Acquisitions

Trion Properties Acquires 288-Unit Multifamily Community in Suburban Denver for $38M

by Kristin Harlow September 1, 2020

NORTHGLENN, COLO. — Trion Properties has acquired The View at North Peak in the Denver suburb of Northglenn for $38 million. The 288-unit apartment community marks Trion’s first acquisition in the Denver market. Built in 1970, the property features one- and two-bedroom units with two swimming pools. Trion plans to rebrand the community as View Apartments and make interior and exterior improvements. Craig Stack and Bill Morkes of Colliers International represented both the buyer and the seller, a New York-based investment real estate company. Continental Partners arranged acquisition financing through Fannie Mae.

September 1, 2020

Acquisitions Arizona Office Western

CBRE Brokers Sale of Perimeter Parkview Corporate Center in Scottsdale, Arizona

by Kristin Harlow September 1, 2020

SCOTTSDALE, ARIZ. — CBRE has brokered the sale of Perimeter Parkview Corporate Center in Scottsdale for an undisclosed price. The 24,154-square-foot Class A office building is located at 8355 E. Hartford Drive within the 260-acre Perimeter Center development. It is fully leased to six tenants across various industries. Barry Gabel, Chris Marchildon and Will Mast of CBRE represented the seller, Canada-based Melcor Developments. Newport Beach, Calif.-based Mark IV Capital Inc. purchased the building.

September 1, 2020

Acquisitions Colorado Multifamily Western

Pinnacle Negotiates $3.1M Acquisition of Multifamily Building in Lakewood, Colorado

by Kristin Harlow September 1, 2020

LAKEWOOD, COLO. — Pinnacle Real Estate Advisors LLC has negotiated the sale of 9885 W. 21st Ave. in Lakewood for $3.1 million. The 16-unit multifamily building, constructed in 1961, received recent capital improvements such as new paint, landscaping, hot water heaters, laundry equipment, windows, lighting and interiors. Robert Lawson, Jim Knolton and Luke Salazar of Pinnacle represented the undisclosed buyer and seller.

September 1, 2020

Acquisitions Office Oregon Retail Western

Norris & Stevens Arranges $2.6M Sale of Office, Retail Building in Portland

by Kristin Harlow September 1, 2020

PORTLAND, ORE. — Norris & Stevens Inc. has arranged the sale of a 9,048-square-foot office and building in Portland for $2.6 million. Located at 12923 NW Cornell Road, the two-story property is fully leased to seven tenants, including Next Home Realty, Edward Jones, The Foot Spa, American Family Insurance, Cedar Mils Chiropractic, Bridgetown Optometric Associates and Loft 202 Hair Studio. Todd VanDomelen and Charles Conrow of Norris & Stevens represented the buyers, L&N Fifth LLC and L&N Second LLC. Will Stone and Scott Logan of Marcus & Millichap represented the undisclosed seller. Norris & Stevens will manage the property on behalf of the buyer.

September 1, 2020

Acquisitions New York Northeast Office Top Stories

RFR Acquires Midtown Manhattan Office Tower from Morgan Stanley for $350M

by John Nelson September 1, 2020

NEW YORK CITY — New York City-based investment firm RFR has purchased 522 Fifth Avenue, a 23-story office tower in Midtown Manhattan. Morgan Stanley, which currently occupies the building, sold the property for $350 million. The office building neighbors Bryant Park and is situated near Grand Central Terminal and Rockefeller Center. RFR is hoping to find a single tenant to fully occupy the 575,000-square-foot property when Morgan Stanley moves out in 2024. Morgan Stanley’s CEO James Gorman told Bloomberg TV that the firm will need much less real estate going forward and that 90 percent of the company’s workforce is working from home during the COVID-19 pandemic. Aby Rosen, co-founder and CEO of RFR, and A.J. Camhi, executive vice president and head of RFR’s internal leasing team, are leading the leasing efforts for 522 Fifth Avenue. “We acquired 522 Fifth Avenue with the vision of working with a single user to create a custom, marquee headquarters in the premier midtown location,” says Rosen. “The vacancy is a remarkable blank canvas, well-positioned to respond to the requirements of a forward-thinking company looking for the prestige and exclusivity of a full building and New York City presence.” In 2014, Morgan Stanley sold …

September 1, 2020

Acquisitions Georgia Industrial Southeast

Cushman & Wakefield Arranges $126.6M Sale of Industrial Park in Metro Atlanta

by Alex Tostado August 31, 2020

NORCROSS, GA. — Cushman & Wakefield has arranged the $126.6 million sale of Gwinnett Commons, a 16-building light industrial park in Norcross. The property comprises 1.2 million square feet and is situated at 1790 Corporate Drive, 22 miles northeast of downtown Atlanta and one mile from Interstate 85. At the time of sale, the property was 97 percent leased. Gwinnett Commons also includes two development sites that can accommodate 195,000 square feet of warehouse space. Stewart Calhoun and Casey Masters of Cushman & Wakefield represented the seller, a partnership between affiliates of Westmount Realty Capital and Quilvest Capital Partners, in the transaction. Brian Linnihan and Mike Ryan of Cushman & Wakefield arranged acquisition financing on behalf of the buyer, Irvine, Calif.-based CIP Real Estate.

August 31, 2020

Acquisitions Alabama Multifamily Southeast

Carter Multifamily Acquires Apartment Complex in Metro Birmingham for $26.7M

by Alex Tostado August 31, 2020

HOOVER, ALA. — Carter Multifamily has acquired Summerchase at Riverchase, a 240-unit apartment complex in Hoover for $26.7 million. The asset comprises 16 two-story buildings spanning 24.7 acres. The property offers one- and two-bedroom floor plans. Communal amenities include a clubhouse, pool, sundeck, fitness center, tennis courts and two dog parks. The complex is located at 100 Summerchase Drive, 15 miles south of downtown Birmingham. The Birmingham-based buyer plans to upgrade the amenities package, as well as renovate unit interiors and exteriors. Further details and timeline of the renovations were not disclosed. Jimmy Adams and Andrew Brown of Cushman & Wakefield represented the seller, TriBridge Residential, in the transaction.

August 31, 2020

Acquisitions Office Oregon Western

SKB, Harbert Acquire Historic Mason Ehrman Office Complex in Portland’s Old Town District

by Kristin Harlow August 31, 2020

PORTLAND, ORE. — ScanlanKemperBard (SKB) and Harbert Management Corp. have acquired the Mason Ehrman Building and Annex, a historic office complex in the Old Town district of Portland. The properties total 97,006 square feet. Built in 1908, the seven-story Mason Ehrman Building includes an attached annex building. SKB intends to construct a rooftop deck and add another 3,000 rentable square feet. The seller and price were undisclosed.

August 31, 2020

Acquisitions California Retail Western

Coldwell Banker Commercial Brokers $6.3M Sale of Walgreens-Occupied Property in Sacramento

by Kristin Harlow August 31, 2020

SACRAMENTO, CALIF. — Coldwell Banker Commercial has brokered the sale of a 14,820-square-foot retail property leased to Walgreens in Sacramento for $6.3 million. The freestanding building, constructed in 2007, anchors the Westlake Village shopping center. Dan McGue of Coldwell Banker represented the buyer, a family trust completing a 1031exchange. The seller was undisclosed.

August 31, 2020

Acquisitions Arizona Retail Western

Thompson Thrift Retail Group Sells Two Phoenix-Area Retail Parcels

by Kristin Harlow August 31, 2020

SCOTTSDALE AND SURPRISE, ARIZ. — Thompson Thrift Retail Group (TTRG), a wholly owned subsidiary of Indianapolis-based Thompson Thrift, has sold two retail parcels in Scottsdale and Surprise, Ariz. Prices were undisclosed. The first transaction was the sale of recently completed, 5,700-square-foot, build-to-suit property for Wilhelm Automotive in Surprise. The building sits on nearly one acre at the northwest corner of Civic Center Drive and Elm Street within Thompson Thrift’s development, the Shops at Elm Street. The second sale is for a newly constructed, freestanding Black Rock Coffee location at the northeast corner of 116th Street and Shea Boulevard in Scottsdale. The coffee roaster recently opened a 1,900-square-foot coffee bar with a drive-thru on the subject property. Torrey Briegel and Chad Tiedeman of PCA represented TTRG on the Surprise sale and Chris Hollenbeck of Cushman & Wakefield represented TTRG on the Scottsdale sale.

August 31, 2020

Newer Posts

Older Posts