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Bedrock Acquires 500,000 SF Office Building Along Detroit Riverfront

by Kristin Harlow May 18, 2021

DETROIT — Bedrock has acquired 300 River Place, a 500,000-square-foot office building along Detroit’s riverfront. The purchase price was undisclosed. Additionally, the acquisition includes a parking garage with 736 parking spaces and 4.4 acres of developable land. The Stroh Cos. Inc. was the seller. The office building will continue to house tenants such as the Associated Press, Belle Isle Conservancy, Michigan Minority Contractors and a number of departments within the Federal General Services Administration. The building was originally constructed in phases in 1928 and 1939 by pharmaceutical company Parke-Davis & Co. The Stroh Brewery Co. acquired the property in 1979 and renovated it over the years. Since its founding in 2011, Detroit-based real estate firm Bedrock has invested more than $5.6 billion for the acquisition and development of more than 100 properties in Detroit and Cleveland. The company is the real estate arm of Dan Gilbert’s Rocket Cos.

May 18, 2021

Acquisitions Multifamily North Carolina Southeast

Magma Equities Purchases Richmond Hills Apartment Community in Raleigh for $6.2M

by Julia Sanders May 18, 2021

RALEIGH, N.C. — Magma Equities has purchased 51 apartments within Richmond Hills, a multifamily community located at 2251 Charles Drive in Raleigh. Sarah Godwin of JLL represented the seller, EYC Cos. LLC, in the $6.2 million sale. Magma Equities plans to update the community’s countertops, kitchen cabinets, pool and property exterior in the next year. Sitting on approximately 5.2 acres, the acquired site is also entitled for up to 330 new apartment units. The infill property is situated across the street from Crabtree Valley Mall and a half-mile from Interstate 440 and Raleigh Beltline, as well as 3.5 miles from Interstate 40. EYC is a privately held real estate firm based in the Carolinas. Manhattan Beach, Calif.-based Magma Equities is a real estate company focused on repositioning Class B apartment communities throughout the country.

May 18, 2021

Acquisitions Affordable Housing Multifamily Texas

Comunidad Partners Acquires 206-Unit Affordable Housing Community in Fort Worth

by Taylor Williams May 18, 2021

FORT WORTH, TEXAS — Comunidad Partners, a minority- and women-owned investment firm, has acquired Metro 7000, a 206-unit affordable housing community in Fort Worth. Amenities at the property include a pool, clubhouse, sports court and a dog park. The project is 100 percent affordable, with units being at or below 80 percent of the area median income (AMI) and an income restriction that requires a minimum of 20 percent of the units be reserved for renters earning 60 percent or less of AMI. Richard Furr and Brian O’Boyle Jr. of Newmark represented the undisclosed seller in the transaction. Comunidad Partners, which will implement a value-add program focused on unit interiors and building exteriors, was self-represented.

May 18, 2021

Acquisitions Industrial Texas

DRA Advisors Buys 210,000 SF Refrigerated Industrial Facility in McAllen, Texas

by Taylor Williams May 18, 2021

MCALLEN, TEXAS — DRA Advisors, a New York City-based investment firm, has purchased a 210,000-square-foot industrial facility in the Rio Grande Valley city of McAllen. The property sits on 12 acres and features 27-foot clear heights and 120-foot truck court depths. More than 60 percent of the space is utilized for cold storage. Tom Duke and Donald Flynn of Elegran Capital & Advisory represented DRA Advisors and the seller in the off-market transaction.

May 18, 2021

Broadrange-Logistics-Gouldsboro-Pennsylvania

Acquisitions Industrial Northeast Pennsylvania

MDH Partners Acquires 390,000 SF Industrial Property Near Scranton, Pennsylvania

by Taylor Williams May 18, 2021

GOULDSBORO, PA. — Atlanta-based investment firm MDH Partners has acquired a 390,000-square-foot industrial property in Gouldsboro, located outside of Scranton. Built in 2002, the property was fully leased to Broadrange Logistics at the time of sale. Building features include a clear height of 30 feet, 42 dock doors, 130-foot truck court depths and an ESFR sprinkler system. The new ownership plans to expand the property by 160,000 square feet, with construction set to begin in the first quarter of next year. The seller was Exeter Property Group. Nick Murphy of Eastdil Secured brokered the deal.

May 18, 2021

Acquisitions Office Southeast Tennessee

Rubicon Equities, Meritage Group Purchase Downtown Nashville Office Building for $95M

by Julia Sanders May 17, 2021

NASHVILLE, TENN. — Rubicon Equities and Meritage Group LP have purchased Capitol View Plaza, a Class A office building located at 1 Lifeway Plaza in downtown Nashville, for $95 million. Capitol View Plaza was built in 2017 on the site of the previous headquarters of Lifeway Christian Resource. The property is part of the 32-acre Capitol View master planned community developed by Boyle Investment Co. The property is the third investment for Rubicon and Meritage in Nashville. David Atchison and Brian Casey of Colliers International represented the undisclosed seller in the transaction. Stream Realty and Sandeema Co. are enlisted to market the building for lease. Rubicon Equities is a Nashville-based real estate investment and development firm with over $500 million of assets under management. Meritage Group LP is a private investment firm based in San Francisco that invests in public and private equity, credit and real estate.

May 17, 2021

Acquisitions Multifamily Washington Western

New Standard Equities Acquires Two-Property Apartment Portfolio in Bremerton, Washington for $20M

by Amy Works May 17, 2021

BREMERTON, WASH. — Los Angeles-based New Standard Equities has purchased Cedar Glen and Maple Manor, two adjacent multifamily communities in Bremerton. An undisclosed individual/personal trust sold the assets for $20 million. The buyer has rebranded the 144-unit portfolio as Indigo Apartment Homes and plans to implement a $3.3 million capital improvement program at the community. The portfolio includes Cedar Glen Apartments at 2511 Magnuson Court and Maple Manor Apartments at 2700 Maple St. Cedar Glen was built in 1989 and Maple Manor was constructed in 1978. Timothy Ufkes and Nate Kiger of the Ufkes Group of Marcus & Millichap’s Seattle office represented the seller and buyer in the deal.

May 17, 2021

Acquisitions Healthcare Massachusetts Northeast Office

Greatland, Singerman Acquire 288,528 SF Office, R&D Campus in Metro Boston

by Taylor Williams May 17, 2021

LEXINGTON, MASS. — A partnership between Greatland Realty Partners and Singerman Real Estate has acquired a 288,528-square-foot office/research and development campus located at 10 Maguire Road in the northern Boston suburb of Lexington. The four-building property is located near the I-95/Route 128 and Route 3 interchange and features an open-air food hall with indoor and outdoor seating. JLL is marketing the property for lease to life sciences and technology users.

May 17, 2021

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of 146,029 SF Industrial Building in Elk Grove Village, Illinois

by Kristin Harlow May 17, 2021

ELK GROVE VILLAGE, ILL. — Colliers International Chicago has brokered the sale of a 146,029-square-foot industrial building in Elk Grove Village, a northwest suburb of Chicago. The sales price was undisclosed. Completed in 2020 and located at 500 E. Devon Ave., the property features a clear height of 32 feet. The facility was 71 percent leased to three tenants at the time of sale. Colliers will continue to represent the new ownership in marketing the vacancy for lease. Jeff Devine and Steve Disse of Colliers represented the seller, CA Ventures. A fund managed by Goldman Sachs was the buyer.

May 17, 2021

Acquisitions Development Florida Industrial Southeast

CT Realty, Diamond Realty Purchase Land in Jacksonville for 3.2 MSF Logistics Park Development

by Julia Sanders May 14, 2021

JACKSONVILLE, FLA. — CT Realty, in a joint venture with Diamond Realty Investments, has purchased 250 acres of industrial-zoned land in Jacksonville for the development of an eight-building, 3.2 million-square-foot logistics park. The buyers have begun developing the first phase, which spans 1.7 million square feet across three buildings, and is projected to be completed in 2022. Southeast Toyota Distributors, an independent Toyota automotive distributor, sold the site for $300 million. Guy Preston and Seda Preston of Colliers International represented both Southeast Toyota Distributors and the buyers in the land sale. The site is situated off Pritchard Road, approximately three miles west of Interstate 295 and close to Jacksonville Port Authority (JAXPORT), which handles the highest container volume of Florida’s four major seaports. JAXPORT is in the midst of a major dredging project that, upon completion in 2022, will create the deepest port on the East Coast, capable of serving high-capacity post-Panamax container ships.

May 14, 2021

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