Property Type

Joint Venture Acquires 632-Bed Student Housing Community in Lincoln, Nebraska

by Kristin Harlow January 8, 2019

LINCOLN, NEB. — GMH Capital Partners LP and AGC Equity Partners have acquired Aspen Lincoln, a 632-bed student housing community in Lincoln. Located two blocks from the University of Nebraska-Lincoln, the property spans five floors and 203,552 square feet. Amenities include a fitness center, pool, hot tub, study lounges, computer labs and courtyards with fire pits. The buyer plans to rename the student housing community Academy Lincoln. Aspen Heights Partners and Virtus Real Estate Capital were the sellers.

January 8, 2019

Acquisitions Industrial Midwest Missouri

Ashley Furniture Distribution Center in St. Louis Trades Hands for $10M

by Kristin Harlow January 8, 2019

ST. LOUIS — One Liberty Properties Inc. (NYSE: OLP) has purchased an Ashley Furniture distribution center in St. Louis from an affiliate of Mohegan Capital for $10 million. The 119,680-square-foot, single-tenant property is located at 9791 Green Park Industrial Drive and features a clear height of 38 feet. Jason Powell and Colin Couch of Stan Johnson Co. represented the seller. The transaction represents a cap rate of 7.2 percent. The buyer also owns the tenant’s headquarters in Memphis, Tenn.

January 8, 2019

Acquisitions Illinois Industrial Midwest Missouri

Phoenix Investors Purchases Two Industrial Properties in Illinois, Missouri

by Kristin Harlow January 8, 2019

PEORIA, ILL. AND JEFFERSON CITY, MO. — Affiliates of Phoenix Investors have purchased two industrial properties in Peoria and Jefferson City. The Peoria property consists of four industrial buildings totaling approximately 478,400 square feet. Constructed between 1977 and 2003, the buildings are situated on nearly 40 acres. At the close of the sale, Superior Consolidated Industries entered into a sale-leaseback agreement for the entire property. Headquartered in Peoria, the company provides third-party logistics support to U.S.-based manufacturers. The Jefferson City property is a 276,180-square-foot industrial building situated on 59.4 acres. Automotive seat manufacturer Adient US LLC primarily occupies the facility, which was built in 1974 and underwent expansions in 1978 and 1992. The sellers were not disclosed.

January 8, 2019

Acquisitions Midwest Missouri Retail

Block & Co. Arranges Sale of 44,330 SF Shopping Center in Lee’s Summit, Missouri

by Kristin Harlow January 8, 2019

LEE’S SUMMIT, MO. — Block & Co. Inc. Realtors has arranged the sale of Valle Vista shopping center in Lee’s Summit for an undisclosed price. The property sits on 5.4 acres on the southwest corner of 291 Highway and Chipman Road. Tenants at the fully occupied property include IHOP, Celsius Tannery, Ted’s Café Escondido, Vintage Stock and Five Guys. David Block and Max DiCarlo of Block represented the buyer, LS Valle Vista 2018 LLC. Block & Co. will handle leasing and property management for the new owner. Block Real Estate Services represented the seller.

January 8, 2019

Acquisitions Multifamily New Jersey Northeast Seniors Housing

SVN Affordable | Levental Realty Brokers $47.5M Sale of Age-Restricted Community in Newark

by David Cohen January 8, 2019

NEWARK, N.J. — SVN Affordable | Levental Realty has brokered the $47.5 million sale of St. Mary’s Villa, a 360-unit, age-restricted community in Newark. The property is located at 425 Sanford Ave. Jamie Renzenbrink of SVN represented the undisclosed seller in the transaction. The buyer was Paces St. Mary’s. A number of energy-efficient upgrades are planned by the buyer at the property, including a new roof and solar panel installation.

January 8, 2019

Healthcare New York Northeast

NYC Health + Hospitals Signs 25-Year, $758M Office Lease in Manhattan

by David Cohen January 8, 2019

NEW YORK CITY — NYC Health + Hospitals has signed a 25-year, $758 million lease agreement with GFP Real Estate for 525,000 square feet of office space at 50 Water Street in Manhattan. With the lease transaction, NYC Health + Hospitals becomes the first major tenant that will occupy the GFP office complex at the building formerly known as 7 Hanover Square. The agreement enables the public health system to consolidate multiple administrative office sites into one Lower Manhattan campus. Newmark Knight Frank brokered the transaction on behalf of NYC Health + Hospitals.

January 8, 2019

Acquisitions New Jersey Northeast Office

CBRE Negotiates $13.3M Sale of Office Building in Springfield, New Jersey

by David Cohen January 8, 2019

SPRINGFIELD, N.J. — CBRE has negotiated the $13.3 million sale of a 60,000-square-foot office building in Springfield. Located at 966 South Springfield Ave., the property currently serves as the national headquarters for the watch and jewelry divisions of LVMH Moët Hennessy Louis Vuitton SE, a French multinational luxury goods conglomerate headquartered in Paris. Charles Berger, Elli Klapper and Mark Silverman of CBRE represented the seller, a tenancy-in-common, in the transaction. The buyer was a private investor in a 1031 exchange.

January 8, 2019

Development Loans Multifamily Oregon Western

HFF Secures $96.5M in Financing for Multifamily High-Rise in Portland

by Amy Works January 8, 2019

PORTLAND, ORE. — HFF has arranged $96.5 million in financing for the development of 100 Columbia, a high-rise multifamily community located in Portland’s central business district. Alamo Manhattan, the developer, received a four-year construction loan through PCCP for the project. Situated on a 0.9-acre site, 100 Columbia will feature 348 apartments in a mix of studio, one- and two-bedroom layouts, averaging 817 square feet. The 20-story development will include premium interior finishes and community amenities, including a 15,000-square-foot sixth-floor amenity terrace and a 20th-floor rooftop resident lounge with an observation deck with views of the downtown skyline, Mount Hood and the Willamette River. Slated for completion in 2020, the community will also feature a 16th-floor terrace and 15,000 square feet of ground-floor retail space. GBD Architects is providing architectural services for the development. Mark Erland, Matt Benson and Charlie Watson of HFF secured the financing for the borrower.

January 8, 2019

California Development Industrial Western

Black Creek Group Plans 482,000 SF Distribution Facility in Richmond, California

by Amy Works January 8, 2019

RICHMOND, CALIF. — Denver-based Black Creek Group has acquired an approximately 30-acre land site, located at 500 Pittsburg Ave. in Richmond, for an undisclosed price. Commonly referred to as Parkway Logistics Center, the developable land offers access to Interstates 580 and 80 and the San Rafael-Richmond Bridge, and has close proximity to the Port of Oakland and San Francisco Bay Area. Black Creek Group has received approval for the construction of a 482,000-square-foot, Class A distribution facility, divisible up to four tenants, for the site. The cross-docked warehouse will feature 36-foot minimum clear heights, 75 dock-high doors, 12 grade-level doors, an ESFR sprinkler system, trailer parking and 534 parking spaces. Construction is slated to begin the second half of 2019. Todd Severson and Bruce Bauer of Colliers International represented the buyer and undisclosed seller in the deal.

January 8, 2019

Acquisitions California Industrial Western

Realty Advisory Group Arranges $19.5M Sale of 148,740 SF Industrial Facility in City of Industry, California

by Amy Works January 8, 2019

CITY OF INDUSTRY, CALIF. — TheoPacific has sold an industrial facility, located at 14421-14441 Bonelli St. in City of Industry. Rexford Industrial Realty acquired the property for $19.5 million. Rustin Mork and Danny Reaume of Realty Advisory Group represented the buyer and seller in the transaction. At the time of sale, the 148,740-square-foot property was fully leased.

January 8, 2019

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