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NorthCreek-Office-Complex-Colorado-Springs-CO

Alturas Real Estate Fund Acquires NorthCreek Office Complex in Colorado Springs for $46.6M

by Amy Works February 5, 2021

COLORADO SPRINGS, COLO. — Alturas Real Estate Fund has purchased NorthCreek Office Complex, located at 5725, 5755 and 5775 Mark Dabling Blvd. in Colorado Springs. NorthCreek Complex LLC sold the asset for $46.6 million. James Brady, Patrick Devereaux and Campbell Davis of CBRE Capital Markets represented the seller in the deal, which closed on Jan. 29, 2021. Built between 1984 and 1989, NorthCreek offers a total of 325,208 rentable square feet spread across three buildings situated on 16.6 acres. Building amenities include atrium spaces with seating, a full-service café, abundant parking with covered spaces, a fitness center with locker rooms and showers, and a 58-person conference/training center. The sellers invested more than $3.6 million in capital improvements to the property, including major roof, lobby and common area renovations, parking lot and garage repairs, and HVAC upgrades. At the time of sale, the property was 98 percent leased to a mix of tenants, including CSAA Insurance, First Source Group and Pima Medical Institute.

February 5, 2021

Acquisitions Northeast Office Pennsylvania

Commonwealth Charter Academy Buys 140,000 SF Office Building Near Pittsburgh

by Taylor Williams February 5, 2021

HOMESTEAD, PA. — Commonwealth Charter Academy, an online education platform, has purchased Waterfront Technology Center, a 140,000-square-foot office building in Homestead, an eastern suburb of Pittsburgh. The building, which was 94 percent leased at the time of sale, was originally a Macy’s department store. The sellers, Chicago-based M&J Wilkow and BIG Shopping Centers, purchased the property from Macy’s in 2018 and converted it to an office use. Commonwealth Charter is currently a tenant in the building.

February 5, 2021

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of 736,780 SF Warehouse in Joliet, Illinois

by Kristin Harlow February 4, 2021

JOLIET, ILL. — Colliers International has brokered the sale of the Laraway Distribution Center in Joliet for an undisclosed price. The 736,780-square-foot warehouse sits on over 34 acres at 1151 E. Laraway Road within the I-80 submarket. Built in 2008, the facility was fully leased to three tenants at the time of sale. Jeff Devine and Steve Disse of Colliers represented the seller, Clarion Partners LLC. Exeter Property Group purchased the asset.

February 4, 2021

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Brokers $72M Sale of Multifamily Portfolio in Northern New Jersey

by Taylor Williams February 4, 2021

NEWARK AND IRVINGTON, N.J. — Gebroe-Hammer Associates has brokered the $72 million sale of a portfolio of multifamily properties totaling 641 units in Northern New Jersey. Five of the properties are located within a 1.8-mile radius of one another in Newark, and the rest of the properties are located in nearby Irvington. David Oropeza, David Jarvis and Adam Zweibel of Gebroe-Hammer represented the seller, OneWall Partners, in the transaction. The team also procured the buyer, an undisclosed private investment group. Brad Domenico of Progress Capital arranged acquisition financing for the deal.

February 4, 2021

Acquisitions Industrial Washington Western

Elion Partners Expands West Coast Last-Mile Portfolio with $27.7M Seattle-Area Acquisition

by Amy Works February 4, 2021

RENTON, WASH. — Elion Partners, a vertically integrated private equity real estate investment firm, has purchased a 114,531-square-foot last-mile industrial property located at 600 SW 10th St. in Renton, approximately 13 miles south of the Port of Seattle. An undisclosed seller sold the asset for $27.7 million. The transaction is part of a series of acquisitions the firm has planned for its last-mile portfolio, which focuses on facilities that enable goods to be moved from a transportation hub to a final delivery destination across key logistics markets, including Seattle, San Francisco and Southern California.

February 4, 2021

Acquisitions Montana Multifamily Seniors Housing Western Wyoming

Senior Living Investment Brokerage Negotiates Sale of Two Communities in Montana, Wyoming

by Amy Works February 4, 2021

CODY, WY., AND GREAT FALLS, MONT. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two assisted living communities, located in Cody and Great Falls. The portfolio totals 107 units of assisted living and independent living. The buyer is an Oregon-based regional owner-operator familiar with the region. The seller and price were not disclosed. Bradley Clousing, Jason Punzel and Jeff Binder of SLIB handled the transactions.

February 4, 2021

Acquisitions Massachusetts Multifamily Northeast

Harbor Group International Buys 120-Unit Multifamily Property in Wilmington, Massachusetts

by Taylor Williams February 4, 2021

WILMINGTON, MASS. — An affiliate of Harbor Group International (HGI) has purchased Regency Place, a 120-unit multifamily property in Wilmington, a northern suburb of Boston. The property is situated on 11.8 acres and features one- and two-bedroom units with an average size of 1,012 square feet. Amenities include a pool, fitness center and a community room. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an institutional investor advised by CBRE Global Investors, and procured HGI as the buyer.

February 4, 2021

Acquisitions Florida Hospitality Southeast

Casa Hotels Group Purchases Eva Hotel in Miami Beach for $8.1M

by John Nelson February 3, 2021

MIAMI BEACH, FLA. — An affiliate of Casa Hotels Group has purchased a 30-room hotel in Miami Beach known as the Eva Hotel. CBRE facilitated the $8.1 million sale of the property, which features a fast-casual restaurant and covered parking. Natalie Castillo and Joshua Beene of CBRE represented the seller, Lender West LLC, in the transaction. The Eva Hotel is located at 1506 Collins Ave., between the shopping and entertainment enclaves of Lincoln Road and Española Way and just across the street from the northernmost point of Ocean Drive. The property is situated a half-block from the beach and five miles away from Miami International Airport. The Eva Hotel was originally built in 1962 and last renovated in 2016. The Casa Hotels Group plans to renovate the property before reopening in 2022.

February 3, 2021

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Brokers $56.8M Sale of Industrial Building in Northwest Houston

by Taylor Williams February 3, 2021

HOUSTON — Lee & Associates has brokered the $56.8 million sale of a 383,750-square-foot industrial building located at 8017 Breen Drive in northwest Houston. The sales price equates to approximately $148 per square foot. The building is fully leased to locally based oilfield services firm National Oilwell Varco (NOV) on a triple-net basis. John Berger and Mauricio Olaiz of Lee & Associates represented the buyer in the deal. Colliers International represented the seller.

February 3, 2021

Acquisitions Multifamily New Jersey Northeast

Kislak Brokers Sale of 140-Unit Apartment Building in Hackensack, New Jersey

by Taylor Williams February 3, 2021

HACKENSACK, N.J. — The Kislak Company Inc. has brokered the $3.3 million sale of The Overlook, a 140-unit apartment building in the Northern New Jersey community of Hackensack. The property offers one- and two-bedroom units, most of which have private patios and garages. Daniel Lanni of Kislak represented the undisclosed seller in the transaction. The newly constructed building was fully occupied at the time of sale.

February 3, 2021

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