Property Type

Tauro Capital Advisors Arranges $15M Acquisition Loan for Summit on Thomas Apartments in Phoenix

by Amy Works October 3, 2022

PHOENIX — Tauro Capital Advisors has secured a $15 million acquisition loan for a value-add multifamily community in Phoenix. Patrick O’Donnell of Tauro Capital’s Scottsdale office negotiated the financing . Karl Abert and Bret Zinn of Kidder Mathews represented the buyer, Summit on Thomas, while Bill Hahn of Northmarq represented the seller, Rise Thomas LLC (Rise48 Equity), in the acquisition. The two-story apartment complex is located at 2735 E . Thomas Road. Formerly Rise on Thomas, the community has been rebranded to Summit on Thomas. The purchase price was $21 million. Built in 1967, 44 of 100 units were renovated at time of sale. The property features two pool areas with built-in barbecues, two workout rooms and communal patio space. Future plans include renovating the remaining 56 units and continuing improvements across the common areas. All units will have in-unit washers/dryers once renovations are complete.

October 3, 2022

Acquisitions Industrial Massachusetts Northeast

JLL Negotiates $36M Sale-Leaseback of Metro Boston Cold Storage Facility

by Taylor Williams October 3, 2022

HAVERHILL, MASS. — JLL has negotiated the $36 million sale-leaseback of a 108,689-square-foot cold storage facility located on the northern outskirts of Boston in Haverhill. Building features include clear heights of 27 to 40 feet, 12,000 pallet positions, 21 dock-high doors and 6,000 square feet of office space. Michael Restivo, Lenny Pierce and David Coffman of JLL represented the seller, an entity doing business as CF Cold Storage LLC, in the transaction. An affiliate of Cold Scout Storage purchased the facility and will lease it back to the seller on a short-term basis.

October 3, 2022

Acquisitions California Industrial Western

DAUM Brokers Acquisition of 38,233 SF Industrial Building in Long Beach, California

by Amy Works October 3, 2022

LONG BEACH, CALIF. — DAUM Commercial Real Estate Services has arranged the sale of an industrial distribution property located at 3221 E. 59th St. in Long Beach. Metra Electronics sold the asset to a high-net-worth private investor for more than $11 million. Michael Collins and Dustin Hullinger of DAUM’s Capital Markets Group represented the buyer, while Brian Held and Rob Flores of CBRE represented the seller in the deal. Constructed in 1970 on nearly two acres, the 38,233-square-foot building features 22-foot warehouse ceiling heights, three dock-high truck positions and grade-level loading. Additionally, the property is fully fenced and secure and provides ample truck parking and storage area.

October 3, 2022

Acquisitions Healthcare New Jersey Northeast

Cushman & Wakefield Brokers $16M Sale of Northern New Jersey Medical Office Building

by Taylor Williams October 3, 2022

CLIFTON, N.J. — Cushman & Wakefield has brokered the $16 million sale of a 62,535-square-foot medical office building located in the Northern New Jersey community of Clifton. Frank DiTommaso, David Bernhaut, Gary Gabriel and Max Helfman of Cushman & Wakefield represented the seller, First Equity Development Co., in the transaction. The buyer was a joint venture between Florida-based Rendina Healthcare Real Estate and Artemis Partners. At the time of sale, the property was fully leased to 10 tenants.

October 3, 2022

Acquisitions Colorado Net Lease Retail Western

Blue West Capital Negotiates $4.4M Sale of Firestone-Occupied Property in Colorado Springs

by Amy Works October 3, 2022

COLORADO SPRINGS, COLO. — Blue West Capital has brokered the sale of a single-tenant, net-leased retail building located at 1358 Republic Drive in Colorado Springs. A private REIT sold the asset to a Florida-based investor for $4.4 million. Firestone Complete Auto Care occupies the 6,116-square-foot building, which was constructed in 2021, on a long-term, absolute triple-net lease that includes rental increases every five years. Brandon Gayeski and Zach Wright of Blue West Capital represented the seller in the transaction.

October 3, 2022

Acquisitions Multifamily New York Northeast

Sapphire Acquisitions Buys Manhattan Residential Building for $6.7M

by Taylor Williams October 3, 2022

NEW YORK CITY — Sapphire Acquisitions has purchased a single-room occupancy (SRO) residential building located at 342 W. 71st St. on Manhattan’s Upper West Side for $6.7 million. The property houses 126 units, equating to a sales price of roughly $53,000 per unit. Michael Ferrara and Alan Stenson of Brax Realty represented the seller, Riverside Studios, in the off-market transaction and procured Sapphire Acquisitions as the buyer.

October 3, 2022

Acquisitions Midwest Minnesota Retail

CBRE Negotiates Sale of 446,308 SF Retail Power Center in Roseville, Minnesota

by Kristin Harlow October 3, 2022

ROSEVILLE, MINN. — CBRE has negotiated the sale of Har Mar Mall in Roseville, a suburb just north of the Twin Cities. The sales price was undisclosed. Located at 2100 Snelling Ave., the retail power center spans 446,308 square feet and is home to tenants such as Cub Foods, Burlington, Barnes & Noble, Marshalls, HomeGoods, Michaels and K&G Fashion Superstore. CBRE represented the seller, Clarion Partners. Fidelis was the buyer.

October 3, 2022

Indiana Leasing Activity Midwest Retail

Kinship PACE of Indiana Signs Leases for Two New Locations in Jeffersonville, Kokomo

by Kristin Harlow October 3, 2022

JEFFERSONVILLE AND KOKOMO, IND. — Kinship PACE of Indiana LLC has signed two 15-year leases for new locations in Jeffersonville and Kokomo. The tenant will occupy 16,261 square feet within Jeffersonville’s Youngstown shopping center and 14,056 square feet within Kokomo’s Southway Plaza shopping center. PACE stands for Program of All-Inclusive Care for the Elderly. Donna Korn and Beau Ladwig of Cushman & Wakefield along with E.P. Scherer of Cushman & Wakefield/Commercial Kentucky represented PACE in the Jeffersonville lease. Pearson 2016 Equity Inc. owns Youngstown. Korn and Ladwig, along with colleague Gerry Dick, represented the tenant in the Kokomo lease. Southway Plaza LLC is the landlord for the property.

October 3, 2022

Acquisitions Illinois Midwest NAI Retail

NAI Miami Arranges $4M Sale of Former Midas Total Car Care Center in Chicago

by Kristin Harlow October 3, 2022

CHICAGO — NAI Miami has arranged the sale of a former Midas Total Car Care center located at 158 W. Grand Ave. in Chicago for $4 million. Jeremy Larkin and Joseph Gallaher of NAI Miami, along with Elan Rasansky and Al Rodenbostel of ARC Real Estate Group, represented the seller, TBC Corp. The buyer, Friedman Properties Ltd., developed the adjacent Moxy Hotel. The sales price equates to roughly $470 per square foot.

October 3, 2022

Acquisitions Illinois Industrial Midwest

Cawley Chicago Brokers Sale of 31,000 SF Industrial Building in Gurnee, Illinois

by Kristin Harlow October 3, 2022

GURNEE, ILL. — Cawley Chicago has brokered the sale of a 31,000-square-foot industrial building in Gurnee, a city in Northeast Illinois. The sales price was undisclosed. The property is located at 3940 Tannahill Drive. Dustin Albers, Andrew Maletich and Matt Garland of Cawley Chicago represented the buyer, Imperial Lubes, which is relocating and expanding its operations from Elk Grove Village. Marc Samuels of Cushman & Wakefield represented the undisclosed seller.

October 3, 2022

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