NEW HAVEN, CONN. — New York-based investment firm Paredim Partners has acquired Taft Apartments, a 194-unit multifamily complex situated across from Yale’s Old Campus (the oldest portion of the campus) in New Haven. Originally constructed as a hotel in 1912 and converted to residential use in 1978, the 14-story building houses studio, one- and two-bedroom units. Victor Nolletti, Eric Pentore and Wes Klockner of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, an entity doing business as Taft Realty Associates LLC, in the transaction. The trio also procured Paredim Partners, which plans to implement a value-add program, as the buyer.
BOGOTA, N.J. — JLL has arranged an undisclosed amount of predevelopment and construction financing for a 150,917-square-foot speculative warehouse that will be located in the Northern New Jersey community of Bogota. The site spans 10.8 acres at 14-22 River Road. Building features will include a clear height of 40 feet, 28 dock doors, three drive-in doors, an ESFR sprinkler system, 15 trailer parking stalls and 225 automobile parking spaces. David Sitt, Peter Rotchford, Matthew Pizzolato and Michael Lachs of JLL arranged the loan through Centennial Bank on behalf of the borrower, Thor Equities Group.
PHILADELPHIA — CBRE has negotiated the $7.2 million sale of The Retro Apartments, a 21-unit multifamily building located in Philadelphia’s Fishtown/East Kensington neighborhood. The five-story property was built in 2021 and offers one-, two- and three-bedroom units. Samantha Kupersmith and Spencer Yablon of CBRE represented the seller, Stamm Development Group, in the transaction. The buyer was a partnership between private investors Laibel Newhouse and Joel Friedman.
BROOKFIELD, WIS. — Marcus & Millichap has arranged the sale of a 31,067-square-foot office building in the Milwaukee suburb of Brookfield for $3.2 million. Nu-Art Dental Lab occupies the net-leased property, which is located at 160 Bishops Way within the Bishop’s Woods Office Park. Nu-Art has occupied the building since 2013. The Rowlett Group of Marcus & Millichap’s Milwaukee office represented the seller, a private investor. The Rowlett Group and Tom Gommels of Marcus & Millichap’s Minneapolis office represented the buyer, an out-of-state limited liability company. The tenant had more than seven years remaining on its lease term at the time of sale.
SEATTLE — Hudson Pacific Properties Inc. (NYSE: HPP) has completed its purchase of Washington 1000, a fully entitled office development site in Seattle, for $85.6 million. The Los Angeles-based REIT will break ground immediately on a 546,000-square-foot office tower at the site. The total project costs, including the purchase price of the land, is anticipated to range from $340 million to $360 million. Washington 1000 is located at 1000 Olive Way within Seattle’s Amazon-anchored Denny Triangle submarket. The project will sit directly adjacent to the $1.9 billion Washington State Convention Center Addition project, which is adding numerous retail amenities and streetscape improvements to the neighborhood. Project architects LMN and Callison RKTL are designing Washington 1000 to achieve LEED Gold and Fitwel certifications. The design will appeal to post-pandemic office needs with enhanced HVAC filtration units and antimicrobial finishes at key touchpoints. The design will also allow for flexibility with 36,500-square-foot, column-free floorplates, as well as maximum natural light with high ceilings and floor-to-ceiling windows. The project will feature more than 22,000 square feet of amenity-rich outdoor space, including an indoor-outdoor rooftop lounge and two 5,000-square-foot terraces off the second-floor main lobby. The property will also have an end-of-trip facility that …
MOUNT VERNON, WASH. — Bridge33 Capital has completed the disposition of Skagit Valley Square, a retail power center located at 102-310 E. College Way in Mount Vernon. Transnational Management acquired the asset for $18.4 million. Dino Christophilis and Daniel Tibeau of CBRE’s Seattle office brokered the transaction. Formerly anchored by Albertsons, G.I. Joe’s and Rite Aid, the property was backfilled with a new tenant roster: Hobby Lobby, Tractor Supply, Goodwill and Dollar Tree. More than 140,000 square feet was leased up in an 18-month period.
PHOENIX — Newmark has arranged the sale of Phoenix West Plaza, a retail center located at 4344 W. Indian School Road in Phoenix. Aetna West sold the property to Gale Commerce Center for $16.4 million. At the time of sale, the 163,233-square-foot property was 93 percent occupied by 25 tenants. The seller originally purchased the property in 2012 and invested approximately $5 million in renovations and repairs. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller in transaction.
YUCCA VALLEY AND LUCERNE VALLEY, CALIF. — Masagana Properties has completed the sale of a two-property retail portfolio near San Bernardino. An undisclosed buyer acquired the portfolio for $6.5 million. The 9,100-square-foot Dollar General, located at 1059 Old Woman Springs Road in Yucca Valley, sold for $3 million. The second 9,100-square-foot Dollar General, located at 32510 CA-18 in Lucerne Valley, sold for $3.4 million. Jaime Salazar and Daniel Hurd of Marcus & Millichap’s Tampa office represented the seller and buyer in the deal. Garrett Fierstein of Marcus & Millichap secured a 10-year, fixed-rate loan with a 30-year amortization for the buyer.
AUBURN HILLS, MICH. — Berkadia has arranged the sale of Bloomfield Square in Auburn Hills for $38.4 million. The 259-unit, garden-style apartment community is located at 3161 Bloomfield Lane. Amenities include a pool, fitness center and pet park. Kevin Dillon, Jason Krug, Corey Krug, Rick Brace and Charley Henneghan of Berkadia Detroit represented the seller, Michigan-based Bloomfield Square Acquisition Partners LLC. New York-based Halt Management was the buyer. The sales price represented a premium of more than 50 percent over the seller’s 2019 acquisition price, according to Berkadia.
WICHITA, KAN. — Newmark has brokered the sale of Cypress Surgery Center in Wichita for $15.3 million. The 33,620-square-foot outpatient surgery building is located within the Cypress Medical Park. The property is fully leased to a joint venture between Surgery Partners and a group of 137 local physicians under a long-term lease. The surgery center houses six operating rooms, three pain rooms and two endoscopy suites. Ben Appel and Bert Sanders of Newmark represented both the seller, DeSanto Realty Group, and the buyer, Montecito Medical Real Estate.