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Goldstar Group Acquires Fully Leased Industrial Warehouse in Baltimore for $7.6M

by Camren Skelton July 6, 2018

BALTIMORE — The Goldstar Group has acquired an 86,236-square-foot warehouse building located at 1821 Portal St. in Baltimore for $7.6 million. Jonathan Beard and Justin Mohler of CBRE arranged the transaction on behalf of the undisclosed seller. The facility is situated adjacent to the Dundalk and SeaGirt Marine Terminals and the Intermodal Container Transfer Facility at the Port of Baltimore. The building is fully leased to two tenants — Johns Hopkins Bayview Medical Center and Bacchus Imports, an importer of fine wines and spirits.

July 6, 2018

Acquisitions Arizona Hospitality Western

TLG Investment Partners, Concord Wilshire Acquire Sheraton Grand Hotel in Phoenix for $255M

by Amy Works July 6, 2018

PHOENIX — TLG Investment Partners and Concord Wilshire Capital, through an affiliate of TLG Phoenix, have purchased Sheraton Grand Hotel in Phoenix. An undisclosed seller sold the property for $255 million. Marriott International is the majority capital partner with TLG and Concord Wilshire, and will manage the asset. Situated in downtown Phoenix, the hotel features 1,000 guest rooms and 114,000 square feet of indoor and outdoor meeting space.

July 6, 2018

Acquisitions Industrial Midwest Minnesota

Scannell Properties Sells 335,400 SF Distribution Center in Rogers, Minnesota for $20.4M

by Kristin Harlow July 5, 2018

ROGERS, MINN. — Scannell Properties has sold the Wilfred Distribution Center in Rogers, about 25 miles northwest of Minneapolis, for $20.4 million. The 335,400-square-foot Class A distribution center is fully leased. Originally built in 1999 and renovated in 2008 and 2018, the facility features a clear height of 32 feet and parking for 99 trailers. Approximately 4.6 percent of the total space is allocated for office use. The property features additional land for a 141,000-square-foot expansion of the existing building. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented Scannell in the sale. An institutional buyer purchased the asset.

July 5, 2018

Acquisitions Michigan Midwest Restaurant Retail

Encore Arranges Sale of Property Leased to Applebee’s in Roseville, Michigan for $3.4M

by Kristin Harlow July 5, 2018

ROSEVILLE, MICH. — Encore Real Estate Investment Services has arranged the $3.4 million sale of a building leased to Applebee’s in Roseville, about 20 miles north of Detroit. The 5,689-square-foot property, located at 31653 Gratiot Ave., traded for $597.64 per square foot. Applebee’s has 10 years remaining on its lease. The sales price represents a 7.1 percent cap rate and $597.64 per square foot. Logan McAnallen of Encore represented the seller, a Flushing, Mich.-based private investment group. Encore also represented the buyer, a private investor from Eldersburg, Md.

July 5, 2018

Acquisitions Illinois Midwest Multifamily

Jameson Brokers $1.2M Sale of Multifamily Building in Chicago

by Kristin Harlow July 5, 2018

CHICAGO — Jameson Commercial has arranged the sale of a six-unit multifamily building in Chicago’s Lakeview neighborhood for $1.2 million. The property is located at 1644 W. Addison St. Mark Kishtow of Jameson represented the undisclosed buyer.

July 5, 2018

Acquisitions California Retail Western

CBRE Brokers $9.5M Sale of Smart & Final Property in Highland, California

by Amy Works July 5, 2018

HIGHLAND, CALIF. — CBRE has facilitated the sale of a retail property located at 27550 Base Line St. in Highland. A Los Angeles-based private buyer acquired the property for $9.5 million. Discount grocer Smart & Final occupies the retail building, which opened in December 2017. Matt LoPiccolo of CBRE and John Glass of Marcus & Millichap represented the seller, Smart & Final, in the sale of the lot. The seller will continue to occupy the property.

July 5, 2018

Acquisitions Multifamily Southeast Virginia

CBRE | Richmond Arranges $39.3M Sale of Historic Apartment Community in Downtown Richmond

by Camren Skelton July 5, 2018

RICHMOND, VA. — CBRE | Richmond has arranged the $39.3 million sale of First National Bank Apartments in downtown Richmond. GHA Barnaby Associates acquired the asset from Rushmark FNB LLC. Charles Wentworth and Petyton Cox of CBRE | Richmond, in conjunction with Jonathan Greenberg, Yalda Ghamarian and Tom Leachman of CBRE’s Washington, D.C., office, arranged the transaction on behalf of Rushmark. Originally constructed in 1913 as a bank, the 20-story building was converted to a 154-unit apartment property in 2012. The community features a pool, coffee bar, fitness center, bike storage, package service and laundry facilities.

July 5, 2018

Acquisitions Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Arranges $12.3M for Acquisition of Multifamily Portfolio Near Boston

by David Cohen July 3, 2018

CHELSEA, MASS. — Cornerstone Realty Capital has arranged $12.3 million in acquisition financing for an 11-building multifamily portfolio in Chelsea. The properties, which are each three to five stories tall, include a total of 92 units and two commercial spaces. The borrower, Maverick Chelsea LLC,plans to renovate each building based on need. Cornerstone delivered a fixed-rate loan through an undisclosed lender with two years of interest-only payments followed by a 30-year amortization. Chelsea is directly across the Mystic River from Boston.

July 3, 2018

Acquisitions Multifamily Texas

IPA Arranges Sale of Multifamily Portfolio Totaling 2,048 Units in DFW

by Taylor Williams July 3, 2018

DALLAS AND FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of the Quality Estates Value-Add Portfolio, which features eight properties totaling 2,048 units in the Dallas-Fort Worth area. Four of the properties totaling 992 units are located in Fort Worth and two assets totaling 492 units are located in Garland. Communities in Grand Prairie and Arlington featuring 292 and 272 units, respectively, were also included in the portfolio. Will Balthrope, Drew Kile and Joey Tumminello of IPA, along with Al Silva and Ford Braly of Marcus & Millichap, represented the seller, a private investor based in Canada, in the transaction. Carl Pankratz of NorthMarq Capital and Jeremy Sain of HFF co-brokered acquisition financing through a life company for six of the properties on behalf of the buyer, Texas-based Exponential Property Group. The properties were built between 1977 and 1985 and held by a single owner/seller for nearly 30 years, on average.

July 3, 2018

Acquisitions Illinois Midwest Retail

Love’s Travel Stops Purchases Two Development Sites in Illinois

by Kristin Harlow July 3, 2018

ROCHELLE AND HAMPSHIRE, ILL. — Love’s Travel Stops has purchased two development sites in Illinois. The first site is a 17-acre parcel near I-88 in Rochelle, about 30 miles south of Rockford. Dave Schmidt and Linda Kost of Realty Metrix Commercial represented Love’s in the sale. Intermodal Capital Holdings LP was the seller. Love’s also purchased a 99-acre farm in Hampshire, about 40 miles east of Rockford. Schmidt represented the seller, the Henning family. The site, located near I-90, will also include an Arby’s restaurant. Construction of both travel stops is expected to begin this month. Love’s provides truck drivers and motorists with 24-hour access to places to purchase gasoline, diesel fuel, travel items and snacks. The company plans to open more than 40 new locations this year, according to Realty Metrix.

July 3, 2018

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