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Thor Equities Acquires Liberty Innovation Centre Office Building in Jersey City for $94.5M

by Alex Patton March 16, 2020

JERSEY CITY, N.J. — Thor Equities Group has acquired Liberty Innovation Centra, a 337,888-square-foot office building in located at 95 Greene St. in Jersey City, for $94.5 million. The building served as a primary manufacturing facility for Colgate Palmolive until 1987, when it was converted into a Class A office building. The building offers convenient access to the Exchange Place rail station and Newark Airport. Daniel Loughlin, Jose Cruz and John Cunningham led a JLL team that represented the seller, SJP Properties, in the transaction.

March 16, 2020

Acquisitions Connecticut Multifamily Northeast

Chozick Brokers $12M Sale of Apartment Community in Bloomfield, Connecticut

by Alex Patton March 16, 2020

BLOOMFIELD, CONN. — Chozick Realty has brokered the $12 million sale of Wedgewood apartments, a 112-unit apartment community in Bloomfield, a northern suburb of Hartford. The community was constructed in the 1960s and features one-, two- and three-bedroom apartments. The seller was a local family office. The buyer was a regional investor that targets garden-style apartments. Both parties involved in the transaction requested anonymity.

March 16, 2020

Acquisitions Arizona Multifamily Single-Family Rental Western

Inland Real Estate Acquires Five Rental Home Properties in Metro Phoenix

by Amy Works March 16, 2020

SURPRISE, TOLLESON, LITCHFIELD PARK AND PHOENIX, ARIZ. — Oak Brook, Ill.-based Inland Real Estate Acquisitions, on behalf of an affiliate of The Inland Real Estate Group of Companies, has acquired five Christopher Todd Communities in the Phoenix metro area. The portfolio includes 943 single-family rental homes. Three communities — Christopher Todd Communities On Greenway in Surprise, Christopher Todd Communities At Country Park in Tolleson and Christopher Todd Communities On Camelback in Litchfield Park — were included in the closing on Friday, March 13. The purchase of Christopher Todd Communities At Marley Park in Surprise and Christopher Todd Communities At Stadium in Phoenix are pending and slated to close in the near future. The communities were the first Christopher Todd Communities to be constructed as the company began its development of “smart-gated” communities offering pet-friendly one- and two-bedroom, single-family homes with private backyards and resort-style luxury amenities. Trevor Koskovich, Jesse Hudson and Bill Hahn of NorthMarq represented the buyer and seller in the deal. James DuMars and Griffin Martin of NorthMarq’s Phoenix office arranged acquisition financing for the buyer.

March 16, 2020

Acquisitions Illinois Midwest Multifamily

Origin Investments Buys 120-Unit Apartment Building in Chicago’s West Loop for $65.8M

by Kristin Harlow March 13, 2020

CHICAGO — Origin Investments has purchased Monroe Aberdeen Place, a 120-unit apartment building in Chicago’s West Loop. The transaction, made on behalf of Origin’s IncomePlus Fund, was valued at $65.8 million. Developed in 2018, the property features 25 three-bedroom units, 92 two-bedroom units and three one-bedroom units. Floor plans average 1,118 square feet. Kiser Group represented Origin Investments in the off-market transaction. Michigan Avenue Real Estate Group, the property’s original developer, sold the asset, which was 99 percent leased at the time of sale.

March 13, 2020

Acquisitions Multifamily Nevada Western

Tower 16 Capital Partners Sells 228-Unit Apartment Community in Las Vegas

by Amy Works March 13, 2020

LAS VEGAS — San Diego-based Tower 16 Capital Partners has completed the disposition of Altura on Duneville, a multifamily property located in Las Vegas. An undisclosed buyer acquired the asset for $35.5 million. Located at 5050 Duneville St., the community features 228 one- and two-bedroom apartments. Community amenities include two swimming pools and on-site daycare. Tower 16 Capital Partners originally acquired the property in 2018 for $24 million. During the company’s two-year hold, it implemented exterior and interior unit renovations and added new amenities, including a new leasing office, gym, business center and game room.

March 13, 2020

Acquisitions Office Texas

Entrada Partners Buys 151,736 SF Travis Park Plaza Office Building in San Antonio

by Taylor Williams March 13, 2020

SAN ANTONIO — Los Angeles-based investment firm Entrada Partners has purchased Travis Park Plaza, 151,736-square-foot office building located at 711 Navarro St. in San Antonio’s central business district. Built in 1970 and renovated in 2001 and 2009, the seven-story building was 82 percent leased at the time of sale to tenant such as Conviva Care Solutions, Kairoi Residential and Tetra Tech. Todd Mills, Carrie Caesar and Hunter Mills of Cushman & Wakefield represented the undisclosed seller in the transaction. De’On Collins of JLL arranged acquisition financing for Entrada Partners, which will implement a multimillion-dollar capital improvement program. Transwestern has been tapped to lease and manage the property.

March 13, 2020

Acquisitions California Industrial Western

CenterPoint Acquires 1.6 MSF Industrial Property in California’s Inland Empire

by Amy Works March 12, 2020

ONTARIO, CALIF. — CenterPoint Properties has purchased an industrial property located 5600 E. Airport Drive in Ontario. Situated on 94.2 acres, the asset features 1.6 million square feet of industrial space. The acquisition includes a short-term leaseback with the existing tenant. However, CenterPoint plans to market the property for lease in the future. The company intends to leverage the existing improvements and capitalize on a parking ratio five times greater than the market average. The site can accommodate multiple tenants, including a combination of standalone yards. Thad Mallory, Bret Hardy and Jim Linn of Newmark Knight Frank represented CenterPoint in the off-market transaction. Terms of the deal, including seller and acquisition price, were not released.

March 12, 2020

Acquisitions Illinois Midwest Retail

Boulder Group Arranges $24M Sale of Whole Foods-Occupied Property in Metro Chicago

by Kristin Harlow March 12, 2020

KILDEER, ILL. — The Boulder Group has arranged the $24 million sale of a single-tenant property net leased to Whole Foods in Kildeer, approximately 40 miles northwest of Chicago. The 50,000-square-foot building is located at 20281 N. Rand Road and serves as the anchor to Kildeer Market Place. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Chicago-based real estate company. An East Coast-based investor purchased the asset in a 1031 exchange.

March 12, 2020

Acquisitions New York Northeast Office

Gaedeke Group Purchases 44 Wall Street Office Building for $200M

by Alex Patton March 12, 2020

NEW YORK CITY — Gaedeke Group, a Texas-based developer, has purchased 44 Wall Street, a, 354,000-square-foot office building in Lower Manhattan, for $200 million. The 24-story building was constructed in 1927. In 2016, the building’s previous owner invested approximately $24 million to renovate and modernize the building. George Comfort & Sons Inc. will operate the asset on behalf of the new owner. Michael O’Callaghan and Gentry Ashmore Hoit of Finback Real Estate represented Gaedeke in the transaction. Will Silverman of Eastdil Secured and Paul Gillen of Hodges Ward Elliott represented the seller, EQ Office, a subsidiary of The Blackstone Group.

March 12, 2020

Acquisitions Florida Office Southeast

Slate Office REIT Agrees to Acquire Cypress Financial Center in Fort Lauderdale for $45.5M

by Alex Tostado March 11, 2020

FORT LAUDERDALE, FLA. — Toronto-based Slate Office REIT has agreed to acquire Cypress Financial Center in Fort Lauderdale for $45.5 million. The 201,305-square-foot building is situated at 5900 N. Andrews Ave., adjacent to Cypress Creek Transit Station and Interstate 95 on the city’s north side. The property was 93 percent leased at the time of sale. The publicly traded REIT expects the deal to close in May. The seller was not disclosed.

March 11, 2020

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