Acquisitions

Interra Realty Brokers $9.2M Sale of Apartment Building in Chicago’s Rogers Park

by Kristin Harlow October 10, 2022

CHICAGO — Interra Realty has brokered the sale of Elevation Lofts in Chicago’s Rogers Park neighborhood for $9.2 million. The property features 40 apartment units and retail space at 1531 W. Howard St. Amenities at the building, constructed in 2020, include a rooftop terrace, community room, fitness center, dog run, onsite parking and bike storage. Joe Smazal and Colin O’Malley of Interra represented the undisclosed seller as well as the buyer, Becovic Residential LLC. The sales price represents the highest price paid for an individual property in Rogers Park so far this year, according to Interra.

October 10, 2022

Acquisitions Illinois Industrial Midwest

Venture One Acquires 71,552 SF Industrial Building in Elk Grove Village, Illinois

by Kristin Harlow October 10, 2022

ELK GROVE VILLAGE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 71,552-square-foot industrial building in the Chicago suburb of Elk Grove Village. The purchase price was undisclosed. The property at 925-1065 Chase Ave. was vacant at the time of acquisition. The building features seven docks, two drive-in doors and parking for 71 cars. Prior to closing, Venture One received a 6B tax incentive. According to Elk Grove Village, in order to be eligible for 6B, the property must be used for an industrial purpose and one of the following criteria must be met: new construction; buying a building that has been vacant for at least one year; or substantial renovation to an existing building. Venture One plans to make significant improvements to the property, including office renovations, new paint, parking lot seal coating, energy efficient lighting, roof replacement, landscaping and façade enhancements. Jonathan Kohn and John D’Orazio of Colliers represented the undisclosed seller and will market the property for lease on behalf of Venture One. Venture One’s acquisition fund is a partnership with Kovitz Investment Group.

October 10, 2022

Acquisitions New Jersey Northeast Office Top Stories

Veris Residential Agrees to Sell Harborside Office Portfolio in Jersey City for $420M

by Jeff Shaw October 10, 2022

JERSEY CITY, N.J. — Veris Residential Inc. (NYSE: VRE), a publicly traded REIT with offices in New Jersey and Massachusetts, has agreed to sell Harborside 1, 2 and 3, a trio of adjacent office buildings in Jersey City. The unnamed buyer will purchase the properties for an aggregate price of $420 million, subject to closing adjustments. The three office buildings anchor Harborside, a 25-acre development that fronts the Hudson River and also houses five apartment communities, a Whole Foods Market, shops, eateries, the Harborside 5 and Harborside 6 office buildings, onsite daycare, urgent care and primary care medical space, and two parking garages. Veris recently signed Collectors Holdings, parent company of Professional Sports Authenticator, to a 130,000-square-foot lease at Harborside 3. Veris recently also closed on its $346 million sale of 101 Hudson Street, a 42-story office tower in Jersey City spanning nearly 1.3 million square feet of space. With sale of this and the Harborside portfolio, Veris is taking a big step toward the corporate goal of being a “pure-play multifamily REIT.” With these office sales and the stabilization of Haus25, a 750-unit apartment community underway in Jersey City, multifamily will represent 98 percent of Veris’ net operating income, …

October 10, 2022

Acquisitions Multifamily North Carolina Southeast

FCP Acquires Grand Arbor Reserve Apartments in Raleigh for $48M

by John Nelson October 7, 2022

RALEIGH, N.C. — Chevy Chase, Md.-based FCP has purchased Grand Arbor Reserve, a 297-unit apartment community located at 2419 Wycliff Road in Raleigh. Howard Jenkins of CBRE represented the undisclosed seller in the $48 million transaction. Situated near I-440 and the UNC Rex Hospital, Grand Arbor Reserve comprises mostly two- and three-bedroom apartments. Amenities include a swimming pool, fitness center, playground, dog park and a volleyball court. The property was originally built in 1969, according to Apartments.com.

October 7, 2022

Acquisitions Florida Retail Southeast

JLL Arranges $44.9M Sale of Grocery-Anchored Shopping Center in Miami

by John Nelson October 7, 2022

MIAMI — JLL has arranged the sale of Deerwood Town Center, a grocery-anchored shopping center spanning 205,853 square feet in Miami. Core Investment Management purchased the property from Courtelis Co. for nearly $44.9 million. Courtelis has owned the center since it delivered the first phase in 1985, according to JLL. Danny Finkle, Eric Williams and Kim Flores of JLL brokered the transaction. Deerwood Town Center was fully leased at the time of sale to tenants including Fresco y Mas, Amped Fitness, Pet Supermarket and TD Bank. The center is located at 12095 SW 152nd St., which is situated across from the Zoo Miami.

October 7, 2022

Acquisitions Florida Maryland Office Retail Southeast

A&G Conducts $18.4M in Sales for 21 Commercial Properties at Bankruptcy Auction

by John Nelson October 7, 2022

MELVILLE, N.Y. — Melville-based A&G Real Estate Partners has secured the sales of 21 properties in Maryland, Delaware and Florida at a real estate bankruptcy auction. All assets were formerly owned by the late Zebulon J. and Beatrice Brodie. In the Aug. 16 bankruptcy auction, 19 properties in Maryland and one each in Delaware and Florida fetched a total of $18.4 million. The transactions included: the $6.7 million sale to different buyers of four contiguous, largely undeveloped properties in a busy commercial district on Legion Road in Denton, Md.; the $1.5 million sale of the Carter Building at 300 Market St. in downtown Denton; the $2.1 million sale of the Alexander Building at 315 High St. in Chestertown, Md.; and the $2.2 million sale of 300 Bulle Rock Farm Lane in Centreville, Md., which is a family compound formerly owned by John Raskob, builder of the Empire State Building in Manhattan. “A&G’s comprehensive marketing campaign for this middle-market disposition triggered inquiries from more than 560 prospective buyers across the country, and nearly 50 of those interested parties eventually placed baseline, qualifying and/or prevailing bids, some for multiple properties,” says Emilio Amendola, co-president of A&G. After two rounds of bidding, 13 …

October 7, 2022

Acquisitions Office Texas

Teacher Retirement System of Texas Sells 198,972 SF Office Complex in Downtown Austin

by Taylor Williams October 7, 2022

AUSTIN, TEXAS — The Teacher Retirement System of Texas (TRS) has sold Waterloo Innovation Center, a 198,972-square-foot office complex located at 1000 Red River St. in downtown Austin that houses the organization’s headquarters. Russell Ingrum, Peter Jansen, Troy Holme, Jennifer Joseph, Patrick Benoist and Jared Chua of CBRE represented TRS, which will continue to operate out of the building for two more years until its new facility in northeast Austin is complete. The Austin Business Journal reports that Alexandria Real Estate Equities purchased the property for $108 million.

October 7, 2022

Acquisitions Multifamily Texas

TMG Negotiates Sale of 150-Unit Multifamily Property in Killeen, Texas

by Taylor Williams October 7, 2022

KILLEEN, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Hoodview Apartment Homes, a 150-unit property in the Central Texas city of Killeen. Built in 1975, the property primarily offers two- and three-bedroom units with an average size of 973 square feet and amenities such as a pool and onsite laundry facilities. Will Clarke of TMG represented the seller in the transaction, and Paul Yazbeck of TMG represented the buyer. Both parties requested anonymity.

October 7, 2022

Acquisitions Multifamily Northmarq Texas

Northmarq Brokers Sale of 135-Unit Brooks Townhomes in San Antonio

by Taylor Williams October 7, 2022

SAN ANTONIO — Northmarq has brokered the sale of Brooks Townhomes, a 135-unit multifamily property in San Antonio. Built in 1974 on the city’s south side, the property offers one- and two-bedroom units and amenities such as a pool, playground, basketball court, outdoor grilling and dining areas and onsite laundry facilities. Zar Haro, Moses Siller, Bryan VanCura and Phil Grafe of Northmarq represented the seller, Austin-based Achieve Investment Group, in the transaction. The team also procured the buyer, Los Angeles-based Convergence Capital Management, which plans to implement a value-add program.

October 7, 2022

Acquisitions Multifamily New York Northeast

JLL Arranges $387.5M Sale of Manhattan Multifamily Property

by Taylor Williams October 7, 2022

NEW YORK CITY — JLL has arranged the $387.5 million sale of 685 1st Avenue, a 408-unit multifamily property in Manhattan’s Murray Hill neighborhood. Built in 2018, the property rises 43 stories and houses 408 market-rate residential units, 148 condominiums and 9,693 square feet of commercial space. Amenities include a pool, fitness center, coworking lounge, media room and a children’s play area. Rob Hinckley, Jeff Julien, Scott Panzer, Andrew Scandalios, Steve Rutman, John Taylor, Jon Faxon and Joy Ryoo of JLL represented the seller, Solow Building Co., in the transaction. The team also procured the buyer, GO Partners, which is a joint venture between two private investors.

October 7, 2022

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