Acquisitions

KLNB Brokers $7.2M Sale of Kenwood Shopping Center in Metro Baltimore

by John Nelson March 9, 2023

ROSEDALE, MD. — KLNB has brokered the $7.2 million sale of Kenwood Shopping Center, a 90,961-square-foot retail center located at 6200 Hazelwood Ave. in Rosedale, a suburb of Baltimore. Pikesville, Md.-based America’s Realty and investment partners purchased the center from a private family that has owned the property since it was developed more than 40 years ago. Chris Burnham, Vito Lupo, Andy Stape and Jake Furnary of KLNB represented the seller in the transaction. Kenwood Shopping Center was 92 percent leased at the time of sale to tenants including Advance Auto Parts, Goodwill and a mix of service and food-and-beverage tenants.

March 9, 2023

131-Morristown-Road-Basking-Ridge-New-Jersey

Acquisitions New Jersey Northeast Office

Cushman & Wakefield Arranges Sale of 216,573 SF Office Complex in Basking Ridge, New Jersey

by Taylor Williams March 9, 2023

BASKING RIDGE, N.J. — Cushman & Wakefield has arranged the sale of a 216,573-square-foot office complex located at 131 Morristown Road in the Northern New Jersey community of Basking Ridge. The property consists of two interconnected buildings on a 34-acre site and offers a cafeteria, fitness center and landscaped central courtyard. David Bernhaut, Gary Gabriel, Kyle Schmidt, Frank DiTommaso, Andy Schwartz, Jordan Sobel, Andre Balthazard and Bill Baunach of Cushman & Wakefield represented the undisclosed seller in the transaction. The team also procured the buyer, Adoni Property Group. Additionally, Cushman & Wakefield has been retained as the leasing agent.

March 9, 2023

Acquisitions Connecticut Life Sciences Northeast

Colliers Brokers Sale of 28,126 SF Life Sciences Building in Branford, Connecticut

by Taylor Williams March 9, 2023

BRANFORD, CONN. — Colliers has brokered the sale of a 28,126-square-foot life sciences building located at 15 Commercial St. in the southern coastal Connecticut city of Branford. The sales price was $5 million. The building was built on 4.4 acres in 1979 and was fully leased to biotechnology firm Ancera Inc. at the time of sale. John Cafasso and Ian Hunt of Colliers represented the undisclosed seller in the transaction. The buyer was also not disclosed.

March 9, 2023

Acquisitions Midwest Missouri Multifamily Northmarq

Northmarq Arranges Sale of 456-Unit Multifamily Community in Kansas City

by Kristin Harlow March 9, 2023

KANSAS CITY, MO. — Northmarq has arranged the sale of Timberlane Village in Kansas City for an undisclosed price. Built in 1987, the 456-unit multifamily community consists of 40 buildings across 27 acres. Units range from 704 to 1,253 square feet. Amenities include a pool, tennis court, fitness center, sauna, clubhouse, covered parking and green space. Gabe Tovar, Jeff Lamott, Parker Stewart and Dominic Martinez of Northmarq represented the seller, the property’s original developer. Daniel Stickane of Northmarq arranged acquisition financing on behalf of the buyer, Venterra Realty. The Fannie Mae loan features a fixed interest rate. The transaction marks the first time the property was on the market and the first acquisition for Venterra in the Kansas City market.

March 9, 2023

Acquisitions Iowa Midwest Multifamily

ARTISAN Capital Group Acquires 192-Unit Apartment Complex in West Des Moines

by Kristin Harlow March 9, 2023

WEST DES MOINES, IOWA — ARTISAN Capital Group (ACG) and its partner Eastham Capital have acquired Cambridge Court Apartments in West Des Moines for an undisclosed price. Built in 1992, the 192-unit apartment complex features a clubhouse, fitness center, dog park and pools. ACG’s management vertical, ARTISAN Management Group, will oversee property operations. ACG plans to renovate apartment units beginning this spring. ACG assumed the current agency financing, which features an interest rate that is below current market rates. Chicago-based ACG maintains a regional office in Des Moines and a portfolio of nearly 6,000 apartment units in the Midwest. Parker Stewart and Anthony Martinez of Northmarq represented the seller, CRES Management.

March 9, 2023

Acquisitions Office Texas

Newmark Brokers Sale of 274,010 SF Office Building in Downtown Dallas

by Taylor Williams March 8, 2023

DALLAS — Newmark has brokered the sale of Founders Square, a 274,010-square-foot office building located at 900 Jackson St. in downtown Dallas. The building was originally constructed in 1914 and most recently renovated in 2016, according to LoopNet Inc. Gary Carr, Chris Murphy, Robert Hill and Chase Tagen of Newmark represented the seller, Taiwanese investment firm Fidelity Commercial, in the transaction. The buyer was locally based investment firm Charter Holdings.

March 8, 2023

Acquisitions Illinois Midwest Retail

Mid-America Negotiates Sale of 211,190 SF Retail Center in Waukegan, Illinois

by Kristin Harlow March 8, 2023

WAUKEGAN, ILL. — Mid-America Real Estate Corp. has negotiated the sale of Waukegan Plaza in the Chicago suburb of Waukegan for an undisclosed price. The 211,190-square-foot retail center is 89 percent leased to tenants such as Ross Dress for Less, Burlington, dd’s Discounts, rue21, Shoe Carnival, Family Dollar, GameStop, Subway, USPS and Aaron’s Rental. Joe Girardi and Emily Gadomski of Mid-America represented the private seller. The asset sold to a West Coast-based 1031 exchange investor.

March 8, 2023

Acquisitions Illinois Midwest Retail

Ashkenazy Acquisition Corp. Buys 200,000 SF Shopping Center in Chicago

by Kristin Harlow March 8, 2023

CHICAGO — Ashkenazy Acquisition Corp. (AAC) has purchased Gateway Centre in Chicago for an undisclosed price. The roughly 200,000-square-foot shopping center is located at 7507 N. Clark St. and is 93 percent leased to tenants such as Jewel-Osco, Marshalls and LA Fitness. George Good of CBRE represented the seller, Stockbridge. AAC was represented in-house in the transaction. AAC is a New York City-based private real estate investment firm focusing on retail, hotel and office assets located throughout the United States and Canada.

March 8, 2023

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of 68,279 SF Warehouse in Vernon Hills, Illinois

by Kristin Harlow March 8, 2023

VERNON HILLS, ILL. — Colliers has brokered the sale of a 68,279-square-foot industrial warehouse in the Chicago suburb of Vernon Hills for an undisclosed price. Built in 1996 and located at 220 N. Fairway Drive, the property features eight interior loading docks, one drive-in door, six trailer parking stalls and 75 car parking stalls. There is also 7,390 square feet of office space. Ned Frank and Pat Hake of Colliers represented the undisclosed seller. Justin Lerner, Joe Karmin and Ross Lehrman of Transwestern represented the buyer, frozen pizza maker Roncadin.

March 8, 2023

Acquisitions Indiana Midwest Retail

Marcus & Millichap Arranges $2.9M Sale of Retail Property in Granger, Indiana

by Kristin Harlow March 8, 2023

GRANGER, IND. — Marcus & Millichap has arranged the $2.9 million sale of a 17,539-square-foot retail property in Granger, a city in northern Indiana. Dunkin’ is the anchor tenant. Mitchell Kiven of Marcus & Millichap represented the seller, Cloverleaf Real Estate Group, an investment fund headquartered in Northbrook, Ill. Kiven also secured and represented the buyer, a LaPorte, Ind.-based private investor. Dean Giannakopoulos and Frank Montalto of Marcus & Millichap Capital Corp. arranged acquisition financing on behalf of the buyer. The asset sold at full asking price.

March 8, 2023

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