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Colliers Brokers Sale of 1.2 MSF Industrial Portfolio in Minnesota, Wisconsin

by Kristin Harlow February 9, 2021

MINNESOTA AND WISCONSIN — Colliers International has brokered the sale of a six-building industrial portfolio spanning 1.2 million square feet in Minnesota and Wisconsin. The sales price was undisclosed. One of the buildings is in Lino Lakes, Minn.; two are in Pewaukee, Wis.; two are in Milwaukee; and one is in Menomonie, Wis. Tom Shepherd and Mark Kolsrud of Colliers brokered the transaction. All six properties are fully leased. Minneapolis-based Biynah Industrial Partners and Maryland-based Alex Brown Realty Inc. sold the portfolio to Kansas-based Platform Ventures.

February 9, 2021

Acquisitions Illinois Industrial Lee & Associates Midwest

Lee & Associates Arranges Sale of 207,575 SF Industrial Building in Bartlett, Illinois

by Kristin Harlow February 9, 2021

BARTLETT, ILL. — Lee & Associates has arranged the sale of a newly constructed, 207,575-square-foot industrial building located at 1560 W. Stearns Road in Bartlett. The sales price was undisclosed. Situated in DuPage County’s Brewster Creek Logistics Park, the property features a clear height of 32 feet, 28 dock doors and parking for 246 cars. Mark Baumhart of Lee & Associates represented the buyer, Platinum Converting, a provider of finishing services to the print and graphic arts industry. Platinum plans to relocate from its Itasca facility this summer. Adam Marshall and Mark Deady of Newmark represented the seller, Logistics Property Co.

February 9, 2021

Acquisitions Colorado Multifamily Western

Gelt Acquires Regatta Apartments Near Denver from Sares Regis Multifamily for $100.5M

by Amy Works February 9, 2021

NORTHGLENN, COLO. — Los Angeles-based Gelt has purchased Regatta Apartments, a multifamily community located at 10500 Irma Drive in Northglenn. Sares Regis Multifamily Funds sold the asset for $100.5 million. Built in 2001 on 23 acres, the garden-style property features 22 two-story residential buildings, offering a total of 352 apartments in a mix of one-, two- and three-bedroom units, and one clubhouse building. All units were recently renovated to feature vinyl plank flooring, stainless steel appliances, quartz countertops, white shaker cabinets, nine-foot ceilings, patios or balconies and extra storage. Community amenities include a resort-style swimming pool, hot tub, sports court, media center, theater, fitness center, business center, splash park, dog wash, dog exercise park and barbecue area with fire pit. With this transaction, Gelt now owns more than 2,600 units across seven apartment communities in the Denver metro area. Dan Woodward, David Potarf and Matt Barnett of CBRE represented the seller and buyer in the deal.

February 9, 2021

Acquisitions Multifamily Texas

Venterra Realty Acquires 324-Unit Elation at Grandway West Apartments in Metro Houston

by Taylor Williams February 8, 2021

KATY, TEXAS — Locally based investment firm Venterra Realty has acquired Elation at Grandway West, a 324-unit apartment community in the western Houston suburb of Katy. The property offers one- and two-bedroom units ranging in size from 671 to 1,116 square feet. Units feature quartz countertops, stainless steel appliances and smart door locks. Amenities include three outdoor grilling areas, two pools, a dog park, pergolas with swings, a yoga and spin studio, fire pits and a bocce ball court. Matt Philips and Clint Duncan of CBRE brokered the deal, the seller in which was not disclosed.

February 8, 2021

Acquisitions Massachusetts Multifamily Northeast

CBRE Negotiates $95.5M Sale of Strata Apartments in Malden, Massachusetts

by Taylor Williams February 8, 2021

MALDEN, MASS. — CBRE has negotiated the $95.5 million sale of Strata, a 295-unit apartment community located in the northern Boston suburb of Malden. The sales price equates to approximately $324,000 per unit. The property, which was 100 percent occupied at the time of sale, is situated on 8.4 acres and offers one-, two- and three-bedroom units with an average size of 892 square feet. Amenities include a pool, outdoor grilling areas and fire pits and a fitness center. Simon Butler, Biria St. John and John McLaughlin of CBRE the seller, Boston-based Taurus Investment Holdings, and procured the buyer, an affiliate of The Green Cities Company of Portland, Oregon.

February 8, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $9.5M Sale of Multifamily Portfolio in Chicago’s Lincoln Square

by Kristin Harlow February 8, 2021

CHICAGO — Interra Realty has brokered the $9.5 million sale of a multifamily portfolio in Chicago’s Lincoln Square neighborhood. The portfolio includes: 4621-25 N. Lincoln Ave., a building with 25 apartment units and four ground-floor retail spaces; and 2243-51 W. Eastwood Ave., a 16-unit apartment building. The properties were originally built in the 1920s. The apartment units feature new tile flooring and cabinetry as well as stainless steel appliances. Joe Smazal of Interra represented the seller, a venture of New York-based Pioneer Acquisitions LLC. Smazal also represented the buyer, a venture led by Jeff Weinberg of Chicago-based Drexel Properties. The buyer assumed the existing CMBS financing.

February 8, 2021

Acquisitions California Office Western

EverWest Sells Linq Creative Office Campus Near Los Angeles to Harkwood Ventures for $24M

by Amy Works February 8, 2021

REDONDO BEACH, CALIF. — Hawkwood Ventures has purchased Linq, a two-building creative office campus located at 2400 Marine Ave. in the Los Angeles suburb of Redondo Beach. EverWest Real Estate Investors sold the property for $24 million. Developed in 1964 and renovated in 2018, Linq features a total of 50,000 square feet of office space with private tenant entrances, glass roll-up doors, skylights and a wrap-around boardwalk, as well as new power, landscaping, lobby, restrooms and signage. At the time of sale, the property was fully leased to multiple tenants. Steve Solomon, Kristen Bowman and Andrew Harper of JLL represented the seller, while the buyer was self-represented in the transaction.

February 8, 2021

Acquisitions Georgia Industrial Mississippi Southeast Tennessee Top Stories

Core5 Sells New Distribution Center Portfolio in Metro Atlanta, Memphis for $166.7M

by John Nelson February 8, 2021

MEMPHIS, TENN., AND ATLANTA — Developer Core5 Industrial Partners has sold a three-property distribution center portfolio in the Atlanta and Memphis metro areas for $166.7 million. The buyer is Preylock Holdings, a private equity investor and manager based in Los Angeles. Atlanta-based Core5 delivered all three properties in 2020. Totaling approximately 2.2 million square feet, the bulk distribution centers feature ESFR sprinklers, ample auto parking and trailer storage, clear heights ranging from 36 to 40 feet and abundance of dock-high doors with view windows. “The willingness of buyers to be aggressive in both price and transaction structure demonstrates the continued demand for core industrial product,” says Dennis Mitchell, a JLL Capital Markets team member who represented Core5 in the deal. The Atlanta-area asset in the portfolio sale is Crossroads Business Center, a 1 million-square-foot distribution center located at 5705 Campbellton Fairburn Road in the south Atlanta suburb of Union City. The metro Memphis assets are both situated within the DeSoto 55 Logistics Center, an industrial campus located in Horn Lake, Miss. The properties are the 328,355-square-foot DeSoto A2 and the 860,915-square-foot Desoto D, which are located at 1453 and 1615 Commerce Parkway, respectively. The buildings are all situated near the …

February 8, 2021

Acquisitions Industrial Midwest NAI Ohio

NAI Hiffman Brokers $12.9M Sale of Industrial Building in Toledo, Ohio

by Kristin Harlow February 5, 2021

TOLEDO, OHIO — NAI Hiffman has brokered the sale of a single-tenant industrial building in Toledo for $12.9 million. Located at 1411 Campbell St., the building serves as a production and distribution facility for Brenntag Great Lakes LLC, a chemical and ingredients distributor. The 227,028-square-foot property was renovated last year. The building features a clear height of 22 feet, 14 docks, one drive-in door and 10 rail doors. An adjacent 13.5-acre lot was also part of the sale and is currently utilized as a trailer lot and tank farm. Patrick Sullivan and Ryan Chambers of NAI Hiffman teamed up with Terry Coyne of Newmark to represent the seller, Phoenix Toledo Industrial Investors LLC, which is an affiliate of Milwaukee-based Phoenix Investors. New Jersey-based Four Springs Capital Trust was the buyer.

February 5, 2021

Acquisitions Industrial Washington Western

Duke Realty Buys 1.6 MSF The Cubes at DuPont Industrial Park Near Seattle for $221M

by Amy Works February 5, 2021

DUPONT, WASH. — Duke Realty has completed the purchase of The Cubes at DuPont, a 1.6 million-square-foot industrial park in DuPont. CRG, the national real estate development and investment arm of Clayco, sold the asset for $221 million. The project was developed in 2018 as a joint venture partnership with U.S. Logistics Fund, the CRG’s national build-to-core industrial fund vehicle. The Cubes at DuPont features a 747,488-square-foot speculative warehouse that is fully leased to Kimberly-Clark, a redeveloped 340,000-square-foot building that underwent extensive capital improvements, and a 494,900-square-foot speculative warehouse available for immediate occupancy. The project is the redevelopment of the former Intel Campus at the DuPont Corporate Center. The transformation involved the demolition of 600,000 square feet of office space once Intel vacated the campus. The location offers immediate proximity to Interstate 5 and travel times of less than 20 minutes to the Port of Tacoma, Wash., one hour to Seattle and two hours to Portland, Ore, according to CRG. Brett Hartzell and Darla Long of CBRE National Partners brokered the sale. Wilma Warshak of Washington Real Estate Advisors was CRG’s listing agent on the site.

February 5, 2021

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