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Venture One Acquires Two-Building Industrial Portfolio in Mundelein, Illinois

by Kristin Harlow July 7, 2022

MUNDELEIN, ILL. — Venture One Real Estate has acquired a two-building industrial portfolio totaling 144,705 square feet in Mundelein for an undisclosed price. The portfolio is fully leased to one tenant. The first building, located at 845 High St., spans 116,892 square feet. The facility was constructed in 1996 and expanded in 2010. The facility features a clear height of 27 feet, 11 exterior docks, two drive-in doors and 4,826 square feet of office space. The second building at 262 Shaddle Ave. totals 27,813 square feet and was constructed in 2002. It features three exterior docks, one drive-in door and 1,395 square feet of office space. Brian Bocci of Entre Commercial Realty LLC represented the undisclosed seller. Venture One utilized its acquisition fund VK Industrial VI LP, which is a partnership between Venture One and Kovitz Investment Group, to execute this transaction.

July 7, 2022

Acquisitions Massachusetts Northeast Retail

Atlantic Capital Brokers $84.2M Sale of Three Metro Boston Shopping Centers

by Taylor Williams July 7, 2022

ABINGTON, KINGSTON AND ORLEANS, MASS. — Boston-based Atlantic Capital Partners, a division of Atlantic Retail, has arranged the $84.2 million sale of three shopping centers located on the southern outskirts of the state capital. The properties in Abington, Kingston and Orleans are all anchored by grocers and were collectively 97 percent leased at the time of sale. Justin Smith, Chris Peterson, Sam Koonce, Cole Van Gelder and Ben Starr of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.

July 7, 2022

Acquisitions Illinois Midwest Multifamily Northmarq

Northmarq Negotiates $29M Sale of Multifamily Portfolio in Springfield, Illinois

by Kristin Harlow July 6, 2022

SPRINGFIELD, ILL. — Northmarq has negotiated the sale of the Koke Mill Portfolio in Springfield for $29 million. The 308-unit multifamily portfolio consists of the following properties: West Koke Mill Village, Boysenberry Village and Smythberry Village. Parker Stewart of Northmarq represented both the undisclosed buyer and seller. David Garfinkel of Northmarq originated a $19.5 million Fannie Mae acquisition loan on behalf of the borrower.

July 6, 2022

Acquisitions Multifamily Washington Western

Jacobson Co. Sells Alley24 Multifamily Property in Seattle’s South Lake Union for $90M

by Amy Works July 6, 2022

SEATTLE — The Jacobson Co. has completed the sale of Alley24, an apartment community located at 241 Yale Ave. in Seattle’s South Lake Union neighborhood. An undisclosed buyer acquired the property for $90 million. Built in 2006 and remodeled in 2014, Alley24 features 172 apartments in a mix of studio, one- and two-bedroom layouts with an average unit size of 722 square feet. Community amenities include a 24-hour gym, resident lounge with catering kitchen, media room, rooftop deck with city skyline views and ground-floor retail space. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE represented the seller in the deal.

July 6, 2022

Acquisitions Florida Georgia Industrial Southeast

JLL Brokers $157.8M Sale of Industrial Portfolio in Sun Belt

by John Nelson July 5, 2022

ATLANTA — JLL has brokered the sale of an industrial portfolio in the Sun Belt totaling nearly 1.3 million square feet across 12 individual buildings. Taurus Investment Holdings LLC purchased the assets from Summit Real Estate Group for $157.8 million. Dennis Mitchell, Trent Agnew and Louis Castillo of JLL represented the seller in the transaction. The portfolio includes Creekside Distribution Center in East Point, Ga.; Peachtree Nortech in Peachtree Corners, Ga.; Maggie Boulevard in Orlando; West Bay Corporate Center and Metropointe Commerce Center in North St. Petersburg, Fla.; and Corporate Center Fannin I in Houston. The portfolio was 98 percent leased at the time of sale to public and private companies, including Raytheon, Iron Mountain and DAP Americas.

July 5, 2022

Acquisitions Florida Multifamily Southeast

Walker & Dunlop Negotiates $92M Sale of First Apartments in Miami

by John Nelson July 5, 2022

MIAMI — Walker & Dunlop has negotiated the $92 million sale of First Apartments, a luxury mid-rise multifamily community located in Miami’s East Little Havana neighborhood. Still Hunter and Kaya Suarez of Walker & Dunlop represented the buyer, Lloyd Jones, in the transaction. The seller, Premium Development, delivered First Apartments in September 2021. The community was Premium’s first project in the United States. Amenities include fitness facilities, a resort-style lap pool, business center, bike storage, an outdoor courtyard and a large dog park. Units range from studios to four-bedroom apartments and span from 578 to 1,790 square feet, according to Apartments.com.

July 5, 2022

Acquisitions California Industrial Western

Analog Devices Sells 127,574 SF R&D Facility in Milpitas, California to Cannae Partners

by Amy Works July 5, 2022

MILPITAS, CALIF. — Analog Devices has completed the disposition of a freestanding research and development (R&D) property located at 275 S. Hillview Drive in Milpitas. A partnership controlled by San Francisco-based Cannae Partners acquired the asset for $32.8 million. The new ownership plans to renovate and re-tenant the property. The 127,574-square-foot facility features 35,862 square feet of Class 10 cleanroom and service space with a fully operational, 7,669-square-foot sub-fab and four 2,500 kVA substations with capacity for 10 megawatts of power. The building is situated on 6.4 acres and is surrounded by retail amenities, housing and transportation, as well as semiconductor and technology companies. The seller used the property as a semiconductor fabrication facility. Todd Beatty, Steve Horton, Kelly Yoder and Carrick Young of Cushman & Wakefield represented the seller in the transaction.

July 5, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges $6.7M Sale of Multifamily Property in Chicago

by Kristin Harlow July 5, 2022

CHICAGO — Interra Realty has arranged the sale of a pair of adjacent multifamily buildings totaling 42 units in Chicago’s Budlong Woods neighborhood for $6.7 million. All the units feature two bedrooms and one bath. Craig Martin of Interra represented the seller, Chicago-based Realty Resources, and the buyer, Chicago-based The Manderly Group. The new owner plans to upgrade units with new kitchens and baths to bring rents in line with the market.

July 5, 2022

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 202-Unit Workforce Housing Community in Houston

by Taylor Williams July 5, 2022

HOUSTON — Berkadia has arranged the sale of Creekside Villas at Clear Lake, a 202-unit workforce housing community in Houston. The property was built in 1979 and offers one-, two- and three-bedroom apartments. Amenities include a lounge with a coffee bar, a resident kitchen, pool, fitness center, outdoor grilling areas and onsite laundry facilities. Joey Rippel, Chris Young, Kyle Whitney, Jeffrey Skipworth, Chris Curry and Todd Marix of Berkadia represented the seller, metro Dallas-based ClearWorth Capital, in the transaction. Cutt Ableson, also with Berkadia, arranged acquisition financing through New York City-based Ready Capital on behalf of the buyer, partnership between Utah-based Trinnium Equity Group and Dallas-based Starboard Equity.

July 5, 2022

Acquisitions Florida Office Southeast Top Stories

CP Group, DRA Advisors Acquire 47-Story Office Tower in Downtown Miami

by John Nelson July 5, 2022

MIAMI — A joint venture between CP Group and DRA Advisors has purchased Miami Tower, a 47-story office tower located at 100 SE Second St. in downtown Miami. The seller is USPO Miami LLC, an entity established by Sumitomo Corp. of America, which purchased Miami Tower in 2016. The sales price was not disclosed, but South Florida Business Journal reports the tower traded for $163.5 million, a significant decrease from the $220 million price tag Sumitomo paid six years ago. Built in 1987 as offices for CenTrust Bank, Miami Tower spans 636,000 square feet and features a tiered glass façade and an exterior LED lighting system. The property features 37 floors of offices, 10 levels of parking, street-level retail space, an onsite Miami Metromover station, sky terrace and a 13,100-square-foot event lobby on the 11th floor. The new ownership plans to make significant capital improvements at Miami Tower, which was 67 percent leased at the time of sale. Transwestern, which handled leasing at Miami Tower under the previous owner, recently executed leases with firms including AST & Science, World Wide Express, LKLSG, ABKD Group, Best Buddies, AWE Medical Group and Pardo Jackson Gainsburg PL totaling more than 40,000 square feet. …

July 5, 2022

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