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Evergreen Trading Acquires 179,000 SF Distribution Center in Wisconsin

by Kristin Harlow February 17, 2021

RHINELANDER, WIS. — Evergreen Trading has acquired a 179,000-square-foot distribution center in Rhinelander in northern Wisconsin. The purchase price was undisclosed. Formerly occupied by Petco, the facility features 150,000 square feet of warehouse space, 20,000 square feet of office space and 9,000 square feet of cold storage space. Justin Felix and Andy Lubinski of CBRE represented Petco in the sale. David Opper of CBRE represented Evergreen, which is a financial solutions and media investment company. The property was purchased as part of a larger business deal between Petco and Evergreen, which has since relisted the facility for sale or lease with Felix and Lubinski.

February 17, 2021

Acquisitions Illinois Midwest Retail

Boulder Group Brokers $3.9M Sale of Walgreens-Occupied Property in Skokie, Illinois

by Kristin Harlow February 17, 2021

SKOKIE, ILL. — The Boulder Group has brokered the $3.9 million sale of a Walgreens-occupied property in Skokie. The single-tenant, net-leased building is located at 9150 Skokie Blvd and spans 11,837 square feet. The Walgreens lease expires in 2024. Randy Blankstein and John Feeney of Boulder represented the seller, a Midwest-based individual. A West Coast-based real estate fund was the buyer.

February 17, 2021

Acquisitions Arizona California Colorado Industrial Loans Western

CBRE Arranges $46.7M Acquisition Loan for Four-Property Industrial Portfolio in Western United States

by Amy Works February 17, 2021

ENGLEWOOD, COLO., COMPTON AND STOCKTON, CALIF., AND PHOENIX — CBRE has secured a $46.7 million loan on behalf of San Diego-based Westcore Properties for the acquisition of a four-property industrial portfolio in Colorado, California and Arizona. Totaling 704,065 square feet, the assets are 14101 E. Otero Avenue in Englewood, 19515 S. Susana Road in Compton, 1551 S. Fresno Avenue in Stockton and 4455 W. Camelback Road in Phoenix. The properties have a combined vacancy rate of more than 50 percent, providing a value-add opportunity to reposition the space for new tenants. Mark McGovern, Brian Cruz and Colby Matzke of CBRE’s Debt and Structured Finance team in San Diego arranged the loan for the buyer.

February 17, 2021

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Harrison Street, LCB Acquire 90-Unit Seniors Housing Community Near Boston

by Taylor Williams February 17, 2021

WATERTOWN, MASS. — A joint venture between Harrison Street Real Estate Capital and LCB Senior Living has acquired The Residence at Watertown Square, a 90-apartment senior living community located in the western Boston suburb of Watertown. Developed in 2014, the community features 19 independent living units, 46 assisted living units and 25 memory care units. Newmark’s Sarah Anderson, Ryan Maconachy, Chad Lavender, Ross Sanders and David Fasano arranged an undisclosed amount of acquisition financing for the transaction. The seller was also undisclosed.

February 17, 2021

Acquisitions Industrial Texas

AQUILA Commercial Brokers Sale of 152,234 SF Industrial Building in Hutto, Texas

by Taylor Williams February 16, 2021

HUTTO, TEXAS — Austin-based AQUILA Commercial has brokered the sale of Innovation Business Park Building III, a 153,234-square-foot industrial building located at 1150 New Technology Blvd. in Hutto, located northeast of Austin. Dogwood Industrial Properties, a platform backed by TPG Real Estate Partners, purchased the asset from Titan Development for an undisclosed price. Titan Development delivered the building in the fourth quarter of 2020. At the time of sale, the property was 62 percent leased to EDC Moving Systems.

February 16, 2021

Acquisitions Illinois Industrial Midwest

Silver Creek Development Acquires 2 MSF Distribution Center in Metro Chicago

by Kristin Harlow February 16, 2021

WILMINGTON, ILL. — Silver Creek Development has acquired a 2 million-square-square-foot distribution center in Wilmington within metro Chicago for an undisclosed price. Michelin North America fully occupies the facility, which is located on 91 acres at 29900 S. Graaskamp Blvd. The property is situated within the Ridgeport Logistics Center, which is located in Chicago’s I-80 submarket. Originally constructed in 2015 as a build-to-suit for Michelin, the facility was expanded in 2016. It features a clear height of 32 feet, 126 dock-high doors, four drive-in doors and trailer parking. Matthew Schoenfeldt and Eliott Zeitoune of JLL Capital Markets arranged acquisition financing through Pacific Life Insurance Co.

February 16, 2021

Acquisitions Arizona Restaurant Retail Western

Newmark Negotiates $5.2M Sale of Shops at Tuscano in Phoenix

by Amy Works February 16, 2021

PHOENIX — Newmark has arranged the sale of Shops at Tuscano, a shopping center located in Phoenix. Shrisha LLC sold the property to TDN Properties for $5.2 million. Located at 7435 W. Lower Buckeye Road, the retail center features 15,938 square feet of multi-tenant space. At the time of sale, the property was 93 percent occupied by seven tenants, including Sprint/T-Mobile, Little Caesars and TitleMax. The shopping center was built in 2006. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller in the transaction.

February 16, 2021

Acquisitions Multifamily Texas

Bascom Group Acquires 350-Unit Apartment Community in Cypress, Texas

by Taylor Williams February 15, 2021

CYPRESS, TEXAS — California-based investment firm The Bascom Group has acquired Cantera at Towne Lake, a 350-unit apartment community in Cypress, part of the Houston MSA. Built in 2006, the 13-acre property’s unit mix comprises 52 one-bedroom units, 266 two-bedroom units and 32 three-bedroom units averaging 1,015 square feet. Community amenities include a leasing office, two-story clubhouse, networking center, fitness center and two pools. Cantera at Town Lake is located within Caldwell Cos.’ Towne Lake master-planned community, which is also the home of Lone Star College. Brian Eisendrath, Annie Rice, and Samantha Jay with CBRE Capital Markets sourced Freddie Mac acquisition financing for the deal, which was brokered by David Mitchell of Newmark along with James D’Argenio and Chang Liu of Bascom Group.

February 15, 2021

Acquisitions New Jersey Northeast Retail

JLL Brokers $16.4M Sale of Retail Building Leased to Home Depot in Bloomfield, New Jersey

by Taylor Williams February 15, 2021

BLOOMFIELD, N.J. — JLL has brokered the sale of a 128,715-square-foot, single-tenant retail building in the Northern New Jersey community of Bloomfield that is triple-net leased to The Home Depot (NYSE: HD) on a long-term basis. Home Depot has occupied the property, which sits on an 11-acre tract adjacent to the Garden State Parkway, since 1994. Benderson Development purchased the asset from New York-based Acadia Realty Trust for $16.4 million. Jose Cruz, J.B. Bruno, Kevin O’Hearn, Michael Oliver, Steve Simonelli and Jordan Altman of JLL brokered the deal

February 15, 2021

Acquisitions Illinois Midwest Office

The Equitable Funds Acquires Four-Building Office Property in Suburban Chicago

by Kristin Harlow February 15, 2021

SCHAUMBURG, ILL. — The Equitable Funds has acquired Remington Office Court, a four-building, single-story office campus in Schaumburg. The purchase price was undisclosed. Located on Remington Road, the property totals 83,370 square feet. Upon acquisition, it was approximately 90 percent leased. Tenants enjoy direct entrances from the outdoors, dedicated HVAC systems, operable windows and private restrooms, features that are desirable as a result of COVID-19, according to the buyer. NAI Hiffman will serve as leasing agent. One Story LLC, a property management firm formed by principals of The Equitable Funds, will manage the asset. The acquisition is in line with the firm’s strategy of acquiring, owning and managing single-story office properties throughout Chicagoland. Jonathan Berger and Josh Silvergalde established The Equitable Funds in 1999 and has since completed more than $100 million of real estate acquisitions and dispositions.

February 15, 2021

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