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Retail Properties of America Sells Office Complex in Schaumburg, Illinois for $86.6M

by Kristin Harlow June 5, 2018

SCHAUMBURG, ILL. — Retail Properties of America Inc. (NYSE: RPAI) has sold Schaumburg Towers in suburban Chicago for $86.6 million. The former Zurich headquarters was the company’s one remaining office complex. American Landmark Properties purchased the 882,071-square-foot asset, which spans two buildings. The property is currently 48 percent leased. Dan Rosenberg and Matt Terpstra of Cohen Financial, a division of SunTrust Bank, secured a $110 million acquisition loan from a dual partnership of lenders, including Prime Finance Partners and Pearlmark Real Estate Partners. Cohen Financial partnered with Steve Roth of CBRE to secure the financing, which closed on June 1. American Landmark will utilize the financing to acquire the asset as well as complete capital improvements and expand tenancy.

June 5, 2018

Acquisitions New Jersey Northeast Retail

HFF Arranges $41.5M Sale of Wall Towne Center in New Jersey

by David Cohen June 5, 2018

WALL TOWNSHIP, N.J. — HFF has arranged the $41.5 million sale of Wall Towne Center, a 99,070-square-foot, grocery-anchored retail center in Wall Township. Jose Cruz, Kevin O’Hearn, Chris Munley Michael Oliver and Stephen Simonelli of HFF represented the seller, AEW Capital Management, on behalf of one of its account clients, in the transaction. The buyer was DWS. The fully leased retail center is anchored by ShopRite. Other tenants include Great Clips, AT&T, GNC, Allstate Insurance, Cherry Blow Dry Bar, OceanFirst Bank, Lubrano’s Trattoria and PetValu. Wall Towne Center was completed in 1997 and underwent renovations in 2017 when ShopRite expanded its space.

June 5, 2018

Acquisitions Maryland Multifamily Southeast

Morgan Properties, Core Real Estate Buy Apartment Community Near Baltimore for $50M

by Camren Skelton June 5, 2018

ELLICOTT CITY, MD. — Morgan Properties, in a joint venture with Core Real Estate Partners, has acquired Orchard Meadows in Ellicott City for $50 million. The 240-unit community, located roughly 16 miles west of Baltimore, was constructed in two phases in 1998 and 2012. The new ownership will invest $2 million to upgrade the property. Planned renovations included kitchen upgrades, an enhanced fitness center, new grilling area and fire pit and a refreshed clubhouse, leasing office and business center. In addition, the joint venture will add a putting green, outdoor gaming area, playground, exterior fitness stations, a dog park and package rooms. Orchard Meadows features a mix of one- and two-bedroom apartment units. The transaction marks Morgan Properties’ seventh acquisition in the Mid-Atlantic with Core Real Estate Partners since 2012.

June 5, 2018

Acquisitions California Multifamily Western

Levin Johnston Negotiates $12.5M Sale of Multifamily Property in San Jose

by Amy Works June 5, 2018

SAN JOSE, CALIF. —Levin Johnston, a division of Marcus & Millichap, has arranged the sale of First Street Manor, a multifamily property located 523-530 N. First St. in downtown San Jose. A private investor acquired the property for $12.5 million. Situated near Google’s newest proposed tech campus, Google Village, the property features 39 apartment units. The buyer plans to perform full façade upgrades to the asset in order to rebrand the property and improve its overall value. Adam Levin and Robert Johnston of Levin Johnston represented the buyer and the seller, a private investor, in the transaction.

June 5, 2018

Acquisitions Illinois Midwest Multifamily

Avison Young Brokers $78M Condo Deconversion Sale in Chicago

by Kristin Harlow June 5, 2018

CHICAGO — Avison Young has brokered the sale of Kennelly Square in Chicago’s Old Town neighborhood for $78 million. The buyer, Strategic Properties of North America, plans to convert the 268-unit condominium building into rental apartment units. James Hanson, Richard Hanson and Paul Cohen of Avison Young represented the seller, Kennelly Square Condominium Association. Meridian Capital Group arranged the financing. More than 75 percent of the owners at Kennelly Square voted to approve the sale, a threshold required by the Illinois Condominium Property Act. This strategy reflects a growing trend in Chicago’s multifamily market as investors and developers identify opportunities to meet strong demand for rental units, according to Avison Young.

June 5, 2018

Acquisitions Indiana Midwest Multifamily

RADCO Acquires 1,426-Unit Multifamily Portfolio in Suburban Indianapolis for $64M

by Kristin Harlow June 5, 2018

MERIDIAN HILLS, IND. — The RADCO Companies has acquired a portfolio of multifamily properties totaling 1,426 units near Meridian Hills, a northwest suburb of Indianapolis, for $64 million. The Class B and C properties have been reorganized into three properties known as Ashford Georgetown, Ashford Meridian Hills and Creekside at Meridian Hills. RADCO plans to spend over $27 million in capital improvements at the properties, which were built from 1968 to 1972. Units average 944 square feet. Community amenities include swimming pools, clubhouses, playgrounds, laundry centers and sport courts. RADCO Residential will manage the properties. The seller was not disclosed.

June 5, 2018

Acquisitions Hospitality New York Northeast

MGM Resorts, MGM Growth Properties to Acquire Empire City Casino in Yonkers for $850M

by David Cohen June 4, 2018

YONKERS, N.Y. — MGM Resorts International and MGM Growth Properties LLC have announced plans to acquire the property and operations associated with the Empire City Casino’s race track and casino for $850 million. MGM Resorts will buy the property, then transfer it to its real estate subsidiary, MGM Growth Properties, and execute a sale-leaseback transaction to make MGM Resorts the tenant on the 97-acre site. The transactions are expected to close in the first quarter. MGM Resorts will pay $850 million, including the refinancing of Empire City’s outstanding debt, which is expected to be $245 million. MGM Resorts has also agreed to pay an additional $50 million if Empire City is awarded a license for live table games on or prior to Dec. 31, 2022 and MGM Resorts accepts such license by Dec. 31, 2024. Empire City serves approximately 16 million eligible gaming customers in southern New York and is located only 15 miles from Times Square in Manhattan. The casino offers gaming, dining, and entertainment as well as slots, electronic table games and live horse racing.

June 4, 2018

Acquisitions New Jersey Northeast Office

Colliers Negotiates $10M Sale of Office Building in New Jersey

by David Cohen June 4, 2018

PISCATAWAY, N.J. — Colliers International has negotiated the $10 million partial sale-leaseback of 1 Corporate Place South, a multi-tenant office building in Piscataway that spans 88,780 rentable square feet. Jacklene Chesler, Patrick Norris, Matthew Brown and Angelo Vitale of Colliers represented the seller, Princeton Equities LLC, in the transaction. The buyer was a private New Jersey-based investor. The property, which is situated on a 5.5-acre site, was built in 1981 and upgraded in 1997. Additional lobby and façade renovations were completed in 2009. The building is fully occupied by four tenants including Marlabs, a technology firm that is the properties’ anchor tenant.

June 4, 2018

Acquisitions Multifamily Texas

Weinstein Properties Acquires 334-Unit Apartment Community in Metro Dallas

by Taylor Williams June 4, 2018

MCKINNEY, TEXAS — Virginia-based development and management firm Weinstein Properties has acquired Bexley Lake Forest, a 334-unit multifamily community located in the northern Dallas metro of McKinney. The Class A property was formerly branded Century Lake Forest. Amenities include a pool, coffee bar, fitness center, outdoor grilling areas, business center and both trash valet and dry cleaning services. Charles DuBose of Phillips Realty Capital arranged a $40 million fixed-rate loan through New York Life Insurance Co. on behalf of Weinstein Properties for the acquisition.

June 4, 2018

Acquisitions Industrial South Carolina Southeast

Stockbridge Capital Acquires 350,856 SF Industrial Building North of Charleston for $30.5M

by Camren Skelton June 4, 2018

HANAHAN, S.C. — Stockbridge Capital Group has acquired a newly constructed industrial facility in the north Charleston suburb of Hanahan for $30.5 million. The 350,856-square-foot facility is located at 1025 N. Pointe Industrial Road, five miles from the Port of Charleston’s North Charleston terminal and nine miles from Charleston International Airport. The building features an ESFR sprinkler system, 32-foot clear heights, LED lighting, 180-foot truck courts and on-site trailer storage. The facility is fully leased to AmerCare and ManTech International. Chris Norvell and Patrick Nally of HFF arranged the transaction on behalf of the seller, SunCap Property Group and WestRock, which developed the facility in 2016.

June 4, 2018

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