Property Type

Newmark Negotiates Sale of 285,437 SF Industrial Property in Auburn, Massachusetts

by Taylor Williams June 3, 2021

AUBURN, MASS. — Newmark has negotiated the sale of a 285,437-square-foot industrial property at 26 Southbridge St. in Auburn, located south of Worcester. The property was fully leased to locally based soft drink distributor Polar Beverages at the time of sale. Robert Griffin, Edward Maher, Tony Coskren, Matthew Pullen, Samantha Hallowell and Brian Pinch of Newmark represented the undisclosed seller in the transaction. The team also procured the buyer, Westbrook Partners. The sales price was not disclosed.

June 3, 2021

Loans Multifamily Northeast Rhode Island

Berkadia Provides $16.7M HUD-Insured Loan for Rhode Island Apartment Community

by Taylor Williams June 3, 2021

PAWTUCKET, R.I. — Berkadia has provided a $16.7 million HUD-insured loan for the refinancing of 1 Lofts, a 112-unit apartment community in Pawtucket. The property was originally built in 1920 and was converted to a loft-style complex with a variety of floor plans in 2018. Amenities include a game room, tennis court, basketball court, picnic area and onsite laundry facilities. Kevin Kozminske and Yuri Kletsman of Berkadia structured the financing, which carried a 35-year term and a fixed interest rate, through HUD’s 223(f) program. The name of the Rhode Island-based borrower was not disclosed.

June 3, 2021

Development Multifamily New Jersey Northeast

JMF Properties Nears Completion of 110-Unit Apartment Project in Northern New Jersey

by Taylor Williams June 3, 2021

GLEN RIDGE, N.J. — JMF Properties is nearing completion of Clarus Glen Ridge, a 110-unit apartment project in the Northern New Jersey community of Glen Ridge. Units will feature one- and two-bedroom floor plans and stainless steel appliances and individual washers and dryers, while select units will offer private outdoor spaces. Amenities will include a fitness center with a personal training studio, a resident lounge with a wet bar, business center, theater room and an outdoor courtyard with seating areas and fire pits. Leasing is set to begin in July. Rental rates are still being determined.

June 3, 2021

Acquisitions Massachusetts Multifamily Northeast

NEPCG Brokers $12.7M Sale of Pine Ridge Estates Apartments in Greenfield, Massachusetts

by Taylor Williams June 3, 2021

GREENFIELD, MASS. — Northeast Private Client Group (NEPCG) has brokered the $12.7 million sale of Pine Ridge Estates, a 108-unit multifamily community in Greenfield, located in the northwestern part of the state. Built on 4.5 acres in 1972, the property features one- and two-bedroom units, as well as a fitness center and onsite laundry facilities. Brad Carlson, Taylor Perun and Drew Kirkland of NEPCG represented the seller and procured the buyer in the transaction. The asset traded at a cap rate of 5.6 percent.

June 3, 2021

Acquisitions Midwest Minnesota Multifamily

Monarch Investment & Management Acquires 589-Unit Multifamily Portfolio in Rochester, Minnesota

by Kristin Harlow June 3, 2021

ROCHESTER, MINN. — Monarch Investment & Management Group has acquired a six-property, 589-unit multifamily portfolio in Rochester for an undisclosed price. The townhome communities include Crystal Bay, French Creek, Village Green, Winchester, Heritage Manor and Olympik Village. The properties were built between 1962 to 1996 and range in size from 36 to 182 units. Three of the assets (Winchester, Heritage Manor and Olympik Village) are rental properties. Average occupancy across the portfolio is 95 percent. Keith Collins, Abe Appert and Ted Abramson of CBRE Minneapolis Multifamily represented the seller, Premier Mahtomedi MN LLC, in the transaction.

June 3, 2021

Acquisitions Industrial Midwest Ohio Retail

Neyer Properties Purchases 400,000 SF Commercial Portfolio Across Cincinnati, St. Louis

by Kristin Harlow June 3, 2021

CINCINNATI — Neyer Properties has purchased a nearly 400,000-square-foot commercial portfolio occupied by Watson’s in a sale-leaseback transaction. The purchase price was undisclosed. The four-building portfolio consists of three retail assets and one industrial property that are located in the Cincinnati, Florence, Dayton and St. Louis markets. The sale-leaseback will enable Watson’s to free up capital as it looks to expand in additional markets, according to Neyer. The sale marks the first time Watson’s has sold its own real estate. Keith Yearout of Newmark represented Watson’s, which is a pool, spa and furniture retailer based in Cincinnati.

June 3, 2021

Acquisitions Midwest Ohio Retail

JLL Brokers Sale of Grocery-Anchored Retail Center in Suburban Cleveland for $10.5M

by Kristin Harlow June 3, 2021

STREETSBORO, OHIO — JLL Capital Markets has brokered the sale of Streetsboro Crossing in suburban Cleveland for $10.5 million. Grocer Giant Eagle anchors the 89,436-square-foot retail center. Other tenants at the property, which was nearly 94 percent leased at the time of sale, include Pet Supplies Plus, Palm Beach Tanning, GNC, Great Clips and Sally Beauty. Completed in 1996 and renovated this year, the center is situated on nearly 20 acres. Amy Sands, Clinton Mitchell, Kirstey Lein and Bill Poffenberger of JLL represented the seller, an affiliate of Chicago-based Pine Tree. A private Delaware Statutory Trust investor purchased the asset in an all-cash transaction.

June 3, 2021

Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $6.6M Agency Acquisition Loan for Apartment Complex Near St. Paul

by Kristin Harlow June 3, 2021

MAHTOMEDI, MINN. — Colliers Mortgage has provided a $6.6 million Fannie Mae loan for the acquisition of Mahtomedi Flats in Mahtomedi, a northeast suburb of St. Paul. Built in 2018, the 36-unit apartment complex features a community room, fitness center, storage space and grills. The loan carries a 12-year term and a 30-year amortization schedule. Victoria Properties Group LLC, Wash N Fill Properties Minnesota LLC, Wash N Fill Property Champlin LLC and Wash N Fill Property New Brighton LLC were the borrowers.

June 3, 2021

Kansas Leasing Activity Midwest Office

OneDigital to Relocate Office to Overland Park, Kansas

by Kristin Harlow June 3, 2021

OVERLAND PARK, KAN. — OneDigital, a health, retirement and human resources advisory firm, has leased 16,925 square feet at CityPlace Corporate Center I in Overland Park. The firm will relocate and expand its retirement and wealth national headquarters beginning in November. The office property is located at 11101 Switzer Road. Anné Erickson and R.J. Trowbridge of JLL represented OneDigital in the lease transaction. Hunter Johnson and Andrew Block of Block Real Estate Services represented the landlord on an internal basis. OneDigital is relocating from 4860 College Blvd. in Leawood.

June 3, 2021

Acquisitions California Industrial Office Western

Voit Real Estate Brokers $47M Sale of Office/Industrial Portfolio in Southern California

by Amy Works June 3, 2021

CHULA VISTA AND MISSION VALLEY, CALIF. — Voit Real Estate Services has arranged the sale of a five-property office and industrial portfolio in Chula Vista and Mission Valley. Protea Properties acquired the portfolio from Carleton Management for $47 million. Totaling 231,878 square feet, the portfolio includes a 48,828-square-foot, fully leased industrial/showroom building at 630 Bay Blvd. in Chula Vista; a 32,601-square-foot, fully leased multi-tenant office property at 660 Bay Blvd. in Chula Vista; a 99,584-square-foot, fully occupied office/industrial building at 780-784 Bay Blvd. in Chula Vista; a 30,046-square-foot, single-tenant property at 830 Bay Blvd. in Chula Vista; and a 20,819-square-foot, multi-tenant office building located at 5920 Friars Road in Mission Valley. Tenants at the portfolio include Cox Communications, National University, Fresenius Medical, Bayfront Charter School and West Marine. Randy LaChance Sr. of Voit’s San Diego office represented the seller, while the buyer was self-represented.

June 3, 2021

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