Property Type

Kiser Group Brokers $16M Condo Deconversion Sale in Arlington Heights, Illinois

by Kristin Harlow August 26, 2021

ARLINGTON HEIGHTS, ILL. — Kiser Group has brokered the condo deconversion sale of Timber Court in Arlington Heights for $16 million. A Chicago-based apartment investor acquired the 72-unit property, which is located at 3400 N. Old Arlington Heights Road. Ron Plonis, Lee Kiser and Jeff Leibovich of Kiser represented both the condo association and the buyer in the transaction. Ray Cahnman served as president of the board of directors for the condo association and was also one of the original developers of the project, which was built in 2007. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

August 26, 2021

Acquisitions Industrial Midwest South Dakota

Marcus & Millichap Arranges Sale of 333,346 SF Industrial Building in South Dakota

by Kristin Harlow August 26, 2021

ABERDEEN, S.D. — Marcus & Millichap has arranged the sale of a 333,346-square-foot single-tenant manufacturing facility in Aberdeen for an undisclosed price. Built in 2007, the property sits on 54 acres at 1401 Brown County 19 North. The tenant, Molded Fiber Glass Cos., announced it would not be renewing its lease during escrow. Adam Abushagur and Tyler Sharp of Marcus & Millichap represented the seller, a private REIT. The duo also procured the buyer, an out-of-state private investment group.

August 26, 2021

Acquisitions Industrial Midwest Ohio

Stull Woodworks Acquires 46,000 SF Industrial Facility in Troy, Ohio

by Kristin Harlow August 26, 2021

TROY, OHIO — Stull Woodworks, a family-owned architectural millwork company, has acquired a 46,000-square-foot industrial facility in Troy, nearly 20 miles north of Dayton. The property, located at 155 Marybill Drive, is roughly three times the size of Stull’s current headquarters in Troy. Tim Echemann of Industrial Property Brokers represented both Stull and the undisclosed seller. Stull plans to be up and running in the new facility by the end of October. Stull produces architectural millwork for courthouse interiors, restaurants, retail spaces, large restoration projects and public venues across the country.

August 26, 2021

Acquisitions Multifamily New Jersey Northeast

Shamah Properties Buys Princeton Apartment Community for $70.3M

by Taylor Williams August 26, 2021

PRINCETON, N.J. — Commercial investment and management firm Shamah Properties has purchased Copperwood Apartments, a 153-unit multifamily community located at 300 Bunn Drive near downtown Princeton, for $70.3 million. The unit mix at the property, which was built in 2015, includes 22 one-bedroom residences, 130 two-bedroom units and one studio apartment. Amenities include outdoor exercise paths, a fitness center and outdoor grilling areas. The seller was not disclosed.

August 26, 2021

Acquisitions Industrial Southeast Virginia

Finmarc Management Sells Industrial Portfolio in Woodbridge, Virginia for $104.2M

by Julia Sanders August 26, 2021

WOODBRIDGE, VA. — Finmarc Management Inc. has sold a 14-building industrial portfolio in Woodbridge for $104.2 million. The buyer was a joint venture between Stockbridge Capital Group and Rosenthal Properties. Gerry Trainor, Caulley Derringer and Jim Cardellichio of Transwestern represented Finmarc in the transaction, and Joe Hoffman of Kelley Drye & Warren provided legal services to the Bethesda, Md.-based firm. The portfolio, which is located within Featherstone Industrial Park, includes nearly 740,000 square feet of warehouse and industrial space. The portfolio was 93 percent leased at the time of sale to tenants including Coleman Worldwide Moving, Foundation Building Materials, General Services Administration and Joe Moholland Moving. Featherstone Industrial Park is located adjacent to Jefferson Davis Highway, two miles from Interstate 95, 25 miles from Washington, D.C. and 30 miles from Dulles International Airport. The properties were part of a larger 16-building portfolio acquired by Finmarc in 2017.

August 26, 2021

Development Industrial New York Northeast Self-Storage

Hampshire Cos., Blumenfeld Begin Work on 691-Unit Self-Storage Facility in Roslyn Heights, New York

by Taylor Williams August 26, 2021

ROSLYN HEIGHTS, N.Y. — A joint venture between New Jersey-based developer The Hampshire Cos. and Blumenfeld Development Group has begun construction on a 691-unit self-storage facility in Roslyn Heights, located on Long Island. Extra Space Storage will manage the property, the site of which formerly housed a manufacturing plant. The facility, which will be the 44th property developed by Hampshire Cos. for Extra Space Storage in the eastern part of the country, is scheduled for completion in the second quarter of 2022.

August 26, 2021

Florida Loans Multifamily Southeast

Cushman & Wakefield Secures $48.9M Construction Loan for Apartment Community in Navarre, Florida

by Julia Sanders August 26, 2021

NAVARRE, FLA. — Cushman & Wakefield has secured $48.9 million in construction financing on behalf of Atlanta-based Branch Properties LLC for Elevate Navarre Beach, a 332-unit apartment community located in Navarre. Michael Ryan, Brian Linnihan, Richard Henry and Taylor Crowder of Cushman & Wakefield secured the five-year, floating-rate loan through IberiaBank. Elevate Navarre Beach will include 11 three-story residential buildings offering one-, two- and three-bedroom floorplans with an average unit size of 894 square feet. Community amenities will include a pool, fitness center, outdoor grilling stations with private cabanas, dog park and spa and car care center. The property is slated to break ground before the end of the year, and construction is expected to be complete by late 2023. Located at 8250 Naverre Parkway, the property will be adjacent to Paradise Shoppes of Navarre, a Publix-anchored neighborhood center offering retail, restaurants and entertainment space. Elevate Navarre Beach will be situated approximately 20 miles from Pensacola Beach and 41 miles from Santa Rosa Beach.

August 26, 2021

Acquisitions Connecticut Northeast Restaurant Retail

Horvath & Tremblay Arranges $4.5M Sale of Retail Center in Norwich, Connecticut

by Taylor Williams August 26, 2021

NORWICH, CONN. — Boston-based national retail brokerage firm Horvath & Tremblay has arranged the $4.5 million sale of Chipotle Plaza, a 6,466-square-foot retail center in Norwich, located in the southern coastal part of the state. Tenants include Chipotle Mexican Grill, Supercuts, T-Mobile and You Break I Fix. Bob Horvath, Todd Tremblay and Matt Nadler of Horvath & Tremblay represented the buyer and seller, both of which requested anonymity, in the transaction.

August 26, 2021

Company News Leasing Activity New York Northeast Office

Project Management Advisors Expands to New York City, Opens Office in Empire State Building

by Taylor Williams August 26, 2021

NEW YORK CITY — Chicago-based real estate consulting firm Project Management Advisors Inc. (PMA) has signed a lease for approximately 5,000 square feet in the Empire State Building. The new office — the company’s seventh across the country — will bring together PMA’s existing New York staff and the team from LPE Management Services, which PMA recently acquired. The office is scheduled to before the end of the month.

August 26, 2021

Acquisitions Georgia Retail Southeast

Hanley Negotiates $20.1M Sale of Publix-Anchored Shopping Center in Metro Atlanta

by Julia Sanders August 26, 2021

BUFORD, GA. — Hanley Investment Group has arranged the sale of Holland Point, a 68,187-square-foot, Publix-anchored neighborhood shopping center in Buford. Ed Hanley and Kevin Fryman of Hanley Investment Group, along with ParaSell Inc., represented the 1031 exchange buyer, a private investor based in Norco, Calif. Chris Decouflé, Kevin Hurley and Matt Karempelis of CBRE represented the seller, Atlanta-based Watkins Real Estate Group, which sold the property for $20.1 million. Located on a 16-acre site at 4108 Hamilton Mill Road, Holland Point was built in 2020 at the intersection of Hamilton Mill and Bogan roads near Interstate 985. Publix takes up 48,387 square feet at Holland Point and includes a drive-thru pharmacy. The fully leased property’s other tenants include Great Clips, Buford Smile Dental Care, Mathnasium of Buford, City Nail & Spa, Bravos Cantina Grill, Nagoya Restaurant, Johnny’s New York Style Pizza and Express Vets. Hanley Investment Group recently worked with the buyer to acquire two other grocery-anchored shopping centers in the Atlanta metro area, including Alpharetta Commons, a 94,500-square-foot, Publix-anchored shopping center in Alpharetta, and Cofer Crossing, a 136,139-square-foot shopping center anchored by Kroger and HomeGoods in Tucker.

August 26, 2021

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