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Colliers Brokers Sale of 93-Unit Apartment Building in Chicago

by Kristin Harlow November 7, 2019

CHICAGO — Colliers International has brokered the sale of Jackson Throop Place in Chicago’s West Loop neighborhood for an undisclosed price. The 93-unit luxury apartment building is located on West Jackson Boulevard. Built in 2016, the property includes 18 one-bedroom units, 72 two-bedroom units and three three-bedroom units. The apartments feature hardwood floors, quartz countertops and stainless-steel appliances. Tyler Hague and Lauren Stoliar of Colliers represented the buyer, Newcastle Limited. Michigan Avenue Real Estate Partners was the seller.

November 7, 2019

Fourth-Street-Distribution-Center-Rancho-Cucamonga-CA

Acquisitions California Industrial Retail Western

Bridge Development Partners Buys Fourth Street Distribution Center in Inland Empire for $191.1M

by Amy Works November 7, 2019

RANCHO CUCAMONGA, CALIF. — Bridge Development Partners has acquired Fourth Street Distribution Center, a 1.4 million-square-foot distribution/fulfillment center and a 23,240-square-foot retail building in Rancho Cucamonga. West Coast Liquidators sold the asset for $191.1 million. Originally developed in 1984, the asset is situated on 91.4 acres at 12434 Fourth St. in the Inland Empire West submarket. Mark Detmer, Bo Mills, Ryan Sitov, Sharon Wortmann, Mike McCrary and Peter McWilliams of JLL represented the seller in the deal. Additionally, Brian Torp, Kevin MacKenzie and Brian Halpern of JLL Capital Markets arranged $200 million in bridge financing to fund the acquisition for the buyer.

November 7, 2019

Acquisitions Illinois Midwest Retail

JLL Brokers Sale of 18,000 SF Retail Asset Leased to Goodwill in Glenview, Illinois

by Kristin Harlow November 6, 2019

GLENVIEW, ILL. — JLL has brokered the sale of a newly constructed, 18,000-square-foot retail property that is triple net leased to Goodwill in the Chicago suburb of Glenview. The sales price was not disclosed. The building is situated on 1.7 acres at 2740 Old Willow Road. JLL marketed the property on behalf of the seller, a Chicago-based developer. Florida-based Best Properties LLC purchased the asset while completing a 1031 tax-deferred exchange. Goodwill Industrials of Southeastern Wisconsin Inc., which is the largest of the more than 165 Goodwill organizations worldwide, began store operations at the property in February with a 10-year lease.

November 6, 2019

Acquisitions Multifamily New Jersey Northeast

Shamah Properties Acquires 123-Unit Apartment Community in Morristown, New Jersey

by Alex Patton November 6, 2019

MORRISTOWN, N.J. — Shamah Properties has acquired Morris Crossing Apartments, a 123-unit multifamily community in Morristown, located approximately 25 miles west of New York City, for $39.5 million. Morris Crossing is a six-building community that comprises 82 one-bedroom, 31 two-bedroom and 10 three-bedroom units. The property was 96 percent occupied at the time of sale. Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver and Grace Braverman of JLL represented Shamah Properties in the transaction. The team also represented the seller, Morris Crossing Apartments LLC, in the transaction.

November 6, 2019

Acquisitions Industrial New Jersey Northeast

CBRE Brokers Sale of 118,400 SF Industrial Property in Freehold, New Jersey

by Alex Patton November 6, 2019

FREEHOLD, N.J. — CBRE has brokered the $11.9 million sale of a 118,400-square-foot industrial property in Freehold, located approximately 30 miles east of Trenton. Completed in 1989, the single-tenant building features 18-foot clear heights. Elli Klabber, Charles Berger, Kevin Dudley, Stephen Beyda and Robert Pine represented the buyer, Treetop Development, in the transaction. Cushman & Wakefield represented the seller, dietary supplement manufacturer Industries Inc.

November 6, 2019

Acquisitions Multifamily Student Housing Texas

Scion Acquires 502-Bed Student Housing Community Near UT Austin

by Taylor Williams November 6, 2019

AUSTIN, TEXAS — Scion Student Communities, a joint venture between the Canada Pension Plan Investment Board (CPPIB), GIC and The Scion Group, has acquired MUZE, a 502-bed student housing community located two blocks from the University of Texas at Austin. The newly built property offers one-, two-, three-, four- and five-bedroom units with shared amenities including a rooftop pool, sky lounge and study and recreation spaces. A partnership between Kayne Anderson Real Estate and developer Parallel Co. sold the community for an undisclosed price. Scion Student Communities now owns 75 student housing communities totaling more than 48,000 beds in 52 university markets.

November 6, 2019

Acquisitions Arizona Multifamily Western

CW Capital Sells 192-Unit Value-Add Apartment Complex in Arizona for $13.9M

by Amy Works November 6, 2019

SIERRA VISTA, ARIZ. — CW Capital Commercial Real Estate Services has completed the disposition of Montego Bay Apartments, a value-add multifamily property located at 409 S. Lenzner Ave. in Sierra Vista. DLP Capital Partners acquired the asset for $13.9 million. Constructed in 1997, Montego Bay Apartments consists of 12 two-story apartment buildings, offering a total of 134,288 rentable square feet. Situated on nine acres, the property features 192 apartments and was 99 percent occupied at the time of sale. Karl Albert and Darren Tappen of Kidder Mathews represented the seller in the deal.

November 6, 2019

Acquisitions Connecticut Northeast Retail

Lyman Real Estate Arranges Sale of 9,331 SF Retail Building in Branford, Connecticut

by Alex Patton November 6, 2019

BRANFORD, CONN. — Lyman Real Estate (LRE) has arranged the $1.1 million sale of a 9,331-square-foot retail building in Branford, an eastern suburb of New Haven. The building at 854 West Main St. was previously occupied by Party City. Ron Lyman of LRE represented the buyer, LA-IN-USA LLC, in the transaction. Jeffrey Kravet of Kravet Realty represented the seller, Branford Realty Trust LLC.

November 6, 2019

Acquisitions Arizona Multifamily Western

CBRE Arranges $46M Sale of FIVE46 Apartments Near Phoenix

by Amy Works November 5, 2019

MESA, ARIZ. — CBRE has brokered the sale of FIVE46, a multifamily community located at 546 S. Country Club Road in Mesa. S2 Capital acquired the property from a joint venture between Security Properties and funds managed by Oaktree Capital Management for $46 million. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the sellers. Rocco Mandala of CBRE Debt & Structured Finance arranged acquisition financing for the buyer. FIVE46 features 320 apartments, two swimming pools, a resident clubhouse, 24-hour fitness center, lighted dog park, soccer field, children’s playground and picnic areas with barbecue grills.

November 5, 2019

Acquisitions Multifamily Seniors Housing Texas

Covenant Living Acquires 343-Unit Continuing Care Retirement Community in Tulsa

by Taylor Williams November 5, 2019

TULSA, OKLA. — Covenant Living Communities and Services has acquired Inverness Village, a continuing care retirement community (CCRC) in Tulsa, for an undisclosed price. As part of the transition, the community will be rebranded as Covenant Living at Inverness. The community opened in 2003 and features 196 independent living apartments, 40 cottages, 20 garden homes, 31 assisted living apartments, 12 memory care units and 44 skilled nursing rooms. The property sits on 192 acres. Covenant Living also owns and operates a senior living rental independent and assisted living community in Bixby, Okla. Covenant Living at Bixby has been in operation for five years.

November 5, 2019

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