Purchase & Sale
Benesch’s Real Estate Practice Group represents buyers, sellers, lenders and other stakeholders in the acquisition and disposition of commercial real estate assets across the United States. Our work spans single-asset transactions and sophisticated multistate portfolio deals involving shopping centers, multifamily communities, mixed use projects, industrial and logistics facilities, office towers, hospitality assets, corporate campuses and development sites.
Overview
We handle every stage of the purchase and sale process, including term sheet strategy, due diligence, title and survey review, zoning and land use analysis, environmental assessment, financing alignment, entity structuring and joint venture arrangements. Our team negotiates and documents purchase and sale agreements, handles complex closing logistics and coordinates with capital partners, local counsel, lenders and public agencies to keep transactions on track.
We regularly counsel clients on transactions involving distressed assets, value-add strategies, public or private joint ventures, ground lease components, sale-leasebacks, reverse or forward 1031 exchanges, and private equity or institutional ownership structures. We also work with clients on asset-level and entity-level transfers, including membership interest and partnership interest transactions, when tax, financing or regulatory considerations warrant alternative deal structures.
Our focus is on advancing the deal efficiently, maintaining forward momentum and protecting long-term asset value from diligence through closing and beyond.
Related Industries and Practices
Experience
Represented multi-family developer in the sale of affordable senior housing development in Houston, Texas.
Represented a buyer in connection with its acquisition of three gas stations in Oklahoma, Kansas, and Mississippi for an aggregate purchase price of $74 million.
Represented a buyer in connection with its acquisition of five properties leased to national retailer for an aggregate purchase price over $8 million.
Represented a large private equity firm in the sale of four multifamily apartment properties in Ohio for over $60 million.
Represented a large private equity firm in the buyout of its membership interests in a joint venture owning a hotel located in Illinois.
Represented a large private equity fund in connection with its $30,000,000+ acquisition of 16 properties located in Alabama and New York leased to a national retailer.
Represented a large private equity fund in connection with its acquisition of forty bank branch locations in a more than $55 million NNN sale-leaseback portfolio transaction.
Represented a leading international investment and management firm in its $8.2 million disposition of an office complex in Maryland.
Represented one of the largest multifamily developers in the country as the seller in its disposition of an affordable housing property in Michigan, structured as a partnership interest entity sale.
Represented a large private equity fund in connection with its acquisition of eleven retail locations across two states in a more than $22 million NNN sale-leaseback portfolio transaction.
Represented a large private equity fund in connection with its acquisition of thirteen bank branch locations in a more than $21 million NNN sale-leaseback portfolio transaction.
Represented one of the largest multifamily developers in the country as the seller in its disposition of an affordable housing property in Texas, which involved collapsing a ground lease structure to sell fee title to the property, negotiating equity contributions to fund closing contributions by the partnership of the property-owning partnership and the defeasance and later redemption of bond financing.
Represented the developer in a multiple-layered joint venture and construction financing for a $80 million 330+ unit multifamily apartment development in Pittsburgh, Pennsylvania.
Represented the developer in a multiple-layered joint venture and construction financing for a $48 million 360+ unit multifamily apartment development near Austin, Texas.
Represented the buyer of a multimillion dollar warehouse facility in Missouri.
Represented the purchaser in the acquisition and financing of a shadow-anchored shopping center located near Grand Rapids, Michigan, including a “reverse” 1031 exchange.
Represented the purchaser in the acquisition and Fannie Mae-backed financing of a 150+ unit multi-building apartment complex in Florida for a purchase price in excess of $9 million.
Represented the purchaser in the membership interest purchase of a limited liability company that owns a 150+ unit multifamily apartment complex located near Louisville, Kentucky, which acquisition also involved a HUD loan assumption and a joint venture.
Represented one of the nation’s largest multifamily housing developers in a multiple-layered joint venture, including a land contribution agreement from one joint venture partner and a $7+ million preferred equity investment from another joint venture partner, and $19,000,000+ construction financing for a 100+ unit multifamily apartment development near Boston, Massachusetts.
Advised a large multinational public company on multi-state property acquisitions and divestitures, bringing in local counsel, as appropriate, to ascertain local laws and customs.
Represented a publicly-held REIT in the disposition of multiple outparcel lots at a retail shopping center complex in Charlotte, North Carolina.
Represented Canadian investors in the acquisition of a value-add multifamily apartment complex with ground floor retail located in Northeast Ohio and acquisition and renovation financing through a CMBS loan.
Represented buyer in the purchase of a multi-million dollar manufacturing facility.
Represented the publicly-held seller of a warehouse in Kentucky.
Advised clients on purchase and sale of shopping centers and commercial buildings ranging in size from $1 million to $30 million.
Represented a private, post-secondary educational institution in multiple sale-leaseback transactions nationwide.
Represented one of the world’s largest real estate owners and managers in the disposition of a power center near Birmingham, Alabama, with a purchase price in excess of $60 million.
Represented the purchaser in the acquisition of a 76,000+ SF shopping center for a purchase price in excess of $4.8 million.
Represented the purchaser in the acquisition of a 150 unit multi-building apartment complex in Florida for a purchase price in excess of $7 million, including the assumption of existing HUD indebtedness on the property.
Represented the purchaser in the acquisition of a 104,000+ SF shopping center west of Chicago, Illinois, with a purchase price of approximately $6.7 million, including a 1031 exchange, and the development of a new outparcel.
Represented one of the world’s largest real estate owners and managers in the disposition of a power center in Alabama with a purchase price of almost $54 million.
Represented one of the world’s largest real estate owners and managers in the disposition of a grocery-anchored shopping center in Nassau County, New York, with a purchase price of $75 million.
Advised a public company on the sale of significant assets, for more than $100 million, comprised of over 50 parcels of land plus buildings and improvements in two counties, including coordinating title and survey requirements
Represented a publicly traded REIT in the approximately $400 million disposition of a 16-property multistate portfolio of shopping centers.
Represented seller in sale of parcel within a retail shopping center to a national retailer, which included negotiation of a reciprocal easement agreement and development agreement.
Represented the purchaser in the purchase and financing of a 600,000+ SF single-tenant industrial facility in Ashland, Ohio.
Represented the seller in the disposition of a light industrial complex in Jacksonville, Florida, including a “reverse” 1031 exchange.
Represented the developer in the acquisition and construction financing for a $56 million 300+ unit multifamily apartment development in Cleveland, Ohio, including a $42 million senior syndicated construction financing and $12 million mezzanine financing.
Represented the seller in connection with the $1.32 million sale, subdivision and negotiation of an REA for the split redevelopment of a retail parcel in Ohio into retail and hotel uses.
Represented one of the largest multifamily developers in the country as the seller in its disposition of five affordable housing properties in Texas totaling over $73,000,000, with three sales structured as partnership interest entity sales and the other two structured as fee simple sales.
Represented one of the largest multifamily developers in the country as the seller in its disposition of two affordable housing properties in Texas totaling over $50,000,000, with one sale structured as a partnership interest entity sale and the other structured as a fee simple sale.
Represented one of the nation’s largest multifamily housing developers in the sale of the partnership interests in three affordable housing properties, which was cross-conditioned with the sale of two fee simple affordable housing properties.
Represented a large publicly traded REIT in the acquisition of a multistate portfolio of 6 NNN Walgreens.
Represented one of the nation’s largest multifamily housing developers in the sale of a $109 million multifamily property in Florida.
Represented a consortium of multibillion dollar multinational investor funds in the real estate matters related to a REIT’s contribution of a portfolio of over 40 NNN properties into a joint venture between the investors and the REIT to serve as the seed properties for an approximately $1.2 billion NNN property platform.
Represented the owner of a power center in Texas in the sale of an outparcel for $2 million, which included a subdivision exemption and loan modification.
Represented the seller of multiple office properties in California totaling over $40 million.
Represented one of the largest owners and operators of real estate in the world in the sale of a grocery-anchored shopping center in the San Francisco area for over $100 million.
Represented the seller of a $46 million multifamily apartment complex consisting of part of a mixed use development in Texas.
Represented the seller of an $80 million multifamily apartment complex developed on a former Brownfield in North Carolina.
Represented one of the nation’s largest multifamily housing developers in the sale of a $40 million apartment complex in Texas, including the defeasance of $32 million of securitized agency financing.
Represented a privately held real estate investment and management company holding over $1 billion in assets in the almost $18 million acquisition of a shopping center in Fort Wayne, Indiana, including negotiating the purchase agreement on an expedited basis, negotiating an $11,000,000 acquisition loan from an insurance lender, reviewing all diligence for the site including retail leases, as well other complex title matters and survey issues.
Represented Fortune 500 company in the $36,500,000 sale of a 167-unit multifamily property near Minneapolis, Minnesota.
Represented a privately held real estate investment and management company holding over $1 billion in assets in the $39 million acquisition of a research and development facility located near Dayton, Ohio, including negotiating the purchase agreement on an expedited basis and analyzing all diligence for the site including a commercial lease and reciprocal easement agreement.
Acquisition of 30,000 square foot building and 12.4 acres of land for redevelopment into corporate headquarters for a medical billing company.
Acquisition of an 80,000 square foot office building and parking garage constructed on a remediated brownfield site for over $18 Million (represented the buyer).
Supervised a team of attorneys in the programmatic disposition of “big box” retail properties throughout the United States for a NYSE REIT.
Acquisition and financing of a portfolio of 12 office/warehouse properties for over $18 Million by a group of entities acting as tenants-in-common in a like-kind exchange under Section 1031 of the Internal Revenue Code (represented the buyers/borrowers).
Represented a NYSE REIT in the acquisition of several class A apartment complexes with purchase prices in the range of $30 Million to $36 Million.
Represented a diverse group of sellers in the sale of a portfolio of 18 shopping centers located in five states for nearly $300 Million.
Represented a NYSE REIT in the sale of shopping centers throughout the United States with sale prices in the range of $15 Million to $60 Million.
Represented a NYSE REIT in the sale of a multi-state portfolio of 16 shopping centers for $400 Million.
Acquisition of an integrated mixed-use complex of a 57 story 1.3 million square foot trophy office building, 10 story historic office and bank building, 400-key Marriott hotel and 985 space subterranean parking garage for $267.5 Million (represented buyer).
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