Property Type

Joint Venture Acquires Office Property in White Plains, New York, for $42.5M

by Alex Patton March 3, 2020

WHITE PLAINS, N.Y. — A joint venture between Jack Sitt Real Estate LLC and GII LLC, a UAE-based financial service firm, has acquired Grand Street Plaza, an office property located northeast of New York City in White Plains. The sales price for the 217,628-square-foot, two-building property was $42.5 million. Located at 140 and 150 Grand St., the Class A property was 90 percent leased at the time of sale, primarily to government- and law-related tenants. Jeffrey Dunne, Steven Bardsley and Jeremy Neuer led a CBRE team that represented the seller, an a fund managed by Westport Capital Partners LLC, in the transaction. The team also procured the the joint venture as the buyer.

March 3, 2020

Development Illinois Midwest Office

Summit Design + Build Completes Renovation of 25,000 SF Office Building in Chicago

by Kristin Harlow March 3, 2020

CHICAGO — Summit Design + Build LLC has completed the renovation of an office building located at 444 N. Orleans in Chicago’s River North neighborhood. Formerly 21,000 square feet and four stories, the building has been expanded to 25,000 square feet and five stories. In addition to the vertical addition, the project included an interior renovation with new bathrooms, windows, first-floor retail space and a new, relocated elevator. The Lelyn Group served as developer and von Weise Associates provided architectural services.

March 3, 2020

Development Michigan Midwest Office

Jaqua Realtors Opens Ninth Office in West Michigan

by Kristin Harlow March 3, 2020

PORTAGE, MICH. — Jaqua Realtors has opened its new office on Milham Avenue in Portage, located about five miles south of Kalamazoo. The new 7,622-square-foot building will be home to the company’s commercial real estate, corporate relocation and property management divisions. It is situated next door to Jaqua’s residential real estate office. The brokerage firm is approaching 45 years in the real estate business.

March 3, 2020

Acquisitions Healthcare Midwest Wisconsin

SRS Arranges $2.1M Sale of Fresenius-Occupied Property in Monroe, Wisconsin

by Kristin Harlow March 3, 2020

MONROE, WIS. — SRS Real Estate Partners has arranged the $2.1 million sale of a 6,804-square-foot property occupied by Fresenius Kidney Care in Monroe in southern Wisconsin. The facility is located at 120 W. 7th St. Fresenius is a national provider of dialysis treatment and resources. Frank Rogers and Michael Carter of SRS represented the seller, a Midwest-based developer. The team also represented the buyer, a California-based investor completing a 1031 tax-deferred exchange.

March 3, 2020

California Loans Office Western

Ready Capital Closes $18.5M Acquisition Loan for Office Property in Santa Monica, California

by Amy Works March 3, 2020

SANTA MONICA, CALIF. — Ready Capital has closed an $18.5 million loan for the acquisition, renovation and stabilization of an approximately 20,000-square-foot, Class C office building in Santa Monica’s Westside submarket. Upon acquisition, the undisclosed sponsor will convert the traditional office building into a Class B, mixed-use property with second-floor office space and ground-floor retail space, and once complete, lease-up the space. The non-recourse, floating-rate loan features a 36-month term, two extension options and flexible pre-payment. The financing includes a facility to provide future funding for the capital expenditures, tenant leasing costs and interest and operating shortfalls.

March 3, 2020

Acquisitions Industrial New Jersey Northeast

Colliers Negotiates $16M Sale of Industrial Portfolio in West Berlin, New Jersey

by Alex Patton March 3, 2020

WEST BERLIN, N.J. — Colliers International has negotiated the $16 million sale of a 21-building industrial portfolio in West Berlin, a southeastern suburb of Philadelphia. The portfolio totals 241,410 square feet and includes the 16-building Bloomfield Business Park and five buildings in Commerce Lane Business Park. The Bloom Organization developed Bloomfield Business Park in the late 1980s and early 90s in several phases. The portfolio housed 55 tenants and was 98 percent leased at the time of sale. Tenants included United Refrigeration, Cooper Electric and Ewing Irrigation & Landscape Supply. Ian Richman and Marc Isdaner of Colliers represented the undisclosed seller(s) in the transaction. Michael Brown Sr. represented the buyer, Industrial Investments Inc., on an internal basis.

March 3, 2020

Acquisitions Arizona Industrial Western

PICOR Arranges $2.6M Sale of Industrial Space in Tucson, Arizona

by Amy Works March 3, 2020

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has arranged the sale of an industrial space located at 1951 W. Grant Road in Tucson. La Cholla-OG LLC acquired the 25,821-square-foot space from Wright & Case Holdings for $2.6 million. Robert Glaser and Max Fisher of Cushman & Wakefield|PICOR handled the transaction.

March 3, 2020

Development Industrial New York Northeast Self-Storage

StorQuest Opens 1,092-Unit Self-Storage Facility in Brooklyn

by Alex Patton March 3, 2020

NEW YORK CITY — StorQuest Self Storage has opened a 1,092-unit facility in the Brownsville neighborhood of Brooklyn. Located at 507 Osborn St., the facility offers month-to-month rentals for climate-controlled units and business storage. StorQuest is a subsidiary of The William Warren Group Inc., an owner and operator of self-storage assets.

March 3, 2020

Development Maine Multifamily Northeast Seniors Housing

Confluent, Harbor Break Ground on 123-Unit Seniors Housing Community in Portland, Maine

by Alex Patton March 3, 2020

PORTLAND, MAINE — A partnership between Confluent Senior Living and Harbor Retirement Associates has broken ground on HarborChase of South Portland, a 123-unit seniors housing community in Portland. Located at 165 Running Hill Road, the 116,000-square-foot community will offer 83 assisted living units and 40 memory care apartments in one- and two-bedroom floorplans. Amenities will include multiple restaurants, a barbershop and a fitness center. EGA Architects is designing the project, and Whiting-Turner is the general contractor. The community is slated to open in summer 2021.

March 3, 2020

Acquisitions Multifamily New York Northeast

Marcus & Millichap Arranges $2.9M Sale of Multifamily Building in The Bronx

by Alex Patton March 3, 2020

NEW YORK CITY — Marcus & Millichap has arranged the $2.9 million sale of 1065 Summit Avenue, a 26-unit multifamily building in the Highbridge neighborhood of The Bronx. Spanning 40,500 square feet, the building offers one-, two- and three-bedroom units and close access to public transit lines. Peter Von Der Ahe, Seth Glasser, Michael Fusco and Isaac Lipton of Marcus & Millichap represented the buyer and seller in the transaction. Both parties were private investors that requested anonymity.

March 3, 2020

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