SAN JOSE, CALIF. — CBRE Global Investors has purchased 237@First, a two-building office complex in San Jose. Terms of the transaction were not released. Totaling 368,702 square feet, the asset consists of two six-story buildings: 4353 North First St., a 181,042-square-foot property built in 2016, and 4453 North First St., a 187,660-square-foot building built in 2019. The buildings feature 14-foot to 16-foot slab-to-slab heights, expansive window lines, abundant light, lobbies and flexible, 32,800-square-foot, column-free floor plates. Tenant amenities include a fitness center with yoga studio and several outdoor collaboration areas. At the time of sale, the property was nearly 65 percent leased with 131,000 square feet available for lease.
LOS ANGELES — CalBay Development has acquired the fee interest in a retail property located in the Rowland Heights area of Los Angeles. A private family sold the asset for $3.3 million in an off-market transaction. Situated on two acres, the site is improved with a 20,000-square-foot retail store, which 99c Only occupies on a net-leased basis.
GOODYEAR, ARIZ. — Marcus & Millichap has arranged the sale of a retail building located at 15578 W. McDowell Road in Goodyear. A limited liability company sold the property to a limited liability company for $4 million. The property includes a 10-year absolute, triple-net corporate lease with 10 percent rental increases every five years. AAA occupies the 8,540-square-foot building, which is situated on 1.1 acres. Mark Ruble, Chris Lind and Jamie Medress of Marcus & Millichap’s Phoenix office represented the seller, while Matt Hager with Intero Commercial represented the buyer in the deal. Alan Laaulainen, also of Marcus & Millichap Phoenix, assisted in procuring the buyer.
FORT LAUDERDALE, FLA. — Ten Capital Management and Somerset Properties have acquired Bayview Corporate Tower, a 12-story, 413,833-square-foot office building in Fort Lauderdale. Bridge Investment Group sold the asset for a reported $82.5 million. The asset was 89 percent leased at the time of sale to 21 tenants. Bridge has invested more than $4.8 million in base building improvements at Bayview Corporate Tower over the past three years. Building amenities include a café, conference center, fitness center, lounge, outdoor picnic area and onsite security and management. The property is situated adjacent to a five-story parking garage. Bayview Corporate Tower is located at 6451 N. Federal Highway, seven miles north of downtown Fort Lauderdale. Dominic Montazemi, Mike Davis, Scott O’Donnell, Greg Miller, Mike Ciadella and Miguel Alcivar of Cushman & Wakefield represented the seller in the transaction.
CORAL SPRINGS, FLA. — Meridian Capital Group has arranged a $51.3 million acquisition loan for The Harbor, a 310-unit apartment complex in Coral Springs. An undisclosed regional balance sheet lender provided the seven-year loan, which features a fixed 3.4 percent interest rate, one five-year extension option and three years of interest-only payments followed by a 30-year amortization schedule. The Harbor, formerly known as Innovo Living on Atlantic, comprises 33 two-story buildings. The asset is located at 790 Harbor Inn Drive, equidistant to Fort Lauderdale and Boca Raton. Communal amenities include a new 5,700-square-foot club house including a climbing wall, fitness center, business center, lap pool, and a yoga and Pilates studio. Noam Kaminetzky and Jason Grimm of Meridian Capital arranged the financing on behalf of the borrower, CaraCo Group. According to Kaminetzky, the sale was originally slated to close in late March or early April but was delayed due to the COVID-19 pandemic. Meridian Capital worked with all parties to negotiate a new closing date, which coincided with Broward County allowing shops and restaurants to reopen. Copperline Partners was the seller.
WASHINGTON, D.C. — Greysteel has negotiated the sale of The Waring and The Regent, two apartment communities in Washington, D.C. Urban Investment Partners acquired both assets for a total of $21 million. In the first deal, 1433 T Street Associates LLC sold The Waring, a 38-unit property located at 1433 T St., for $12.5 million. In the second deal, Mozart LLC sold The Regent, a 37-unit property located at 2517 Mozart Place NW, for $8.5 million. The Waring was built in 1909 and is situated less than one mile from downtown Washington, D.C. The property offers studio, one- and two-bedroom floor plans averaging 573 square feet. The seller recently upgraded unit interiors, including fully renovating the kitchens and bathrooms. The Regent, which is situated less than one mile from The Waring, offers studio through two-bedroom floor plans averaging 732 square feet. Ari Firoozabadi, W. Kyle Tangney and Herbert Schwat of Greysteel represented the seller in each deal and procured the buyer.
LOWER GWYNEDD, PA. — Marcus & Millichap has brokered the sale of Gwynedd Office Park, a 50,427-square-foot property located in the Philadelphia suburb of Lower Gwynedd. The sales price was $6.8 million. Gwynedd Office Park, which was 98 percent leased at the time of sale, was built on 6.3 acres in 1980 and renovated in 2019. Craig Dunkle of Marcus & Millichap represented the buyer, and Craig Fernsler of KW Commercial Real Estate and Joshua Levin of Levin Commercial Real Estate represented the seller. Both parties were limited liability companies that requested anonymity.
HUNTINGDON VALLEY, PA. — Locally based brokerage firm Roddy Inc. has negotiated the sale of a 21,600-square-foot warehouse located at 1670 Republic Road in Huntingdon Valley, about 20 miles north of Philadelphia. The property is situated on 1.4 acres and features 18-foot clear heights, two tailgate loading doors and 2,600 square feet of office space. Sean Dunkin of Roddy Inc. represented the sellers, a duo of private investors, in the transaction. The buyer was Republic Holdings LLC, an affiliate of Precision Mechanical Contracting, a Pennsylvania-based provider of refrigeration services.
FORT WORTH, TEXAS — Marcus & Millichap has negotiated the sale of Red Oak, a 108-unit apartment community in Fort Worth. The property was built in 1969, renovated in 1993 and offers studio, one-, two-, three- and four-bedroom units. Nick Fluellen, Bard Hoover and Wesley Racht of Marcus & Millichap represented the seller, a private investors, in the transaction. George Miller, also with Marcus & Millichap, secured the buyer, a limited liability company that acquired the asset via a 1031 exchange.
BROWNSVILLE, TEXAS — Boston-based Capital Crossing has sold Brownsville Doctors Hospital, a 79,396-square-foot vacant healthcare property located in the South Texas city of Brownsville. The property was originally built as a one-story, 56-bed hospital in 2001 and expanded in 2008 to include two additional floors and a freestanding building for wound care. Scott Herbold of CBRE represented Capital Crossing, in the transaction. The buyer was a local investor who plans to reposition the asset and provide healthcare services to the community.