BARTLETT, ILL. AND PHOENIX, ARIZ. — NAI Hiffman has negotiated the sale of a three-building industrial portfolio in Bartlett, a western suburb of Chicago, and Phoenix. The GSI Family Office, along with Greco/DeRosa Investment Group, sold the portfolio to a discretionary fund managed by CBRE Global Investors. The properties include: 1323 Brewster Creek Blvd. and 1550 Hecht Drive in Bartlett; and 4450 N. 45th Ave. in Phoenix. They are home to seven tenants. Pat Sullivan, Ryan Chambers and Jeff Fischer of NAI Hiffman represented the seller. Tony Lydon and John Lydon of JLL assisted in the sale of the Phoenix property. Built in 2017, 1323 Brewster Creek Blvd. spans 421,354 square feet and features 48 docks, 800 car parking spaces and a clear height of 32 feet. It was the first building in Brewster Creek Business Park, which is now home to more than 1 million square feet of food-related tenants. Built in 2006, 1550 Hecht Drive serves as the headquarters for Greco Foods. The 209,628-square-foot warehouse offers an office and cold storage component. The Phoenix asset, built in 2017, spans 368,478 square feet.
sale1
AURORA AND ELGIN, ILL. — Bauman & Co. LLC, an Atlanta-based real estate firm, has acquired three medical office buildings in Aurora and Elgin. Two of the buildings are situated on the AMITA Health Saint Joseph Hospital Elgin campus while the third is located on the AMITA Health Mercy Medical Center Aurora campus. The assets collectively total 125,000 square feet. Renovations to the common areas are slated to start this quarter. Bauman plans to make multiple improvements, including flooring, wall coverings, restrooms, signage, electronic directories and lighting. Local medical office specialist O’Donnell Commercial Real Estate Inc. will be in charge of leasing. Neither the seller nor the sales price was disclosed.
RAHWAY, N.J. — The Kislak Company has brokered the $26.5 million sale of Skyview Rahway, a 160-unit multifamily building located south of Newark in Union County. Built in 2005, the property consists of 45 one-bedroom units, 102 two-bedroom units and 13 penthouses in addition to Class A amenities such as a rooftop terrace, fitness center and concierge services. Jeff Squires of Kislak represented the seller in the transaction, and Barry Waisbrod of Kislak procured the New York-based buyer. Both parties requested anonymity.
SAN ANTONIO — Berkadia has arranged the sale of Legacy Creekside, a 338-unit apartment community in San Antonio. Built in 2018, the property offers one-, two- and three-bedroom floor plans with an average unit size of 828 square feet. Residences feature stainless steel appliances, granite countertops, wood vinyl flooring and private yards and attached garages in select units. Amenities include a pool with cabanas, a fitness center, resident lounge with an arcade and coffee bar, outdoor grilling and dining area, two dog parks and bike storage space. Ryan Epstein, Michael Miller, Will Caruth and Cody Courtney of Berkadia represented the seller, White-Conlee Builders, in the transaction. Lucas Donohue, also with Berkadia, arranged acquisition financing on behalf of the buyer, Univest Inc.
DETROIT — Foster Financial Co. has acquired a 28-story office tower located at 211 W. Fort St. in downtown Detroit for an undisclosed price. The Grosse Pointe-based company acquired the asset in a joint venture with Tribus, a Grosse Pointe family office, according to Crain’s Detroit Business. This is the first time that the building, constructed in 1961, has sold. The 450,000-square-foot property is home to tenants such as the U.S. Bankruptcy Court, U.S. Attorney’s Office and the U.S. Passport Office. Foster Financial plans to rename the building 211 Tower and undertake renovations. The seller was the original developer, which included principals from New York-based Minskoff Grant Realty & Management Corp., according to Crain’s.
Padma Laxmi LLC Acquires Medical Office, Industrial Portfolio in Southern California for $43.6M
by Amy Works
TUSTIN AND SAN DIEGO, CALIF. — Padma Laxmi LLC has purchased a medical office property in Tustin and an industrial facility in San Diego for a total consideration for $43.6 million. An affiliate of Cress Capital sold the medical office asset located at 2742 Dow Ave. in Tustin. Built in 1979, the two-story property features 51,588 square feet of medical office space. Doctor’s Best, a nutritional supplement company, occupies the entire building under a sublease from Orange County-based MemorialCare. Anthony DeLorenzo, Gary Stache, Bryan Johnson, Todd Tydlaska and Doug Mack of CBRE represented the seller, while Richard Schwartz of Colliers International and Jim DeRegt of Lee & Associates represented the buyer. Additionally, Padma Laxmi purchased an 85,824-square-foot industrial facility located at 10054 Old Groove Road in San Diego’s Scripps Ranch neighborhood. Manscaped, a start-up online shaving company, will occupy the property, which was vacant at the time of acquisition. Originally built in 1971, the facility was renovated in 2018. Trevor Damyan of CBRE’s downtown Los Angeles office arranged a $28.3 million, 10-year, fixed-rate loan for the acquisition of both properties on behalf of the buyer.
TAMPA, FLA. — JLL has arranged the $31.8 million sale of Breckenridge Park, a 15-building industrial campus in eastern Tampa. The asset comprises 334,000 square feet and is situated at 5402-5460 Breckenridge Parkway, nine miles east of downtown Tampa. The buildings were developed between 1982 and 1998. Bret Felberg, Jeff Morris, John Dunphy and Peter Cecora of JLL represented the seller, MLG/PF Breckenridge Investment LLC, which is affiliated with MLG Capital. A joint venture partnership between The Arden Group and Avistone purchased the asset. Jillian Mariutti, Brian Gaswirth, Michael DiCosimo and Drew Jennewein, also with JLL, arranged a $26.3 million acquisition loan through BlackRock on behalf of the buyer. The joint venture will use a portion of the proceeds to implement a capital improvement plan.
ORLANDO, FLA. — Newmark Knight Frank (NKF) has arranged the $66 million sale of CODA Apartments, a 296-unit multifamily community in Orlando. The four-story property features studio, one- and two-bedroom floor plans. Communal amenities include a business center, 24-hour fitness center, clubhouse, conference room, pool, sundeck and a game room. CODA Apartments is located at 13645 E. Colonial Drive, 13 miles east of downtown Orlando. Scott Ramey, Erik Bjornson and Patrick Dufour of NKF represented the sellers, Catalyst Multifamily Management and The Carlyle Group, in the transaction. Long Beach, Calif.-based RK Properties acquired the asset, which the sellers delivered in 2019.
WARREN, N.J. — Newmark Knight Frank (NKF) has negotiated the sale of a 181,210-square-foot life sciences facility in Warren that is fully leased to Celgene/Bristol Myers Squibb. Kevin Welsh, Brian Schulz, Jason Emrani, Steven Schultz and Dan Reider of NKF represented the seller, a joint venture between Ivy Realty and Waterfall Asset Management, in the transaction. The team also procured the buyer, Thor Equities. The property recently underwent a value-add program that included a new roof and HVAC upgrades.
BEAVERTON, ORE. — Smartcap, a Seattle-based real estate investment firm, has purchased The Cortez Building, a warehouse and office property located at 701 SW 158th Ave. in Beaverton, a suburb eight miles west of Portland. An undisclosed seller sold the asset for $12.2 million. Nike Inc. occupies the 73,200-square-foot flex property through April 2025. The apparel company has leased the building since its delivery in 1994. Keith Young of Kidder Mathews and Denis Mehigan of The Mehigan Co. represented the buyer in the transaction.