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Newmark Brokers Sale of 237-Unit Quinn Apartment Homes in Las Vegas

by Amy Works October 17, 2022

LAS VEGAS — Newmark has negotiated the sale of The Quinn Apartment Homes, a garden-style multifamily property located at 5500 S. Mountain Vista St. in Las Vegas. Haven Realty Capital sold the asset to a Los Angeles-based real estate firm for an undisclosed price. Angela Bates, Curt Allsop, Doug Schuster and Vittal Ram of Newmark represented the seller in the transaction. Built in 1991 on 10.3 acres, the two-story property features 237 units in a mix of four floor plans ranging from 740-square-foot one-bedroom/one-bath layouts to 1,056-square-foot two-bedroom/two-bath units.

October 17, 2022

Park-Meadows-Medical-Center-Lone-Tree-CO

Acquisitions Colorado Healthcare Office Western

HR Assets Buys 34,685 SF Park Meadows Medical Center in Lone Tree, Colorado

by Amy Works October 14, 2022

LONE TREE, COLO. — HR Assets has acquired Park Meadows Medical Center, a multi-tenant medical office property located at 9218 Kimmer Drive in Lone Tree. Park Meadows Medical LLC sold the asset for $14.8 million in an off-market transaction. The three-story, 34,685-square-foot building offers medical office space and a surgery center. At the time of sale, the property was 100 percent occupied. William Lucas, Stuart Thomas and Doug Wulf of Cushman & Wakefield’s Denver office represented the seller in the transaction.

October 14, 2022

Acquisitions Illinois Midwest Office

Marcus & Millichap Arranges $6.2M Sale of Rasmussen University-Occupied Property in Suburban Chicago

by Kristin Harlow October 14, 2022

ROMEOVILLE, ILL. — Marcus & Millichap has arranged the sale of a 25,000-square-foot property occupied by Rasmussen University in the Chicago suburb of Romeoville for $6.2 million. The net-leased asset at 1400 W. Normantown Road was constructed as a build-to-suit for the university in 2009. Peter Doughty and Brent Holder of Marcus & Millichap represented the seller, a California-based private investor that had purchased the property through a 1031 exchange. The duo also represented the buyer, a New York-based private investor. American Public Education acquired Rasmussen University in 2021.

October 14, 2022

Acquisitions Industrial Southeast Tennessee

Colliers Arranges Sale of 689,614 SF Distribution Center in Chattanooga

by John Nelson October 14, 2022

CHATTANOOGA, TENN. — Colliers has arranged the sale of a 689,614-square-foot, single-tenant distribution center located at 960 Wauhatchie Pike in Chattanooga. New York-based W. P. Carey purchased the single-tenant property from locally based logistics firm Kenco Group for an undisclosed price. Tyler Ziebel, Jack Rosenberg, Fred Regnery, Todd Steffan and Andy Cates of Colliers brokered the deal. The property is fully leased to Chattem Chemicals Inc., a subsidiary of the French multinational pharmaceutical company Sanofi Aventis. The company recently signed a long-term lease extension at the facility, which W. P. Carey plans to expand by 120,000 square feet. The warehouse currently features 79 docks, 30-foot clear height ceiling and 10,000 square feet of office space. Once the $18 million expansion is complete, the facility will be Sanofi Aventis’ largest distribution facility in the world, according to Colliers.

October 14, 2022

Acquisitions Retail Southeast Virginia

First National Realty Partners Acquires Home Depot-Anchored Shopping Center in Manassas, Virginia

by John Nelson October 14, 2022

MANASSAS, VA. — First National Realty Partners LLC has acquired Promenade at Manassas, a 287,000-square-foot shopping center that was built in 1995 in Manassas. A 107,000-square-foot Home Depot anchors the property, which is situated 31 miles west of Washington, D.C., at the intersection of I-66 and Sudley Road. Other tenants include a 43,000-square-foot local international grocer, Oh! Market, as well as Ashley Home Furniture, Planet Fitness, The Tile Shop and Sherwin-Williams. Ryan Sciullo of CBRE represented the undisclosed seller in the transaction. The sales price was not disclosed.

October 14, 2022

Acquisitions Kentucky Retail Southeast

Fimiani Development Buys 85,000 SF Pennyrile Marketplace Shopping Center in Hopkinsville, Kentucky

by John Nelson October 14, 2022

HOPKINSVILLE, KY. — Fimiani Development Corp. has acquired Pennyrile Marketplace, an 85,000-square-foot shopping center located at 3010 Fort Campbell Blvd. in Hopkinsville. Seritage KMT Finance sold the property to the Boca Raton-based retail investment firm for $3.8 million. Built in 1978, Pennyrile Marketplace sits on 12 acres near Fort Campbell Army base and houses tenants including Harbor Freight Tools, Bargain Hunt and Farmers Home Furniture. Mike Fimiani represented the buyer in the transaction on an internal basis, and Marc Ozburn and Ross Robison of Berkeley Capital Advisors represented the seller. Fimiani Development plans to make renovations to Pennyrile Marketplace, including landscaping, improved signage and resurfacing of the parking lot.

October 14, 2022

Acquisitions Office Texas

JLL Negotiates Sale of 101,056 SF Office Building in The Woodlands, Texas

by Taylor Williams October 13, 2022

THE WOODLANDS, TEXAS — JLL has negotiated the sale of Parkwood II, a five-story, 101,056-square-foot office building located north of Houston in The Woodlands. Kevin McConn led the JLL team that represented the undisclosed seller in the transaction. Bryant Lach and Jeff Horton, also with JLL, represented the buyer, The Woodlands Financial Group, which plans to renovate the building to serve as its new headquarters.

October 13, 2022

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Blueprint Arranges Sale of 165-Bed Skilled Nursing Facility in East Boston

by Taylor Williams October 13, 2022

BOSTON — Blueprint Healthcare Real Estate Advisors has arranged the sale of Advocate Healthcare of East Boston, a 165-bed skilled nursing facility. The five-story building was originally constructed in 1952 and expanded in 1965. The exiting owner-operator invested in a substantial renovation of the adult day care services wing as well as general improvements throughout the facility. The name of the New York-based buyer was not disclosed.

October 13, 2022

Acquisitions Illinois Midwest Office

JLL Brokers $19.2M Sale of Office, Retail Building in Chicago Slated for Apartment Conversion

by Kristin Harlow October 13, 2022

CHICAGO — JLL Capital Markets has brokered the $19.2 million sale of 65 East Wacker Place, a 222,728-square-foot office and retail building in Chicago. The buyer, Intersection Realty Group, plans to convert a portion of the property into apartment units. Constructed in 1928, the 24-story building is recognized by the National Register of Historic Places and is currently 46 percent leased. Morton’s Steakhouse occupies floors one and two of the building. Sam DiFrancesca, Patrick Shields, Jaime Fink and Bruce Miller of JLL represented the seller, a New York-based investment firm. The team also procured the buyer.

October 13, 2022

Acquisitions Arizona Office Western

BH Properties Sells Tempe Commerce Center Flex Office Property in Arizona for $14.1M

by Amy Works October 13, 2022

TEMPE, ARIZ. — BH Properties has completed the disposition of Tempe Commerce Center, a flex office property in Tempe. JLNI LLC, a company formed by a private individual based in San Diego, purchased the asset for $14.1 million, or $215 per square foot. Located at 6420 S. Kyrene Road, Tempe Commerce Center offers 65,857 square feet of flex office space. At the time of sale, the building was 53 percent leased to a mix of commercial users. Situated on more than 5.5 acres, the property features a 5/1,000 parking ratio, 24-foot clear heights and floor-to-ceiling reflective windows in the main entry with reflective glass entries wrapping around the building. Eric Wichterman, Mike Coover, Tracy Cartledge and Bob Buckley of Cushman & Wakefield’s private capital and capital markets teams in Phoenix represented the seller in the transaction.

October 13, 2022

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