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Cushman & Wakefield Negotiates $45.3M Sale of Multifamily Property in Birmingham

by Alex Tostado February 5, 2020

BIRMINGHAM, ALA. — Cushman & Wakefield has negotiated the $45.3 million sale of The Trails at Cahaba River, a 400-unit multifamily property in Birmingham. The property, which sold for the equivalent of $113,250 per unit, offers one-, two- and three-bedroom floor plans. Communal amenities include two swimming pools, picnic areas, a fitness center, private trail on the Little Cahaba River and an outdoor playground. The seller, Merion Realty Partners, upgraded the clubhouse and unit interiors prior to the sale. The buyer, Timberland Properties, plans to continue upgrading the property throughout, according to Andrew Brown of Cushman & Wakefield. The Trails at Cahaba River is situated at 801 Cahaba Forest Cove, along U.S. Highway 280 and 10 miles southeast of downtown Birmingham. Brown, Craig Hey and Jimmy Adams of Cushman & Wakefield represented the seller in the transaction.

February 5, 2020

Acquisitions Industrial Midwest Nebraska

Papillion Foods Acquires 535,000 SF Former Shopko Distribution Center in Papillion, Nebraska

by Kristin Harlow February 5, 2020

PAPILLION, NEB. — Papillion Foods has acquired a 535,000-square-foot former Shopko distribution center in Papillion for an undisclosed price. The 80-acre property is located in the Sarpy West Industrial submarket of Omaha. The facility was originally built for Shopko in 2000 and expanded in 2004. Shopko vacated the property in early 2019. Denny Sciscoe and Mike Earl of Cushman & Wakefield/The Lund Co. represented the seller, LCN Capital Partners, which purchased the facility in 2015. Brian Fogelberg and Emily Claridge of Transwestern represented the buyer. Wisconsin-based Shopko, an apparel and home goods retailer, closed all of its stores in mid-2019.

February 5, 2020

Acquisitions Healthcare Illinois Midwest

Cushman & Wakefield Brokers $7.7M Sale of Medical Office Building in Roscoe, Illinois

by Kristin Harlow February 5, 2020

ROSCOE, ILL. — Cushman & Wakefield has brokered the $7.7 million sale of the SwedishAmerican Clinic & Immediate Care-Prairie Center, a 25,565-square-foot medical office building in Roscoe in northern Illinois. Constructed in 2014, the facility sits on 7.5 acres at 4282 E. Rockton Road. SwedishAmerican, a division of UW Health, occupies 80 percent of the property. Services provided at the facility include immediate care, primary care, obstetrics and gynecology, podiatry, orthopedics, pulmonology, cardiology and physical therapy. The other tenant, Siepert & Co. LLP, is a public accounting firm and occupies 3,600 square feet. At the time of sale, 1,400 square feet was available for lease. Gino Lollio, Scott Niedergang and Travis Ives of Cushman & Wakefield represented the seller, Glen Rock Development LLC. A non-traded real estate investment trust focused primarily on healthcare assets purchased the building.

February 5, 2020

Acquisitions Michigan Midwest Retail

Gerdom Realty Negotiates Sale of 23,000 SF Retail Center in Livonia, Michigan

by Kristin Harlow February 5, 2020

LIVONIA, MICH. — Gerdom Realty has negotiated the sale of Livonia Crossroads for an undisclosed price. The 23,000-square-foot retail center is located at the southeast corner of Middlebelt and Plymouth roads in Livonia, a western suburb of Detroit. Tenants include MedPost Urgent Care, Disc Replay and Sprint. Tjader Gerdom, Larry Siedell and Michael Murphy of Gerdom represented both parties in the sale. A local investor purchased the asset. Gerdom retains leasing responsibilities for the center.

February 5, 2020

Acquisitions Colorado Office Western

Shorenstein Properties Sells 1.3 MSF Denver City Center Office Campus for $400M

by Amy Works February 5, 2020

DENVER — Shorenstein Properties has completed the disposition of Denver City Center, a two-tower office asset located in downtown Denver. Brookfield Properties acquired the asset for $400 million, according to the Colorado Real Estate Journal. Denver City Center consists of a 42-story building located at 707 17th St., which includes the 20-floor Hilton Denver City Center hotel (not included in the sale) and 22 floors of office space, and Johns Manville Plaza, a 29-story office building located at 717 17th St. The buildings combined total 1.3 million square feet. Tim Richey, Mike Winn, Jenny Knowlton, Charley Will and Chad Flynn of CBRE represented the seller in the deal. Shorenstein Properties originally purchased Denver City Center with funds from its Tenth Fund for $286 million in 2013.

February 5, 2020

Acquisitions Delaware Northeast Office

CSC Acquires 43,000 SF Office Building in Wilmington, Delaware

by Alex Patton February 5, 2020

WILMINGTON, DEL. — Business security firm Corporation Service Co. (CSC) has acquired the 43,000-square-foot PA Railroad office building in Wilmington, a southwestern suburb of Philadelphia, for $4.8 million. Located at 112 S. French St., the six-story building is situated adjacent to the Wilmington train station served by Amtrak and Southeastern Pennsylvania Transportation Authority. The building will be rebranded as CSC Station and will be repositioned to include a new two-story atrium, coworking space and traditional office space. Renovations are slated for completion this fall. Summit Properties Inc. was the seller.

February 5, 2020

Acquisitions Connecticut Industrial Northeast

Angel Commercial Arranges Sale of 40,809 SF Industrial Property in Milford, Connecticut

by Alex Patton February 5, 2020

MILFORD, CONN. — Angel Commercial LLC has arranged the $4.2 million sale of a 40,809-square-foot industrial property in Milford, a western suburb of New Haven. Located at 230 Old Gate Lane, the property offers immediate access to Interstate 95. The buyer, 230 Old Gate Lane LLC, plans to redevelop the property as a truck dealership. Jon Angel of Angel Commercial LLC represented 230 Old Gate Lane LLC in the transaction. Angel also represented the seller, CLS Milford LLC.

February 5, 2020

Acquisitions Multifamily Texas

Draper & Kramer Buys 374-Unit Crest at Las Colinas Apartments in Irving

by Alex Tostado February 4, 2020

IRVING, TEXAS — Draper & Kramer Inc. has purchased Crest at Las Colinas, a 374-unit apartment community in Irving. The property was built in 2017 and was 95 percent occupied at the time of sale. Units range in size from 600 to 1,500 square feet and feature hardwood-style plank flooring, espresso-stained kitchen cabinetry, granite countertops and stainless steel appliances. Amenities include a resident lounge, flexible workspaces, fitness center, pool and a coffee bar. Draper & Kramer acquired the asset from an undisclosed seller via a 1031 exchange.

February 4, 2020

Acquisitions Florida Hospitality Southeast

Joint Venture Purchases Shelborne South Beach Hotel for $120M

by Alex Tostado February 4, 2020

MIAMI BEACH, FLA. — A joint venture between King Street Real Estate GP LLC, Westdale Properties and Cedar Capital Partners has purchased Shelborne South Beach Hotel, a 275-room hotel in Miami Beach, for $120 million. The beachside hotel opened in 1941 in the Art Deco district, seven miles from downtown Miami. The hotel offers a pool; pool deck; sky terrace; several meeting and event spaces; beachside services including beach chairs and towels, and waverunner, parasailing and paddleboard rentals; nightly happy hour; and live music on the weekends. The seller was not disclosed.

February 4, 2020

Acquisitions Colorado Multifamily Western

Riverpoint Partners, CentrePointe Properties Buy Brix on Belleview Apartments in Colorado for $29.9M

by Amy Works February 4, 2020

ENGLEWOOD, COLO. — Riverpoint Partners and CentrePointe Properties have acquired Brix on Belleview, an apartment community located in Englewood. An undisclosed seller sold the asset for $29.9 million. Located at 175 W. Belleview Ave., Brix on Belleview was built in phases between 1962 and 1971. The multifamily property features 175 units in a mix of studio, one-, two- and three-bedroom layouts. The 117,580-square-foot asset features 11 buildings and 206 parking spaces. Over the past five years, the property underwent more than $1.5 million in capital improvements, including new roofs, boilers and ground-up office/clubhouse; an extensive pool area remodel; exterior paint with new metal façades; a resurfaced parking lot; improved exterior lighting; and new barbecue grills, signage and windows. Dan Woodward, David Potarf, Matt Barnett and Jake Young of CBRE’s Denver office represented the seller in the transaction.

February 4, 2020

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