokers Sale of Historic Office Building in Milwaukee

by Kristin Harlow November 4, 2022

MILWAUKEE — Colliers has brokered the sale of the Global Water Center in Milwaukee for an undisclosed price. The historic office building totals 86,156 square feet and is 87 percent leased to 14 tenants. The property was originally constructed in 1904 for the Molitor Paper Box Co. After Molitor relocated, machinery manufacturer The Murphy Specialty Co. occupied the building until 1938. In 2013, the building was redeveloped in partnership with the Milwaukee Water Council, a nonprofit organization. Since the summer of 2020, the property has welcomed new tenants such as Xylem Water Solutions, Beckhoff Automation, OpenGov and Diverge Translational Science Laboratory. Tom Shepherd and Jennifer Huber-Bullock of Colliers represented the seller, Water Accelerator LLC. The buyer was 247 Freshwater LLC, an affiliate of SixSibs Capital Corp.

November 4, 2022

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Arranges $11.3M Sale of Apartment Community in Plymouth, Minnesota

by Kristin Harlow November 4, 2022

PLYMOUTH, MINN. — Marcus & Millichap has arranged the sale of Lakeview Commons in Plymouth for $11.3 million. Constructed in 1995, the 64-unit apartment community consists of four buildings. The asset is in the final two years of extended-use compliance under the Section 42 Low-Income Housing Tax Credit program. Scott Harris and Abe Roberts of Marcus & Millichap represented the seller, Heartland Properties Inc. The duo also procured the buyer, Glencrest Group, a California-based apartment owner that recently entered the Midwest market.

November 4, 2022

Acquisitions Indiana Industrial Michigan Midwest Northmarq

Northmarq Brokers $4.2M Sale-Leaseback of Midwest Industrial Portfolio

by Kristin Harlow November 4, 2022

ASHLEY, IND. AND FLAT ROCK, MICH. — Northmarq has brokered the sale-leaseback of three industrial buildings in Ashley, Ind., and Flat Rock, Mich., for $4.2 million. The properties total 35,000 square feet. Rob Gemerchak of Northmarq represented the seller, Royal Arc Welding, which executed new leases at the time of sale. A California-based developer was the buyer. Founded in 1983, Royal Arc Welding provides a range of industrial services including the design, installation, inspection and repair of overhead crane systems. Each of the properties includes office space, craned warehouse space and assembly operations.

November 4, 2022

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $4.6M Sale of Retail Strip Center in Lynchburg, Virginia

by John Nelson November 4, 2022

LYNCHBURG, VA. — Cushman & Wakefield | Thalhimer has brokered the $4.6 million sale of Shops at Phillips Circle, a retail strip center located at 19399 Forest Road in Lynchburg. Built in 2018, the center was fully leased at the time of sale to tenants including Starbucks Coffee, East Coast Wings and Nothing Bundt Cakes. The Charles and Margaret Levin Family LP based in Washington, D.C., purchased the property from Riverbend Development. Catharine Spangler, John Pritzlaff and Jenny Stoner of Thalhimer represented the seller in the transaction.

November 4, 2022

Acquisitions California Office Western

Drawbridge Realty Buys 157,000 SF Uber-Leased Office Building in Sunnyvale, California

by Amy Works November 4, 2022

SUNNYVALE, CALIF. — Drawbridge Realty has acquired 200 S. Mathilda Avenue, a five-story, Class A office/engineering building and parking structure in downtown Sunnyvale. JP Morgan sold the asset for an undisclosed price. Completed in 2010, the property features 157,000 square feet with subterranean parking. Uber occupies the building as an engineering hub as part of its Bay Area global headquarters. The transit-oriented, LEED Silver-certified building is walkable to Sunnyvale’s Caltrain station and is surrounded by residential, retail and lifestyle amenities. Eastdil Secured represented the seller in the transaction.

November 4, 2022

Acquisitions Colorado Multifamily Western

MIG Real Estate Sells 168-Unit Ascent Apartments in Denver to Avanath Capital Management

by Amy Works November 4, 2022

DENVER — MIG Real Estate has completed the disposition of Ascent Apartments, a garden-style multifamily property in Southwest Denver, to Avanath Capital Management. The price was not released. Located at 8400 E. Yale Ave., the nine-building community features 168 apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include a fitness center, resort-style pool, barbecue and picnic areas, a playground and package lockers. Andy Hellman, Justin Hunt, Kevin Mckenna, Saul Levy, Chris Hart and Jessica Graham of CBRE’s Denver office represented the seller in the transaction.

November 4, 2022

Windplay-Business-Center-El-Dorado-Hills-CA

Acquisitions California Industrial Western

Dunleer Acquires Nine-Building Windplay Business Center Industrial Park Near Sacramento for $14.9M

by Amy Works November 4, 2022

EL DORADO HILLS, CALIF. — Los Angeles-based Dunleer has purchased Windplay Business Center, a nine-building industrial park in El Dorado Hills, for $14.9 million, or $147 per square foot, in an off-market transaction. Located at 5001-5009 Windplay Drive and 1100-1106 Windfield Way, the asset features 101,169 square feet spread across 21 units. Built between 1991 and 1994, the asset features 18- to 24-foot clear heights and is easily divisible for various tenant needs. At the time of sale, the park was 97 percent occupied. Sean Merold and Mike Metzger of JLL represented the buyer and undisclosed seller in the deal.

November 4, 2022

Acquisitions Affordable Housing Multifamily Seniors Housing Southeast Virginia

Cushman & Wakefield Brokers $25.7M Sale of Two Affordable Seniors Apartment Properties in Richmond

by John Nelson November 3, 2022

RICHMOND, VA. — Cushman & Wakefield has brokered the sale of Guardian Place, a 236-unit affordable seniors housing portfolio spanning two buildings located at 1620 N. Hamilton St. in Richmond. Fairfield Residential purchased the properties, known as Guardian Place I (121 units) and Guardian Place II (115 units), for $25.7 million. Jorge Rosa and T.J. Liberto of Cushman & Wakefield represented the seller, United Methodists Family Services, in the transaction. The Guardian Place communities are age-restricted assets that are encumbered with affordability covenants under the Low-Income Housing Tax Credit (LIHTC) program. Amenities include parking, outdoor seating areas, a library, exercise room, community garden and a TV lounge.

November 3, 2022

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