Syndicated Equities Sells Abbott Bio-Medical Industrial Portfolio

Syndicated Equities is pleased to announce the sale of the Abbott Laboratories Life Sciences Campus in Minnetonka, Minnesota.

Syndicated acquired the portfolio alongside Eagle Ridge Partners in 2017, which originally consisted of short term leases for 280,289 square feet spread out across five buildings. The portfolio contained certified clean rooms, labs, manufacturing space, as well as office and warehouse space. The acquisition was structured as a Tenancy-In-Common (TIC) to accommodate investors completing a Section 1031 exchange. During its ownership, Syndicated and Eagle Ridge negotiated long term lease renewals for the portfolio, creating significant value for investors. The assets were successfully sold on July 19, resulting in a 2.38x equity multiple and 20.71% internal rate of return for Syndicated investors.

Syndicated Equities provides accredited investors and family offices with institutional quality commercial real estate investments. Since 1986, the firm has developed an expertise in co-investment ownership, net lease brokerage services, global real estate opportunity funds, and more recently, qualified opportunity zones. To date, Syndicated Equities has made over 100 investments representing over $500 million of equity and $2 billion of total asset value.

For more information please visit www.syneq.com or call (312) 640-9020

Syndicated Equities Sells 150,000 SF Shopping Center for $32.5 million

Syndicated Equities is pleased to announce the sale of Plaza at the Pointe, a regional shopping center located in Pittsburgh, Pennsylvania.

Syndicated acquired the property in 2016 for $24.5 million alongside M&J Wilkow, Ltd., a leading Chicago-based owner and operator of retail and office properties throughout the country. At the time of acquisition, the 149,973 square foot retail center was 100% occupied by a combination of national and regional tenants, including Bed Bath & Beyond, La-Z-Boy, Party City, Old Navy, Dress Barn, and Bob’s Discount Furniture. Most tenants had short term leases and below market rental rates. During the hold period, M&J Wilkow executed on its value-add strategy of securing lease extensions at higher rental rates and securing two new tenants, Armenia Stone and Sportsmen’s Warehouse, to improve the tenancy at the center. Overall, the investment produced a profitable sale and earned investors a 1.7x equity multiple and 11.6% internal rate of return (IRR).

Executive officers at Syndicated Equities note “We are very pleased with the outcome of this investment, especially in light of the struggles that brick and mortar retail faced during the Covid-19 pandemic. M&J Wilkow, having identified a center in a top tier market with below-market rents, was able to manage through that difficult time and still execute on its strategy of securing new tenants and lease renewals at higher rates. They achieved long-term stabilization with significant value enhancement.”

For more information please visit www.syneq.com or call (312) 640-9020

Syndicated Equities Sells 210-Unit Multifamily Property for $71.5 Million

Syndicated Equities is pleased to announce the sale of Stone Falls of Ada, a 210-unit luxury apartment community located at 330 Stone Falls Drive in Ada, Michigan.

Syndicated acquired the property alongside Highgate Capital Group, LLC (“Highgate”) in 2018 for $45.8 million. During the 4-year hold, Highgate executed its value-add strategy, resulting in strong cash-on-cash returns and a profitable sale that produced a 1.9x equity multiple and 20.5% IRR for investors.

Originally built in 2008, the property is situated on 22.4 acres and is comprised of 21, two-story residential walk-up buildings and a clubhouse. Under Syndicated and Highgate’s ownership, the property underwent a $1.5 million renovation that included upgrading interior units and clubhouse amenities. Village Green provided onsite property management.

For more information please visit www.syneq.com or call (312) 640-9020

Syndicated Equities Acquires a 100% occupied, Medical Office asset in Fenton, Missouri

Syndicated Equities is pleased to announce the acquisition of a 55,000 square foot single tenant medical office and training facility that is 100% leased to SSM Health Care in Fenton, Missouri.

The property consists of two floors, each with an approximately 27,500 square foot floor plate. SSM utilizes the first floor for medical office, including primary care, pediatrics, behavioral health, internal medicine, and a recently completed express care clinic. The second floor serves as a training and simulation center for SSM Health Care employees. SSM Health Care is a leading healthcare provider in St. Louis and the property is strategically located across the street from one of SSM Health Care’s regional hospitals, SSM Health – St. Clare.

Syndicated acquired the property outright and structured its acquisition in a Delaware Statutory Trust (DST) to accommodate investors completing tax-deferred 1031 exchanges along with accredited cash investors. The acquisition was partially funded with a low leverage loan from Huntington National Bank. Jason Schwartz, Managing Partner and Chief Operating Officer, noted “The property should provide investors with long term, stable cash flow from a high-quality tenant, and should benefit from continued demand given its strong location across from a regional hospital.”

For more information please visit www.syneq.com or call (312) 640-9020

Syndicated Equities Acquires a Midtown Parking Garage Alongside Centerpark Realty

Syndicated Equities is pleased to announce the acquisition of a 110-space parking garage comprised of a ground level entrance, a ground level parking area, and one underground parking level located at 58 West 58th Street, New York, New York. The property is currently leased to Icon Garages and is situated in the Midtown East of neighborhood of Manhattan. The property benefits from multiple demand drivers within a 2.5-block radius, including 3.75 million square feet of commercial space including office, hotels, and other major area destinations such as Carnegie Hall and Central Park.

Syndicated acquired the property alongside Centerpark Realty, a New York City-based parking management and real estate firm that has been acquiring and operating parking garages for more than 25 years. Centerpark will begin managing operations at the property in 2023 and will institute their best-in-class management and technology platforms. Matt McCulloch, Managing Partner at Syndicated Equities, noted, “We and Centerpark are very enthusiastic about this opportunity, especially as parking rates and parking demand continue to improve in Manhattan. Bridge and tunnel traffic into New York now equals, and on many days exceeds, levels reached prior to the pandemic, while subway ridership is at 60% of pre-pandemic levels.”

For more information please visit www.syneq.com or call (312) 640-9020