Acquisitions

Newmark Brokers $180M Sale of Cambridge Highlands Office, R&D Campus in Cambridge

by Taylor Williams September 17, 2021

CAMBRIDGE, MASS. — Newmark has brokered the $180 million sale of Cambridge Highlands, a 228,592-square-foot office and R&D campus located on a 9.7-acre site in the greater Boston area. The four-building campus serves as the headquarters of Raytheon BBN Technologies, a division of global aerospace and defense giant Raytheon. Robert Griffin, Edward Maher, Matthew Pullen, Michael Byrne, Samantha Hallowell and Thomas Greeley of Newmark represented the seller, New York-based Clarion Partners, in the transaction. The team also procured the undisclosed buyer.

September 17, 2021

Acquisitions Development Industrial New Jersey Northeast Office

EverWest, Woodmont Buy New Jersey Office Building, Plan Industrial Redevelopment

by Taylor Williams September 17, 2021

SOMERSET, N.J. — EverWest Real Estate Investors and Woodmont Properties have acquired an office building and adjacent development site in the Northern New Jersey community of Somerset with plans to redevelop the building and site into a 426,000-square-foot industrial complex. The partnership acquired the 351,782-square-foot building and seven-acre land parcel for $42.7 million. The new industrial complex will consist of two buildings spanning 294,000 and 132,000 square feet. Completion of the redevelopment is slated for 2023. Elli Klapper, Kevin Dudley and Mark Silverman of CBRE brokered the deal in conjunction with Stephen Feinberg of EverWest and Anthony Amadeo of Woodmont.

September 17, 2021

Acquisitions New York Northeast Retail

Atlantic Capital Partners Brokers Sale of 122,876 SF Wegmans Plaza in Niagara, New York

by Taylor Williams September 17, 2021

NIAGARA, N.Y. — Boston-based Atlantic Capital Partners has brokered the sale of Wegmans Plaza, a 122,876-square-foot shopping center in the Upstate New York community of Niagara. Regional grocer Wegmans anchors the property, which was 80 percent leased at the time of sale. Justin Smith, Chris Peterson, Shannon Older, Sam Koonce and Molly Lynch of Atlantic Capital Partners represented both unnamed parties in the transaction.

September 17, 2021

Acquisitions Arizona Industrial Western

Lincoln Property Co. Sells Industrial Facility in Glendale, Arizona to BentallGreenOak for $186M

by Amy Works September 17, 2021

GLENDALE, ARIZ. — LPC Desert West, the western regional office of Lincoln Property Co. (LPC), has completed the disposition of the first phase of Park 303, an industrial park located at 6600 N. Sarival Road in Glendale. BentallGreenOak acquired the building for $186 million, which is the highest sales price for a single industrial facility in the history of Arizona. Situated on 71 acres, the nearly 1.3-million-square-foot property is fully leased to an unnamed retailer. The building features 40-foot clear heights, 25,000 square feet of office and training space, large breakrooms and outdoor space with covered seating, a barbecue station and grass area for games and events. The property also offers full concrete truck courts, ample truck parking and private drives. The first phase was originally designed as a 705,531-square-foot building and a 488,995-square-foot building with the ability to combine the speculative buildings into one larger facility, which LPC did to accommodate the current tenant. Will Strong of Cushman & Wakefield represented LPC in the investment sale. Ed Lampitt, Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield represented the seller. LPC will continue to serve has property manager for the building. Phase I is part of LPC’s …

September 17, 2021

Acquisitions Industrial Nevada Western

Prologis Acquires 441,569 SF Safari Business Park in Las Vegas

by Amy Works September 17, 2021

LAS VEGAS — San Francisco-based Prologis has purchased Safari Business Park, a Class A industrial campus in Las Vegas. An entity doing business as Black Bongo LP sold the asset to Prologis for an undisclosed price. Located at 7650-7850 Dean Martin Drive, the five-building property features 441,569 square feet of multi-tenant industrial space. At the time of sale, the park was 82 percent leased, with available suites ranging from 10,280 square feet to 15,303 square feet. Each suite features multiple dock loading doors and one grade-level door. In total, Safari Business Park features 92 dock-high loading doors, four grade-level loading doors, 24-foot minimum clear heights, an ESFR fire sprinkler system and recessed storefront entries with accents. Greg Tassi, Donna Alderson and Nick Abraham of Cushman & Wakefield’s Las Vegas office represented the buyer in the deal.

September 17, 2021

Acquisitions Arizona Multifamily Western

JRK Investors Buys Terraces Apartments in Prescott Valley, Arizona for $76.6M

by Amy Works September 17, 2021

PRESCOTT VALLEY, ARIZ. — Los Angeles-based JRK Investors has acquired Terraces, an apartment property located at 5700 E. Market St. in Prescott Valley. Larkspur, Calif.-based Virtu Investments sold the asset for $76.6 million. Constructed in 2003, Terraces features 226 apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include a heated pool with waterfall feature, a zero-edge hot tub, dog park, 56 detached garages, barbecues and an outdoor lounge. Brad Cooke, Matt Roach, Cindy Cooke and Chris Roach of the Cooke Multifamily Team within Colliers International’s Arizona office handled the transaction.

September 17, 2021

Acquisitions Multifamily Seniors Housing Washington Western

MedCore Sells 60-Unit Birchview Memory Care in Sedro-Woolley, Washington

by Amy Works September 17, 2021

SEDRO-WOOLLEY, WASH. — MedCore Partners has sold Birchview Memory Care, a 60-unit senior living community in Sedro-Woolley, approximately 72 miles north of Seattle. The community was part of a seven-property portfolio that MedCore purchased in July 2020 with locations in Washington State and Southern California. The buyer and price were not disclosed. “We are pleased with our investment in Birchview and the success in operations during the 14 months MedCore owned it,” says Brian Bollich, partner with MedCore. “There were several milestones accomplished in the past year, including occupancy stability during COVID-19 and meaningful capital improvements.” Tacoma, Wash.-based Senior Services of America (SSA) will continue to manage the property for the new ownership. SSA also manages seven other MedCore assets in Washington State, Oregon and California. MedCore currently operates 15 seniors housing communities in Texas, Arizona, Utah, California, Washington and Oregon. In addition, the company has two senior living projects under construction, both of which are slated to open in 2022.

September 17, 2021

Acquisitions New Mexico Restaurant Retail Western

Marcus & Millichap Brokers Sale of 9,000 SF Retail Property in Farmington, New Mexico

by Amy Works September 17, 2021

FARMINGTON, N.M. — Marcus & Millichap has arranged the sale of Starbucks Shops at Largo Square, a retail center located at 4337 E. Main St. in Farmington. An unnamed limited liability company sold the asset to an undisclosed buyer. The acquisition price was not released. Austin Snedden, Ryan Bowlby and Drew Isaac of Marcus & Millichap’s Denver office represented the seller in the transaction. Matthew Reeves, also with Marcus & Millichap, served as broker of record. Starbucks Shops at Largo Square feature 9,000 square feet of retail space.

September 17, 2021

Acquisitions California Retail Western

Chartwell Real Estate Acquires Iconic Balboa Fun Zone in Newport Beach

by Amy Works September 16, 2021

NEWPORT BEACH, CALIF. — Chartwell Real Estate Development has purchased Balboa Fun Zone, a mixed-use entertainment development in Newport Beach. Discovery Cube, a Southern California children’s science museum, sold the property for an undisclosed price. The new owners plan to restore the historic landmark and continue to operate the property as the Balboa Fun Zone, one of Southern California’s oldest amusement park dating to the early 1900s. Located at 600 E. Bay Ave., the 34,500-square-foot property offers 212 feet of waterfront space, the Edgewater Place boardwalk, the Balboa Ferris Wheel, a more than 25-boat marina with 775 linear feet of docking, Fun Zone amusement park rides and attractions, 16,000 square feet of mixed-use improvements, and a 58-stall subterranean parking garage. Lars Platt, Joseph Lising and Matthew Godman of Cushman & Wakefield represented the seller, while Bob Thagard of Cushman & Wakefield represented the buyer in the transaction.

September 16, 2021

Acquisitions California Retail Western

Progressive Real Estate Partners Negotiates $8.8M Sale of Los Compadres Plaza in Inland Empire

by Amy Works September 16, 2021

COLTON, CALIF. — Progressive Real Estate Partners has arranged the sale of Los Compadres Plaza, a retail property located in Colton. A Southern California-based buyer acquired the asset from a Los Angeles County-based seller for $8.8 million. Located at 1035 S. Vernon Ave., Los Compadres Plaza features 47,090 square feet spread across four buildings, which were built in two phases in 1977 and 1980. The unanchored property is 93 percent occupied with 82 percent of the center’s tenants being independent, internet-resistant businesses, including restaurants, medical users, beauty and other services. The property recently underwent renovations, including painting, roof replacements and parking lot improvements. Brad Umansky, Greg Bedell and Mike Lin of Progressive Real Estate Partners represented the seller in the deal.

September 16, 2021

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