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Marcus & Millichap Directs $2.5M Sale of Two-Property Multifamily Portfolio in Aurora, Colorado

by Amy Works February 18, 2019

AURORA, COLO. — Marcus & Millichap has arranged the sale of a two-property apartment portfolio located in Aurora. A private investor acquired the assets for $2.5 million. Totaling 12,300 square feet, the two properties — 1643 Clinton Street and 1680 Akron Street — feature a total of 24 units. Each building has one studio unit and 11 one-bedroom/one-bath units. Portfolio amenities include off-street parking, on-site laundry and hard-surface flooring in the units. Clayton Primm of Marcus & Millichap represented the buyer, while Boomer Beatty and Peter Standley, also of Marcus & Millichap, represented the seller, a private investor, in the deal.

February 18, 2019

Acquisitions Indiana Industrial Midwest Ohio

Industrial Logistics Properties Trust Acquires Industrial Portfolio in Metro Indianapolis, Cincinnati for $280M

by Kristin Harlow February 18, 2019

INDIANAPOLIS AND CINCINNATI — Industrial Logistics Properties Trust (Nasdaq: ILPT) has acquired an eight-property industrial portfolio in metro Indianapolis and Cincinnati for $280 million. The buildings total 4.2 million square feet and are fully leased to 10 tenants. On average, the properties are 13 years old and feature clear heights of 34 feet. The seller was not disclosed. ILPT also acquired a portfolio of 18 properties located in 12 states from affiliates of Cole Office & Industrial REIT Inc. for $625.3 million.

February 18, 2019

Affordable Housing Illinois Loans Midwest Multifamily

Associated Bank Secures $20M Construction Financing for Affordable Housing Renovation Project in Chicago

by Kristin Harlow February 18, 2019

CHICAGO — Associated Bank has secured a $7 million construction loan and $13 million in low-income housing tax credit equity for the acquisition and rehabilitation of the Johnson Butler-Lindon Apartments in Chicago’s Woodlawn neighborhood. The Illinois Housing Development Authority issued the tax credits for the project. Associated Bank partnered with Boston Capital to provide the equity portion. Preservation of Affordable Housing will complete the renovation in partnership with Powers and Sons Construction Co. and Johnson & Lee Architects Ltd. Built in the late 1920s, the buildings are located two-tenths of a mile from each other and total 106 units. Units and common areas will be modernized. Completion of the renovation project is slated for the second quarter of 2020. The units will be restricted to households earning 30, 50 or 60 percent of the area median income. Krista Casper of Associated Bank handled the loan arrangements and closing, while Teresa Rubio managed the equity investment.

February 18, 2019

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $3.7M Sale of Retail Building in Flossmoor, Illinois

by Kristin Harlow February 18, 2019

FLOSSMOOR, ILL. — Marcus & Millichap has brokered the $3.7 million sale of a 7,098-square-foot retail building in Flossmoor, about 30 miles south of Chicago. AT&T, Jersey Mike’s, Starbucks and Captain Hooks occupy the property, which is located at 3820 Vollmer Road. Meijer shadow-anchors the property. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller. The asset sold to a local buyer completing a 1031 tax-deferred exchange.

February 18, 2019

Acquisitions California Office Western

Harbor Group, Paramount Group Acquire 293,000 SF Office Building in San Francisco for $227M

by Jeff Shaw February 15, 2019

SAN FRANCISCO — A joint venture between Harbor Group International and Paramount Group has purchased 111 Sutter Street, an office building in San Francisco’s North Financial District. An undisclosed seller sold the asset for $227 million, or $775 per square foot. At the time of sale, the 293,000-square-foot building was 70 percent leased to a variety of technology, media, business services and nonprofit tenants. Paramount will act as property manager for the building and oversee day-to-day operations.

February 15, 2019

Colorado Industrial Loans Western

HFF Arranges $124.3M in Acquisition Financing for 41-Building Industrial Portfolio in Colorado

by Amy Works February 15, 2019

DENVER, BOULDER AND COLORADO SPRINGS, COLO. — HFF has secured $124.3 million in financing for the acquisition of a 41-property industrial portfolio across Denver, Boulder and Colorado Springs. Kevin MacKenzie, Jeff Sause, Leon McBroom and Spencer Richley arranged the 10-year, fixed-rate acquisition loan through Nuveen Real Estate for the borrower, Berkeley Partners. Spread across 19 properties, the portfolio features a total of 1.95 million square feet of industrial space. Situated on a total of 126.3 acres, the portfolio comprises 14 industrial facilities in Denver, three in Colorado Springs and two in Boulder. The properties were built between 1973 and 1996 and are 93 percent leased to 178 tenants.

February 15, 2019

Acquisitions Arizona Industrial Western

Northstar Commercial Sells Industrial Property in Surprise, Arizona, for $24.1M

by Amy Works February 15, 2019

SURPRISE, ARIZ. — Northstar Commercial Partners has completed the sale of an industrial property, located at 12000 N. 132nd Ave. in Surprise. A Canadian REIT acquired the property for $24.1 million. Situated on 32 acres, the 418,000-square-foot warehouse/industrial building was built in 2013. Anthony Lydon, Bill Honsaker and Marc Hertzberg of Jones Lang LaSalle represented the seller in the deal.

February 15, 2019

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of 81,212 SF Warehouse in Elmhurst, Illinois

by Kristin Harlow February 14, 2019

ELMHURST, ILL. — Colliers International has brokered the sale of an 81,212-square-foot warehouse in Elmhurst for an undisclosed price. Alpha Industrial purchased the asset from Venture One. The facility, recently completed in December, is situated on 4.7 acres at 845 Larch Ave. The property features a clear height of 32 feet, LED lighting, six truck docks, 62 car parking spaces and nine trailer parking spaces. Jeff Devine and Steve Disse of Colliers represented Venture One. At the time of sale, approximately 55,879 square feet remained available for lease.

February 14, 2019

Acquisitions California Office Western

Optimus Properties Buys 60,804 SF Office Building in Torrance, California

by Amy Works February 14, 2019

TORRANCE, CALIF. — Los Angeles-based Optimus Properties, through an affiliate, has acquired an office building located at 2325 Crenshaw Blvd. in Torrance. The original developer sold the property for an undisclosed price. Built in 1989 and renovated in 2010, the asset features 60,804 square feet and 350 parking spaces on 5.5 acres of land. The Los Angeles Department of Children and Family Services occupies the property.

February 14, 2019

Acquisitions California Multifamily Seniors Housing Western

Blueprint Negotiates $6.1M Sale of Assisted Living Facility in Riverside, California

by Amy Works February 14, 2019

RIVERSIDE, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Meridian of Riverside, a 109-bed assisted living facility located in the Inland Empire metro of Riverside. A private equity firm based in Florida sold the community to Ventura Park Management for $6.1 million, or $56,000 per bed. The Blueprint transaction team consisted of Jacob Gehl, Humair Sabir and Scott Frazier.

February 14, 2019

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