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Fairstead, Meadow Partners Acquire Former Tootsie Roll Factory Apartments in Brooklyn for $67.2M

by Alex Patton November 5, 2019

NEW YORK CITY — A partnership between multifamily owner-operator Fairstead and investment firm Meadow Partners has acquired The Chocolate Factory Lofts, a 125-unit apartment building in Brooklyn, for $67.25 million. The converted Tootsie Roll factory at 275 Park Ave. is situated one block from the Brooklyn Navy Yard and the new Wegmans flagship grocery story. Daniel Parker, Paul Gillen and Kyle van Buitenen of Hodges Ward Elliott represented the sellers, HK Organization and Brickman Real Estate, in the transaction.

November 5, 2019

Acquisitions Illinois Industrial Midwest

NAI Hiffman Arranges Sale of 254,425 SF Industrial Building in Bridgeview, Illinois

by Kristin Harlow November 4, 2019

BRIDGEVIEW, ILL. — NAI Hiffman has arranged the sale of a 254,425-square-foot industrial building in Bridgeview, about 16 miles from Chicago’s Loop. The sales price was not disclosed. Located at 7557-7575 S. 78th Ave., the property includes 37 exterior loading docks, one drive-in door, 113 trailer positions and a clear height of 20 feet. It was built in 1970. Lawrence Much, Steve Connolly and Drew Bulson of NAI Hiffman marketed the property on behalf of the seller, Heller Industrial Parks. The team also procured the buyer, TradeLane Properties, an Oak Brook-based private investment group. The new owner intends to immediately begin extensive renovations to modernize the building.

November 4, 2019

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $19M Sale of Perch Harlem Apartment Building in Manhattan

by Alex Patton November 4, 2019

NEW YORK CITY — Marcus & Millichap has brokered the $19 million sale of Perch Harlem, a 34-unit apartment building located at 542 West 153rd St. in the Hamilton Heights neighborhood of Manhattan. Eric Anton, Justin Natalizio and Christopher Warner of Marcus & Millichap represented the seller, a joint venture between Taurus Investment Holding and Synapse Development Group. The team also represented the buyer, the Olnick Organization.

November 4, 2019

Acquisitions Office Texas

Colliers Brokers Sale of 166,000 SF Bent Tree Office Tower in Metro Dallas

by Taylor Williams November 4, 2019

ADDISON, TEXAS — Colliers International has brokered the sale of Bent Tree Tower II, a 166,000-square-foot office building located in the northern Dallas suburb of Addison. Los Angeles-based Regent Properties sold the eight-story building to a partnership that was formed by Dallas-based Hudson Peters Commercial for an undisclosed amount. Creighton Stark and Chris Boyd of Colliers brokered the deal. Prior to disposing of the asset, Regent invested $4.7 million in capital improvements to the building, which included a remodel of the property’s entrance, an update of the building’s lobby and common areas, the addition of a large monument sign and a modernization of the building’s mechanical systems. Energy firm Forney Corp. is Bent Tree’s anchor tenant.

November 4, 2019

Acquisitions Industrial Washington Western

Port of Everett Acquires Kimberly-Clark Mill Property for $33M in Everett, Washington

by Amy Works November 4, 2019

EVERETT, WASH. — The Port of Everett has purchased the 58.4-acre Kimberly-Clark mill property situated on the waterfront in Everett. Kimberly-Clark Worldwide sold the asset, including another site north of the mill property, for $33 million. Kimberly-Clark closed the former pulp mill located on the site in 2012. In July, the City of Everett acquired the north portion of the property; therefore, this sale represents the remainder of Kimberly-Clark’s Everett waterfront holdings. The site includes a 360,000-square-foot warehouse and more than 2,500 lineal feet of waterfront on the East Waterway, which opens to the Puget Sound. The sale property is located between the Port of Everett terminal and Naval Station Everett, a federally secured maritime complex. Port of Everett plans to develop three-quarters of the property into maritime use, with the remaining used for aquatic management and public access. Dave Speers and Matt Henn of Kidder Mathews, along with Eric Dienstbach of Binswanger, represented the seller in the deal.

November 4, 2019

Acquisitions Multifamily Washington Western

Shelter Holdings Sells 298-Unit Issaquah Terrace Apartments Near Seattle for $125M

by Amy Works November 1, 2019

ISSAQUAH, WASH. — Shelter Holdings has completed the disposition of Issaquah Terrace, a garden-style apartment community located at 906 NE Lilac St. in Issaquah, about 17 miles east of Seattle. An undisclosed buyer acquired the property for $125 million. Located on the Issaquah plateau minutes from Lake Sammamish, Issaquah Terrace features 298 units in a mix of apartments and townhomes. Community amenities include onsite fitness center, swimming pool and barbecue facilities. Shelter Holdings developed the property in 2015. Dave Schumacher, Tim McKay, Dan Chhan and Sam Wayne of Colliers International handled the off-market transaction.

November 1, 2019

Acquisitions California Office Western

Kennedy Wilson Buys Hamilton Landing Office Campus in North Bay Area for $115M

by Amy Works November 1, 2019

NOVATO, CALIF. — Kennedy Wilson has acquired Hamilton Landing, a wholly owned office campus situated on 20 acres in Novato, a North Bay Area town in Marin County. An undisclosed seller sold the asset for $115 million. For the acquisition, Kennedy Wilson invested $55 million of equity and assumed a $60 million, interest-only loan at a fixed interest rate of 4.34 percent that matures in 2025. Built in the 1930s as an Air Force Base, Hamilton Landing was decommissioned in the 1970s and converted into Class A creative office space in phases between 2000 and 2008. The seven-building campus offers a total of 406,000 square feet of office space. Kennedy Wilson purchased the office campus through a 1031 exchange with proceeds generated from the recent sale of two multifamily properties.

November 1, 2019

Acquisitions Multifamily Texas

JLL Arranges Sale, Financing of 354-Unit Alexan Enclave Apartments in Houston’s Energy Corridor

by Taylor Williams November 1, 2019

HOUSTON — JLL has arranged the sale and financing of Alexan Enclave, a 354-unit apartment community located in the Energy Corridor area of Houston. Built in 2014, the mid-rise property consists of two four-story buildings and a six-story parking garage. Units average 909 square feet and feature open-concept floor plans and high-end finishes, including high ceilings, stainless steel appliances, granite countertops and hardwood cabinetry. Amenities include a pool, covered outdoor kitchen, dog park, pet wash station, a resident clubhouse and a business center. Todd Marix, Chris Curry and Bailey Crowell of JLL represented the sellers, Trammell Crow Residential and Cigna Investment Management. Cameron Cureton and Matt Kafka of JLL arranged acquisition financing for the transaction on behalf of the buyer, F&B Capital.

November 1, 2019

Acquisitions Midwest Missouri Multifamily

Berkadia Brokers Sale of 408-Unit Multifamily Community in Kansas City

by Kristin Harlow November 1, 2019

KANSAS CITY, MO. — Berkadia has brokered the sale of The Kings, a 408-unit garden-style property in Kansas City. The sales price was not disclosed. Built in 1973 and located at 11330 Colorado Ave., the multifamily community features studio, one-, two- and three-bedroom floor plans. Amenities include a clubhouse, barbecue area, laundry facilities and two swimming pools. Alex Blagojevich, Michael Sullivan and Brett Meinzer of Berkadia represented the seller, a joint venture between Sundance Bay and Drake Real Estate Partners. Florida-based Stoneweg US LLC was the buyer. Stoneweg has been active in the Kansas City market, acquiring more than 1,000 units in the last three months, according to Berkadia.

November 1, 2019

Acquisitions Healthcare Kansas Midwest Net Lease

Boulder Group Negotiates $8.1M Sale of Net-Leased Medical Office Property in Wichita, Kansas

by Kristin Harlow November 1, 2019

WICHITA, KAN. — The Boulder Group has negotiated the sale of a single-tenant property net leased to Integrated Healthcare Systems in Wichita for $8.1 million. The 30,472-square-foot building is located at 9211 E. 21st St. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate development company. A real estate investment trust was the buyer. Integrated Healthcare Systems is a wholly owned subsidiary of Ascension Medical Group.

November 1, 2019

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