Acquisitions

CBRE Arranges $81.2M Sale of Fairway Office Center in Palm Beach Gardens, Florida

by Julia Sanders January 27, 2022

PALM BEACH GARDENS, FLA. — CBRE has arranged the $81.2 million sale of the fee simple interest in Fairway Office Center in Palm Beach Gardens. The buyer was a joint venture between Parmenter Realty Partners and an affiliate of Prime Finance. Christian Lee, Jóse Lobón, Tom Rappa and Marcus Minaya of CBRE represented the sellers, NAI Merin Hunter Codman and a joint venture institutional investment manager, in the transaction. Jason Sundook of NAI Merin Hunter Codman assisted in marketing the asset for sale. Fairway Office Center features three Class A office buildings totaling 222,682 square feet. Currently 78 percent leased, the property is located on a 16-acre campus. 7108 Fairway was built in 1989, 7111 Fairway was built in 2003 and 7121 Fairway was built in 2000. Located at 7108, 7111 and 7121 Fairway Drive, the office center is about four miles from downtown Palm Beach Gardens, 14.4 miles from West Palm Beach and 15.7 miles from Palm Beach International Airport. The property is also near retailers and restaurants such as Rocco’s Tacos & Tequila Bar, Brooklyn Water Bagel and Walgreens. The previous owners recently made $1.3 million in improvements to the property. The buyers plan to make even more …

January 27, 2022

Acquisitions California Industrial Western

Alere Property Group Acquires Freeway Business Center Industrial Property in Riverside, California for $199.2M

by Amy Works January 27, 2022

RIVERSIDE, CALIF. — Alere Property Group has purchased Freeway Business Center, a Class A industrial warehouse facility at 2677 E. Alessandra Blvd. in Riverside. A joint venture between Crow Holdings Industrial and a global real estate investment advisor sold the asset for $199.2 million. Built in 2021 on 39 acres, the property features 709,081 square feet of industrial space with 36-foot clear heights, ample excess trailer parking, heavy power, ESFR and drive-around access. Additionally, the facility features 109 dock-high doors and a large secure concrete truck court. At the time of sale, the property was fully leased on a long-term basis to a national third-party logistics provider. Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez, Brad Brandenburg and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group represented both parties in the transaction. Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield provided local market advisory for the deal.

January 27, 2022

Urban-188-1601-W-Camelback-Rd-Phoenix-AZ

Acquisitions Arizona Multifamily Western

Epic Investment Services Buys Two Multifamily Properties in Phoenix for $52M

by Amy Works January 27, 2022

PHOENIX — Canada-based Epic Investment Services, through its Epic Multifamily Real Estate Fund I, has acquired Urban 188 and 96, two apartment communities located at 1601 and 1545 W. Camelback Road, respectively, in Phoenix. Urban 1601 Property sold the properties for $52 million. Built in 1967, Urban 96 sold for $17 million, and Urban 188, which was built in 1970, sold for $35 million. The two properties offer a total of 284 apartments in a mix of studio, one- and two-bedroom units averaging 467 square feet. At the time of sale, the properties were approximately 98 percent leased. Chris Roach, Brad Cooke, Matt Roach and Cindy Cooke of Colliers in Arizona negotiated the transaction. Fidelity National Title handled the title and escrow for the sale.

January 27, 2022

Acquisitions Georgia Industrial Southeast

Dalfen Purchases 112,000 SF Industrial Park in Metro Atlanta

by Julia Sanders January 27, 2022

CANTON, GA. — Dalfen Industrial has purchased a two-building industrial park in Canton, about 41.5 miles from downtown Atlanta. The sales price and seller were not disclosed. The industrial property totals 112,000 square feet. Located at 505/515 Brown Industrial Blvd., the property is situated close to Interstate 575 and Georgia Highways 20 and 400. The area is home to tenants such as Amazon, Penske, Thyssen Krupp and Papa Johns. With the acquisition, Dalfen Industrial’s Atlanta portfolio reaches over 2.7 million square feet.

January 27, 2022

Acquisitions California Net Lease Restaurant Retail Western

Hanley Investment Group Brokers $19.3M Sales of Four Single-Tenant Investments at Retail Center in Rosamond, California

by Amy Works January 27, 2022

ROSAMOND, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sales of four single-tenant, net-leased investments at a shopping center in Rosamond for a total consideration of $19.3 million. Four separate buyers acquired the assets, which offer a combined total of 28,462 square feet and were built in 2021. Bill Asher and Jeff Lefko of Hanley Investment Group represented the developer and seller, a partnership between Pasadena-based Halferty Development Co. and Net Lease Alliance. In the first transaction, Asher and Lefko brokered the sale of a 16,000-square-foot Grocery Outlet-occupied property at 2550 Rosamond Blvd. A San Diego-based private partnership purchased the asset for $7.1 million. Mike Conger of San Diego-based CAA represented the buyer in the deal. A Los Angeles-based private investor acquired a 2,200-square-foot Starbucks Café and Drive-Thru at 2544 Rosamond Blvd. for $3.5 million. Joey Kim of Irvine-based eXp Realty represented the buyer, while Asher and Lefko represented the seller. In the third deal, Asher and Lefko arranged the sale of a 3,062-square-foot 7-Eleven convenience store with a gas station at 2536 Rosamond Blvd. A San Diego-based private investor acquired the property for $5.6 million. Lindsey Kalal of Coronado-based Kalal Investment Realty represented the buyer, while …

January 27, 2022

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Acquisitions California Healthcare Office Western

Progressive Real Estate Arranges $5.6M Sale of Courtyard Medical & Professional Center in Hemet, California

by Amy Works January 27, 2022

HEMET, CALIF. — Progressive Real Estate Partners has arranged the sale of Courtyard Medical & Professional Center, located at 910-960 N. State St. in Hemet. A Newport Beach-based private investor acquired the asset for $5.6 million. Greg Bedell of Progressive Real Estate Partners represented the seller, while Henry Liu of CBD Investments represented the buyer in the transaction. Built in 1981, the 39,796-square-foot Courtyard Medical & Progressive Center was fully occupied at the time of sale.

January 27, 2022

Acquisitions Industrial Massachusetts Northeast

Newmark Brokers $52M Sale of Distribution Center in Worcester, Massachusetts

by Taylor Williams January 27, 2022

WORCESTER, MASS. — Newmark has brokered the $52 million sale of a 176,000-square-foot distribution center in the central Massachusetts city of Worcester. The facility recently underwent a redevelopment project that was completed last year. Robert Griffin, Edward Maher, Matthew Pullen, Tony Coskren, Samantha Hallowell and Brian Pinch of Newmark represented the seller, R.J. Kelly Co., a locally based institutional investment firm, in the transaction. The team also procured the buyer, Boston-based Tritower Financial Group.

January 27, 2022

Acquisitions Kentucky Multifamily Southeast

Marcus & Millichap Brokers Sale of 30-Unit Apartment Property in Henderson, Kentucky

by Julia Sanders January 27, 2022

HENDERSON, KY. — Marcus & Millichap has brokered the sale of Elmwood Apartments, a 30-unit multifamily property located in Henderson. The property sold for $1.3 million. Aaron Kuroiwa, Jack Friskney and Austin Meeker of Marcus & Millichap represented the buyer and seller, which were both undisclosed limited liability companies. Colby Haugness, Marcus & Millichap’s Kentucky broker of record, assisted in closing the transaction. Elmwood Apartments includes 16 one-bedroom and 14 two-bedroom units across four buildings on 1.2 acres. The property was fully occupied at the time of sale. Located at 1818 N Elm St., the property is situated across the Ohio River from Evansville.

January 27, 2022

Acquisitions Multifamily North Carolina Southeast Student Housing

Coldwell Banker Negotiates $10.3M Sale of Six Student Housing Properties in Charlotte

by Julia Sanders January 27, 2022

CHARLOTTE, N.C. — Coldwell Banker Commercial MECA has negotiated the $10.3 million sale of six student housing properties in Charlotte. Bob Clay and Eric Clay of Coldwell Banker represented the undisclosed seller in the transaction. The buyer was also not disclosed. The six properties are located near the University of North Carolina at Charlotte and have a total of 196 beds in a mix of condominiums and townhomes. The properties include University Terrace (10 units and 40 beds), University Terrace North (21 units and 84 beds), Colville Gardens (15 units and 30 beds), Colville Townhomes (five units and 15 beds), Campus Walk (seven units and 21 beds) and Alexander Townhomes (two units and six beds).

January 27, 2022

Acquisitions Industrial New Jersey Northeast

Sheldon Gross Realty Arranges Sale of 199,000 SF Industrial Property in Freehold, New Jersey

by Taylor Williams January 27, 2022

FREEHOLD, N.J. — Locally based brokerage firm Sheldon Gross Realty has arranged the sale of a 199,000-square-foot industrial property that is situated on a 30-acre site at 235 Willow Brook Road in Freehold, located in Monmouth County. Jonathan Glick and Matt Leonelli of Sheldon Gross Realty represented the undisclosed seller in the transaction. CBRE represented the buyer, New York City-based Saadia Group.

January 27, 2022

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