Acquisitions

Avanath Capital Management Buys Brooklyn Apartment Building for $101.2M

by Taylor Williams January 23, 2023

NEW YORK CITY — California-based investment firm Avanath Capital Management has purchased 7 Dekalb, a 251-unit apartment building in Brooklyn, for $101.2 million. The 18-story building, which features mix of market-rate and affordable housing units, is located within the City Point mixed-use development. Amenities include a fitness center, rooftop deck, children’s play area, tenant lounge and a cinema room. Newmark represented the seller, The Brodsky Organization, in the transaction. Avanath plans to introduce new social services programs for residents, including afterschool care, professional development workshops and health classes.

January 23, 2023

Acquisitions Industrial Massachusetts Northeast

Berkeley Partners Acquires 215,575 SF Warehouse in Mansfield, Massachusetts

by Taylor Williams January 23, 2023

MANSFIELD, MASS. — Locally based investment firm Berkeley Partners has acquired a 215,575-square-foot warehouse in the southern Boston suburb of Mansfield. At the time of sale, the building was fully leased to an affiliate of global automotive manufacturer Stellantis, which also owned the facility and has agreed to lease back the space. Michael Restivo, Joe Fabiano, Dave MacDonald and Lenny Pierce of JLL negotiated the sale-leaseback. Brett Paulsrud, also with JLL, arranged acquisition financing for the deal.

January 23, 2023

Acquisitions Industrial New Jersey Northeast

Terreno Realty Corp. Sells Northern New Jersey Industrial Property for $25M

by Taylor Williams January 23, 2023

SOMERSET, N.J. — San Francisco-based investment firm Terreno Realty Corp. has sold an 86,000-square-foot industrial property located in the Northern New Jersey community of Somerset for $25 million. The property at 70 Schoolhouse Road sits on seven acres and was fully leased to a single tenant at the time of sale. Dan Badenhausen and Andrew Stypa of Lee & Associates represented the seller and procured the undisclosed buyer in the transaction.

January 23, 2023

Acquisitions Hospitality New York Northeast

JLL Negotiates Sale of 66-Room Boutique Hotel in Manhattan’s Seaport District

by Taylor Williams January 23, 2023

NEW YORK CITY — JLL has negotiated the sale of Mr. C Seaport, a 66-room boutique hotel in Manhattan’s Seaport District. The property reopened in 2018 following a renovation that converted the hotel from 72 rooms to 66. Jeffrey Davis, Stephany Chen and Harry Keeshan of JLL represented the seller, Atlantic Pearl Investments Inc., in the transaction. The buyer and sales price were not disclosed.

January 23, 2023

Acquisitions Illinois Midwest Retail

Mid-America Brokers Sale of 17,343 SF Retail Property in Chicago’s River North

by Kristin Harlow January 23, 2023

CHICAGO — Mid-America Real Estate Corp. has brokered the sale of Huron & Wells, a 17,343-square-foot retail property in Chicago’s River North neighborhood. The sales price was undisclosed. A newly renovated CVS store anchors the property. Additional tenants include aesthetic dermatology clinic Laser Away, Japanese restaurant Cocoro and fitness concept Vibez Fit. Joe Girardi and Emily Gadomski of Mid-America represented the Chicago-based private seller. Josh York of Syndicated Equities represented the California-based 1031 exchange buyer.

January 23, 2023

Acquisitions Indiana Midwest Northmarq Retail

Northmarq Arranges $5.2M Sale of Retail Center in Southwest Indiana

by Kristin Harlow January 23, 2023

VINCENNES, IND. — Northmarq has arranged the $5.2 million sale of Kimmell Crossing, a 44,962-square-foot retail center in Vincennes, a city in Southwest Indiana. Located on Kimmell Road and built in 1997, the property was fully leased to 10 tenants at the time of sale. Some of the tenants include Dollar Tree, Maurices, Sally Beauty Supply, T-Mobile and CATO. Ryan Roedersheimer of Northmarq represented the seller, DPPM Management, which acquired the asset in early 2022 from Regency Properties. A local investor completing a 1031 exchange was the buyer.

January 23, 2023

Acquisitions Colorado Restaurant Retail Western

Westwood Financial Buys 225,224 SF Shops at Walnut Creek in Denver

by Amy Works January 23, 2023

DENVER — Westwood Financial has purchased The Shops at Walnut Creek, a community shopping center in Denver. InvenTrust Properties sold the asset for an undisclosed amount. At the time of sale, the 225,224-square-foot property was 94 percent occupied. Current tenants include TJ Maxx, HomeGoods, PetSmart, Michaels, Old Navy, Dollar Tree, Qdoba, Buffalo Wild Wings, Massage Envy, LensCrafters, Sephora and Lash Lounge. Brad Lyons of CBRE | National Retail Partners represented the seller in the deal.

January 23, 2023

7402-7410-SE-Johnson-Creek-Blvd-Portland-OR

Acquisitions Industrial Oregon Western

Norris & Stevens Negotiates $7.6M Sale of Mt. Scott Industrial Park in Portland, Oregon

by Amy Works January 23, 2023

PORTLAND, ORE. — Norris & Stevens has arranged the sale of Mt. Scott Industrial Park, an industrial asset located at 7402-7410 SE Johnson Creek Blvd. in Portland. Frith Investments 3 acquired the asset from Mt. Scott Industrial Park LLC for $7.6 million. Nick Chessar and Scott Finney of Portland-based Norris & Stevens represented the seller, while Tyler Dean of Macadam Forbes represented the buyer in the transaction. Constructed in 1971 and 1976 on 3.6 acres, the 35,000-square-foot industrial park features office space in each suite, 48 parking spaces, eight grade-level doors and eight drive-in doors. Mt. Scott Industrial Park was 100 percent occupied at the time of sale.

January 23, 2023

Acquisitions Arizona Office Western

Cushman & Wakefield | PICOR Brokers $3M Sale of Medical Office Space in Tucson, Arizona

by Amy Works January 23, 2023

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of an 11,960-square-foot office space at Oracle-Ina Professional Plaza located at 7490 N. Oracle Road in Tucson. MCP Tucson Endo LLC acquired the asset from Oracle Medical Plaza II LLC for $3 million. Richard Kleiner and Thomas Nieman of Cushman & Wakefield | PICOR represented the seller, while Larry Serota and CeCe Conway of Transwestern represented the buyer in the deal.

January 23, 2023

Acquisitions Florida Retail Southeast

Fairway Purchases 64,441 SF Shopping Center in Tampa Suburb

by John Nelson January 20, 2023

LUTZ, FLA. — Birmingham, Ala.-based Fairway Investments has acquired Livingston Market Place, a 64,441-square-foot shopping center located in the northern Tampa suburb of Lutz. Situated on 32.8 acres at 2701-2801 E. County Line Road, the property is anchored by Publix. Other tenants at the center, which was completed in 2022 and fully leased at the time of sale, include Heartland Dental, Papa John’s, Prime Barber and 40 Thieves Irish Pub. Bryan Belk and John Tennant of Franklin Street arranged the sale on behalf of the seller/developer, a partnership between Tampa-based Dunphy Development and Atlanta-based Batson-Cook Development Co. The sales price was not disclosed.

January 20, 2023

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