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Kelleher & Sadowsky Brokers Sale of 244,000 SF Worcester Plaza Tower

by Alex Tostado October 18, 2019

WORCESTER, MASS. — Kelleher & Sadowsky Associates Inc. has brokered the sale of Worcester Plaza Tower, a 244,000-square-foot office tower in central Massachusetts. The sales price was $16.5 million. The 24-story tower is the tallest office building in Worcester. Kelleher & Sadowsky represented the seller, S-BNK Worcester Main, an entity registered to the Casey Brothers Trust of Boston. The firm also procured the buyer, Synergy Investments, which plans to make capital improvements to the property.

October 18, 2019

Acquisitions California Office Western

Harbor Associates, Taconic Capital Advisors Buy Five-Building Office Portfolio in Southern California for $41.7M

by Amy Works October 18, 2019

SAN BERNARDINO, CALIF. — A joint venture between Harbor Associates and Taconic Capital Advisors has acquired a five-building office portfolio located within the 153-acre Tri City Corporate Center office park in San Bernardino. An undisclosed seller sold the assets for $41.7 million in an off-market transaction. Totaling 368,000 square feet, the buildings range from 70,000 square feet to 115,000 square feet. The portfolio, which is collectively 55 percent leased to 28 tenants, represents the only block of contiguous office space of more than 75,000 square feet in the Inland Empire. The joint venture plans to re-position and lease-up the assets through a renovation program across the portfolio that includes upgraded building entries and lobby experiences, elevator improvements, new roofs and replacement of the original HVAC units. Upon completion, the portfolio will feature rent-ready speculative suites, electric vehicle charging stations, LED lighting retrofit, as well as new building and project signage. Anthony Delorenzo, Todd Tydlaska and Sammy Cemo of CBRE represented the seller in the deal. The acquisition was leveraged with short-term financing from a subsidiary of Granite Point Mortgage Trust, which is externally managed by Pine River Capital Management.

October 18, 2019

Acquisitions Midwest Mixed-Use Retail Wisconsin

Cypress Equities Acquires 1.2 MSF Bayshore Town Center Near Milwaukee, Plans Repositioning

by Kristin Harlow October 18, 2019

GLENDALE, WIS. — Cypress Equities has acquired the 1.2 million-square-foot Bayshore Town Center in Glendale near Milwaukee. The purchase price was not disclosed. Cypress plans to reposition the property into an entertainment, shopping, dining and mixed-use project. Once complete, the re-envisioned center will include new architecture, landscaping and art by local creatives. Plans call for more retailers, restaurants, a select-service hotel, 300 new residential units, Class A office space and coworking space. The park area will be upgraded and include programmed, year-round entertainment. The project will be completed in phases through late 2020.

October 18, 2019

Acquisitions Industrial Kansas Midwest

NGZ Arranges Sale of 517,391 SF Industrial Building in Kansas City

by Kristin Harlow October 18, 2019

KANSAS CITY, KAN. — Newmark Grubb Zimmer has arranged the sale of a 517,391-square-foot industrial building in Kansas City for an undisclosed price. Overstock.com, an online furniture and home goods retailer, and Riverside Transport fully occupy the property, which is located at 5300 Kansas Ave. Mark Long and John Hassler of NGZ brokered the transaction. Sealy & Co. purchased the asset from BH Properties.

October 18, 2019

Acquisitions Illinois Industrial Midwest Missouri Office

NAI Hiffman Negotiates $17.1M Sale-Leaseback of Young Innovations Properties in Illinois, Missouri

by Kristin Harlow October 18, 2019

ALGONQUIN, ILL. AND EARTH CITY, MO. — NAI Hiffman has negotiated the sale-leaseback of several properties occupied by Young Innovations Inc. for $17.1 million. Young Innovations is a manufacturer and distributor of consumable dental supplies and equipment. The assets include the company’s 95,000-square-foot headquarters at 2260 Wendt St. in Algonquin as well as the firm’s three manufacturing facilities totaling 117,400 square feet in Earth City, a suburb of St. Louis. Young Innovations will maintain operations at all properties under a 20-year lease with the buyer, New York-based New Mountain Net Lease. Pat Sullivan and Ryan Chambers of NAI Hiffman brokered the sale.

October 18, 2019

Acquisitions Midwest Retail Wisconsin

Quantum Brokers Sale of 26,000 SF Retail Center in Pleasant Prairie, Wisconsin

by Kristin Harlow October 18, 2019

PLEASANT PRAIRIE, WIS. — Quantum Real Estate Advisors Inc. has brokered the sale of a roughly 26,000-square-foot retail center in Pleasant Prairie for an undisclosed price. Built in 2007, the property is located at 9740-9800 76th St. The center was fully leased at the time of sale to tenants such as Starbucks, Panda Express, Aspen Dental and AT&T. Chad Firsel of Quantum represented the seller, a Chicago-based private investor. Daniel Waszak of Quantum represented the buyer, a Miami-based investor.

October 18, 2019

Acquisitions Colorado Office Western

NKF Negotiates $32.5M Sale of Occidental Petroleum Office Building in Colorado

by Amy Works October 17, 2019

PLATTEVILLE, COLO. — Newmark Knight Frank (NKF) has facilitated the sale of a two-story office building located at 501 N. Division Blvd. in Platteville, approximately 40 miles north of Denver. Platteville Energy Partners sold the asset to an undisclosed buyer for $32.5 million, or $282 per square foot. Occidental Petroleum Corp. (formerly Anadarko Petroleum Corp.) fully occupies the 114,524-square-foot building. The company uses the facility as a mission critical operations center in the Denver-Julesburg Basin. John Jugl of NKF represented the seller, Platteville Energy Partners I LLC, in the transaction.

October 17, 2019

Acquisitions Kansas Midwest Multifamily Student Housing

Pebb Capital Sells 647-Bed Student Housing Community Near the University of Kansas

by Kristin Harlow October 17, 2019

LAWRENCE, KAN. — Pebb Capital has sold The Rockland, a 647-bed student housing community serving students at the University of Kansas in Lawrence. The community offers one- and two-bedroom units. Shared amenities include a resort-style pool and hot tub; a 24-hour business center and fitness center; a common room with a gaming station and pool table; tanning facilities; an outdoor barbecue area with a fire pit; a coffee bar; indoor and outdoor basketball courts; and a dog park. NB Private Capital acquired the property for an undisclosed price. Kevin Larimer and Greg Gonzalez of Berkadia arranged the sale. Berkadia’s Ed Kim and Jie Lee also arranged acquisition financing on behalf of buyer.

October 17, 2019

Acquisitions Massachusetts Northeast Office

NKF Brokers Sale of 1.1 MSF Office Tower in Downtown Boston

by Alex Patton October 17, 2019

BOSTON — Newmark Knight Frank (NKF) has brokered the sale of 100 Summer Street, a 1.1 million-square-foot office building in downtown Boston. The 32-story tower, which was built in 1974 and includes ground-floor retail space, features amenities such as a coffee bar, gaming areas, fitness center and close access to the South Station transit hub. Office tenants include Bloomberg News and software company CloudHealth Technologies. Retail tenants include Common Vines Wine Shop and Sebastians Cafe. Edward Maher, Matthew Pullen, James Tribble, Robert Griffin, David Martel and Timothy Bianchi of NKF represented the seller, a partnership between The Blackstone Group and EQ Office, in the transaction. David Douvadjian Sr., Brian Butler, Timothy O’Donnell and David Douvadjian Jr. represented the buyer, Rockpoint Group. The sales price was undisclosed.

October 17, 2019

Acquisitions New York Northeast Retail

NuRealty Arranges Sale of 22,735 SF Retail Center in Yonkers, New York

by Alex Patton October 17, 2019

YONKERS, N.Y. — NuRealty has arranged the sale of 778 Yonkers Ave., a 22,735-square-foot retail center in Yonkers, a northern suburb of New York. The property, which is valued at $4.9 million, is located one block from the Empire City Casino. Tenants include HSBC Bank, Beck Chevrolet and Paradise Lanes bowling alley. Ludlow Avenue Corp., a locally based limited liability firm, acquired the property, as part of a larger $5.6 million transaction. Lukasz Przybylek of NuRealty Advisors represented the undisclosed seller in the transaction.

October 17, 2019

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