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Interra Realty Brokers $23.4M Sale of The Cloisters Apartment Complex in Chicago’s Hyde Park

by Kristin Harlow August 30, 2021

CHICAGO — Interra Realty has brokered the $23.4 million sale of The Cloisters, a 13-story apartment complex in Chicago’s Hyde Park neighborhood. The 86-unit property is located at 5801 S. Dorchester Ave. The sales price of $272,675 per unit represents the highest price for any single multifamily asset in Hyde Park in over a decade, according to Interra. Built in 1928, The Cloisters features a variety of floor plans ranging from one-bedrooms to six-bedrooms. The property gets its name from the covered walkway on one side of a central courtyard. David Goss, Jon Morgan, Joe Smazal and Mark Dykstra of Interra represented the seller, the Baptist Theological Union, which purchased the property from the University of Chicago in 1961. The buyer, Antheus Capital, plans to upgrade units and continue to rent the property to university faculty and staff while expanding to include students and other renters.

August 30, 2021

Acquisitions California Industrial Western

Colliers Arranges Sale of 63,302 SF Industrial Facility in Corona, California

by Amy Works August 30, 2021

CORONA, CALIF. — Colliers has brokered the sale of a multi-purpose warehouse located at 2620 Palisades Drive in West Corona. Crown Associates acquired the property from L&CD Developments for an undisclosed price. Totaling 63,302 square feet, the building features 13,924 square feet of high-finish, two-story office space, 600 square feet of shop office space, 32-foot clear heights, ESFR sprinklers, 153 parking spaces, a private fenced yard and LED warehouse lighting. Built in 2017 on 3.6 acres, the warehouse site is zoned for both distribution and manufacturing. Clyde Stauff and Jace Gan of Colliers represented the buyer and seller in the transaction.

August 30, 2021

Acquisitions Florida Multifamily Southeast

Westside Capital Group Purchases Residential Tower in Downtown Fort Myers for $71M

by Julia Sanders August 27, 2021

FORT MYERS, FLA. — Westside Capital Group, a Miami-based real estate investment firm, has purchased Oasis Grand II, a 32-story residential tower located in downtown Fort Myers. Westside acquired the property in an off-market transaction for $71 million, or approximately $268,000 per unit. Geosam, a Canadian-based developer, was the seller. Originally built by Related Group as a condominium in 2008, the Oasis Grand II features studio, one- and two-bedroom units ranging from 629 square feet to 1,700 square feet. The property also includes several two-story, three-bedroom waterfront townhomes with up to 1,800 square feet of space. Located at 3040 Oasis Grand Blvd., the property is situated on a 1.3-acre site along the Caloosahatchee River. The tower was 98 percent occupied at the time of the sale. Westside Capital will invest in improvements to the property, including enhancements to amenities, common areas and individual apartments. Community amenities include gated-entry; a fitness center; clubhouse and social lounge with wet bar, TV and Wi-Fi; a private boat launch ramp; gated pet run; library; a pool deck with poolside cabanas and lounges; private barbecue and picnic areas; and men’s and women’s spa facilities with saunas and showers. As part of the purchase, Westside Capital …

August 27, 2021

Acquisitions Industrial Midwest Ohio

MAG Capital Partners Acquires Northern Ohio Industrial Property in Sale-Leaseback

by Kristin Harlow August 27, 2021

MANSFIELD, OHIO — MAG Capital Partners LLC has acquired a three-building industrial property in Mansfield, about midway between Columbus and Cleveland. The purchase price for the sale-leaseback transaction was not disclosed. The 257,622-square-foot property sits on 23 acres at 150 E. Longview Ave. The seller, Nanogate North America, was recently acquired by Techniplas, a provider of highly engineered technical solutions for the automotive, transportation and industrial sectors. Jonathan Wolfe and Jordan Shtulman of Stream Capital Partners represented the seller. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented MAG Capital Partners, which is a Fort Worth, Texas-based private investment firm led by Dax Mitchell and Andrew Gi.

August 27, 2021

Acquisitions Multifamily Washington Western

MG Properties Acquires Village on Main Apartments in Tacoma, Washington for $85.5M

by Amy Works August 27, 2021

TACOMA, WASH. — San Diego-based MG Properties Group has purchased Village on Main Apartments, a multifamily property located at 5020 Main St. on the Point Ruston Waterfront in Tacoma. Point Ruston Building 7 LLC, a company owned by Loren McBride Cohen, sold the asset for $85.5 million. Village on Main features 200 apartments and access to a mix of retailers, restaurants and entertainment venues in the Point Ruston Waterfront mixed-use community. Chris Ross, David Young, Corey Marx, Jordan Louie and Michael Lyford of JLL represented the seller. Charles Halladay, Rick Salinas and Jake Wisness of JLL Capital Markets arranged financing for the buyer.

August 27, 2021

Acquisitions California Industrial Office Western

Grosvenor Americas Purchases 218,645 SF R&D/Office Property in North San Jose, California

by Amy Works August 26, 2021

SAN JOSE, CALIF. — Grosvenor Americas has acquired Orchard-Trimble, an office and R&D campus located at Orchard Parkway and West Trimble Road in North San Jose’s Golden Triangle. The acquisition price and name of the seller were not released. Toshiba America Electronic Components, the U.S. storage and semiconductor division of Toshiba Corp., occupies the 218,645-square-foot property, which features R&D lab space. The campus is near San Jose International Airport and provides access to downtown San Jose via the VTA Light Rail.

August 26, 2021

Acquisitions Industrial Texas

Westmount Realty Capital Sells 301,399 SF Industrial Property in Metro Dallas

by Taylor Williams August 26, 2021

GRAND PRAIRIE, TEXAS — Locally based development and investment firm Westmount Realty Capital has sold Fountain Parkway, a 301,399-square-foot warehouse and manufacturing facility located in the central metroplex city of Grand Prairie. The warehouse features 16 dock doors, five drive-in doors and 17.5-foot clear heights, and the entire facility offers 219 parking spots with the capacity for expansion to 532 spaces. Westmount first purchased the property in 1988. Bollinger Industries, a manufacturer of fitness equipment, was a long-term lead tenant at Fountain Parkway for many years until the property became a multi-tenant facility in 2007. Reed Parker and Adam Graham of Lee & Associates represented Westmount in the sale. The buyer was not disclosed.

August 26, 2021

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $16M Condo Deconversion Sale in Arlington Heights, Illinois

by Kristin Harlow August 26, 2021

ARLINGTON HEIGHTS, ILL. — Kiser Group has brokered the condo deconversion sale of Timber Court in Arlington Heights for $16 million. A Chicago-based apartment investor acquired the 72-unit property, which is located at 3400 N. Old Arlington Heights Road. Ron Plonis, Lee Kiser and Jeff Leibovich of Kiser represented both the condo association and the buyer in the transaction. Ray Cahnman served as president of the board of directors for the condo association and was also one of the original developers of the project, which was built in 2007. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

August 26, 2021

Acquisitions Multifamily New Jersey Northeast

Shamah Properties Buys Princeton Apartment Community for $70.3M

by Taylor Williams August 26, 2021

PRINCETON, N.J. — Commercial investment and management firm Shamah Properties has purchased Copperwood Apartments, a 153-unit multifamily community located at 300 Bunn Drive near downtown Princeton, for $70.3 million. The unit mix at the property, which was built in 2015, includes 22 one-bedroom residences, 130 two-bedroom units and one studio apartment. Amenities include outdoor exercise paths, a fitness center and outdoor grilling areas. The seller was not disclosed.

August 26, 2021

Acquisitions Industrial Southeast Virginia

Finmarc Management Sells Industrial Portfolio in Woodbridge, Virginia for $104.2M

by Julia Sanders August 26, 2021

WOODBRIDGE, VA. — Finmarc Management Inc. has sold a 14-building industrial portfolio in Woodbridge for $104.2 million. The buyer was a joint venture between Stockbridge Capital Group and Rosenthal Properties. Gerry Trainor, Caulley Derringer and Jim Cardellichio of Transwestern represented Finmarc in the transaction, and Joe Hoffman of Kelley Drye & Warren provided legal services to the Bethesda, Md.-based firm. The portfolio, which is located within Featherstone Industrial Park, includes nearly 740,000 square feet of warehouse and industrial space. The portfolio was 93 percent leased at the time of sale to tenants including Coleman Worldwide Moving, Foundation Building Materials, General Services Administration and Joe Moholland Moving. Featherstone Industrial Park is located adjacent to Jefferson Davis Highway, two miles from Interstate 95, 25 miles from Washington, D.C. and 30 miles from Dulles International Airport. The properties were part of a larger 16-building portfolio acquired by Finmarc in 2017.

August 26, 2021

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