Acquisitions

M Street, Highline Purchase Conyers Commons Shopping Center in Metro Atlanta for $17M

by John Nelson September 22, 2022

CONYERS, GA. — A joint venture between M Street Holdings and Highline Real Estate Capital has acquired Conyers Commons, a 118,916-square-foot shopping center in the Atlanta suburb of Conyers. The undisclosed seller sold the property for approximately $17 million, or $142.53 per square foot. Chris DeCoufle, Kevin Hurley and Matt Karempelis of CBRE brokered the transaction on behalf of the seller, and BankUnited provided acquisition financing for M Street and Highline. Conyers Commons represents the joint venture’s second transaction in the Atlanta market this year. Anchored by Ross Dress for Less and Bealls Outlet, Conyers Commons’ tenant roster includes pOpShelf, Smoothie King, Mattress Firm, CitiTrends, Panda Express and Kirkland’s. The property is shadow-anchored by Target and is situated adjacent to a 240-unit single-family neighborhood under construction.

September 22, 2022

Acquisitions Massachusetts Northeast Office

FoxRock Properties Acquires 157,229 SF Office Complex in Burlington, Massachusetts

by Taylor Williams September 22, 2022

BURLINGTON, MASS. — Locally based investment firm FoxRock Properties has acquired 1 Van de Graaff Drive, a 157,229-square-foot office complex located in the northern Boston suburb of Burlington. The property, which was 73 percent leased at the time of sale, offers a cafeteria and a fitness center. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the undisclosed seller and procured the buyer in the transaction. The sales price was also not disclosed.

September 22, 2022

Acquisitions Development Massachusetts Multifamily Northeast

CBRE Brokers Sale of 210-Unit Multifamily Development Site in Worcester, Massachusetts

by Taylor Williams September 22, 2022

WORCESTER, MASS. — CBRE has brokered the sale of a multifamily development site in the central Massachusetts city of Worcester that is approved for the construction of 210 market-rate units. Plans currently call for a five-story building to be constructed over a double podium parking garage. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, a limited liability company, and procured the buyer, an affiliate of metro Boston-based SMC Management Corp., in the transaction.

September 22, 2022

Acquisitions Michigan Midwest Office

JLL Brokers $7M Sale of Former Huntington Bank Headquarters in Holland Township, Michigan

by Kristin Harlow September 22, 2022

HOLLAND TOWNSHIP, MICH. — JLL Capital Markets has brokered the $7 million sale of the former Huntington Bank headquarters located at 10717 Adams St. in Holland Township, about 30 miles southwest of Grand Rapids. Family Church purchased the 132,127-square-foot property for its third location in West Michigan. The three-story building, constructed in 1992, sits on nearly 42 acres. Family Church plans to use the main floor for both fellowship and sanctuary worship space, while the upper floor will be utilized as educational space. Plans for the lower floor are still being determined. The church expects to begin services at the building in 2023. Jeff Karger of JLL represented the seller, Charlotte, N.C.-based Arrowpoint Capital. Steve Sterken of Coldwell Banker Woodland Schmidt represented Family Church.

September 22, 2022

Acquisitions Loans Midwest Minnesota Multifamily

CBRE Negotiates Sale of 121-Unit Apartment Complex in Ramsey, Minnesota

by Kristin Harlow September 22, 2022

RAMSEY, MINN. — CBRE has negotiated the sale of ParkView East in Ramsey, about 22 miles northwest of downtown Minneapolis. The sales price was undisclosed. The 121-unit apartment complex is located at 14450 Rhinestone St. near a Northstar Commuter rail station. Completed in 2017, the property features a clubhouse, fitness center, dog park and dog wash. Ted Abramson, Abe Appert and Keith Collins of CBRE Minneapolis Multifamily represented the seller, Curtis Capital Group. Partner Apartments was the buyer. Dan Trebil of Northmarq originated a $19.9 million Freddie Mac loan for the acquisition. The 10-year, fixed-rate loan features five years of interest-only payments followed by a 30-year amortization schedule.

September 22, 2022

Acquisitions Multifamily New Jersey Northeast

B6 Real Estate Arranges $4.5M Sale of Jersey City Apartment Building

by Taylor Williams September 22, 2022

JERSEY CITY, N.J. — Locally based brokerage firm B6 Real Estate Advisors has arranged the $4.5 million sale of a 25-unit apartment building in Jersey City’s West Bergen neighborhood. The property comprises 20 one-bedroom units and five two-bedroom units. Titanium Capital Partners purchased the asset for an undisclosed price. Yanni Marmarou led the B6 Real Estate team that brokered the deal.

September 22, 2022

Acquisitions Illinois Industrial Midwest

Colliers Arranges Sale of 215,094 SF Industrial Building in Suburban Chicago

by Kristin Harlow September 22, 2022

FRANKLIN PARK, ILL. — Colliers has arranged the sale of a 215,094-square-foot industrial building in the Chicago suburb of Franklin Park for an undisclosed price. The property is located at 10600 W. Belmont Ave. along the southern edge of the Chicago O’Hare International Airport. Constructed in 1996, the building features a clear height of 24 feet. Jeff Devine and Steve Disse of Colliers represented the seller, James Campbell Co. LBA Logistics was the buyer.

September 22, 2022

Acquisitions Nevada Office Western

Kingsbarn Realty Capital Buys Six-Building Green Valley Corporate Center in Henderson, Nevada for $114.5M

by Amy Works September 22, 2022

HENDERSON, NEV. — Kingsbarn Realty Capital has acquired Green Valley Corporate Center, a six-building office portfolio totaling 347,015 square feet in Henderson. JMA Ventures and Blue Vista Capital Management sold the portfolio for $114.5 million. Tyler Ecklund, James Griffis, Brad Peterson, Darren Lemmon and Justin Witt of CBRE represented the seller in the deal. Green Valley Corporate Center North consists of three Class A office properties: 2275 Corporate Circle, a three-story, 68,444-square-foot building 2285 Corporate Circle, a two-story, 45,337-square-foot building 2370 Corporate Circle, a three-story, 69,208-square-foot building Green Valley Corporate Center South consists of three Class A office properties: 2475 Village View Drive, a two-story, 44,526-square-foot building 2485 Village View Drive, a three-story, 69,222-square-foot building 2495 Village View Drive, a two-story, 50,278-square-foot building

September 22, 2022

Acquisitions Development Loans Multifamily Nevada Western

LDK Ventures Receives $59.3M Acquisition Loan for Integra Peaks at Damonte Ranch Multifamily Development in Reno

by Amy Works September 22, 2022

RENO, NEV. — LDK Ventures has received a $59.3 million senior loan for the purchase of Integra Peaks at Damonte Ranch, a partially complete apartment property in Reno. PCCP provided the loan. Located at 875 Damonte Ranch Parkway, the community is approximately 75 percent complete, with final delivery slated for late March 2023. Totaling 300 units, Integra Peaks consists of five four-story, elevator-served residential buildings and 10 two-story, carriage-style buildings. The unit interiors feature vinyl plank flooring, vaulted ceilings on fourth-floor units, island kitchens, high-end energy efficient appliances, tiled showers and baths, LED lighting and private balconies with mountain views. Community amenities include a standalone clubhouse offering a fitness facility with separate yoga and spin rooms, a cybercafé, resort-style pool, cabanas, outdoor firepits and a dog park.

September 22, 2022

Acquisitions California Restaurant Retail Western

Newmark Brokers $45.2M Sale of Valley Central Shopping Center in Lancaster, California

by Amy Works September 22, 2022

LANCASTER, CALIF. — Newmark has arranged the sale of Valley Central, a community shopping center in Lancaster. The property traded for $45.2 million. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark led the transaction. Situated on more than 35 acres at 44400 Valley Central Way, Valley Central features 375,541 square feet of retail space. At the time of sale, the property was 68 percent occupied. Current tenants include Marshalls, Staples, Michaels, 99 Cents Only, Burlington, Planet Fitness, Five Below, Chuck E. Cheese, Black Angus Steakhouse, Party City, GameStop, Sola Salon Studios, Starbucks Coffee, Sport Clips, Sally Beauty Supply, America’s Tires, Jersey Mike’s Subs, Vans, Leslie’s Pool Supplies and Uptown Cheapstake.

September 22, 2022

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