Acquisitions

Marcus & Millichap Brokers $10.5M Sale of Historic Multifamily Property in Chicago

by Kristin Harlow November 30, 2022

CHICAGO — Marcus & Millichap has brokered the sale of a 25-unit multifamily property in Chicago’s Streeterville neighborhood for $10.5 million. The property at 227 E. Walton Place rises 13 stories. Designed by Chicago architect Harry Weese, the building was completed in 1956 and designated a Chicago landmark in 2012. Of the 25 units, 24 have been updated, mostly in the last three years. Kyle Stengle, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, Brad Management, which previously worked with the same brokerage team to acquire the property through a condo deconversion in 2018. The buyer, Altitude Capital Partners, plans to modernize the common areas.

November 30, 2022

Acquisitions Industrial Midwest Minnesota

CBRE Arranges Sale of 177,153 SF Distribution Center in Burnsville, Minnesota

by Kristin Harlow November 30, 2022

BURNSVILLE, MINN. — CBRE has arranged the sale of the DuPont Distribution Center in Burnsville, about 15 miles south of downtown Minneapolis. The sales price was undisclosed. The 177,153-square-foot industrial property is fully occupied by four tenants and features fenced and paved outdoor storage. Judd Welliver and Bentley Smith of CBRE represented the seller, Biynah Industrial Partners LLC. Sterling Management was the buyer.

November 30, 2022

Acquisitions Illinois Midwest Multifamily

Peak Realty Chicago Brokers $2.7M Sale of Apartment Building

by Kristin Harlow November 30, 2022

CHICAGO — Peak Realty Chicago (PRC) has brokered the sale of a six-unit apartment building in Chicago’s Logan Square neighborhood for $2.7 million. The sales price marks the highest price per unit in the submarket, according to CoStar. A private investor purchased the property, which is located at 2852-54 W. Shakespeare Ave. and has been renovated within the last five years. Oren Pollack of PRC brokered the transaction. At the time of sale, the building was managed by PRC’s affiliate, Peak Properties LLC.

November 30, 2022

Acquisitions Industrial Midwest Minnesota NAI

NAI Arranges $2.4M Sale of Industrial Building in Rogers, Minnesota

by Kristin Harlow November 30, 2022

ROGERS, MINN. — NAI Legacy and NAI Sioux Falls have arranged the $2.4 million sale of a 40,656-square-foot industrial building in Rogers, a northwest suburb of Minneapolis. The multi-tenant property is located at 21040 Commerce Blvd. and sits on three acres. Michael Houge of NAI Legacy and Troy Fawcett of NAI Sioux Falls brokered the transaction. Buyer and seller information was not provided. The existing tenants are now governed by a master lease.

November 30, 2022

Acquisitions Arizona Multifamily Western

Avanti Residential, FCP Acquire 382-Unit Omnia on Thomas Multifamily Property in Phoenix

by Amy Works November 30, 2022

PHOENIX — Avanti Residential, in partnership with FCP, has purchased Omnia on Thomas, a multifamily community in Phoenix, for $65 million. The name of the seller was not released. Located at 1645 E. Thomas Road, Omnia on Thomas features 382 apartments in a mix of studio, one- and two-bedroom layouts, four swimming pools, a fitness center and five electric vehicle charging stations. The partnership plans to spend approximately $12,000 per unit on capital improvements.

November 30, 2022

Acquisitions California Multifamily Western

Kidder Mathews Brokers $13.7M Sale of Union 5 Apartments in Long Beach, California

by Amy Works November 30, 2022

LONG BEACH, CALIF. — Kidder Mathews has arranged the sale of Union 5 Apartments in Long Beach. The asset traded for $13.7 million. The names of the seller and buyer were not released. Darin Beebower and Mark Ventre of Kidder Mathews handled the transaction. Located at 1821-27 E. 5th St., the 25,056-square-foot property features 34 apartments. Built in 1960, Union 5 was renovated in 2018.

November 30, 2022

Acquisitions Hospitality Illinois Midwest Top Stories

Hyatt Agrees to Acquire Dream Hotel Group for $125M

by Kristin Harlow November 30, 2022

CHICAGO — Chicago-based Hyatt Hotel Corp. (NYSE: H) has agreed to acquire Dream Hotel Group’s lifestyle hotel brand and management platform, including the Dream Hotels, The Chatwal Hotels and Unscripted Hotels brands. Upon closing, Hyatt will pay a base purchase price of $125 million, plus up to an additional $175 million over the next six years as new developments open. The acquisition includes a portfolio of 12 managed or franchised lifestyle hotels, with another 24 signed long-term management agreements for hotels expected to open in the future. The acquisition will add more than 1,700 rooms to Hyatt’s lifestyle portfolio and increase Hyatt’s room count in New York City by more than 30 percent. Hyatt says that Dream Hotel Group properties are known for their vibrant dining and nightlife experiences, including restaurants, entertainment venues and exclusive night clubs. The acquisition will extend Hyatt’s footprint in markets such as Nashville, Tenn.; Los Angeles; Miami; Durham, N.C.; several locations in New York City; and one in the Catskill Mountains of Upstate New York. Signed contracts include additional destinations such as Las Vegas, the island of Saint Lucia in the Caribbean and Doha, Qatar. The transaction is expected to close in the coming months, …

November 30, 2022

Acquisitions Industrial Texas

CBRE Negotiates Sale of 900,000 SF Industrial Complex in Lewisville, Texas

by Taylor Williams November 29, 2022

LEWISVILLE, TEXAS — CBRE has negotiated the sale of Bison Grove Business Park, a 900,000-square-foot industrial complex located in the northern Dallas suburb of Lewisville. The development consists of four buildings on a 62-acre site that were 78 percent leased at the time of sale. Building features include 32-foot clear heights and ESFR sprinkler systems. The buyer, Chicago-based investment and development firm CenterPoint Properties, also plans to add speculative office space. Randy Baird led the transaction for CBRE. The seller was not disclosed.

November 29, 2022

Acquisitions Office Texas

Vertical Ventures Acquires 233,110 SF Office Portfolio in Dallas

by Taylor Williams November 29, 2022

DALLAS — California-based investment firm Vertical Ventures has acquired the DFW Financial Services Office Portfolio, a duo of buildings totaling 233,110 square feet in Dallas. The buildings are located at 4950 Amon Carter Blvd. and 14800 Trinity Blvd. in the CentrePort submarket. Mike Hardage, Brooks Creech and Angela Heidman of Transwestern brokered the deal. The seller was not disclosed.

November 29, 2022

Acquisitions Retail Southeast

Legacy Realty Group Advisors Brokers $53M Sale of 37-Property Dollar General Portfolio in the Southeast

by John Nelson November 29, 2022

NEW YORK CITY — Legacy Realty Group Advisors LLC has arranged the sale of a portfolio comprising 37 Dollar General-occupied stores located in the Southeast. An undisclosed net-lease REIT acquired the properties from a privately held real estate developer for $53 million. Jacob Baruch and Daniel Baruch of Legacy Realty represented both parties in the transaction. Legacy Realty is a commercial real estate advisory firm based out of New York that specializes in off-market transactions across the United States.

November 29, 2022

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