Acquisitions

Princeton Insurance Co. Sells 110,000 SF Office Complex in New Jersey

by Taylor Williams April 26, 2021

PRINCETON, N.J. — Princeton Insurance Co. has sold 742 and 746 Alexander Road, the company’s two-building, 110,000-square-foot office complex in its namesake town. Kevin O’Hearn, Jose Cruz, Thomas Romano, Michael Oliver and Steve Simonelli of JLL represented the owner and tenant in the transaction. The complex consists of a 50,000 and 60,000-square-foot building and amenities such as a fitness center and a cafeteria. Strategic Funding Alternatives LLC purchased the property for an undisclosed price.

April 26, 2021

Acquisitions Multifamily New Mexico Western

RanchHabor, Westgrove Partners Acquire Value-Add Multifamily Portfolio in Albuquerque

by Amy Works April 26, 2021

ALBUQUERQUE, N.M. — A joint venture partnership between RanchHarbor and Westgrove Partners has purchased a two-property multifamily portfolio in Albuquerque. Terms of the transaction, including the name of the seller and acquisition price, were not released. The properties, Candlewood Village and Candelaria Heights, have been rebranded to The Grove and The Heights at Tramway, respectively. The two assets offer a total of 79 garden-style apartments. Located at 12050 Candelaria Road NE, The Grove was built in 1985 and features 59 units ranging from 650 square feet to 950 square feet spread across eight buildings. Additional amenities include 87 uncovered parking spaces and a common area with a pool. Built in 1972 at 301 Lori Place NE, The Heights offers 20 units ranging from 807 square feet to 1,100 square feet and 30 parking spaces. The joint venture plans to implement institutional-grade property management at the properties and perform interior and exterior renovations to reposition the assets. Interior improvements will include painting, installing new flooring and updating lighting, cabinet and fixtures in kitchens and bathrooms. Exterior renovations will include new paint and improvements to the buildings’ façades, landscaping and lighting in addition to clubhouse and common-area amenity renovations.

April 26, 2021

Acquisitions Industrial New York Northeast

Marcus & Millichap Brokers $15.2M Sale of Brooklyn Industrial Building

by Taylor Williams April 26, 2021

NEW YORK CITY — Marcus & Millichap has brokered the $15.2 million sale of a 30,697-square-foot industrial building located at 73-99 Empire Blvd. in the Crown Heights area of Brooklyn. The site also houses an 8,000-square-foot retail building. John Brennan, Jason Grunberg, Jakub Nowak and Samuel Finkler of Marcus & Millichap represented the seller and buyer in the transaction. Both parties were individuals/personal trusts that requested anonymity.

April 26, 2021

Acquisitions Connecticut Multifamily Northeast

NE Private Client Group Arranges Sale of Two Connecticut Multifamily Assets Totaling 39 Units

by Taylor Williams April 26, 2021

DANBURY AND BRANFORD, CONN. — Northeast Private Client Group (NEPCG) has arranged the sale of two multifamily assets in Connecticut totaling 39 units. Willow Park Apartments is a 21-unit complex in Danbury, and Cedar Street Apartments is a 19-unit property in Branford. The properties sold for a combined $5.2 million. Bradley Balletto, Jeff Wright, Rich Edwards, Robert Paterno and John Lockhart of NEPCG represented the buyer and seller, both of which requested anonymity, in the deals.

April 26, 2021

Acquisitions Arizona Office Western

Cushman & Wakefield|PICOR Arranges $3.6M Sale of Office Space in Arizona

by Amy Works April 26, 2021

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of an office space located at 4555 and 4585 E. Speedway Blvd. and 1111, 1145, 1201, 1209, 1217, 1225, 1231 N. Venice Ave. in Tucson. Serenity Holdings III LLC acquired the asset from Eugene Pamfiloff and Erena Pamfiloff for $3.6 million. The property offers a total of 31,471 square feet of office space. Thomas Nieman of Cushman & Wakefield|PICOR represented the seller, while Paul Hooker, also of Cushman & Wakefield|PICOR, represented the buyer in the deal.

April 26, 2021

Acquisitions Arizona Multifamily Student Housing Western

Taylor Street Advisors Arranges $2.4M Sale of Student Housing Property in Tucson

by Amy Works April 26, 2021

TUSCON, ARIZ. — Taylor Street Advisors has directed the sale of Saratoga Apartments, a student housing property located at 901 N. First St. in Tucson. The property is situated about 1.3 miles west of the University of Arizona. An undisclosed buyer acquired the asset for $2.4 million, or $87,500 per unit. The Class B student housing property features 16 two-bedroom units and 12 one-bedroom units. The new ownership plans to renovate the property.

April 26, 2021

Acquisitions Florida Office Retail Southeast

Tricera Capital, LNDMRK Acquire Cube Wynwd Office Building in Miami for $28M

by Julia Sanders April 23, 2021

MIAMI — Tricera Capital, a Miami-based real estate investment firm, and LNDMRK Development have acquired Cube Wynwd, a newly constructed office building with ground-floor retail space in Miami’s Wynwood neighborhood. RedSky Capital sold the property to the buyers for $28 million. Scott Wadler and Michael Basinski of Berkadia arranged the $27.5 million loan for the sale. Developed by RedSky Capital LLC, Cube Wynwd is an eight-story building with approximately 100,000 square feet of office and retail space with a rooftop terrace. Located at 222 NW 24th St., the property is close to area attractions including Wynwood Walls, Panther Coffee, Salty Donut, KYU and Bar Taco. Coworking operator Spaces occupies about 30 percent of the office space and about 1,700 square feet of the retail space in Cube Wynwd’s lobby. Other retail tenants include a Rome-based Bonci Pizza and Mini Market. Tricera and LNDMRK obtained acquisition financing from South Florida-based Amerant . Glacier Credit Strategies provided a mezzanine loan to the buyers as well. Law firm Polsinelli represented Tricera and LNDMRK in the transaction.

April 23, 2021

Acquisitions Florida Retail Southeast

JLL Brokers $19.9M Sale of Publix-Anchored Shopping Center in Gulf Breeze, Florida

by Julia Sanders April 23, 2021

GULF BREEZE, FLA. — JLL Capital Markets has arranged the $19.9 million sale of Tiger Point Pavilion, a 66,279-square-foot neighborhood shopping center anchored by Publix in the coastal Pensacola-area community of Gulf Breeze. Brad Peterson, Whitaker Leonhardt and Tommy Isola of JLL represented the seller, a joint venture between MAB American and DRA Advisors, in the transaction. Pasadena, Calif.-based ExchangeRight is the buyer. Completed in 2018, the 98 percent-leased Tiger Point Pavilion has national and local tenants, including Aspen Dental, AT&T, Dickey’s Barbeque Pit, Great Clips and Select Physical Therapy. With an attached drive-thru pharmacy, the Publix and the adjacent Publix Liquors store account for approximately 57 percent of the rental income at the property, according to JLL. The retail center is located at 1430 Tiger Park Lane.

April 23, 2021

Acquisitions North Carolina Office Southeast

Crescent Communities Buys 84,800 SF One University Place Office Building in Charlotte’s University Submarket

by Julia Sanders April 23, 2021

CHARLOTTE, N.C. — An affiliate of Crescent Communities has purchased One University Place, an 84,800-square-foot suburban office building located in Charlotte’s University office submarket. Dunn Mileham and David Morris of Trinity Partners handled the transaction on behalf of the seller, an affiliate of Chicago-based Origin Investments, located in Chicago, Ill. According to the Charlotte Business Journal, the price was nearly $12.8 million. One University Place was 86 percent leased at the time of sale. The office building is situated on six acres near the J.W. Clay and UNCC Lynx Blue Line stations. After purchasing the office building in 2015, Origin executed a capital improvement plan that transitioned the late-80s office building to a more modern design. Crescent Communities has retained Trinity Partners to continue providing leasing and management services at One University Place.

April 23, 2021

Acquisitions Connecticut Multifamily Northeast

Northeast Private Client Group Brokers Sale of 52-Unit Multifamily Asset in Hamden, Connecticut

by Kristin Harlow April 23, 2021

HAMDEN, CONN. — Northeast Private Client Group (NEPCG) has brokered the sale of Willow Woods Apartments, a 52-unit multifamily asset in Hamden, located outside of New Haven. The sales price was $6.4 million, or approximately $126,000 per unit. The property was built in 1973 and features one-, two- and three-bedroom residences with flat- and townhouse-style configurations. Bradley Balletto, Jeff Wright, Rich Edwards, Robert Paterno and John Lockhart of NEPCG represented the buyer and seller, both of which requested anonymity, in the deal.

April 23, 2021

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