Property Type

Greystar Acquires 352-Unit Cordoba Apartment Community in Phoenix

by Amy Works August 24, 2021

PHOENIX — Charleston, South Carolina-based Greystar has purchased Cordoba, a multifamily property located at 4520 E. Baseline Road in Phoenix, from Dallas-based Cordoba Apartments LLC for an undisclosed price. Cindy Cooke, Brad Cooke, Matt Roach and Chris Roach of Colliers in Arizona handled the transaction. Originally built in 1986 and renovated in 2018 through 2020, Cordoba features 352 apartments in a mix of one-, two- and three-bedroom layouts, averaging 740 square feet. At the time of sale, the property was 99 percent leased. The buyer plans to continue value-add renovations at the property.

August 24, 2021

Company News New Jersey New York Northeast Retail

Toys ‘R’ Us to Open 400 Stores Within Existing Macy’s Locations in 2022

by Taylor Williams August 24, 2021

NEW YORK CITY — WHP Global, the parent company of Toys ‘R’ Us, has entered into an agreement with Macy’s (NYSE: M) to open more than 400 toy stores within the department store chain’s existing locations across the country in 2022. In addition to physical merchandise, the new stores will feature interactive experiences and activation centers to enhance the experience for both children and parents. The Wayne, New Jersey-based toy retailer originally announced its intent to close or sell off all of its 700-plus U.S. stores in 2018. New York City-based WHP Global acquired the controlling stake of TruKids Inc., the former owner of Toys ‘R’ Us, in March with plans to reopen some stores.

August 24, 2021

Acquisitions Northeast Pennsylvania Retail

Paramount Realty Services Sells 500,000 SF Retail Power Center in Philadelphia

by Taylor Williams August 24, 2021

PHILADELPHIA — Paramount Realty Services has sold Northeast Town Center, a 500,000-square-foot retail power center located at 4600 Roosevelt Blvd. in northeast Philadelphia. Walmart and Home Depot anchor the property, which was originally built in 1996. Other tenants include Old Navy, Ross Dress for Less, DD’s Discount, PetSmart, Pep Boys and Dollar Tree. Brad Nathanson of Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the transaction. The buyer was not disclosed.

August 24, 2021

Acquisitions Massachusetts Northeast Retail

Marcus & Millichap Brokers $19.5M Sale of Shopping Center in Lynnfield, Massachusetts

by Taylor Williams August 24, 2021

LYNNFIELD, MASS. — Marcus & Millichap has brokered the $19.5 million sale of a 64,056-square-foot shopping center in Lynnfield, a northern suburb of Boston. The property consists of three buildings, including one that was built in 1991, remodeled in 2019 and is occupied by Christmas Tree Shops, as well as two others that were completed in 2018. Other tenants include Yankee Candle, Meraki Spa, Starbucks and East Boston Savings Bank. Glen Kunofsky, Josh Kanter and Anthony D’Ambrosia of Marcus & Millichap brokered the deal. The buyer and seller were not disclosed.

August 24, 2021

Industrial Leasing Activity Massachusetts Northeast

Metrie Signs 121,623 SF Industrial Lease Expansion in Northborough, Massachusetts

by Taylor Williams August 24, 2021

NORTHBOROUGH, MASS. — Metrie, a manufacturer and distributor of interior finishings, has signed a 121,623-square-foot industrial lease expansion at 301 Bartlett St. in Northborough, located in Worcester County. Bill Sullivan, Jon Pezzoni and Matt Walker of Avison Young represented the tenant, which originally occupied 58,123 square feet before expanding by an additional 65,000 square feet, in the lease negotiations. Colliers International represented the undisclosed landlord. Metrie will take occupancy of its expanded space in October.

August 24, 2021

Acquisitions Indiana Midwest Retail

Ziff Real Estate Sells Pyramid Place Shopping Center in Indianapolis for $10.6M

by Kristin Harlow August 24, 2021

INDIANAPOLIS — Ziff Real Estate Partners (ZRP) has sold Pyramid Place Shopping Center in Indianapolis for $10.6 million to an undisclosed buyer. The neighborhood shopping center is located at the intersection of Michigan Road and West 86th Street and features a gross leasable area of 51,974 square feet. The property was 86 percent occupied at the time of sale to tenants such as Five Guys, Einstein Bagels, Chicken Salad Chick, Qdoba and Tavel Eye Care. ZRP acquired the asset in 2015 from LNR Property LLC. Jordan Klink and Andrew Margulies of Marcus & Millichap’s The Klink Group represented Ziff in the sale.

August 24, 2021

Acquisitions Illinois Industrial Midwest

Venture One Acquires 179,508 SF Industrial Building in Niles, Illinois

by Kristin Harlow August 24, 2021

NILES, ILL. — Venture One Real Estate has acquired a 179,508-square-foot industrial building in Niles, about 15 miles northwest of Chicago. The purchase price was undisclosed. Located at 6900 Austin Ave., the property is fully leased to one tenant. Constructed in 1980, the building features a clear height of 21 feet, nine docks, one drive-in door, parking for 120 cars and 4,820 square feet of office space. Christopher Volkert of Colliers International represented the undisclosed seller. Venture One’s acquisition fund, VK Industrial V LP, is a partnership between Venture One and Kovitz Investment Group.

August 24, 2021

Acquisitions New Jersey Northeast Retail

JLL Negotiates $9M Sale of Retail Property in Downtown Newark

by Taylor Williams August 24, 2021

NEWARK, N.J. — JLL has negotiated the $9 million sale of a 62,275-square-foot retail property with redevelopment potential that is located at 727 Broad St. in one of downtown Newark’s Qualified Opportunity Zones. Michael Oliver, Marta Villa, Jose Cruz, Kevin O’Hearn and Steve Simonelli of JLL represented the undisclosed buyer and seller in the transaction.

August 24, 2021

Life Sciences Loans Michigan Midwest Office

Mag Mile Capital Arranges $7M Loan for Refinancing of Flex Office Property in Ann Arbor

by Kristin Harlow August 24, 2021

ANN ARBOR, MICH. — Mag Mile Capital has arranged a $7 million loan for the refinancing of a 128,000-square-foot flex office property located at 600 S. Wagner Road in Ann Arbor. An entrepreneurial community occupies the building. Members include professionals from startups and established companies across sectors such as life sciences, drug discovery, medical devices, alternative energy mobility, robotics and business development. The property includes wet labs, offices, production areas, collaborative spaces, warehouse storage, coworking areas and conference rooms. A regional credit union provided the recourse loan at an interest rate of 3.75 percent.

August 24, 2021

Acquisitions Illinois Midwest Retail

Brookline Brokers $3M Sale of Retail Center in Suburban Chicago

by Kristin Harlow August 24, 2021

OAK LAWN, ILL. — Brookline Real Estate has brokered the sale of Central Plaza in Oak Lawn, a southern suburb of Chicago, for $3 million. Anchor tenants of the 26,331-square-foot retail center include Family Dollar and Dunkin’. Dominick Cannata of Brookline represented the Florida-based seller. Mark Heidecke of Horvath & Tremblay represented the Texas-based buyer. Brookline also served as leasing agent and property manager prior to the sale and completed the stabilization of the property. The new owner will continue to retain Brookline as manager.

August 24, 2021

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