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Essex Realty Group Arranges $4.3M Sale of Multifamily Property in Chicago

by Kristin Harlow February 7, 2020

CHICAGO — Essex Realty Group Inc. has arranged the sale of 6700 S. Constance Avenue, a multifamily property in Chicago’s Jackson Park Highlands neighborhood, for $4.3 million. Jim Darrow, Jordan Gottlieb and Jordan Multack represented the buyer, a New York-based real estate group. Brian Mond of Essex represented the seller, a local family who owned the asset for more than 40 years. The 78-unit property represents a value-add opportunity for the buyer, as it features vintage finishes and below-market rents, according to Essex.

February 7, 2020

Acquisitions Healthcare Massachusetts Northeast

Joint Venture Acquires Emerson Hospital Center in Concord, Massachusetts, for $23.3M

by Alex Patton February 7, 2020

CONCORD, MASS. — A joint venture of Celera Properties and AEW Capital Management has acquired Emerson Hospital Center for Specialty Care, a 46,350-square-foot medical office property in Concord, a northwestern suburb of Boston. Located at 54 Baker Ave. Extension, the building serves as a specialized outpatient facility for Emerson Hospital. Coleman Benedict, Ben Sayles and Mike Restivo led a JLL team that represented the seller, Concord Property Management, in the transaction. The team also procured the joint venture as the buyer.

February 7, 2020

Acquisitions Connecticut Northeast Office

NKF Arranges $12.2M Sale of Office Building in New Haven, Connecticut

by Alex Patton February 7, 2020

NEW HAVEN, CONN. — Newmark Knight Frank has arranged the $12.2 million sale of 545 Long Wharf Drive, a 245,389-square-foot Class A office building in New Haven. The nine-story building previously served as AT&T’s corporate office and is now partially leased by a number of companies and start-ups. Steven Schultz, Cory Gubner, Tony Georgiev and Alex Haendler represented the undisclosed seller in the transaction. Vision Real Estate Partners was the buyer.

February 7, 2020

Acquisitions Multifamily Texas

High Street Residential, Principal Sell New High-Rise Apartment Tower in Plano

by John Nelson February 6, 2020

PLANO, TEXAS — High Street Residential and Principal Real Estate Investors have sold The Kincaid at Legacy, a 25-story upscale apartment tower located at 7200 Dallas Parkway in Plano. Boston-based Intercontinental Real Estate Corp. purchased the 300-unit high-rise for an undisclosed price. CBRE represented the sellers in the transaction. Built in 2018, Kincaid at Legacy offers one-, two- and three-bedroom units that range in size from 677 to 4,500 square feet. The property features 14,500 square feet of amenity space, including a resort-style pool, water features, fire pits, fitness center, resident lounge with media screening room, entertainment kitchen, conference rooms, business center, complimentary Wi-Fi, bike storage, concierge services and an amenity deck on the seventh floor with a second pool and two dog parks. In 2016, Intercontinental bought the adjoining Legacy Tower office building from Trammell Crow Co., parent company of High Street Residential.

February 6, 2020

Jefferson-Creative-Campus-Los-Angeles-CA

Acquisitions California Lee & Associates Office Western

NKF Brokers $169M Sale of Jefferson Creative Office Campus Near Los Angeles

by Amy Works February 6, 2020

CULVER CITY, CALIF. — Newmark Knight Frank (NKF) has brokered the sale of Jefferson Creative Campus, a three-building office property located in the Culver City submarket of Los Angeles. Clarion Partners and Lincoln Property Co. acquired the asset from Rader Properties Group VII and Rodeo Properties for $169 million. Situated on seven acres at 5870, 5880 and 5890 W. Jefferson Blvd., the asset offers a total of 152,146 square feet of office space. Excess development potential could allow for more than 600,000 square feet of additional office buildings. At the time of sale, the property was fully leased. Major tenants include Spin Master, MedMen and Prana Studios. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of NKF, along with Ron Rader of Lee & Associates, represented the sellers. The buyers were self-represented in the transaction.

February 6, 2020

Acquisitions Retail Southeast Virginia

Alto Real Estate Funds Acquires Shopping Center Near D.C. for $37.9M

by Alex Tostado February 6, 2020

WOODBRIDGE, VA. — Alto Real Estate Funds has acquired Prince William Square, a 232,957-square-foot shopping center in Woodbridge, for $37.9 million. The property was 89 percent leased at the time of sale to tenants including Ross Dress for Less, Mom’s Organic Grocer, dd’s Discounts, Ashley Furniture, Harbor Freight Tools and Jo-Ann Fabrics. Prince William Square is situated at 14200-14520 Smoketown Road, 27 miles southwest of downtown Washington, D.C. Morgan Stanley provided the buyer with a $25 million acquisition loan that offers a seven-year term and a fixed interest rate. Walker & Dunlop’s Los Angeles Capital Markets Team secured the debt on behalf of Alto Real Estate Funds. This transaction marks the buyer’s first acquisition in the Northern Virginia market. The seller was not disclosed.

February 6, 2020

Acquisitions Indiana Midwest Multifamily Student Housing

Muinzer Acquires 1,134-Bed Student Housing Community Near Purdue University for $48M

by Kristin Harlow February 6, 2020

WEST LAFAYETTE, IND. — Muinzer has acquired Village West Apartments, a 1,134-bed student housing community located near the Purdue University campus in West Lafayette, for $48 million. The seller in the off-market transaction was undisclosed. Village West offers two-, three- and four-bedroom, fully furnished units. Shared amenities include a clubhouse, state-of-the-art fitness center, two basketball courts, a study center, media lounge, resort-style swimming pool, dog park, volleyball court, grilling areas and a private shuttle to campus. Muinzer is a fully integrated real estate investment, development and property management firm with offices in West Lafayette and Chicago. Scott Clifton and Stewart Hayes of JLL represented the undisclosed seller.

February 6, 2020

Acquisitions Illinois Midwest Office

Joint Venture Purchases 171,933 SF Office Building in Oak Brook, Illinois

by Kristin Harlow February 6, 2020

OAK BROOK, ILL. — A joint venture between Clear Height Properties and Buligo Capital has purchased 814 Commerce Drive, a three-story, 171,933-square-foot office building in the Chicago suburb of Oak Brook. The purchase price was undisclosed. The buyers plan to reposition the building, which was constructed in 1990. Improvements will be made to the exterior façade, building entryway, lobby, common areas and landscaping. Commercial real estate firm IRC leases 43,000 square feet at the building and Innovista Health occupies 41,000 square feet. DeVry University, which currently leases 66,500 square feet on the second floor for its Oak Brook campus, plans to relocate. Art Burrows, James Adler and Dan O’Neill of NAI Hiffman represented the seller, Elliott Management. NAI Hiffman has been named the exclusive marketing and property management representative for the property.

February 6, 2020

Acquisitions Illinois Industrial Midwest

Venture One Buys 37,092 SF Industrial Building in Romeoville, Illinois

by Kristin Harlow February 6, 2020

ROMEOVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has purchased a 37,092-square-foot industrial building in Romeoville for an undisclosed price. Built in 1990, the property is located at 1319 Marquette Drive, approximately 30 miles southwest of Chicago. It features one exterior dock, three drive-in doors and parking for 135 cars. At the time of sale, the building was fully leased to one tenant. Ryan Klink of Cushman & Wakefield represented Venture One in the transaction.

February 6, 2020

Acquisitions New Jersey Northeast Retail

JLL Brokers $25M Sale of Grocery-Anchored Retail Center in Lumberton, New Jersey

by Alex Patton February 6, 2020

LUMBERTON, N.J. — JLL has brokered the $25 million sale of Cross Roads Plaza, a 99,650-square-foot retail center in Lumberton, an eastern suburb of Philadelphia. A 70,818-square-foot ShopRite grocery store anchors the property, along with a Wawa convenience store and a Wells Fargo bank. Chris Munley, James Galbally, Jose Cruz and Colin Behr of JLL represented the seller, a partnership between Madison International Realty and SITE Centers Corp. Medipower Public Co. Ltd. purchased the asset.

February 6, 2020

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