Property Type

Amherst Capital Provides $14.1M Acquisition Loan for Office Building in Morristown, New Jersey

by Taylor Williams February 9, 2021

MORRISTOWN, N.J. — Amherst Capital Management has provided a $14.1 million acquisition loan for 500 College Road East, a 159,227-square-foot office building in the Northern New Jersey city of Morristown. The property was built in 1984 and was 53 percent occupied at the time of sale. Amenities include a fitness center, conference room and a café. Michael Klein, Greg Nalbaldian and Michael Lachs of JLL arranged the floating-rate loan on behalf of the buyer, a partnership between Bergman Real Estate Group, Eight Fold Capital and Hornig Capital Partners.

February 9, 2021

MainTree-Shopping-Center-Vineland-New-Jersey

Acquisitions New Jersey Northeast Retail

Aspen, Devli Buy 138,000 SF MainTree Shopping Center in Vineland, New Jersey

by Taylor Williams February 9, 2021

VINELAND, N.J. — A joint venture between Aspen Real Estate and Devli Real Estate has purchased MainTree Shopping Center, a 138,000-square-foot retail property in the Southern New Jersey city of Vineland. The sales price was $13.7 million. The new ownership will implement a value-add program at the center, which houses tenants such as GNC and Hair Cuttery. Joe French led a Marcus & Millichap team that represented the undisclosed seller in the transaction.

February 9, 2021

Acquisitions Georgia Multifamily Southeast

Frankforter Group Acquires 240-Unit Garden Walk Multifamily Property in South Atlanta

by John Nelson February 9, 2021

ATLANTA — Frankforter Group has acquired Garden Walk Apartments, a 240-unit, Class B multifamily community in south Atlanta. The seller and sales price were not disclosed. Garden Walk features 240 rental apartments on 29 acres located in Williamsburg Park and is 4.5 miles south of Hartsfield–Jackson Atlanta International Airport. Frankforter Group, a Montreal-based real estate investment and asset management firm, will invest over $2 million to enhance the property, including the common area amenities, such as an automated delivery locker system, clubhouse upgrades, pool area renovations and sports courts revamping.

February 9, 2021

Acquisitions Industrial Midwest Minnesota Wisconsin

Colliers Brokers Sale of 1.2 MSF Industrial Portfolio in Minnesota, Wisconsin

by Kristin Harlow February 9, 2021

MINNESOTA AND WISCONSIN — Colliers International has brokered the sale of a six-building industrial portfolio spanning 1.2 million square feet in Minnesota and Wisconsin. The sales price was undisclosed. One of the buildings is in Lino Lakes, Minn.; two are in Pewaukee, Wis.; two are in Milwaukee; and one is in Menomonie, Wis. Tom Shepherd and Mark Kolsrud of Colliers brokered the transaction. All six properties are fully leased. Minneapolis-based Biynah Industrial Partners and Maryland-based Alex Brown Realty Inc. sold the portfolio to Kansas-based Platform Ventures.

February 9, 2021

Indiana Midwest Retail

Simon Anticipates Growth in Earnings, Cash Flow in 2021

by Kristin Harlow February 9, 2021

INDIANAPOLIS — In its fourth-quarter earnings report, Simon Property Group (NYSE: SPG) says it is confident it has turned the corner on a difficult 2020 and expects “growth in earnings and cash flow in 2021,” according to David Simon, chairman, CEO and president of the Indianapolis-based mall owner. Net operating income in the fourth quarter was $1.2 billion, a year-over-year decline of 23.9 percent. Simon points out that domestic rent abatements and higher uncollectible rents, primarily associated with retail bankruptcies, were the components of the decline. In the fourth quarter, Simon completed its acquisition of an 80 percent interest in The Taubman Realty Group. The company is also opportunistic regarding its strategic investments in retail brands such as Lucky Brand and J.C. Penney that underwent bankruptcy in 2020. As of Dec. 31, occupancy at Simon’s U.S. malls and outlet centers was 91.3 percent. As of Feb. 5, Simon had collected 90 percent of its net billed rents for its U.S. retail portfolio for the second, third and fourth quarters combined. Simon’s stock price opened at $102.50 per share on Tuesday, Feb. 9, down from $143.06 per share one year ago.

February 9, 2021

Development Illinois Midwest Office

Skender Completes Interior Construction of 200,000 SF Walgreens Technology Center at Chicago Old Post Office

by Kristin Harlow February 9, 2021

CHICAGO — Skender has completed the interior construction of the 200,000-square-foot Walgreens Technology Center of Excellence within Chicago’s Old Post Office. The office will eventually welcome hundreds of employees, including e-commerce, mobile, pharmacy technology and digital team members as well as Walgreens Boots Alliance information technology personnel. The office space spans multiple levels and features a staircase, open and private offices, collaboration and conferencing spaces, data rooms, lounge spaces and a kitchen. Walgreens was the first major tenant to commit to space at the Old Post Office redevelopment project in 2018. Stantec Inc. served as the architect and engineering firm on the project, and Mace served as the owner’s representative.

February 9, 2021

Acquisitions Illinois Industrial Lee & Associates Midwest

Lee & Associates Arranges Sale of 207,575 SF Industrial Building in Bartlett, Illinois

by Kristin Harlow February 9, 2021

BARTLETT, ILL. — Lee & Associates has arranged the sale of a newly constructed, 207,575-square-foot industrial building located at 1560 W. Stearns Road in Bartlett. The sales price was undisclosed. Situated in DuPage County’s Brewster Creek Logistics Park, the property features a clear height of 32 feet, 28 dock doors and parking for 246 cars. Mark Baumhart of Lee & Associates represented the buyer, Platinum Converting, a provider of finishing services to the print and graphic arts industry. Platinum plans to relocate from its Itasca facility this summer. Adam Marshall and Mark Deady of Newmark represented the seller, Logistics Property Co.

February 9, 2021

Acquisitions New York Northeast Office

JLL Negotiates $6.5M Sale of Office Property in Congers, New York

by Taylor Williams February 9, 2021

CONGERS, N.Y. — JLL has negotiated the $6.5 million sale of an 81,780-square-foot office property that is situated on 7.5 acres in Congers, about 40 miles north of New York City. JLL represented the seller, The Arc Rockland, an organization that provides services to people of all ages with intellectual and other developmental disabilities, in the transaction. The buyer was Portables Unlimited Inc., a Nanuet-based wholesaler of T-Mobile products.

February 9, 2021

Development Illinois Midwest Retail

Cannabis Facility Construction Underway on Buildout of 11,000 SF Dispensary in Metro St. Louis

by Kristin Harlow February 9, 2021

FAIRVIEW HEIGHTS, ILL. — Cannabis Facility Construction (CFC) is underway on the buildout of a new recreational dispensary for an affiliate of Ascend Wellness Holdings (AWH) in the St. Louis suburb of Fairview Heights. The 11,000-square-foot dispensary is located at 114 Commerce Lane. The project entails the interior and exterior transformation of an existing building. The dispensary will feature vaulted ceilings, multimedia display screens and product display cases. The project is slated for completion in approximately three months. AWH owns and operates facilities in Illinois, Michigan, Ohio, Massachusetts and New Jersey.

February 9, 2021

Acquisitions Multifamily Northeast Pennsylvania

Alpha Realty Brokers $4.5M Sale of Apartment Building in Manhattan

by Taylor Williams February 9, 2021

NEW YORK CITY — Alpha Realty has brokered the $4.5 million sale of 310 E. 89th St., a 20-unit apartment building in Manhattan. The five-story building was originally constructed in 1920. Lev Mavashev and Shai Egison of Alpha Realty represented the seller and the locally based buyer in the transaction. The deal traded at a cap rate of 5.1 percent.

February 9, 2021

Newer Posts

Older Posts