sales_and_leases

Donaldson Group, DRA Advisors Acquire Multifamily Community in Metro D.C. for $15.1M

by Camren Skelton June 26, 2017

TEMPLE HILLS, MD. — The Donaldson Group and its equity partner, DRA Advisors LLC, have acquired Brinkley Manor Apartments, a 126-unit, garden-style apartment community located in Temple Hills, roughly 15 miles southeast of Washington, D.C. The partnership purchased the property for $15.1 million with plans to invest additional capital in renovations. CBRE’s Robert LaChapelle and Matthew Forgione arranged financing through Fannie Mae’s Green Loan Program. CBRE’s Michael Muldowney and Brian Margerum represented the undisclosed seller in the transaction. Constructed in 1972, Brinkley Manor includes one-, two- and three-bedroom units ranging from 813 to 1,448 square feet. Renovation plans include replacement of the utility system and upgraded buildings, common areas and property grounds.

June 26, 2017

Industrial Texas

Monmouth Acquires 352,874 SF Industrial Property in Mesquite for $50.6M

by Taylor Williams June 26, 2017

MESQUITE, TEXAS — Monmouth Real Estate Investment Corp. a publicly traded, New Jersey-based investment firm, has acquired a 351,874-square-foot, Class A industrial property in the Dallas-Fort Worth metro of Mesquite for approximately $50.6 million. Situated on 65 acres at 5005 Samuell Blvd., the property is net-leased for 15 years to FedEx Ground Packaging System.

June 26, 2017

Retail Texas

Marcus & Millichap Brokers $4M Sale of 19,051 SF Retail Property Leased to Aldi in Metro Houston

by Taylor Williams June 26, 2017

MAGNOLIA, TEXAS — Marcus & Millichap has brokered the $4 million sale of a 19,054-square-foot retail property leased to Aldi located at the intersection of FM1488 and Conroe Huffsmith Road in Magnolia, about 45 miles north of Houston. Nate Newman and Vincent Knipp of Marcus & Millichap represented the seller, an undisclosed developer, in the transaction. Other terms of sale were not released.

June 26, 2017

Illinois Midwest Office

NKF Brokers Sale of 103,241 SF Office and Warehouse Property in Woodbridge, Illinois

by Kristin Harlow June 26, 2017

WOODBRIDGE, ILL. — Newmark Knight Frank has brokered the sale of a 103,241-square-foot office and warehouse property in Woodridge, a suburb of Chicago. The sales price was not disclosed. The Class A property is located at 2501 W. Davey Road. Built in 2000, the building is 65 percent office, 20 percent laboratory and 15 percent warehouse space, with 18-foot clear heights and two dock loading doors. Elevance Renewable Sciences Inc. occupies 75,273 square feet of space at the property. Corey Chase, Jeff Miller, Sean Fulp and Mark Schuessler of NKF represented the private seller in the transaction. The buyer was not disclosed.

June 26, 2017

Industrial Michigan Midwest

R & E Automated Systems Signs 101,297 SF Industrial Lease in Romeo, Michigan

by Kristin Harlow June 26, 2017

ROMEO, MICH. — R & E Automated Systems has signed a 101,297-square-foot industrial lease in Romeo, about 40 miles north of Detroit. The facility is located at 70701 Powell Road. R & E Automated Systems, which works in automation, engineering and prototypes supporting the aerospace and automotive industries, is expanding to support the growth of its corporate headquarters in Macomb Township, Michigan. Jason Capitani and Joseph E. DePonio of L. Mason Capitani CORFAC International represented the landlord, Four Star Realty LLC, in the lease transaction.

June 26, 2017

Illinois Industrial Midwest

Essex Negotiates $2.2M Sale of Former Lincoln Log Factory in Chicago

by Kristin Harlow June 26, 2017

CHICAGO — Essex Realty Group Inc. has negotiated the sale of a vacant timber loft building, once home of Playskool Manufacturing Co.’s Lincoln Logs, for $2.2 million. The property is located at 1750 N. Lawndale Ave. in Chicago. The building features three floors of 15,278 square feet each. The attached warehouse includes an additional 23,380 square feet and office space totals 3,500 square feet. Jim Darrow and Jordan Gottlieb of Essex represented the undisclosed seller, while Brian Mond represented the buyer.

June 26, 2017

Arizona Multifamily Western

Greystar Real Estate Partners Acquires Green Leaf Promontory Pointe in Phoenix

by Nellie Day June 23, 2017

PHOENIX — Greystar Real Estate Partners has purchased the 424-unit Green Leaf Promontory Pointe in Phoenix for an undisclosed sum. The community is located at 888 E. Clinton St. within the 1,200-acre Pointe Tapatio master-planned community. It was built in two phases in 1984 and 1996. Cliff David and Steve Gebing of Institutional Property Advisors represented both the buyer and seller, Green Leaf Partners, in this transaction.

June 23, 2017

Colorado Multifamily Western

Phoenix Realty Group Buys Silver Cliff Apartment Homes in Englewood, Colorado

by Nellie Day June 23, 2017

ENGLEWOOD, COLO. — Phoenix Realty Group has acquired the 312-unit Silver Cliff Apartment Homes in Englewood for an undisclosed sum. The Class B complex is located at 5275 S. Delaware St. It was completed in 1991. The property will undergo improvements in operations, enhancements to the on-site amenities and upgrades to the apartment interiors through a value-added program.

June 23, 2017

Massachusetts Northeast Office Retail

L3 Capital, LaSalle Acquire 74,500 SF Commercial Building in Boston’s Downtown Crossing

by Amy Works June 23, 2017

BOSTON — L3 Capital and LaSalle Investment Management have purchased a vacant commercial building located at 399 Washington St. in Boston’s Downtown Crossing for an $63.2 million. The buyers will renovate and rebrand the 74,500-square-foot building as DTX 399. The building will offer six levels of retail and creative office space. Evan Papanastasiou of Eastern Consolidated represented the seller, Robert Posner, while Adelaide Polsinelli, also of Eastern, procured the buyer in the deal. The owners have retained Colliers International to market the property for lease.

June 23, 2017

Florida Multifamily Southeast

RADCO Acquires Multifamily Community in Tampa for $41.7M, Plans $7.7M in Capital Improvements

by Camren Skelton June 23, 2017

TAMPA, FLA. — The RADCO Cos. has acquired Cordova Apartment Homes in Tampa for $41.7 million. The Atlanta-based multifamily investment firm plans to spend $7.7 million in renovations to modernize the 536-unit, Class B property under a new name, Sunstone Palms. RADCO financed the acquisition using a $36.7 million loan from Prudential Financial and approximately $15.4 million in private capital. Located less than a mile from the University of South Florida, Sunstone Palms offers one-, two-, and three-bedroom units and features a fitness center, two pools, picnic and grilling areas, on-site laundry facilities, clubhouse, business center and a dog park. Renovations to the property will include updated cabinetry and appliances, new flooring, modern lighting, clubhouse remodel and the addition of a new fire pit and grilling area. RADCO Residential will manage Sunstone Palms, which is RADCO’s sixth acquisition in Tampa.

June 23, 2017

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