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Invesco, TA Realty Acquire 10 Industrial Buildings in Las Vegas for $117M

by Amy Works September 6, 2019

LAS VEGAS — Invesco Real Estate and TA Realty Advisors have purchased 10 fully leased industrial buildings in Las Vegas from a private family trust for $117 million. Atlanta-based Invesco acquired four of the buildings, totaling 651,210 square feet, in North Las Vegas, while Boston-based TA Realty purchased the remaining six buildings, totaling 350,000 square feet in Southwest Las Vegas. Michael Kendall, Gian Carlo Bruno, Spencer Pinter, Dan Doherty, Paul Sweetlands, Chris Lane and Jerry Doty of Colliers International represented the seller in the deal.

September 6, 2019

Acquisitions Illinois Midwest Multifamily

Bridge Capital Partners, Friedkin Property Group Acquire 206-Unit Apartment Complex in Naperville

by Kristin Harlow September 6, 2019

NAPERVILLE, ILL. — Bridge Capital Partners and Friedkin Property Group Inc. have acquired River Run at Naperville Apartments for an undisclosed price. The 206-unit, 11-building apartment complex is located at 1015 Preserve Ave. in suburban Chicago. Built in 2003, the property includes a clubhouse, game room, fitness center, conference room, dog park and pool. The average unit size is 1,316 square feet. Dan Cohen and John Jaeger of CBRE represented the joint venture seller, Marquette Cos. and an affiliate of Heitman.

September 6, 2019

Acquisitions Midwest Minnesota Retail

Hanley Investment Group Negotiates $11.8M Sale of Retail Center Near Twin Cities

by Kristin Harlow September 6, 2019

WOODBURY, MINN. — Hanley Investment Group Real Estate Advisors has negotiated the $11.8 million sale of Commons Plaza, a 13,405-square-foot, three-building retail property in Woodbury. The property is located at 720-740 Commons Drive, 23 miles east of downtown Minneapolis. The property features a new 2,926-square-foot building that is fully leased to Raising Cane’s. The second building spans 3,551 square feet and is fully leased to Minneapolis-based Sleep Number. Lastly, the third building totals 7,199 square feet and is occupied by WellHaven Pet Health and Restore Cryotherapy. Jeff Lefko and Bill Asher of Hanley Investment Group represented the seller, Florida-based Onecorp, in the transaction. Steve Tucker of California-based Tucker Investments represented the buyer, a private investor from Orange County, California.

September 6, 2019

Acquisitions Office Texas

Office Properties Income Trust Sells 618,000 SF Complex in San Antonio

by John Nelson September 5, 2019

SAN ANTONIO — Office Properties Income Trust (OPI), a Massachusetts-based REIT, has sold a two-building, 618,000-square-foot office complex located at 19100 Ridgewood Parkway in San Antonio. The property was sold as part of a portfolio of assets in Texas and the Northeast that fetched a sales price of roughly $223 million. OPI will use for the repayment of the remaining balance on the company’s unsecured term loan and to pay down its revolving credit facility. The buyer and sales price were not disclosed.

September 5, 2019

Acquisitions Industrial New Jersey Northeast

Colliers Brokers $3.6M Sale of Industrial Property in Pennsauken, New Jersey

by Alex Patton September 5, 2019

PENNSAUKEN, N.J. — Colliers International has brokered the $3.6 million sale of 6910-6930 Central Highway, a 58,000-square-foot industrial warehouse in Pennsauken, an eastern suburb of Philadelphia. The building features three loading doors and a 24-foot ceiling height. Ian Richman and Marc Isdaner of Colliers represented the seller, 6910-30 Central Highway LLC, in the transaction. Hair care and tool manufacturer Heat Makes Sense Inc. was the buyer.

September 5, 2019

Acquisitions California Retail Western

Avison Young Arranges $8.1M Sale of Two-Building Retail Property in Hollywood, California

by Amy Works September 5, 2019

HOLLYWOOD, CALIF. — Avison Young has brokered the sale of a two-building retail property located in Hollywood. A New York-based family office sold the asset to a Los Angeles-based family-owned company for $8.1 million. Located at 7611-7623 Sunset Blvd., the property features a 3,725-square-foot building that was built in 1934 and an 8,843-square-foot building, which includes an outdoor patio space. At the time of sale, the asset was 63 percent occupied by five retail tenants. Chris Maling and David Maling of Avison Young represented the seller, while South Park Group represented the buyer in the all-cash transaction.

September 5, 2019

Acquisitions Affordable Housing Multifamily New York Northeast

CBRE Arranges $48.3M Sale of Affordable Housing Community in Yonkers, New York

by Alex Patton September 4, 2019

YONKERS, N.Y. — CBRE has arranged the $48.3 million sale of Parkledge, a 311-unit affordable housing community Yonkers, a northern suburb on New York City. The property features one-, two-, three- and four-bedroom apartments and was 97 percent occupied at the time of sale. Ninety percent of the units restrict potential tenants to 60 percent area median income. Tim Flint, Jeff Dunne, Gene Pride and Eric Apfel of CBRE represented the seller in the transaction, which was undisclosed. The buyer was Hudson Valley Property Group.

September 4, 2019

Acquisitions California Retail Western

Monro Mission Square Acquires 161,373 SF Shopping Center in Oceanside, California

by Amy Works September 4, 2019

OCEANSIDE, CALIF. — Monro Mission Square LLC has purchased Mission Square, a shopping center located in downtown Oceanside, for an undisclosed price. Located at 1002-1064 Mission Ave. and 306-326 N. Horne St., the 161,373-square-foot asset was 98 percent occupied at the time of sale. Current tenants include Walmart Neighborhood Market, 99 Cents Only, Auto Zone, Chase Bank and Harbor Freight Tools. Bill Barnett and Doug Hogan of Colliers International, along with Pacific Development Capital, represented the seller, Los Angeles-based Ona Mission Partners, and the buyer in the transaction. The new owner plans to continue regular operations of the retail center and retain Colliers International to handle leasing efforts.

September 4, 2019

Acquisitions Midwest Retail Wisconsin

Consolidated-Tomoka Purchases Alpine Valley Music Theatre in Wisconsin for $7.5M

by Kristin Harlow September 4, 2019

EAST TROY, WIS. — Consolidated Tomoka Land Co. has purchased the Alpine Valley Music Theatre in East Troy for $7.5 million. The amphitheater can accommodate up to 37,000 people and includes a 7,500-seat pavilion and extensive green space. Live Nation Entertainment Inc. occupies the property on a net-lease basis. There are approximately 11 years remaining on the lease. Zilber Property Group sold the venue, according to the Milwaukee Business Journal.

September 4, 2019

Acquisitions Midwest Retail Wisconsin

Mid-America Brokers Sale of 259,962 SF Shopping Center in West Allis, Wisconsin

by Kristin Harlow September 3, 2019

WEST ALLIS, WIS. — Mid-America Real Estate Corp. has brokered the sale of West Allis Center in Wisconsin for $18.1 million. The 259,962-square-foot shopping center, built in 1964, is located along the 108th Street retail corridor, four miles southwest of downtown Milwaukee. Tenants include Pick ‘n Save, Kohl’s, Marshalls, HomeGoods, BMO Harris Bank and Walgreens. Ben Wineman and Dan Rosenfeld of Mid-America represented the seller, Ohio-based Retail Value Inc. Tennessee-based GBT Realty Corp. purchased the asset.

September 3, 2019

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