JACKSONVILLE, FLA. — Plymouth Industrial REIT Inc. has signed a definitive agreement to acquire a 20-building, 1.1 million-square-foot light industrial and flex portfolio in south Jacksonville for $97.1 million. Plymouth Industrial will fund the acquisition using approximately $63 million in short-term borrowings from KeyBank Real Estate Capital and about $34 million in equity from an affiliate of Madison International Realty Holdings LLC. The acquisition is expected to close in December. The portfolio is currently 96 percent leased to 40 tenants such as Comcast, Veritiv, Cintas, Alstom, Staples, Cardinal Health, The Home Depot, Johnson Controls, Safelite AutoGlass and Shaw. The portfolio has a weighted average lease term of over three years remaining. The seller was undisclosed.
ROSELAND, N.J. — NKF has negotiated the $17.2 million sale of a 115,422-square-foot office building in Roseland. Located at 3 Becker Farm Road, the property is currently 97-percent leased to a tenant roster that includes Mandelbaum Salsburg and Tompkins McGuire. Kevin Welsh, Brian Schulz and Chuck Kohaut of NKF’s Tri-State Capital Markets represented the seller, Normandy Real Estate Partners, in the transaction. The buyer was international real estate fund Westwood Properties. The property was recently renovated with $2 million in capital improvements
PALO ALTO, CALIF. — Levin Johnston of Marcus & Millichap has arranged the purchase of a multifamily community located at 283-301 and 327 Curtner Ave. in downtown Palo Alto. A private high-net-worth investor acquired the property from a Northern California-based multifamily development company for $16.8 million. The 32-unit apartment community features an upgraded community barbecue area and pet-washing station. Adam Levin and Robert Johnston represented the buyer and the seller in the deal.
GLADSTONE, MO. — KCP Acquisition LLC has purchased the Northland Innovation Campus in Gladstone, a northern suburb of Kansas City. The purchase price was not disclosed, but the Kansas City Business Journal reports that the property was valued at $20 million as of March 2017. The Class A building features collaborative office space and an education center. The five-story, 86,778-square-foot office building is 92 percent leased to the North Kansas City School District, Northwest Missouri State University and Edward Jones. Gary Carr, Gina Anderson and Robert Hill of CBRE represented the seller, Gladstone Capital LLC.
WOODRIDGE, ARLINGTON HEIGHTS AND O’FALLON, ILL. — Hanley Investment Group Real Estate Advisors has brokered the sales of three single-tenant retail properties in Illinois for a combined $5.2 million. In Woodridge, Jeff Lefko and Bill Asher of Hanley brokered the sale of a Carrabba’s Italian Grill ground lease. The 6,500-square-foot building was constructed in 2002. Carabba’s has 6.5 years remaining on the original lease term. Lefko and Asher represented the seller, a Schaumburg, Illinois-based private development company. Jeff Gates of The Kase Group represented the Dallas-based buyer. The asset sold for $2 million. In Arlington Heights, a 5,995-square-foot building net leased to Chili’s sold for $1.7 million. Chili’s has seven years remaining on its lease. Lefko and Asher represented the Schaumburg, Illinois-based seller. Don Straub of NNN Property represented the buyer, a California-based private investor completing a 1031 tax-deferred exchange. Lastly, in O’Fallon, Illinois, a 4,700-square-foot MedExpress Urgent Care ground lease sold for $1.4 million. Built in 2016, the 4,700-square-foot building sits on one acre. MedExpress has eight years remaining on its original lease term. Lefko and Asher, with assistance from Alex Apter of L3 Corp., represented the Missouri-based seller. Helvetica Group represented the California-based buyer.
HOUSTON — Dallas-based investment firm Nicholas Residential LLC has acquired a portfolio of six multifamily properties totaling 2,115 units in the Houston area. The properties include Chelsea Park and Riviera Pines in Houston, South Grand at Pecan Grove and Country Club Place in the northern suburb of Richmond, The Veridian in Webster and Skyhawk in Friendswood. Nicholas Residential will implement value-add programs to the communities’ amenity spaces, delivering new fitness centers, as well as upgraded resident clubhouses with coffee bars, pools with outdoor kitchens, dog parks, business centers and game rooms. The seller was Hudson Advisors. Cushman & Wakefield arranged an undisclosed amount of equity on behalf of Nicholas Residential for the acquisition.
ATLANTA — Carroll Organization and PGIM Real Estate have acquired three multifamily portfolios in the metro areas of Raleigh-Durham, N.C.; Ponte Vedra Beach, Fla.; and Charleston, S.C. valued at $600 million. The combined properties total 4,043 residential units. The three acquisitions by the joint venture include an eight-property, 2,883-unit portfolio in Raleigh-Durham; a two-property, 480-unit portfolio in Ponte Vedra Beach; and a three-property, 680-unit portfolio in Charleston. The sellers and price were not disclosed. “These latest portfolio acquisitions are consistent with PGIM Real Estate’s strategy to pursue workforce housing investments in well-located, pro-business metropolitan markets with a limited supply of apartments and a robust demand for affordable housing options,” said Alfonso Munk, Americas chief investment officer for PGIM Real Estate. “Our ongoing partnership with Carroll Organization will enable us to create an enhanced living experience for the residents at these 13 communities, while delivering compelling, supply-resistant investment opportunities to our investors.” The acquisitions were led by Jim Mehalso, Atlanta-based managing director and head of Southeast Transactions at PGIM Real Estate, and Josh Champion, president and chief investment officer for Atlanta-based Carroll Organization. The transactions mark the fifth joint venture between PGIM Real Estate and Carroll Organization since December 2017. To …
BOSTON — MassHousing has provided $45.7 million in acquisition and rehabilitation financing for a 201-unit affordable housing portfolio in Roxbury and Dorchester. The housing portfolio, formerly owned by the late Lorenzo Pitts, includes the Lawrenceville Apartments, Infill I, Infill II, Crawford House, Thane Street Apartments and the Gardner Apartments. MassHousing provided the borrower, Jamaica Plain Neighborhood Development Corporation (JPNDC), with a $26 million construction and permanent loan, an $18 million tax credit equity bridge loan and a $1.7 million Section 13A preservation loan. JPNDC will make extensive capital improvements as part of the transaction including masonry repairs, kitchen upgrades and bathroom upgrades, as well as updates to the electrical and plumbing systems. Of the 201 units in the portfolio, 175 are affordable to households earning at or below 60 percent of the area median income (AMI) and 26 apartments are affordable to households earning at or below 80 percent of AMI. The AMI for Boston is $107,800 for a family of four.
LONG BEACH, CALIF. — Redwood Partners has purchased The Hubb, a creative office property located at 100 W. Broadway in downtown Long Beach. A joint venture between Singerman Real Estate and Ocean West Capital Partners sold the property for $60.5 million. Originally built in 1986, the 210,428-square-foot creative office building underwent a $12 million capital improvement program in 2017. The renovation included the addition of high and exposed ceilings, operable windows, polished concrete floors and full-height glass lines. The Hubb also features an indoor-outdoor amenity area known as “WorkPark,” which provides a modern outdoor office environment with work tables, seating, lounge chairs and Wi-Fi stations. The property also features an adjacent, six-level parking structure. At the time of sale, the property was 88 percent occupied by a variety of office and retail tenants, including WeWork as the long-term anchor tenant. Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michael Moll of Newmark Knight Frank represented the seller, while Bob Safai of Madison Partners represented the buyer in the deal.
ALGONQUIN, ILL. — Marcus & Millichap has arranged the sale of Riverside Plaza in Algonquin for $12.7 million. Built in 2014, the property includes 63 apartment units ranging in size from 1,042 to 1,339 square feet, plus six retail units totaling 9,600 square feet. At the time of sale, the apartments were 92 percent occupied and the retail spaces were vacant. Amenities include a clubroom, event room, fitness center, barbecue area and private plaza. Eric Bell, Frank Roti and Brett Rodgers of Marcus & Millichap marketed the property on behalf of the seller, a financial institution that acquired the property through foreclosure. Bell also secured and represented the buyer, a limited liability company.