REBusinessOnline

TerraCap Management Buys 367,543 SF Office Property in Plano

PLANO, TEXAS — Florida-based TerraCap Management LLC has purchased Preston Park Financial Center, a 367,543-square-foot office property located in the northeastern Dallas suburb of Plano. The Class A complex offers amenities such as a fitness center, deli, conference center and tenant lounge. Gary Carr and Robert Hill of CBRE represented the seller, a joint venture between Griffin Partners and San Francisco-based Stockbridge Capital Group, in the transaction. Dallas-based Lincoln Property …

Burgess Properties Arranges $25M Sale of Self-Storage Facility in Suburban Boston

MEDFORD, MASS. — Burgess Properties has arranged the $25 million sale of a 287,570-square-foot industrial facility in Medford. Located at 970 Fellsway, the seven-acre property was the former longtime home of Medford Self Storage. Steve Nohrden of Burgess Properties represented both the buyer, The Davis Cos., and the seller, Fellsway Realty, in the transaction. The Davis Cos. plans to invest capital into the multi-tenanted facility, which dates back to the early

Nordic Realty Partners Purchases 19,500 SF Industrial Building in Sturtevant, Wisconsin

STURTEVANT, WIS. — Nordic Realty Partners has purchased a 19,500-square-foot industrial building located at 9900 Durand Ave. in Sturtevant, about 30 miles south of Milwaukee, for an undisclosed price. The property includes 5,000 square feet of office space and 14,500 square feet of warehouse space. Nordic plans to make capital improvements and lease the space to one or more tenants. Titan Inc., a machinery manufacturing and testing firm recently acquired by Burke Porter Group, formerly …

JLL Arranges $19M Acquisition Loan for Mixed-Use Property in Manhattan

NEW YORK CITY — JLL has arranged a $19 million acquisition loan for a mixed-use property in the SoHo neighborhood of Manhattan. Located at 489 Broadway, the five-story, 10,710-square-foot building was constructed in 1900. The property consists of eight residential and three retail units. Eliott Zeitoune, Michael Diaz, Aaron Appel, David Sitt and Brendan Collins of JLL secured financing on behalf of the borrower, Sherr Equities, through lender Morgan Stanley. Sherr Equities specializes in …

Intercontinental Real Estate Buys 72,130 SF Office/Retail Building in Portland

PORTLAND, ORE. — Intercontinental Real Estate Corp., on behalf of its managed fund U.S. Real Estate Investment Fund, has acquired the 72,130-square-foot office and retail portion of the Heartline Condominium. The price was not disclosed. Located at 1241 NW Johnson St., Heartline is part of a master-planned, mixed-use residential and commercial development within Portland’s Pearl District. Completed in 2018, the property features 61,659 square feet of office space and 10,471 square …

Joint Venture Acquires Two Student Housing Communities Totaling 1,016 Beds in Texas

AUSTIN AND LUBBOCK, TEXAS — A joint venture between TEXLA Housing Partners, Southeast Apartment Investors and a private real estate fund advised by Crow Holdings Capital has acquired two student housing communities in Texas. The joint venture acquired Thrive Lubbock, a 744-bed community located near Texas Tech University in Lubbock; and 21 Pearl, a 272-bed community located near the University of Texas at Austin. An affiliate of TEXLA will operate the communities, both of which will …

North Wells Capital Acquires 43-Unit Multifamily Property in Chicago’s South Shore

CHICAGO — North Wells Capital LLC has acquired 6943 S. Cornell, a 43-unit multifamily property in Chicago’s South Shore neighborhood. The purchase price was not disclosed. Originally constructed in 1912, the property is situated in one of Chicago’s designated opportunity zones, which were created by the Tax Cuts and Jobs Act of 2017. North Wells plans to make substantial upgrades to the units and common areas. Byline Bank provided acquisition and renovation

Cooper Group Brokers $2.3M Sale of Retail Center in Mansfield, Ohio

MANSFIELD, OHIO — Cooper Commercial Investment Group has brokered the $2.3 million sale of Mansfield Plaza in central Ohio. Tenants include Save-a-Lot, Family Dollar and AutoZone. Bob Havasi and Dan Cooper of Cooper Group represented the seller, a California-based private investment group. An Ohio-based investor purchased the asset at a cap rate of 7.8

JLL Agrees to Acquire HFF for $2B in Massive Real Estate Brokerage Merger

CHICAGO AND DALLAS — JLL (NYSE: JLL) and HFF (NYSE: HF) have entered into a definitive agreement for JLL to acquire all outstanding HFF shares in a cash and stock transaction valued at approximately $2 billion. Chicago-based JLL, a giant in the commercial real estate industry with a total market cap of approximately $7.4 billion, is a professional services firm that specializes in real estate and investment management. Dallas-based HFF is a full-service commercial real estate financial …

CBRE Arranges Sale of 621,000 SF Former Toys ‘R’ Us Headquarters in Wayne, New Jersey

WAYNE, N.J. — CBRE has arranged the sale of the former Toys ‘R’ Us corporate headquarters in Wayne. The sales price was undisclosed. Located at 1 Geoffrey Way, the 621,000-square-foot property is situated on 191 acres overlooking a reservoir. The property was built in 1962 as the original headquarters for American Cyanamid and consists of two interconnected office buildings. Toys ‘R’ Us occupied the property for 16 years. Jeffrey Babikian, Robert L’Abbate, Allyson L’Abbate, Nor …

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