sale1

Providence Sells 484,039 SF Office Portfolio in Renton, Washington to Seattle Children’s Hospital for $84M

by Amy Works January 3, 2023

RENTON, WASH. — Providence has completed the disposition of the two-building Southgate Campus and four-building Valley Office Park in Renton. Seattle Children’s Hospital acquired the assets for a total of $84 million. Totaling 484,039 square feet, the portfolio includes: Southgate I, a 114,186-square-foot building at 2201 Lind Ave. SW Southgate II, a 160,853-square-foot property at 2001 Lind Ave. SW Valley Office Park, a 209,000-square-foot asset at 1801 Lind Ave. SW Valley Office Park is the current local headquarters of Providence and includes a Pacific Medical Group multi-specialty clinic. Garth Hogan, Kevin Shannon and Cavan O’Keefe of Newmark represented the seller in the transaction.

January 3, 2023

Acquisitions Affordable Housing Illinois Midwest Multifamily

Standard Communities Acquires Affordable Housing Property in Chicago for $46M

by Kristin Harlow December 23, 2022

CHICAGO — Standard Communities led a public-private partnership that acquired Bryn Mawr Belle Shore Apartments in Chicago’s Edgewater Beach neighborhood. The total capitalization of the acquisition was roughly $46 million. The affordable housing community includes 371 units across two buildings as well as 15,000 square feet of retail space. Standard plans to make improvements such as new common area lighting, refurbished common areas and amenities, and renovated management offices. Standard completed the transaction in partnership with the Illinois Housing Development Authority, Chicago Housing Authority, the City of Chicago Department of Housing and the U.S. Department of Housing and Urban Development.

December 23, 2022

Peninsula-Life-Science-Center-Gemini-Rosemont

Acquisitions California Life Sciences Office Western

Gemini Rosemont Buys Peninsula Life Science Center in Burlingame, California for $59.3M

by Amy Works December 23, 2022

BURLINGAME, CALIF. — Gemini Rosemont Commercial Real Estate has acquired Peninsula Life Science Center in Burlingame from Sansome Street Advisors and Gordon Brothers for $59.3 million in an all-cash transaction. The acquisition was fully funded in partnership with Gemini Investments, an investment company listed on the Hong Kong Stock Exchange. Located at 1828 El Camino Real, the eight-story building features 65,804 square feet of office space. At the time of sale, the property was 98 percent leased and anchored by three life sciences tenants. Built in 1974 and most recently renovated in 2022, the property features floor-to-ceiling windows, an above-market parking ratio and a nearby BART train stop. Seth Siegel, Steve Hermann and Ryan Venezia of Cushman & Wakefield represented the sellers, while Gemini Rosemont was self-represented in the transaction. David Wilson, a property manager with Gemini Rosemont, will manage the asset.

December 23, 2022

Acquisitions Industrial Texas

JLL Negotiates Sale of 540,324 SF Industrial Park in Fort Worth

by Taylor Williams December 23, 2022

FORT WORTH, TEXAS — JLL has negotiated the sale of Westside 35, a 540,324-square-foot industrial park in Fort Worth. Westside 35 comprises two front-load warehouses with 36-foot clear heights,185-foot truck court depths and combined parking for 107 trailer parking spaces and 373 cars. The site also includes a 7.1-acre parcel that can support additional trailer parking space. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe, Matthew Barge and Jake Benalloul of JLL represented the undisclosed seller in the transaction. CBRE Investment Management purchased Westside 35, which was fully leased to three tenants at the time of sale, for an undisclosed price.

December 23, 2022

Acquisitions Development Multifamily New York Northeast Office Top Stories

Newmark Arranges $535.8M Financing for Office-to-Residential Conversion Project in Lower Manhattan

by John Nelson December 23, 2022

NEW YORK CITY — Newmark has arranged a $535.8 million loan for the acquisition and redevelopment of 25 Water Street, a 1.1 million-square-foot office building in Lower Manhattan, New York City’s historic Financial District. Dustin Stolly, Jordan Roeschlaub and Chris Kramer of Newmark arranged the loan through MSD and Apollo. The seller was not disclosed, but multiple media outlets have reported that Edge Funds sold the asset. The borrowers, GFP Real Estate, Metro Loft Management and Rockwood Capital, will use the funds to convert the 22-story office building into a residential tower housing 1,300 apartments ranging in size from studios to four-bedroom units. The project represents the largest ever office-to-residential conversion in U.S. history, according to Newmark. The office building, formerly known as 4 New York Plaza, was once anchored by JPMorgan Chase & Co. The financial giant recently unveiled plans for its newly revamped headquarters at 270 Park Ave. in Manhattan. Built in 1969, 25 Water Street features 12-foot, 4-inch slab-to-slab ceiling heights and 40,330-square-foot floor plates, which will give future residents direct views of the Lower Manhattan skyline and the New York Harbor from all floors. The property is situated on a double-wide street corridor with the widest …

December 23, 2022

Acquisitions Industrial Nevada Western

Sierra Nevada Media Group Sells Industrial Building in Carson City, Nevada for $11.3M

by Amy Works December 22, 2022

CARSON CITY, NEV. — Sierra Nevada Media Group has completed the sale of 580 Mallory Way, an industrial property in Carson City. Greenlaw Partners acquired the asset for $11.3 million. The buyer plans to lease the 90,056-square-foot asset to Bruce Aerospace. Currently located in Dayton, Nev., the producer of aircraft interior lighting systems plans to occupy the property in 2023 after completing modifications. The building formerly served as corporate offices for the Sierra Nevada Media Group, dba Questor Corp., which is a media provider in destination communities around the west. The building features corporate offices, as well as a modern printing press that was disassembled and sold as part of the seller’s disposition process. The building offers more than 54,000 square feet of production area and 35,000 square feet of office space. Nick Knecht, Joel Fountain, Baker Krukow and Tom Fennell of DCG represented the seller in the transaction.

December 22, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges $27M Sale of Multifamily Portfolio in Chicago

by Kristin Harlow December 22, 2022

CHICAGO — Interra Realty has arranged the sale of a 204-unit multifamily portfolio in Chicago’s Kenwood neighborhood for $27 million. The six buildings are located at 811 E. 46th St., 4500 S. Drexel Blvd., 4001 S. Ellis Ave., 4433 S. Greenwood Ave., 4727 S. Ingleside Ave. and 4746 S. Ingleside Ave. Originally built in the 1920s, the properties house studio, one-, two-, three-, four- and five-bedroom units. The portfolio was 90 percent leased at the time of sale. Some of the units are set aside for renters meeting affordable housing guidelines set by the Illinois Housing Development Authority and the City of Chicago. Lucas Fryman, Ted Stratman and Sam Gutierrez of Interra represented the seller, New York-based real estate investment group Raskin Risers. The team also procured the undisclosed buyer.

December 22, 2022

Acquisitions Multifamily Texas

Bascom Group, Cadre Acquire 346-Unit Montierra Apartments in Houston

by Taylor Williams December 21, 2022

HOUSTON — A partnership between Southern California-based investment firm Bascom Group and New York-based investment manager Cadre has acquired The Montierra, a 346-unit apartment community in Houston’s Uptown/Galleria area. Sueba USA developed the property in 2003. According to Apartments.com, units come in one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, clubhouse, lounge, movie theater, business center and outdoor grilling stations. Dustin Selzer of JLL represented the seller in the transaction. Brandon Smith, Annie Rice and Jamie Kline, also with JLL, arranged acquisition financing through California Bank & Trust. The new ownership plans to implement a value-add program.

December 21, 2022

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges Sales of Two Retail Centers in Suburban Chicago for $27.1M

by Kristin Harlow December 21, 2022

ORLAND PARK AND ELGIN, ILL. — Marcus & Millichap has arranged the sales of two retail centers in suburban Chicago for a combined $27.1 million. Anchored by Chipotle and Panera, the retail center at 15011-15081 S. La Grange Road in Orland Park sold for $17.6 million. The property consists of three single-tenant buildings and one multi-tenant building for a total of 20,732 square feet. Newly constructed on the site of a former Toys ‘R’ Us store, the buildings are fully occupied by national tenants such as BJ’s Brewhouse, Raising Cane’s and Smashburger. The 24,000-square-foot Galleria of Elgin sold for $9.5 million. The two-building property houses tenants such as Dairy Queen, Edward Jones Investments, Country Donuts, Maciano’s Pizza and Pastaria and Sammy’s Mexican Grill and Bar. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented both of the sellers. Buyer and seller information was not provided.

December 21, 2022

Acquisitions Hawaii Retail Western

U.S. Realty Partners Buys 135,996 SF Lahaina Gateway Retail Center in Hawaii for $37.2M

by Amy Works December 21, 2022

LAHAINA, HAWAII — Westlake Village, Calif.-based U.S. Realty Partners has acquired Lahaina Gateway, a grocery-anchored shopping center in Lahaina, from an institutional investment firm for $37.2 million. Located at 325-355 Keawe St., Lahaina Gateway features 135,996 square feet of retail space. The sale process started with the center 77 percent occupied with negotiated leases that will bring the occupancy to 90 percent. Tenants include Foodland Farms, Ace Hardware, Ross Dress for Less, Vitamin Shoppe, Supercuts, Local Motion and Maui Powerhouse Gym. Bryan Ley, Gleb Lvovich, Geoff Tranchina and Keenan Sue of JLL Retail Capital Markets investment sales and advisory team represented the seller in the deal.

December 21, 2022

Newer Posts

Older Posts