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JLL Arranges Sale of 434,000 SF Distribution Center in Suburban Cleveland

by Kristin Harlow October 30, 2020

GLENWILLOW, OHIO — JLL has arranged the sale of Victory Commerce Center in Glenwillow, a suburb of Cleveland. The sales price was undisclosed. Developed in 2019, the 434,000-square-foot distribution and fulfillment center features a clear height of 32 feet, 30 dock-high doors, nine drive-in doors and LED lighting. It is situated on 40 acres within the larger Diamond Business Center. John Huguenard and Sean Devaney of JLL represented the seller, Illinois-based Westminster Capital. Matthew Schoenfeldt, Michael Gigliotti, Mike Tepedino and Brian Walsh of JLL secured acquisition financing on behalf of the buyer, Investcorp.

October 30, 2020

Acquisitions Industrial Iowa Midwest

MAG Capital Partners Acquires 48,237 SF Manufacturing Facility in Marion, Iowa

by Kristin Harlow October 30, 2020

MARION, IOWA — MAG Capital Partners has acquired the corporate headquarters and manufacturing facility for Advanced Material Processing (AMP) in Marion, just north of Cedar Rapids, in a sale-leaseback transaction. The purchase price was undisclosed. AMP occupies the entire 48,237-square-foot property. The company focuses on material processing equipment for food and beverage, pharmaceutical and chemical sectors. May River Capital, a Chicago-based private equity firm, owns AMP. Katie Elliott of Stan Johnson Co. represented the seller, May River Capital. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented Fort Worth, Texas-based MAG Capital Partners, which is led by Dax T.S. Mitchell and Andrew Gi.

October 30, 2020

Acquisitions Colorado Multifamily Western

CentrePoint, CentreSquare Acquire Outlook Biscay Multifamily Property in Colorado for $37.5M

by Amy Works October 30, 2020

AURORA, COLO. — CentrePoint and CentreSquare have purchased Outlook Biscay, an apartment community located at 3382 S. Biscay Way in Aurora. Denver-based Evergreen Development sold the asset for $37.5 million. Built in 2019, Outlook Biscay offers 96 for-rent townhomes, averaging 1,210 square feet and spread across 20 two-story buildings. Each two- and three-bedroom unit feature a two-car, direct-access garage, private entrance, quartz countertops, stainless steel appliances and laundry rooms with full-size washers and dryers. Community amenities include a central leasing center, year-round swimming pool, dog wash and green areas. Jake Young, Dan Woodward, David Potarf and Matt Barnett of CBRE Capital Markets in Denver represented the seller in the deal.

October 30, 2020

Acquisitions Office Top Stories Washington Western

Brookfield Purchases Office Building Fully Leased to Facebook in Bellevue, Washington for $365M

by John Nelson October 30, 2020

BELLEVUE, WASH. — A real estate investment fund backed by Brookfield Asset Management Inc. (NYSE: BAM) has purchased Block 16, a 343,528-square-foot office building in Bellevue fully leased to Facebook. A joint venture between Wright Runstad & Co., Shorenstein Properties and institutional investors advised by J.P. Morgan Asset Management sold the recently completed property for $365 million. Block 16 is part of The Spring District, a transit-oriented mixed-use development situated on the east side of Lake Washington from Seattle. Wright Runstad and Shorenstein Properties are the master developers of the campus, which sits south of Bellevue’s central business district near SoundTransit’s future Spring District/120th light rail station. Spring District will ultimately feature 3 million square feet of creative office space, including REI’s headquarters that Facebook purchased last month for $390 million. “The Spring District has become a choice location for high-quality office tenants in Bellevue,” says Greg Johnson, CEO of Seattle-based Wright Runstad. In 2017, University of Washington’s Global Innovation Exchange building opened at Spring District, as well as over 800 residential units and several open spaces accessible to the public. Wright Runstad plans to develop another 530,000 square feet of office space across two buildings at Spring District by …

October 30, 2020

Acquisitions Georgia Multifamily North Carolina Southeast

FriedLam Partners Buys Six-Property Multifamily Portfolio in North Carolina, Georgia for $85.2M

by Alex Tostado October 29, 2020

TEANECK, N.J. — Teaneck-based FriedLam Partners has bought a six-property multifamily portfolio in Charlotte, Raleigh and Atlanta for $85.2 million. The portfolio comprises 872 units. The two Charlotte properties are the 192-unit 59Twenty @ Monroe and the 196-unit Two20 @ Branchview. The community in Raleigh was the 176-unit Enclave @ Crabtree. Watson Bryant and Paul Marley of Cushman & Wakefield represented the seller of the North Carolina properties, JEM Holdings, in the transaction. The Atlanta portion of the portfolio comprises the 130-unit 743 @ Howell Mill, the 112-unit Lenox Place and the 66-unit Rio at Lenox. Travis Presnell and Wesley Kenney of Cushman & Wakefield represented the seller, Zavala Capital Group, in the transaction.

October 29, 2020

Acquisitions California Industrial Western

Dermody Properties Buys 70,209 SF Logistics Facility in East Bay Area

by Amy Works October 29, 2020

FREMONT, CALIF. — Dermody Properties has acquired a logistics property located at 45535 Northport Loop East in Fremont. Terms of the transaction were not released. Originally constructed in 1998 on 4.7 acres, the 70,209-square-foot property features 20-foot clear heights, four dock-high doors and four drive-in doors. At the time of purchase, 49,615 square feet was available in the facility. Dermody plans to invest in significant exterior and interior capital improvements, including a new roof, to the building. Michael Karp and Victor DeBeor of Cushman & Wakefield represented Dermody Properties in the transaction and will be leasing agents for the property.

October 29, 2020

Acquisitions Illinois Midwest Multifamily Student Housing

GMH Capital, AGC Equity Acquire The Dean Student Housing Asset in Champaign, Illinois

by Kristin Harlow October 29, 2020

CHAMPAIGN, ILL. — GMH Capital Partners LP and AGC Equity Partners have acquired The Dean, a 672-bed student housing property in Champaign, for an undisclosed price. The seller, Core Spaces, completed development of the property this past summer. Spanning 240,737 square feet and rising 17 stories, The Dean is an off-campus community serving the University of Illinois-Urbana Champaign campus. Its ground-floor retail space houses Target and Jimmy John’s. Units average 683 square feet and contain private bathrooms and modern finishes. Amenities include a fitness center, rooftop sundeck, pool, hot tub, outdoor lounge and multiple study areas. Monthly rents start at $695 for shared units.

October 29, 2020

Acquisitions Indiana Midwest Office

Colliers Arranges Sale of 77,793 SF Office Building in Carmel, Indiana

by Kristin Harlow October 29, 2020

CARMEL, IND. — Colliers International has arranged the sale of Midtown III, a recently completed office building in Carmel, a suburb of Indianapolis. The sales price was undisclosed. The three-story, Class A property is located at 571 Monon Blvd. It spans 77,793 square feet. Alex Cantu and Alex Davenport of Colliers represented the seller, Ambrose Property Group. Diamond Income Fund LP, a St. Louis-based investment fund, purchased the asset.

October 29, 2020

Acquisitions Industrial North Carolina Southeast

Lightstone Group Acquires Industrial Facility in Charlotte for $34M

by Alex Tostado October 28, 2020

CHARLOTTE, N.C. — Lightstone Group has acquired Clarius Park Charlotte, a 400,000-square-foot industrial facility in Charlotte, for $34 million. The New York City-based buyer has rebranded the property to Lightstone Logistics Center. At the time of sale, the asset was 50 percent leased to Power Distributors LLC, a distributor of outdoor power equipment. The new building features 36-foot clear heights, 70 dock doors and immediate access to Interstates 85 and 485. Lightstone Logistics Center is located at 7800 Tuckaseegee Road, two miles north of Charlotte Douglas International Airport. Chris Loyd and Tom Tropeano of Avison Young represented the seller, Clarius Partners, in the transaction. Peter Rotchford of JLL arranged the acquisition financing on behalf of the buyer. Details of the loan were not disclosed.

October 28, 2020

Acquisitions Industrial Midwest Ohio

Boulder Group Brokers $10.5M Sale of Industrial Building in Mansfield, Ohio

by Kristin Harlow October 28, 2020

MANSFIELD, OHIO — The Boulder Group has brokered the $10.5 million sale of a 314,736-square-foot industrial facility in Mansfield, located midway between Columbus and Cleveland. The building is net leased to School Specialty Inc., a distributor of supplies, furniture, technology products, supplemental learning products and curriculum solutions for education. The facility is located at 100 Paragon Parkway within an industrial park that is home to other tenants such as FedEx, Coca-Cola, Frito-Lay and the Ohio Army and National Guard. The building features 49,500 square feet of office space with expansion capabilities. Randy Blankstein and Jimmy Goodman of Boulder represented both parties in the transaction. A private investor sold the asset to a Northeast-based real estate investment trust. School Specialty’s lease expires in October 2025.

October 28, 2020

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