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JLL Arranges $24.2M Sale of Two-Property Office Portfolio in Suburban Chicago

by Kristin Harlow April 10, 2020

OAKBROOK TERRACE AND LISLE, ILL. — JLL Capital Markets has arranged the sale of Two TransAm and 750 Warrenville, two Class A office buildings in suburban Chicago, for $24.2 million. Two TransAm is a five-story, 117,759-square-foot property located in Oakbrook Terrace. It is 87.7 percent leased to 18 tenants. Located in Lisle, 750 Warrenville is a four-story, 94,380-square-foot building. It is 86.7 percent leased to nine tenants. Patrick Shields, Jaime Fink, Jeffrey Bramson, Bruce Miller and Sam DiFrancesca of JLL represented the seller, American Landmark Properties Corp. The team also procured the buyer, RE Development Solutions.

April 10, 2020

Acquisitions Industrial Leasing Activity New Jersey Northeast

JLL Brokers $20.2M Sale-Leaseback of Industrial Property in West Deptford, New Jersey

by Alex Patton April 10, 2020

WEST DEPTFORD, N.J. — JLL has brokered the $20.2 million sale-leaseback of a 183,000-square-foot industrial property in West Deptford, a southern suburb of Philadelphia. Located at 100 Friars Blvd., the warehouse and distribution property was 100 percent leased at the time of sale. The property houses the headquarters of the seller, ICS Corp. Inc. The building features 22- to 24-foot clear heights, 19 loading doors and convenient access to the New Jersey Turnpike. John Plower and Jim Cadranell led a JLL team that represented ICS Corp. Inc. in the transaction. Clarion Partners Real Estate Income Fund Inc. was the buyer.

April 10, 2020

Acquisitions Industrial New Jersey Northeast

NAI Mertz Arranges Sale of 22,920 SF Industrial Property in Vineland, New Jersey

by Alex Patton April 10, 2020

VINELAND, N.J. — NAI Mertz has arranged the $1.2 million sale of a 22,920-square-foot industrial property in Vineland, located approximately 40 miles south of Philadelphia. Located at 2732 S. West Blvd., the warehouse was constructed 1967 and features 17-foot clear heights and convenient access to State Routes 55 and 40. Andrew Johnson and Jonathan Klear led an NAI Mertz team that represented the seller, South Jersey Glass & Door, in the transaction. The buyer was undisclosed.

April 10, 2020

Acquisitions Georgia Southeast Top Stories

Domain Capital, Simpson Housing Form $1B Joint Venture REIT with PFA Pension

by Alex Patton April 10, 2020

ATLANTA — Domain Capital Advisors and property management firm Simpson Housing have formed a joint venture with PFA Pension, an insurance company headquartered in Copenhagen, Denmark. PFA acquired a 49 percent equity interest in a 13-asset, Class A multifamily portfolio for an aggregate value of $1.05 billion. Simpson Housing will own the remaining 51 percent, while Domain Capital Advisors will provide oversight and asset management of the newly formed REIT joint venture. Simpson Housing formerly owned 100 percent of the 3,487-unit portfolio, which is located across multiple urban and suburban U.S. markets including Austin, Charlotte, Denver, Houston, Nashville, Phoenix, Portland and Seattle. The portfolio was 95 percent leased at the time of closing, and features both newly built and refurbished assets that are approximately six years old. “We are excited about our new relationship with PFA Pension and look forward to growing our relationship with them through further acquisitions,” says Patrick Leardo, executive managing director and chief executive officer of Domain Capital Group. “Our team is also proud to continue its longstanding partnership with Simpson Housing. We have managed equity investments in their portfolio for more than 10 years, while providing asset management and advisory support to our operating partner.” Simpson Housing …

April 10, 2020

Acquisitions Illinois Midwest Multifamily

SPNA Buys Condo Property in Chicago for $44M, Plans Deconversion

by Kristin Harlow April 9, 2020

CHICAGO — SPNA has purchased 21 East Chestnut Condominiums in Chicago’s Gold Coast neighborhood for $44 million with plans to convert the condo property into apartment units. Built in 1962 and converted to condos in 1979, the 25-story multifamily tower features 163 units. Floor plans range from studios to two-bedroom units. Amenities include a rooftop lounge, sauna, fitness center, bike room and resident storage lockers. Sam Haddadin and Dan Cohen of CBRE represented the seller, 21 East Chestnut Condo Association. “The owners overwhelmingly voted in support of the deconversion sale,” says Haddadin. “They were able to receive a much higher value for their units by selling together as an association.” Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. The city of Chicago recently increased the required owner approval to 85 percent.

April 9, 2020

Acquisitions Illinois Midwest Multifamily Seniors Housing

SLIB Negotiates Sale of 71-Bed Skilled Nursing Facility in Pekin, Illinois

by Kristin Harlow April 9, 2020

PEKIN, ILL. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Hallmark House Nursing Center. Located in Pekin, a suburb of Peoria, Hallmark House was built in 1964 and includes 71 beds. The long-term care property totals 22,588 square feet on a six-acre plot. The seller was a private owner based in California struggling to oversee this single asset in Illinois. Occupancy was 62 percent at the time of sale. The buyer was a regional owner-operator with other facilities in Illinois. The price was not disclosed. Ryan Saul of SLIB handled the transaction.

April 9, 2020

Acquisitions Multifamily Texas Walker & Dunlop

Walker & Dunlop Arranges Sale of 325-Unit Multifamily Portfolio in Denton

by Taylor Williams April 9, 2020

DENTON, TEXAS — Walker & Dunlop has arranged the sale of Locust 210 Lofts, Victoria Heights, Victoria Station, Victoria Village, The Adagio and Locust Street Terrace Apartments, six apartment communities totaling 325 units and 18,000 square feet of commercial space in Denton. Each of the Class A, mid-rise properties was built between 2009 and 2014, and the portfolio had a collective occupancy rate of 94 percent at the time of sale. Kyle Palmer led a Walker & Dunlop team that brokered the transaction between the buyer and seller, both of which were locally based private equity investors. Jeremy Nussbaum, also with Walker & Dunlop, arranged acquisition financing for the buyer, which will implement $3.2 million in capital improvements across the portfolio, through a national debt fund. Loan terms included a fixed 4.5 percent interest rate, an 80 percent loan-to-value ratio and three years of interest-only payments.

April 9, 2020

Acquisitions Mixed-Use Office Oregon Western

NKF Facilitates Sale of Broadway Tower Office Component in Downtown Portland

by Amy Works April 9, 2020

PORTLAND, ORE. — Newmark Knight Frank (NKF) has directed the sale of the condominium interest of the Office Unit in Broadway Tower, a 19-story mixed-use tower located at 1455 SW Broadway in downtown Portland. Principal Real Estate Investors acquired the office portion from BDC/Broadway Office LLC for reportedly approximately $132.5 million, according to media outlets. Nick Kucha, James Childress and Jeff Hodson of NKF, in cooperation with Kevin Shannon and James Ikeguchi of NKF’s U.S. Capital Markets team, represented the seller in the transaction. The buyer was self-represented. The 430,000-square-foot property offers 175,000 square feet of Class A office space on floors nine through 19 and a 180-room Radisson RED hotel, which was not included in the sale, on the first eight floors. The Broadway Tower Office Unit is a LEED Gold-certified, high-rise office tower offering 11 floors of office space with exclusive decks on the top three floors and views of Portland. The office component features 17,000-square-foot floorplates with open designs and floor-to-ceiling window lines for multi- and single-tenant use. The asset also features an underground parking garage with a total of 247 parking spaces. At the time of sale, the office component of Broadway Tower was 99 percent …

April 9, 2020

Acquisitions Multifamily Texas

FourPoint Arranges Sale of 270-Unit Sarah Apartments in Metro Austin

by Taylor Williams April 8, 2020

LEANDER, TEXAS — FourPoint Investment Sales Partners has arranged the sale of The Sarah Apartments, a 270-unit community located in the northern Austin suburb of Leander. Built in 2018, the property offers townhouse-style, two-story units with attached garages, walk-in closets and gourmet kitchens. Community amenities include a resort-style pool, clubhouse, fitness center, dog park and a pet washing station. Kevin Dufour and Kyle Peco of FourPoint represented the seller, CESM Real Estate, in the off-market transaction. A California-based investor purchased the asset for an undisclosed price.

April 8, 2020

Acquisitions Multifamily Northeast Pennsylvania Student Housing

MultiVersity Housing Partners Acquires 94-Bed Student Housing Community in Pittsburgh

by Alex Patton April 8, 2020

PITTSBURGH — MultiVersity Housing Partners has acquired Union on 5th, a 94-bed student housing community located near Duquesne University and the University of Pittsburgh, for an undisclosed price. The property features 35 fully furnished units in two- and three-bedroom floor plans. Renovations are planned for the property and will include a redesign of the lobby, the relocation of the office and leasing area, the addition of study space, hallway renovations, the construction of additional beds and the addition of a new package locker system. MultiVersity Property Management will oversee renovations and has been tapped to manage the community. Ryan Lang, Brandon Buell and Jack Brett of NKF Student Housing represented MultiVersity in the transaction. The seller was undisclosed.

April 8, 2020

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