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Avison Young Negotiates Sale of 98,000 SF Medical Office Building in Peoria, Illinois

by Kristin Harlow January 7, 2021

PEORIA, ILL. — Avison Young has negotiated the sale of a 98,000-square-foot, five-story medical office building in Peoria for an undisclosed price. Known as the Illinois Medical Center, the building is located at 1001 Main St. on the campus of the University of Illinois College of Medicine. The fully leased, Class A property serves as an outpatient center for multiple hospital-aligned physician groups. OSF Healthcare, a 13-hospital healthcare system serving Illinois and the Upper Peninsula of Michigan, is the anchor tenant. Mike Wilson and Erik Foster of Avison Young represented the seller, a mix of physician groups within the facility. The duo worked in conjunction with Avison Young’s Pat Wilson and Jim Kornick. Remedy Medical Properties was the buyer.

January 7, 2021

Acquisitions Colorado Multifamily Western

Centerspace Purchases Eight-Building Union Pointe Multifamily Community in Colorado for $76.9M

by Amy Works January 7, 2021

LONGMONT, COLO. — Centerspace (NYSE: CSR) has acquired Union Pointe, an apartment community located in Longmont, for $76.9 million, or $300,390 per unit. Brinkman Real Estate, in partnership with Jensen LaPlante Development and Keystone Real Estate, originally developed the 256-unit property. Located at 1605 E. County Line Road, the eight-building Union Pointe opened in 2019. The property features a resort-style swimming pool and spa with cabanas; outdoor lounge area; grills and fire pits; dog run and dog wash station; children’s play area; and a bicycle and ski repair room. The shared clubhouse features a catering kitchen for entertaining, 24-hour fitness center with yoga studio, gaming room, co-working lounge with laptop bar and private workstations for residents. Terrance Hunt, Shane Ozment and Chris Cowan for Newmark represented Brinkman in the transaction.

January 7, 2021

Acquisitions Florida Multifamily Southeast

Berkadia Brokers $62M Sale of Multifamily Community in Metro Orlando

by Alex Tostado January 6, 2021

WINTER SPRINGS, FLA. — Berkadia has brokered the $62 million sale of The Blake, a 281-unit multifamily community in Winter Springs. The property offers one-, two and three-bedroom floor plans ranging in size from 698 to 1,374 square feet. Communal amenities include a pool, fire pit, 24-hour fitness center, game room, business center, conference room and a dog spa. The Blake is situated at 151 Michael Blake Blvd., 18 miles north of downtown Orlando. Matt Wilcox, Brett Moss, Cole Whitaker and Tyler Swidler of Berkadia represented the sellers, Catalyst Development Partners and HQ Capital, in the transaction. Atlanta-based Preferred Apartment Communities acquired the property, which was built in 2017.

January 6, 2021

Acquisitions Industrial Texas

JLL Negotiates Sale of 1.4 MSF Gateway Logistics Center in Irving

by Taylor Williams January 6, 2021

IRVING, TEXAS — JLL has negotiated the sale of Gateway Logistics Center, a 1.4 million-square-foot industrial park located near DFW International Airport in Irving. The property was built in 2019. Dustin Volz, Stephen Bailey, Jody Thornton, Zach Riebe and Wells Waller of JLL represented the seller and developer, a partnership between Dallas-based Bandera Ventures and Boston-based Long Wharf Capital, in the transaction. BentallGreenOak acquired the five-building industrial park on behalf on an institutional investor.

January 6, 2021

Acquisitions Healthcare Indiana Midwest

Montecito Acquires Two Medical Office Buildings in Central Indiana

by Kristin Harlow January 6, 2021

INDIANAPOLIS AND FRANKLIN, IND. — Montecito Medical Real Estate has acquired two recently constructed medical office buildings in central Indiana. The two properties, located in Indianapolis and Franklin, are nearly identical in size and represent a combined total of 47,000 square feet. Both buildings were constructed on a build-to-suit basis and are now fully leased. Providers at both facilities offer a range of medical services, including primary care, family medicine and imaging. Physicians at the Indianapolis location also provide care in the specialties of pediatrics, women’s health and oncology, while those at the Franklin location serve patients in the specialties of orthopedics, pain management, neurology, sleep management and podiatry. The Indianapolis property is located at 7255 Marsh Road on the city’s northwest side, near the junction of I-65 and I-465. The Franklin building is located at 990 State Route 44, on the south side of the Indianapolis metro area. Seller information was not disclosed.

January 6, 2021

Acquisitions Illinois Industrial Midwest

SVN Chicago Commercial Brokers $7.1M Sale of Industrial Property in Willowbrook, Illinois

by Kristin Harlow January 6, 2021

WILLOWBROOK, ILL. — SVN Commercial Chicago has brokered the $7.1 million sale of a 142,000-square-foot industrial property in Willowbrook, a southwest suburb of Chicago. The building sits on 12 acres at 7409 S. Quincy St. The sale also included a 4.9-acre site for future development or expansion. The building’s tenant vacated prior to the end of 2020. Paul Cawthon and Angelo Labriola of SVN’s Cawthon-Labriola Group represented the seller. The buyer and seller information was not disclosed.

January 6, 2021

Acquisitions Data Centers Industrial Oregon Western

Harrison Street, 1547 Data Center Fund Acquire Pittock Block in Portland for $326M

by Amy Works January 6, 2021

PORTLAND, ORE. — Harrison Street and 1547 Data Center Real Estate Fund II, an affiliate of fifteenfortyseven Critical Systems Realty, have purchased the historic Pittock Block Building, a 302,262-square-foot, mixed-use asset in Portland’s central business district, for $326 million. The seller was Also Investment Co. The price is the highest transaction cost in Oregon since 2015, according to JLL, which brokered the deal. The 302,200-square-foot building is one of the most connected data center buildings in the United States, serving 179 service providers, according to the buyers. Additionally, the property is one of only two primary internet exchanges in the entire Northwest. The property also features office suites and retail space. The acquisition of Pittock Block is the second investment for Harrison Street and 1547 following the purchase of the Wells Building, a carrier hotel and data center in Milwaukee. The Pittock Block is named after Portland publishing magnate Henry L. Pittock, whose house was located on the property until construction. The building was developed by a subsidiary of the Northwestern Electric Co. and several other investors, primarily as an office building with an electrical and steam generation plant in the three-story sub-basement serving the Portland westside. In 1986, Alco …

January 6, 2021

Teleflex-Knitting-Mills-Wyomissing-Pennsylvania

Acquisitions Healthcare Life Sciences Northeast Office Pennsylvania

Equus Sells 262,615 Life Sciences Portfolio in Wyomissing, Pennsylvania

by Taylor Williams January 6, 2021

WYOMISSING, PA. — Philadelphia-based Equus Capital Partners has sold a three-building, 262,615-square-foot life sciences portfolio in Wyomissing, located just outside Reading in Berks County. An affiliate of Miami-based Kawa Capital Management purchased the portfolio for an undisclosed price. The buildings are located within the 53-acre Knitting Mills campus and house office and lab space that is leased to tenants such as UGI Energy Services, Teleflex and Tower Health. The site was originally built in the early 20th century as a manufacturing hub for The Berkshire Knitting Mills. Equus bought the site in 2016 with plans to redevelop it into a life sciences campus.

January 6, 2021

Acquisitions Multifamily Texas Walker & Dunlop

Walker & Dunlop Brokers Sale of 411-Unit Apartment Community in San Antonio

by Taylor Williams January 5, 2021

SAN ANTONIO — Walker & Dunlop has brokered the sale of Collection at Overlook, a 411-unit multifamily community in San Antonio. The garden-style property was built on 16 acres in 1984 and consists of 31 two- and three-story buildings. Amenities include a pool, resident clubhouse, business center and a fitness center. Forest Bass and Matt Pohl of Walker & Dunlop represented the buyer and seller, both of which requested anonymity, in the transaction. Tom Toland and Matt Newton of Walker & Dunlop secured acquisition financing for the deal through Freddie Mac’s Multifamily Green Advantage program. The loan was structured with a 10-year term and five years of interest-only payments. The new ownership will implement a value-add program to upgrade units and meet Freddie Mac’s energy saving requirements.

January 5, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 337-Unit Trinity at Left Bank Apartments in Fort Worth

by Taylor Williams January 5, 2021

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Trinity at Left Bank, a 337-unit apartment community in Fort Worth. Built in 2019, the property features one- and two-bedroom units with an average size of 835 square feet. Amenities include a pool, clubroom, business center, rooftop terrace, package locker system and a dog park. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA represented the seller, Austin-based Endeavor Real Estate Group, in the transaction. The team also procured the buyer, Virginia-based Weinstein Properties.

January 5, 2021

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