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JLL Arranges $37.3M Sale of Medical Office Property in South Florida

by Julia Sanders September 20, 2021

BOYNTON BEACH, FLA. — JLL has arranged the sale of 3301 Quantum, a 100,000-square-foot medical office property in Boynton Beach. Apex Capital purchased the property for $37.3 million. Hermen Rodriguez, Matthew McCormack, Ike Ojala and Max Lescano of JLL represented the seller, a partnership between Fox Ridge Capital LLC and developer/investors Joshua Schrager and Daniel Schwartz, in the transaction. 3301 Quantum is a two-story office building that was recently renovated in 2021. Improvements made by the previous ownership included elevators, HVAC systems, restrooms, common areas and roofing. The property is a single-tenant, triple-net leased property fully leased to NYU Grossman School of Medicine, which operates a division of the NYU Langone Health System onsite. The facility will soon house approximately 900 employees who facilitate the billing, scheduling and telemedicine services for the healthcare group. 3301 Quantum Blvd. sits on an 8.2-acre site within the Quantum Office Park in the center of Palm Beach County. The property is close to Interstate 95 and is located 15.1 miles from West Palm Beach.

September 20, 2021

Acquisitions Indiana Midwest Multifamily

Marcus & Millichap Arranges Sale of 544-Unit Multifamily Property in Terre Haute, Indiana

by Kristin Harlow September 20, 2021

TERRE HAUTE, IND. — Marcus & Millichap has arranged the sale of The Village Quarter Apartments in Terre Haute, located approximately 77 miles southwest of Indianapolis and five miles east of the Illinois state line. The sales price was undisclosed. The multifamily property at 100 Village Drive includes 544 units across 56 buildings. Amenities include a pool, fitness center, internet café, laundromat, basketball courts and tennis courts. The property was sold by the original developer who had owned and operated it since 1984. Since 2018, the owner invested more than $2.9 million in capital improvements for siding, unit renovations, roofing, landscaping and sport courts. Aaron Kuroiwa and Austin Meeker of Marcus & Millichap’s Indianapolis office represented the seller. The duo also secured and represented the buyer, a limited liability company.

September 20, 2021

Acquisitions Florida Multifamily Southeast

29th Street Capital Acquires Two Apartment Properties in Tampa Bay Area for $112M

by Julia Sanders September 17, 2021

TAMPA AND CLEARWATER, FLA. — 29th Street Capital (29SC) has acquired two apartment communities in the Tampa Bay area for $112 million. The properties, Henley Tampa Palms in Tampa and Enclave at Northwood in Clearwater, have a total of 503 units. Luis Elorza and Justin Hofford of NorthMarq represented the seller, Preston Giuliano Capital Partners, in the transaction. Mitch Sinberg, Brad Williamson, Justin Ownby and Wesley Moczul of Berkadia arranged $91 million in acquisition financing through PGIM Real Estate on behalf of 29SC. Trevor Arnholt of PGIM orginated the three-year, floating-rate loan with extension options. The loan includes $85.4 million in initial funding, with $6.1 million in future funding for capital improvements. Built in 1997, Henley Tampa Palms is located at 15350 Amberly Drive, and is about 20 miles from Tampa International Airport. The 315-unit property offers one-, two- and three-bedroom units with nine-foot ceilings, attached garages, oversized closets, stainless steel appliances, plank flooring, fireplaces and patios. Community amenities include a pool, fitness center, clubhouse, dog park and climate-controlled racquetball courts. Built in 1985, Enclave at Northwood is a 188-unit property with one-, two- and three-bedroom units. The units include a fireplace, hardwood floors, granite countertops, vaulted ceilings, walk-in closets, …

September 17, 2021

Acquisitions Industrial Self-Storage Texas

JLL Negotiates Sale of 780-Unit CubeSmart-Branded Self-Storage Facility in Hutto, Texas

by Taylor Williams September 17, 2021

HUTTO, TEXAS — JLL has negotiated the sale of Park 79 Self Storage, a 780-unit facility that is operated under the CubeSmart brand in Hutto, a northeastern suburb of Austin. The property was built on 3.2 acres in 2019. Brian Somoza and Steve Mellon of JLL represented the seller, a locally based entity doing business as Park 79 Storage LLC, in the transaction. The buyer was Wasatch Storage Partners.

September 17, 2021

Acquisitions Massachusetts Northeast Office

Newmark Brokers $180M Sale of Cambridge Highlands Office, R&D Campus in Cambridge

by Taylor Williams September 17, 2021

CAMBRIDGE, MASS. — Newmark has brokered the $180 million sale of Cambridge Highlands, a 228,592-square-foot office and R&D campus located on a 9.7-acre site in the greater Boston area. The four-building campus serves as the headquarters of Raytheon BBN Technologies, a division of global aerospace and defense giant Raytheon. Robert Griffin, Edward Maher, Matthew Pullen, Michael Byrne, Samantha Hallowell and Thomas Greeley of Newmark represented the seller, New York-based Clarion Partners, in the transaction. The team also procured the undisclosed buyer.

September 17, 2021

Acquisitions Arizona Industrial Western

Lincoln Property Co. Sells Industrial Facility in Glendale, Arizona to BentallGreenOak for $186M

by Amy Works September 17, 2021

GLENDALE, ARIZ. — LPC Desert West, the western regional office of Lincoln Property Co. (LPC), has completed the disposition of the first phase of Park 303, an industrial park located at 6600 N. Sarival Road in Glendale. BentallGreenOak acquired the building for $186 million, which is the highest sales price for a single industrial facility in the history of Arizona. Situated on 71 acres, the nearly 1.3-million-square-foot property is fully leased to an unnamed retailer. The building features 40-foot clear heights, 25,000 square feet of office and training space, large breakrooms and outdoor space with covered seating, a barbecue station and grass area for games and events. The property also offers full concrete truck courts, ample truck parking and private drives. The first phase was originally designed as a 705,531-square-foot building and a 488,995-square-foot building with the ability to combine the speculative buildings into one larger facility, which LPC did to accommodate the current tenant. Will Strong of Cushman & Wakefield represented LPC in the investment sale. Ed Lampitt, Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield represented the seller. LPC will continue to serve has property manager for the building. Phase I is part of LPC’s …

September 17, 2021

Acquisitions California Retail Western

Chartwell Real Estate Acquires Iconic Balboa Fun Zone in Newport Beach

by Amy Works September 16, 2021

NEWPORT BEACH, CALIF. — Chartwell Real Estate Development has purchased Balboa Fun Zone, a mixed-use entertainment development in Newport Beach. Discovery Cube, a Southern California children’s science museum, sold the property for an undisclosed price. The new owners plan to restore the historic landmark and continue to operate the property as the Balboa Fun Zone, one of Southern California’s oldest amusement park dating to the early 1900s. Located at 600 E. Bay Ave., the 34,500-square-foot property offers 212 feet of waterfront space, the Edgewater Place boardwalk, the Balboa Ferris Wheel, a more than 25-boat marina with 775 linear feet of docking, Fun Zone amusement park rides and attractions, 16,000 square feet of mixed-use improvements, and a 58-stall subterranean parking garage. Lars Platt, Joseph Lising and Matthew Godman of Cushman & Wakefield represented the seller, while Bob Thagard of Cushman & Wakefield represented the buyer in the transaction.

September 16, 2021

Acquisitions Florida Retail Southeast

SRS Arranges Sale of 101,392 SF Shopping Center in Lake Mary, Florida

by Julia Sanders September 16, 2021

LAKE MARY, FLA. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Heathrow Square, a Winn-Dixie-anchored, 101,392-square-foot shopping center in Lake Mary. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the undisclosed seller in the transaction. The buyers, Equinox Development and Harbour Retail Partners, were self-represented. The sales price was not disclosed. Heathrow Square was nearly 97 percent leased at the time of sale to tenants including CVS/pharmacy, Pure Barre, Quest Diagnostics and Subway. Winn-Dixie has occupied the store at Heathrow Square for 29 years. The center is situated on 11.9 acres at 120 International Parkway at the signalized intersection of West Lake Mary Road and International Parkway. The property is situated only a quarter-mile from Interstate 4.

September 16, 2021

Acquisitions Kansas Midwest Office

LANE4 Purchases 83,000 SF Office Building in Overland Park, Kansas

by Kristin Harlow September 16, 2021

OVERLAND PARK, KAN. — A group of private investors led by LANE4 Property Group has purchased an 83,000-square-foot office building in Overland Park for an undisclosed price. Located at 4551 W. 107th St., the three-story property is fully leased. Allied National Inc., a third-party administrator in the health insurance and benefits industry, occupies the majority of the building. Kessinger Hunter represented the undisclosed seller in the transaction.

September 16, 2021

Acquisitions Connecticut Multifamily Northeast

FPA Multifamily Buys 192-Unit Hillcroft Village Apartments in Danbury, Connecticut

by Taylor Williams September 16, 2021

DANBURY, CONN. — California-based FPA Multifamily has purchased Hillcroft Village, a 192-unit apartment complex in Danbury, about 70 miles north of New York City. The property was built on 10.5 acres in 1971. Units feature an average size of 988 square feet, as well as individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, playground and a resident clubhouse. Victor Nolletti, Eric Pentore and Wes Klockner of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, a venture partner of Timberline Real Estate Ventures LLC, in the transaction. The team also procured FPA Multifamily as the buyer.

September 16, 2021

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