sale1

Finmarc Acquires Industrial, Data Center Portfolio in Springfield, Virginia for $127.5M

by John Nelson June 17, 2022

SPRINGFIELD, VA. — Finmarc Management, a real estate investment and management firm based in Bethesda, Md., has purchased an 11-building portfolio from Boston Properties in Springfield for $127.5 million. The portfolio spans 740,000 square feet of industrial, flex/office and data center space in one- and two-story properties. Situated near Fort Belvoir and I-95, the portfolio was 74 percent leased at the time of sale to tenants including ADT Security Systems, Avaya, SAIC, The Vomela Cos. and the U.S. General Service Administration (GSA). William Collins and Eric Berkman of Cushman & Wakefield represented Boston Properties in the transaction, and Finmarc was self-represented. Michael Zelin and Marshall Scanlon of Cushman & Wakefield, along with consultant Cliff Mendelson of Met Cap Advisors, arranged acquisition financing on behalf of Finmarc.

June 17, 2022

Acquisitions Office Texas

Newmark Brokers Sale of 673,150 SF Office Complex in North Dallas

by Taylor Williams June 17, 2022

DALLAS — Newmark has brokered the sale of Element Towers, a two-building, 673,150-square-foot office complex located at 3010 and 3030 LBJ Freeway in North Dallas. Element Towers sits on seven acres, and both buildings feature newly renovated lobbies, fitness centers, conference facilities and full-service cafeterias. Gary Carr, Chris Murphy, Robert Hill and Chase Tagen represented the seller in the transaction. David Milestone, Brett Green and Josh Francis, also with Newmark, arranged acquisition financing on behalf of the buyer, California-based Stanton Road Capital. Element Towers was 68 percent leased at the time of sale.

June 17, 2022

Acquisitions California Office Western

Madison Capital, Meadow Partners Acquire Ford Point R&D Property in Richmond, California for $103.7M

by Amy Works June 17, 2022

RICHMOND, CALIF. — New York-based Madison Capital and Meadow Partners have purchased Ford Point, a creative R&D building located at 1414 Harbour Way S. in Richmond. Orton Development sold the asset for $103.7 million. At the time of sale, the 478,761-square-foot property was 83 percent leased to a variety of tenants, including SunPower, Mountain Hardwear and California Closets. Orton Development purchased the long-dormant, 22.9-acre site from the Richmond Redevelopment Agency in 2004 and began a comprehensive $40 million renovation of the entire building, installing new building systems and undertaking an extensive seismic upgrade. Since 2008, the company invested an additional $11.3 million for an ungraded roof, electric vehicle charging stations, asphalt repaving and one mega-watt rooftop solar system. Designed in 1930 by Albert Kahn, Ford Point was built as the Ford Motor Co. Assembly Plant and was the largest assembly plant to be built on the West Coast. Ford Point has been on the National Register of Historical places since 1988, and the site is home to a National Parks Services education center, known as the Rosie the Riveter Visitor Center. Seth Siegel, Steve Hermann, Ryan Venezia, Rick Ryan, Kevin Flemming and Courtney Trunnell of Cushman & Wakefield’s Northern California …

June 17, 2022

Acquisitions Midwest Multifamily NAI Seniors Housing Wisconsin

NAI Greywolf Negotiates Sale of 123-Bed Seniors Housing Campus in Green Bay, Wisconsin

by Kristin Harlow June 17, 2022

GREEN BAY, WIS. — NAI Greywolf has negotiated the sale of two seniors housing communities in Green Bay. Dawn Davis of NAI Greywolf represented the seller. The portfolio included Bishop’s Court Community, a 69-bed assisted living facility with memory care, and Allouez Sunrise Village, which is a 49-unit residential care apartment complex. The combined 125,711-square-foot portfolio is located on the same campus. The buyer and price were not disclosed.

June 17, 2022

Acquisitions Georgia Retail Southeast

Stan Johnson Co. Brokers $97M Sale of Shoppes at Webb Gin in Metro Atlanta

by John Nelson June 16, 2022

SNELLVILLE, GA. — Stan Johnson Co. has brokered the $97 million sale of The Shoppes at Webb Gin, an open-air shopping center in the Atlanta suburb of Snellville. Baltimore-based Continental Realty Corp. (CRC) purchased the 330,000-square-foot center, which was originally branded The Avenue Webb Gin when it was delivered in 2006 by Atlanta-based Cousins Properties. Margaret Caldwell and Patrick Kelley of Stan Johnson Co. represented the seller, New York City-based Olshan Properties, in the transaction. Sprouts Farmers Market, Barnes & Noble and DSW anchor the center, which offers 70 units across eight buildings. The property was 89 percent leased at the time of sale to tenants including H&M, LensCrafters, Kirkland’s, Victoria’s Secret, American Eagle, LOFT, Chili’s Grill & Bar and Sephora. The center is situated on 48 acres, which includes available land for additional development along with a build-to-suit outparcel.

June 16, 2022

Acquisitions Illinois Industrial Midwest

Brown Commercial Group Negotiates Sale of 18,240 SF Industrial Building in Suburban Chicago

by Kristin Harlow June 16, 2022

BATAVIA, ILL. — Brown Commercial Group has negotiated the sale of an 18,240-square-foot industrial building in the Chicago suburb of Batavia for an undisclosed price. The property, which features outdoor storage space, is located on Pierson Drive. Mike Antonelli of Brown represented the seller, Rhondarosa Properties LLC, as well as the buyer, H5P LLC. The buyer is a road and snow maintenance company that was looking to expand into a space with outdoor storage for its equipment.

June 16, 2022

Acquisitions Multifamily Washington Western

Jacobson Co. Sells CityZen Commons Apartment Property in Kent, Washington for $52M

by Amy Works June 16, 2022

KENT, WASH. — The Jacobson Co. has completed the sale of CityZen Commons, a multifamily community located at 10925 SE 259th St.in Kent. An undisclosed buyer acquired the property for $52 million. Built in 1980 on 7.8 acres, the 23-building CityZen Commons features 177 one- and two-bedroom floor plans, with an average size of 810 square feet. Units offer a private patio or balcony and in-unit washers/dryers. Onsite amenities include a fitness center, dog park and swimming pool. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE represented The Jacobson Co. in the deal. The Jacobson Co. initially acquired the property for $28.1 million in 2018.

June 16, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $28M Sale of Apartment Building on Chicago’s North Side

by Kristin Harlow June 15, 2022

CHICAGO — Interra Realty has brokered the sale of an 80-unit apartment building in Chicago’s Lakeview neighborhood for $28 million. All the units at the property, built in 1986, feature one bedroom and one bath. The building was fully leased at the time of sale. Joe Smazal of Interra represented the seller, an entity of Chicago-based Mo2 Properties, as well as the buyer, an affiliate of Chicago-based Beal Properties. The new owner plans to make cosmetic improvements to the property’s exterior and rebrand it as The Nines on Grace. Located at 944-54 W. Grace St., the asset is situated near Sydney R. Marovitz Golf Course.

June 15, 2022

Acquisitions Affordable Housing California Multifamily Seniors Housing Western

Standard Communities Acquires 559-Unit Affordable Seniors Housing Portfolio in California

by Amy Works June 15, 2022

ANAHEIM, ESCONDIDO AND LIVERMORE, CALIF. — Standard Communities, through a public-private partnership, has acquired three mixed-income seniors housing communities totaling 559 rental units in California. The total capitalization of the three-property portfolio is over $195 million, including more than $19 million in renovations. The properties include: Heritage Village Anaheim, totaling 196 units on 5.1 acres in Anaheim Heritage Park Escondido, totaling 196 units on five acres in Escondido Heritage Park Livermore, totaling 167 units on 8.2 in Livermore “We’re preserving and expanding affordable housing in some of the areas that need it most in California,” says Jeffrey Jaeger, co-founder and principal of Standard Communities. “Seniors are the fastest-growing population in California.” “In the city of Livermore for example, almost 20 percent of the population are seniors and 24 percent of them are renters,” adds Joon Lee, managing director of strategic capital for Standard. “The average price of a home in Livermore is over $1 million, which has increased nearly 30 percent year over year. It’s important to Standard to provide affordable housing options for seniors” Standard’s improvements at the three Heritage communities will consist of plumbing, HVAC, electrical, fire safety and security upgrades; roof, door and window repair or replacement; …

June 15, 2022

Acquisitions Retail Utah Western

Brixton Capital Acquires 149,928 SF Shopping Center in American Fork, Utah

by Amy Works June 14, 2022

AMERICAN FORK, UTAH — Brixton Capital has purchased American Fork Center, a retail center at 648 E. State St. in American Fork, located between Salt Lake City and Provo. A partnership between Western Avenue Capital and ALTO Funds sold the asset for an undisclosed price in an off-market transaction. At the time of sale, the 149,928-square-foot shopping center was fully leased. Tenants include Vasa Fitness, JOANN, Big Lots, Dollar Tree and Del Taco. Brixton plans to upgrade the center through repainting, parking lot resurfacing, landscaping improvements and signage upgrades. Scott Brady and Garrett Blomquist of Mountain West Commercial Real Estate sourced the opportunity for Brixton.

June 14, 2022

Newer Posts

Older Posts