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Venture One Acquires 126,086 SF Industrial Portfolio in Suburban Chicago

by Kristin Harlow September 23, 2020

BENSENVILLE AND SCHAUMBURG, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a four-building industrial portfolio spanning 126,086 square feet in the suburban Chicago communities of Bensenville and Schaumburg. The purchase price was not disclosed. The properties are located at 401 Eastern Ave., 501 Eastern Ave. and 1231 Ellis St. in Bensenville and 635 Remington Road in Schaumburg. The Bensenville properties are all single- Stenant buildings and are fully leased. The Schaumburg facility is home to multiple tenants and is currently 82 percent leased. Venture One plans to make improvements to the Schaumburg building’s 9,507-square-foot vacant space. Eric Fischer of Cushman & Wakefield represented the undisclosed seller. VK Industrial V LP is a partnership between Venture One and Kovitz Investment Group.

September 23, 2020

Acquisitions Northeast Office Pennsylvania

Marcus & Millichap Brokers Sale of 113,300 SF Madison Building in Reading, Pennsylvania

by Taylor Williams September 23, 2020

READING, PA. — Marcus & Millichap has brokered the sale of The Madison Building, a 113,300-square-foot office property in Reading. Originally built in 1927, the property is situated on 1.1 acres and rises 12 stories. Craig Dunkle, Jackson Day and Mher Vartanian of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The trio also procured the buyer, an out-of-state developer that will convert the building into a Class A apartment complex. The Madison Building was 97 percent vacant at the time of sale.

September 23, 2020

Acquisitions Arizona Multifamily Student Housing Western

Joint Venture Acquires Cadence Tucson Student Housing Community Near University of Arizona

by Amy Works September 23, 2020

TUCSON, ARIZ. — A joint venture between Pebb Student Living and Coastal Ridge Real Estate has acquired The Cadence Tucson, a 456-bed student housing community located near the University of Arizona, for an undisclosed price. The community offers studio, one-, two-, three-, four- and five-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, hot tub, rooftop fire pit, grilling station, onsite retail space, fitness center, tanning salon, sauna, gaming lounge and coffee bar. The seller in the transaction was undisclosed.

September 23, 2020

Acquisitions Arizona Industrial Western

Westcore Sells West80 Industrial Property in Phoenix to KKR

by Amy Works September 22, 2020

PHOENIX — Westcore has completed the disposition of West80, an industrial property located at 8001 W. Buckeye Road in southwest Phoenix. Affiliates of KKR acquired the asset for an undisclosed price. Totaling 380,000 square feet, West80 features an ESFR sprinkler system, 36-foor clear heights, cross-dock loading, an office suite and a fully secured property with drive-around capabilities. At the time of sale, the property was fully leased to ABB Inc., which signed a lease this spring to occupy the asset. The facility is near Phoenix’s main east-west transportation node, Interstate 10, as well as Loop 202. Will Strong, Greer Oliver, Mike Haenel and Andy Markham of Cushman & Wakefield represented the seller, while KKR was self-represented in the deal. Westcore originally purchased the property from a joint venture between Phoenix-based Wentworth Property Co. and a private real estate fund managed by Dallas-based Crow Holdings Capital when construction was completed in August 2019.

September 22, 2020

Acquisitions Office South Carolina Southeast

Cushman & Wakefield Arranges $23.8M Sale of Office Building in Downtown Charleston

by Alex Tostado September 22, 2020

CHARLESTON, S.C. — Cushman & Wakefield has arranged the $23.8 million sale of 134 Meeting Street, a 71,947-square-foot office building in downtown Charleston. The asset was 93 percent leased at the time of sale to tenants including law firms K&L Gates and Sinkler & Boyd. The building was renovated in 2015 to include a new HVAC system; upgraded lobbies, restrooms and common corridors; and a 1,702-square-foot fitness center with showers. Jared Londry, Rob Cochran and Nolan Ashton of Cushman & Wakefield represented the seller, Cobalt Property Group, in the transaction. Highland Ventures, a separate account client of Insite Properties, acquired the property.

September 22, 2020

Acquisitions Multifamily Texas

ZOM Living Sells 376-Unit Kinstead Apartment Community in Metro Dallas

by Taylor Williams September 22, 2020

MCKINNEY, TEXAS — Florida-based ZOM Living has sold Kinstead, a 376-unit apartment community located in the northern Dallas metro of McKinney. The property features studio, one- and two-bedroom units and amenities such as two pools, a 24-hour fitness center, outdoor grilling stations, a game room and a pet park. Brian O’Boyle Jr. and Brian Murphy of Newmark Knight Frank represented ZOM Living in the all-cash transaction. The buyer was a fund sponsored by CBRE Global Investors.

September 22, 2020

Acquisitions Florida Multifamily Southeast

Cardone Capital Acquires 553-Unit Apartment Complex in Fort Lauderdale

by Alex Tostado September 21, 2020

FORT LAUDERDALE, FLA. — Cardone Capital LLC has acquired Port Royale Apartments, a 553-unit multifamily community in Fort Lauderdale. The sales price was not disclosed, although Cardone Capital raised $50 million through crowdfunding and CBRE arranged a 10-year acquisition loan with a fixed 2.3 percent interest rate. The property, which was built in 1991 and renovated in 2016, offers one- and two-bedroom floor plans. Communal amenities include a car wash area, two pools, fitness center and a courtyard. Robert Given of Cushman & Wakefield represented the seller, Chicago-based Waterton, in the transaction.

September 21, 2020

Acquisitions Multifamily Texas

Rosewood Realty Arranges Sale of 260-Unit Cottonwood Creek Apartments in Waco

by Taylor Williams September 18, 2020

WACO, TEXAS — New York City-based Rosewood Realty Group has arranged the sale of Cottonwood Creek Apartments, a 260-unit multifamily community in Waco. The property features one-, two- and three-bedroom units with designer finishes, walk-in closets, individual washers and dryers and private balconies/patios. Amenities include a pool, outdoor grilling area and a pet playground. Jonathan Brody of Rosewood Realty represented the seller, Continental Properties, and procured the buyer, Borei Olam Management. The sales price was not disclosed.

September 18, 2020

Acquisitions Illinois Midwest Retail

Cushman & Wakefield Brokers $30M Sale-Leaseback of Crash Champions Portfolio in Metro Chicago

by Kristin Harlow September 18, 2020

CHICAGO — Cushman & Wakefield has brokered the $30 million sale-leaseback of a Crash Champions property portfolio in metro Chicago. Crash Champions is an auto body collision and paint repair company based in Chicago with additional operations in California and Ohio. Jack Chang of Cushman & Wakefield represented the seller and procured the undisclosed buyer. The sale includes multiple Crash Champions shops.

September 18, 2020

Acquisitions Hospitality Kansas Midwest

Marcus & Millichap Negotiates Sale of 50-Unit Best Western Hotel in Kansas

by Kristin Harlow September 18, 2020

WAKEENEY, KAN. — Marcus & Millichap has negotiated the sale of a 50-room Best Western Plus hotel in Wakeeney in central Kansas. The sales price was undisclosed. Built in 2005, the hotel is located at 525 S. 1st St. Allan Miller, Chris Gomes and Steve Swenholt of Marcus & Millichap’s Austin office marketed the property on behalf of the seller, a private investor. The team also procured and represented the buyer, a limited liability company.

September 18, 2020

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