Property Type

Partners Supply Chain Solutions Signs 50,007 SF Industrial Lease in Carol Stream, Illinois

by Kristin Harlow July 1, 2022

CAROL STREAM, ILL. — Partners Supply Chain Solutions (PSCS) has signed a 50,007-square-foot industrial lease at 189 Easy St. in the Chicago suburb of Carol Stream. The lease represents a 25 percent increase in space from the company’s current location at 171 Gary St. in Carol Stream. PSCS expects to take occupancy of its new space in August. Built in 1996, the property spans 75,538 square feet and features 10 docks. Jay Cook of Cresa represented PSCS, which operates bulk and rail operations in more than 1 million square feet in Elmwood. The Carol Stream facility will serve as its specialized operations center, housing food and pharmaceuticals and high-value inventory. Philadelphia-based EQT Exeter owns the building.

July 1, 2022

Acquisitions Illinois Midwest Retail

Baum Realty Arranges $3.8M Sale of Retail Center in Streamwood, Illinois

by Kristin Harlow July 1, 2022

STREAMWOOD, ILL. — Baum Realty Group LLC has arranged the sale of the Emerald Hills Shopping Center in the Chicago suburb of Streamwood for $3.8 million. The 20,604-square-foot property, located on South Sutton Road, is fully leased to local and national retailers. Patrick Forkin of Baum represented the seller, a family office. The center was encumbered by a CMBS loan, which the undisclosed buyer assumed at closing.

July 1, 2022

Acquisitions Multifamily Texas

Walker & Dunlop Brokers Sale of 200-Unit Multifamily Property in Richwood, Texas

by Taylor Williams July 1, 2022

RICHWOOD, TEXAS — Walker & Dunlop has brokered the sale of East Bank at Richwood Village, a 200-unit multifamily property located south of Houston in Brazoria County. According to Apartments.com, the property offers one-, two- and three-bedroom units and a pool, fitness center, business center and a resident clubhouse. Ryan Epstein and Jennifer Ray of Walker & Dunlop represented the seller, Pensam Capital, in the transaction.

July 1, 2022

Acquisitions Industrial Texas

Realterm Acquires 186,344 SF Distribution Center Leased to Amazon in Arlington

by Taylor Williams July 1, 2022

ARLINGTON, TEXAS — Global investment manager Realterm has acquired a 186,344-square-foot distribution center in Arlington that is leased to Amazon on a triple-net basis. The facility was originally built on 15.5 acres in 1987 and was upgraded in 2020 to support last-mile distribution. Building features now include 29-foot clear heights, 10 dock-high doors and 338 van parking spaces. John Huguenard, Dustin Volz, Trent Agnew, Stephen Bailey, Dom Espinosa, Zach Riebe and Megan Babovec of JLL represented the seller, Oxford Properties, in the transaction.

July 1, 2022

Acquisitions Office Texas

Coldwell Banker Arranges Sale of 116,000 SF Office Building in Lubbock

by Taylor Williams July 1, 2022

LUBBOCK, TEXAS — Coldwell Banker Commercial has arranged the sale of Pyramid Plaza, a 116,000-square-foot office building in Lubbock. A locally based investment group doing business as Pyramid Plaza Office Building LP purchased the building for an undisclosed price with plans to implement a value-add program. Jordan Wood and Taylor Tucker of Coldwell Banker represented the buyer in the transaction. Scott Womack and Darrell Betts of Avison Young represented the seller, Gemini Rosemont Real Estate.

July 1, 2022

Acquisitions Life Sciences Massachusetts Northeast

Diversified Healthcare Trust Sells Stake in Boston Life Sciences Complex for $108M

by Taylor Williams July 1, 2022

BOSTON — Diversified Healthcare Trust (NASDAQ: DHC) has sold a 10 percent equity interest in a two-building life sciences complex located at 11 Fan Pier and 50 Northern Ave. in Boston’s Seaport District for $108 million. The property comprises two 15-story buildings with a combined 1.1 million square feet of lab, office and retail space. The locally based REIT, which still owns another 10 percent stake, sold its interest to an existing joint venture partner that now owns 45 percent of the property. Diversified Healthcare Trust intends to use the proceeds from the sale to fund capital expenditures, reduce outstanding indebtedness and address other general business needs. At the time of sale, the property was 95 percent leased to Vertex Pharmaceuticals.

July 1, 2022

Civic Development Loans New Jersey Northeast

Progress Capital Places $54.5M Construction Loan for Newark Educational Project

by Taylor Williams July 1, 2022

NEWARK, N.J. — Locally based mortgage banking and advisory firm Progress Capital has placed a $54.5 million construction loan for an educational project in Newark. The borrower, an entity doing business as 155 Jefferson LLC, plans to redevelop the site of the former St. James Hospital, which has been vacant for 15 years, into a 179,100-square-foot specialized higher learning center. Specifically, the new facility will support students studying architecture, computer-aided design and construction technology, as well as students who have opted for traditional trade programs. Completion is slated for July 2023. David May and Evan Boles of Progress Capital arranged the financing. The direct lender was not disclosed.

July 1, 2022

Cliffside-Apartments-Sunderland-Massachusetts

Loans Massachusetts Multifamily Northeast

Eastern Union Arranges $39M Agency Loan for Refinancing of Multifamily Property in Sunderland, Massachusetts

by Taylor Williams July 1, 2022

SUNDERLAND, MASS. — New York-based Eastern Union has arranged a $39 million Fannie Mae loan for the refinancing of The Cliffside Apartments, a 280-unit multifamily property in Sunuderland, located in the central part of Massachusetts. The property was built in 1976 and offers one-, two-, three- and four-bedroom units, as well as townhouses, with an average size of 532 square feet. Michael Muller of Eastern Union arranged the floating-rate loan on behalf of the undisclosed borrower as part of a portfolio transaction that included a $44.8 million loan for a 256-unit property in nearby Amherst. Newmark originated the financing via its status as a Fannie Mae Delegated Underwriting & Servicing (DUS) lender.

July 1, 2022

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 234-Unit Multifamily Portfolio in New Haven Area

by Taylor Williams July 1, 2022

NEW HAVEN AND HAMDEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of a portfolio of three multifamily properties totaling 234 units in the New Haven area. The 123-unit Liberty Building was converted into an apartment complex in 1999 and is located in the city’s downtown area. Hamden Centre and Dogwood Hill Apartments, located in nearby Hamden, were both built in the 1970s and respectively total 65 and 46 units. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, Beachwold Residential, in the transaction and procured the buyer, Cue Residential.

July 1, 2022

Industrial Leasing Activity New Jersey Northeast

Showman Fabricators Signs 78,000 SF Industrial Lease in Fairfield, New Jersey

by Taylor Williams July 1, 2022

FAIRFIELD, N.J. — Custom metal products provider Showman Fabricators has signed a 78,000-square-foot industrial lease at 15 Law Drive in the Northern New Jersey community of Fairfield. The newly renovated facility features a clear height of 18 feet and four loading docks. Chuck Fern, Thomas Tucci, Torsten Thaler and Natalie Gorga of Cushman & Wakefield represented both Showman Fabricators and the landlord, The STRO Cos., in the lease negotiations.

July 1, 2022

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