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JLL Negotiates Sale of 241,831 SF Retail Power Center in Oklahoma City

by Taylor Williams August 1, 2022

OKLAHOMA CITY — JLL has negotiated the sale of 240 Penn Park, a 241,831-square-foot retail power center in Oklahoma City. Built on 22.2 acres in 2006, the center was 99 percent leased at the time of sale to tenants such as Marshalls, Ross Dress for Less, Michaels, PetSmart, Best Buy, Saltgrass, Lane Bryant, Five Below, Charleston’s Restaurant and GNC. Ryan Shore, Chris Gerard, Greyson Fewin and Pauli Kerr of JLL represented the seller, a partnership between New York-based DRA Advisors and private investment group RCG Ventures, in the transaction. Locally based investment firm Mazaheri Properties acquired the asset for an undisclosed price.

August 1, 2022

Acquisitions Arizona Multifamily Western

Thompson Thrift Residential Sells The Wyatt Multifamily Community in Gilbert, Arizona for $91M

by Amy Works August 1, 2022

GILBERT, ARIZ. — Thompson Thrift Residential has completed the disposition of The Wyatt, an apartment property in Gilbert. Decron Properties acquired the asset for $91 million, or $421,296 per unit. Completed in 2022, The Wyatt features 216 apartments with nine-foot ceilings, full-size washers/dryers and a 980-square-foot average unit size. Community amenities include a swimming pool and spa; pavilion with social seating and recessed fireplace; resident clubhouse; community courtyard; playground; covered parking; and detached garages. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

August 1, 2022

Acquisitions Illinois Midwest Office

Greenstone Partners Arranges $6.7M Sale of Office Building in Chicago’s Lincoln Park

by Kristin Harlow August 1, 2022

CHICAGO — Greenstone Partners has arranged the sale of a 24,000-square-foot office building in Chicago’s Lincoln Park neighborhood for $6.7 million. The property at 2001 N. Clybourn Ave. is 97 percent leased and anchored by AMP Americas. The building, which dates back to 1925, underwent a complete renovation in recent years. Danny Spitz and Jason St. John of Greenstone represented the seller, R2 Cos. A West Coast-based private investor was the buyer.

August 1, 2022

Acquisitions Florida Multifamily Southeast

PCCP, Grand Peaks Acquire Two South Florida Apartment Communities Totaling 696 Units

by John Nelson August 1, 2022

PORT ST. LUCIE AND STUART, FLA. — A joint venture between PCCP LLC and Grand Peaks has purchased a two-property multifamily portfolio in South Florida. The portfolio comprises the 372-unit Village at Tradition in Port St. Lucie and the 324-unit Harbor Grove in Stuart. Both assets were delivered earlier this year and are currently in lease-up. The seller and sales price were not disclosed. Units at both properties include granite countertops, tile backsplashes, washers and dryers, undermount sinks, gooseneck faucets, stainless steel appliances, recessed lighting, 9-foot ceilings and patios or balconies. Community amenities include 24-hour fitness centers, multi-purpose clubhouses, resort-style swimming pools, exterior storage and children’s play areas.

August 1, 2022

Acquisitions Industrial New Jersey Northeast

Newmark Negotiates $100M Sale of Northern New Jersey Light Industrial Portfolio

by Taylor Williams August 1, 2022

SOMERSET AND WARREN, N.J. — Newmark has negotiated the approximately $100 million sale of a portfolio of light industrial properties totaling 650,000 square feet in Northern New Jersey. An institutional investor acquired 50 & 100 Randolph Road, two assets in Somerset totaling 236,000 square feet that were 91 percent leased at the time of sale. The buyer(s) of the other four properties in Warren were not disclosed. Kevin Welsh, Brian Schulz, Maria Betancourt, Steven Schultz, Dan Reider, Kyle Eaton and Chris Koeck of Newmark represented the seller, a joint venture between Ivy Realty and Waterfall Asset Management, in the deal.

August 1, 2022

Acquisitions California Multifamily Western

Oaktree, MG Properties Buy 551-Unit Platform Urban Apartments in San Jose

by Amy Works July 29, 2022

SAN JOSE, CALIF. — Funds managed by Oaktree Capital Management, in a joint venture with MG Properties, have acquired The Platform Urban Apartments in San Jose for an undisclosed price. The transit-oriented property features 551 apartments and 35,000 square feet of ground-floor retail space. Completed in 2019, the community is situated in the Berryessa submarket of San Jose. Eastdil Secured represented the undisclosed sellers. TPG Real Estate Finance Trust, an affiliate of TPG, provided an acquisition loan for the buyers. Eastdil Secured arranged the loan.

July 29, 2022

Acquisitions Life Sciences Midwest Minnesota

Abbott Laboratories Life Sciences Campus in Suburban Minneapolis Trades Hands

by Kristin Harlow July 29, 2022

MINNETONKA, MINN. — The Abbott Laboratories life sciences campus in Minnetonka has traded hands for $53 million. The four-building campus totals 280,289 square feet and contains lab, manufacturing, office and warehouse space. Across the buildings there are 26 dock doors, seven drive-in doors and 640 parking spaces. Colin Ryan, David Berglund and Erin Fitzgerald of JLL and Judd Welliver and Bentley Smith of CBRE co-marketed the property on behalf of the seller, a joint venture between Eagle Ridge Partners and Syndicated Equities. Virtus Real Estate Capital was the buyer.

July 29, 2022

Acquisitions Multifamily New Jersey Northeast

JLL Arranges $82.5M Sale of The Mark Parsippany Apartments in Northern New Jersey

by Taylor Williams July 29, 2022

PARSIPPANY, N.J. — JLL has negotiated the $82.5 million sale of The Mark Parsippany, a 212-unit apartment complex in Northern new Jersey. The property offers one- and two-bedroom units with an average size of 911 square feet that are furnished with stainless steel appliances, quartz countertops, kitchen islands and individual washers and dryers. According to Apartments.com, amenities include a pool, fitness center, clubhouse, resident lounge, conference room and a pet washing station. Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver and Joseph Lembo of JLL represented the seller, an affiliate of Harbor Group International, in the transaction. The buyer was an affiliate of The DSF Group, an investment firm with offices in Boston and Washington, D.C.

July 29, 2022

Acquisitions California Industrial Western

RPG, CenterSquare Sell 175,367 SF Industrial Asset in Vista, California for $58M

by Amy Works July 28, 2022

VISTA, CALIF. — RPG, in partnership with CenterSquare, has completed the sale of 1 Viper. The recently redeveloped and fully leased Class A industrial property is situated on 11.7 acres at 1 Viper Way in Vista. Santa Monica-based BLT Enterprises acquired the asset for $58 million. Aric Starck and Drew Dodds of Cushman & Wakefield represented the sellers in the deal. Following its acquisition of the property in 2021, RPG speculatively redeveloped and improved the 175,367-square-foot asset, which is situated on a 482,644-square-foot site. The property features 20 dock-high doors, 16 grade-level doors and skylights to increase natural light and energy efficiency. At the time of sale, the property was fully leased to Cymer and Gnarlywood.

July 28, 2022

Acquisitions Office Texas

JLL Brokers $145M Sale of 200 Park Place Office Building in Houston

by Taylor Williams July 28, 2022

HOUSTON — JLL has brokered the $145 million sale of 200 Park Place, a 206,943-square-foot office building in Houston’s River Oaks neighborhood. Completed in 2020, the 15-story building features a ninth-floor amenity level with a tenant lounge, conference center and 6,000-square-foot outdoor landscaped terrace. The building also houses an upscale sushi restaurant on the ground floor. Jeff Hollinden, Kevin McConn, Marty Hogan and Rick Goings of JLL represented the seller, Stonelake Capital Partners, a development and investment firm with offices in Texas and Atlanta, in the transaction. At the time of sale, 200 Park Place was fully leased, with JLL and Buckeye Partners serving as the anchor tenants.

July 28, 2022

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