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Gelt Acquires Kallisto at Bear Creek Multifamily Community Near Denver for $145.5M

by Amy Works January 17, 2020

LAKEWOOD, COLO. — Los Angeles-based Gelt has purchased Kallisto at Bear Creek, an apartment property located at 2605 S. Miller Drive in the Bear Creek area of Lakewood. Holland Partner Group sold the asset for $145.5 million. Built in two phases in 1987 and 1996, Kallisto at Bear Creek is situated on 38 acres and comprises 51 two- and three-story buildings. The 472-unit property features mostly one- and two-bedroom layouts with a mix of traditional flats and townhome floor plans. Units feature private balconies or porches, wood and gas fireplaces, washers/dryers, walk-in closets and extra storage. On-site amenities include a community garden, tennis court, two swimming pools, a hot tub, 31 acres of landscaped open spaces, barbecue areas, a clubhouse, business center, dog park and fitness center. Gelt plans to invest $3.5 million in capital improvements over the next four years at the property. Projects will include the interior renovation of the remaining 75 percent of units by installing vinyl flooring, stainless steel appliances, quartz countertops, new cabinet faces and hardware, tile backsplashes and ceiling fans. Jordan Robbins, David Martin and Pamela Koster of JLL represented the seller and buyer in the deal. With this latest acquisition, Gelt now owns …

January 17, 2020

Acquisitions Industrial Midwest Ohio

Reichle Klein Group Brokers $2.7M Sale of Industrial Facility Near Toledo

by Kristin Harlow January 17, 2020

PERRYSBURG, OHIO — Reichle Klein Group has brokered the $2.7 million sale of a 45,630-square-foot industrial facility in Perrysburg, just south of Toledo. The four-building property sits on 32 acres at 26933 Eckel Road. Jerry Malek of Reichle Klein represented the seller, Welded Construction LP. Malek also assisted the buyer, Perrysburg LLC.

January 17, 2020

Acquisitions Midwest Ohio Retail

Cooper Group Negotiates $2.1M Sale of CVS-Occupied Property in Akron, Ohio

by Kristin Harlow January 17, 2020

AKRON, OHIO — The Cooper Commercial Investment Group has negotiated the sale of a 10,125-square-foot retail property occupied by CVS Pharmacy in Akron for $2.1 million. CVS has more than 18.5 years remaining on its lease term. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an Ohio-based private investor. A private Texas-based investor purchased the asset at a cap rate of 6 percent.

January 17, 2020

Acquisitions Illinois Midwest Retail

Mid-America Brokers $1.1M Sale of Retail Building in Evergreen Park, Illinois

by Kristin Harlow January 17, 2020

EVERGREEN PARK, ILL. — Mid-America Real Estate Corp. has brokered the $1.1 million sale of an outlot at Evergreen Marketplace in Evergreen Park, about 15 miles south of Chicago. The 5,851-square-foot retail building is home to Cousins Subs, Hair Cuttery and The Crazy Crab. Ben Wineman and Emily Gadomski of Mid-America represented the seller, Sterling Bay. A private buyer purchased the asset.

January 17, 2020

Acquisitions New Jersey Northeast Office

NAI Hanson Arranges Sale of 6,100 SF Office Condo in Fair Lawn, New Jersey

by Alex Patton January 17, 2020

FAIR LAWN, N.J. — NAI James Hanson has arranged the sale of a 6,100-square-foot office condo at 17-10 River Road in Fair Lawn, a northwestern suburb of New York City. Ho-Ho-Kus Inc., a designer and manufacturer of latching and clamping systems for commercial, business and military applications, acquired the asset in order to house its growing staff. Darren Lizzack and Randy Horning of NAI Hanson represented the seller, RPM 1, in the transaction. The sales price was undisclosed.

January 17, 2020

Acquisitions New Jersey Northeast Office

The Birch Group Buys 191,249 SF Office Complex in Parsippany, New Jersey

by Alex Patton January 16, 2020

PARSIPPANY, N.J. — The Birch Group has purchased a 191,249-square-foot office complex in Parsippany, located approximately 30 miles west of New York City. The complex comprises two buildings located at 99 and 119 Cherry Hill Road that were 88 percent leased at the time of sale. Jeffrey Dunne, Jeremy Neuer and Steve Bardsley led a CBRE team that represented the undisclosed seller in the transaction. The team also procured the Birch Group as the buyer. The sales price was undisclosed.

January 16, 2020

Acquisitions Industrial New Jersey Northeast

Denholtz Properties Acquires 26,000-Square-Foot Industrial Building in Bridgewater, New Jersey

by Alex Patton January 16, 2020

BRIDGEWATER, N.J. — Denholtz Properties has acquired a 26,000-square-foot industrial building in Bridgewater, located approximately 45 miles west of New York City. Located at 6W Chimney Rock Road, the property is situated within Bridgewater Business Park, a 380,000-square-foot office complex comprising 16 industrial flex buildings. With this acquisition, Denholz now owns 12 buildings totaling 290,163 square feet in the park. Tenants include UPS, baseball training center Zoned Inc. and stone fabricator Bridgewater Marble. Kristine Hurlbut represented Denholtz Properties in the transaction on an internal basis. Marcus & Millichap represented the undisclosed seller.

January 16, 2020

Acquisitions Office Texas

JLL Negotiates Sale of 130,223 SF Concourse at Westway Office Building in Houston

by Taylor Williams January 16, 2020

HOUSTON — JLL has negotiated the sale of Concourse at Westway, a 130,223-square-foot office building located at 4700 W. Sam Houston Parkway in Houston. Built in 1999, the Class B property was 56 percent leased at the time of sale. Trent Agnew, Kevin McConn and Marty Hogan of JLL represented the seller, EverWest, in the transaction. The buyer was Houston-based investment firm Griffin Partners, which will implement a value-add program.

January 16, 2020

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $18.4M Sale of Apartment Portfolio in Chicago’s South Shore

by Kristin Harlow January 16, 2020

CHICAGO — Kiser Group has brokered the sale of a three-property apartment portfolio in Chicago’s South Shore neighborhood for $18.4 million. The transaction was the largest by dollar amount in the submarket in the last 15 years, according to CoStar Group. The portfolio includes the 130-unit 7500 S. Shore built in 1950; the 53-unit S. Clyde built in 1928; and the 25-unit 7038 S. Chappel constructed in 1926. Monthly rental rates range from $525 to $1,515. Noah Birk and Aaron Sklar of Kiser represented the seller, DAX Real Estate. An undisclosed buyer purchased the portfolio.

January 16, 2020

Acquisitions California Industrial Western

Rexford Industrial Buys 751,528 SF Pomona Distribution Center from Prologis

by Amy Works January 16, 2020

POMONA, CALIF. — Rexford Industrial Realty has purchased Pomona Distribution Center, an infill industrial building located at 1601 W. Mission Blvd. within the Mission-71 Business Park in Pomona. Prologis sold the asset for an undisclosed price. Situated on a 32.2-acre site, the 751,528-square-foot multi-tenant building features a gated truck court, 20-foot clear heights, 84 dock-high loading doors, partial ESFR sprinklers and 4,000-amp power. The rectangular-shaped building offers access on three sides and dock-high loading positions on all four sides. At the time of sale, the property was fully leased to Lumber Liquidators and HD Supply. Jeff Chiate, Jeffrey Cole, Mike Adey and Ed Hernandez of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the deal. Additionally, Phil Lombardo and Ty Newland from Cushman & Wakefield served as market advisors for the transaction.

January 16, 2020

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