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Quinn-35-Shrewsbury-Massachusetts
AcquisitionsMassachusettsNortheast

CBRE Negotiates Sale of 250-Unit Apartment Community Near Worcester

by Taylor Williams

WORCESTER, MASS. — CBRE has negotiated the sale of Quinn 35, a 250-unit multifamily community in Shrewsbury, an eastern suburb of Worcester. The Class A property is located near the Worcester MBTA (Massachusetts Bay Transportation Authority) Commuter Rail Station and was built between late 2017 and early 2018. Floor plans consist of one-, two- and three-bedroom units averaging 932 square feet. Amenities include a pool, fitness center, outdoor grilling stations and a 6,000-square-foot community room. Simon Butler and Biria St. John of CBRE represented the seller, Residences at Lakeway Commons Associates LLP, a joint venture between Criterion Development Partners and an international investment advisor, in the transaction. The duo also procured the buyer, an affiliate of New York City-based Bluerock Real Estate LLC. The sales price was not disclosed.  

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AcquisitionsIllinoisIndustrialLee & AssociatesMidwest

Lee & Associates Brokers Sale of 10,348 SF Industrial Building in South Elgin, Illinois

by Kristin Harlow

SOUTH ELGIN, ILL. — Lee & Associates has brokered the sale of a 10,348-square-foot industrial building located at 1640 Shanahan Drive in South Elgin. The sales price was not disclosed. Jay Farnam of Lee & Associates represented the buyer, West Bank Holdings. Morken & Associates represented the undisclosed seller.

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Doubletree-by-Hilton-Dallas-Farmers-Branch
AcquisitionsHospitalityTexas

Berkadia Negotiates Sale of 160-Room DoubleTree Hotel in Dallas

by Taylor Williams

DALLAS — Berkadia has negotiated the sale of the 160-room Doubletree Dallas-Farmers Branch hotel. The property, which offers amenities such as a pool, fitness center and a business center, recently underwent an $8 million renovation program. The buyer was an undisclosed 1031 exchange investor. This was the first sale from the 15-property portfolio Berkadia exclusively listed throughout the West and Southwest. The entire portfolio could fetch a sales price of $375 million.

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AcquisitionsIndianaMidwestOffice

M & J Wilkow Acquires Keystone at the Crossing Office Campus in Indianapolis

by Kristin Harlow

INDIANAPOLIS — In joint venture with a fund managed by DRA Advisors LLC, M & J Wilkow has purchased Keystone at the Crossing in Indianapolis. Equus Capital Partners Ltd. sold the asset for an estimated $142 million, according to the Indianapolis Business Journal. The office campus spans 1 million square feet and features upgraded lobbies, new tenant lounges, conference centers, electric car charging stations, two attached parking garages and a fitness facility. The campus is situated within a larger mixed-use development comprising retail, residential and hospitality space. This is M & J Wilkow’s eighth acquisition with DRA Advisors.

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AcquisitionsMidwestNebraskaRetail

Broad Reach Acquires 158,380 SF Shopping Center in Omaha

by Kristin Harlow

OMAHA, NEB. — Broad Reach Retail Partners has acquired Baker Square Shopping Center in Omaha for an undisclosed price. The grocery-anchored center spans 158,380 square feet and features Fresh Thyme Farmers Market, JoAnn Fabric and CHI Health. The property is 73 percent leased. The seller was not disclosed. LinkedIn recently signed a lease for a new 200,000-square-foot campus less than one mile north of the shopping center.

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777-Aviation-Blvd-El-Segundo-CA
AcquisitionsCaliforniaOfficeWestern

JV Purchases 318,182 SF Office Building Near Los Angeles for $170M

by Amy Works

EL SEGUNDO, CALIF. — A joint venture between OceanWest and Lionstone Partners has purchased 777 Aviation, an office campus located in El Segundo, approximately 15 miles southwest of downtown Los Angeles. Westbrook & Embarcadero Partners sold the asset for $170 million, or $535 per square foot. Designed and constructed in 1968, the property features 318,182 square feet of office space, a three-story atrium with stadium seating and multiple gathering areas, on-site fitness center, indoor/outdoor conference rooms, flexible open floor plans, on-site café and outdoor areas. Bob Safai, Matt Care and Brad Schlaak of Madison Partners represented both parties in the deal. The team also procured $114.1 million in financing for the buyer.

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20-Greenway-Plaza-Houston
AcquisitionsOfficeTexas

HFF Negotiates Sale of 433,132 SF Office Building in Houston’s Greenway Area

by Taylor Williams

HOUSTON — HFF has negotiated the sale of 20 Greenway Plaza, a 433,132-square-foot office building in Houston. The 10-story property was renovated in 2014 and was 95 percent leased at the time of sale to tenants such as Merrill Lynch, Sunnova Energy Corp., REALEC Technologies, Mitsubishi and Koch Industries. Dan Miller and Trent Agnew of HFF represented the seller, Principal Real Estate Investors, in the transaction and procured the buyer, Stockdale Capital Partners. Wally Reid of HFF arranged acquisition financing through Cigna Realty Investors on behalf of the buyer. The loan was structured with a seven-year term and a fixed interest rate.

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Del-Sol-Apts-Scottsdale-AZ
AcquisitionsArizonaMultifamilyWestern

MIG Real Estate Acquires 168-Unit Del Sol Apartments in Scottsdale for $34.5M

by Amy Works

SCOTTSDALE, ARIZ. — MIG Real Estate has purchased Del Sol Apartments, a multifamily property located at 10888 N. 70th St. in Scottsdale. Aukum Group sold the asset for $34.5 million, or $205,357 per unit. Built in 1984, Del Sol Apartments features 168 units and is approximately six miles from downtown Scottsdale. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

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AcquisitionsIndianaMidwestRetail

Cooper Group Brokers $1M Sale of Retail Property in Evansville, Indiana

by Kristin Harlow

EVANSVILLE, IND. — The Cooper Commercial Investment Group has brokered the sale of Diamond Center in Evansville for $1 million. The 10,000-square-foot retail property is fully occupied. Tenants include Dollar General and Subway. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an Indiana-based private investment group. A New Jersey-based private group purchased the asset at a cap rate of 7.3 percent.

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AcquisitionsIllinoisMidwestRetail

Boulder Group Brokers $6.6M Sale of Property Net Leased to Walgreens in Orland Park, Illinois

by Kristin Harlow

ORLAND PARK, ILL. — The Boulder Group has brokered the sale of a single-tenant property net leased to Walgreens in Orland Park for $6.6 million. The 14,820-square-foot building is located at 11981 W. 143rd St. Walgreens has 15 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a private partnership. An individual investor purchased the asset.

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