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Acquisitions

250-Cambridge-Palo-Alto-CA
AcquisitionsCaliforniaOfficeWestern

Newmark Negotiates $39.3M Sale of Transit-Oriented Office Building in Palo Alto

by Amy Works

PALO ALTO, CALIF. — Newmark has arranged the sale of 250 Cambridge, a three-story, transit-oriented office property in Palo Alto. Tarlton Properties sold the asset to an entity doing business as 250 Cambridge LP for $39.3 million. The new ownership plans to renovate the building. Steven Golubchik, Seth McKinnon, Jonathan Schaefler and Darren Hollak of Newmark brokered the transaction. Ramsey Daya and Chris Mortiz, also with Newmark, arranged the acquisition financing for the buyer through a regional bank. The property features 34,558 square feet of office space along with a 29-stall onsite parking garage and is located near Stanford Research Park, a life sciences development that houses tenants such as VMWare, Guardant Health, Kodiak Bioscience, Tesla and SAP.

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AcquisitionsIndustrialNevadaWestern

RealComm Advisors Brokers Sale of 30,483 SF Industrial Building in Henderson, Nevada

by Amy Works

HENDERSON, NEV. — RealComm Advisors has brokered the sale of The Palms @ Green Valley Business Park, an industrial property in Henderson. Located at 6 and 8 Sunset Way, the asset features 30,483 square feet of space. Washington Street Development sold the property to S&S River Road LLC for $6.9 million. Jennifer Levine and Elizabeth Moore of RealComm Advisors represented the seller in the deal.

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AcquisitionsMultifamilyNew JerseyNortheast

Invesco Acquires Majority Interest in 360-Unit Apartment Community in Roseland, New Jersey

by Taylor Williams

ROSELAND, N.J. — Invesco Real Estate Income Trust has acquired a majority interest in Everly Roseland, a 360-unit apartment community in Northern New Jersey. The percentage was not disclosed. The garden-style property was built in 1980 and was 95 percent leased at the time of sale. Invesco plans to implement a capital improvement program to unit interiors, building exteriors and common areas.

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AcquisitionsMidwestOhioRetail

Marcus & Millichap Arranges $4.2M Sale of Two-Tenant Retail Property in Ohio

by Kristin Harlow

MAYFIELD HEIGHTS, OHIO — Marcus & Millichap has arranged the $4.2 million sale of a two-tenant retail property in Mayfield Heights, an eastern suburb of Cleveland. Located at 5930 Mayfield Road, the 14,557-square-foot property is fully occupied by NTB and Moe’s. CJ Jackson, Craig Fuller, Erin Patton and Scott Wiles of the Patton Wiles Fuller Group at Marcus & Millichap represented the private, Ohio-based seller. The team also secured and represented the buyer, a REIT.

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AcquisitionsIndustrialLee & AssociatesMidwestWisconsin

Lee & Associates Brokers $2.5M Sale of Industrial Building in Waunakee, Wisconsin

by Kristin Harlow

WAUNAKEE, WIS. — Lee & Associates has brokered the $2.5 million sale of a 24,000-square-foot industrial building in Waunakee, a northern suburb of Madison. The property is located at 904 Bethel Circle. Blake George of Lee & Associates represented the seller, Golden Properties LLC. Stimac Holdings LLC, a company that designs and manufactures video games, was the buyer.

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AcquisitionsMultifamilyNorth CarolinaSoutheastTop Stories

ZOM Living Sells Hazel SouthPark Apartments in Charlotte for $130.8M

by John Nelson

CHARLOTTE, N.C. — ZOM Living has sold Hazel SouthPark, a 203-unit mid-rise apartment community in Charlotte that the firm delivered last year. The property includes 14,000 square feet of retail space that was fully leased at the time of sale. An undisclosed buyer purchased the asset for $130.8 million, establishing a new record high price per unit for a multifamily community in North Carolina when adjusting for the value of the retail space. Eastdil Secured represented ZOM Living in the transaction. “This is a significant sale that reflects the level of design and construction quality of our newest development, the desirability of the SouthPark neighborhood and the strength of Charlotte’s multifamily market,” says Greg West, CEO of ZOM Living. “Since we delivered this property in 2021, we have seen tremendous leasing activity and achieved premium rents within a few months of its opening. The sale of this asset is in line with our plan to continue to invest in developing future multifamily properties in the Charlotte market and beyond,” adds West. Hazel SouthPark is situated within Charlotte’s SouthPark neighborhood, an office submarket about six miles south of the city’s central business district that is anchored by Simon’s SouthPark Mall, which …

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AcquisitionsFloridaOfficeSoutheast

Marcus & Millichap Negotiates $16.8M Sale of Office Building in Miami Gardens, Florida

by John Nelson

MIAMI GARDENS, FLA. — Marcus & Millichap has negotiated the $16.8 million sale of Commons Plaza, a three-story office building located at 5901 Miami Gardens Drive in Miami Gardens. Situated on a three-acre lot at the intersection of 183rd Street and 57th Avenue, the 56,601-square-foot property was 99 percent leased at the time of sale. Alex Zylberglait of Marcus & Millichap’s Miami office represented the seller, an entity doing business as Commons Plaza LLC, and procured the buyer, an entity doing business as MG Office Plaza LLC.

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AcquisitionsMultifamilyNorth CarolinaSoutheast

Bell Partners Acquires Two Multifamily Communities in Charlotte Area Totaling 544 Units

by John Nelson

CHARLOTTE AND MOORESVILLE, N.C. — Greensboro, N.C.-based Bell Partners Inc. has acquired two communities in metro Charlotte: Element Uptown, a 352-unit high-rise community in Uptown Charlotte, and Waypoint West, a 192-unit, garden-style apartment community in Mooresville. Both properties were purchased via investment vehicle Bell Apartment Fund VII. The seller and purchase price were not disclosed. Element Uptown will be renamed Bell Uptown Charlotte. Completed in 2015, the 21-story community offers walkable access to retail and recreation amenities including Bank of America Stadium and other professional sports arenas. The community features studio, one- and two-bedroom floor plans and plentiful off-street parking. Bell Partners currently manages four other properties in the Uptown and nearby South End submarkets. Waypoint West will be renamed Bell Mooresville West. Completed in 2021, the property is located in the Lake Norman submarket approximately 30 miles north of Charlotte. The property offers access to a large employment base, natural amenities and schools. The community features one-, two- and three-bedroom floor plans with amenities including a fitness center and yoga room, smart tech locks and thermostats, high-speed internet, a pool and grilling areas and a dog park and pet washing station.

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AcquisitionsGeorgiaRetailSoutheast

IPA Brokers $8.3M Sale of Food Lion-Anchored Shopping Center Near Port of Savannah

by John Nelson

GARDEN CITY, GA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $8.3 million sale of Garden Grove, a Food Lion-anchored shopping center located adjacent to the Port of Savannah in Garden City. The grocer, which has anchored the shopping center since 1990, recently extended its lease through 2031. Fletcher Bright Co. sold the 78,792-square-foot property to a private, North Carolina-based family office doing business as Berkshire-Hudson Capital XI. The seller recently replaced the shopping center’s roof and executed nine lease renewals in 2021, including Food Lion’s. Other tenants at Garden Grove include Concentra Health Urgent Care, Rent-a-Center, Hopxing Chinese Restaurant, X-Cell Communications, Suave House Barber, Jackson Hewitt Tax Service and RPM Coin Laundry. Zach Taylor of IPA represented Fletcher Bright in the transaction. “Garden Grove illustrated that demand for grocery centers in growing Southeast markets continues to drive record pricing despite recent interest rate increases,” says Taylor.

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AcquisitionsAlabamaIndustrialSoutheast

Cushman & Wakefield | EGS Arranges $7.8M Sale of New Birmingham Warehouse

by John Nelson

BIRMINGHAM, ALA. — Cushman & Wakefield | EGS Commercial Real Estate has arranged the $7.8 million sale of a 67,000-square-foot warehouse in Birmingham. Situated at 101 39th St. N., the property is a new build-to-suit facility for Ferguson Enterprises, a distributor of commercial and residential plumbing products. Cushman & Wakefield | EGS delivered the facility in March 2022. Boston-based Stag Holdings purchased the property. Adam Eason of Cushman & Wakefield | EGS led the development efforts and also brokered the lease and sale transactions. INCO Group and WatsonBruhn Builders were the general contractors for the project. Stag Holdings has retained Cushman & Wakefield | EGS to provide management services for the property

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