Acquisitions

CBRE Negotiates $5.3M Acquisition of Multifamily Community in Los Angeles

by Amy Works August 24, 2020

LOS ANGELES — CBRE has arranged the purchase of an apartment property located at 3906-3910 Inglewood Blvd. in Los Angeles’ Mar Vista neighborhood. An Orange County, Calif.-based private client investment partnership acquired the asset for $5.3 million. The community consists of two two-story buildings offering a total of 20 apartment units. Amenities include enclosed garages, private balconies or patios and a landscaped courtyard. Sean Riley of CBRE represented the buyer, while an outside broker represented the seller, a private family dissolving its partnership.

August 24, 2020

Acquisitions Arizona Restaurant Retail Western

Orion Investment Brokers $3.8M Sale of Multi-Tenant Retail Property in Glendale, Arizona

by Amy Works August 24, 2020

GLENDALE, ARIZ. — Orion Investment Real Estate has arranged the sale of a retail building located at the intersection of West Peoria and North 43rd avenues in Glendale. An affiliate of DeRito Partners sold the property to a Santa Clara, Calif.-based buyer for $3.8 million, or $387.72 per square foot. Originally constructed in 1987 as a single-tenant restaurant property, the 9,801-square-foot building is now a multi-tenant property. At the time of sale, the property was 89 percent occupied by Denny’s, Subway and Alta Dental. The asset is an outparcel to Glendale Towne Center, which Target anchors. Ari Spiro and Sean Stutzman of Orion Investment represented the seller, while Joel Owens of Canton, Ga.-based All World Realty represented the buyer in the deal. The new owner has retained DeRito Partners for both leasing and property management

August 24, 2020

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 15,127 SF Shopping Center in McKinney, Texas

by Taylor Williams August 24, 2020

MCKINNEY, TEXAS — Marcus & Millichap has brokered the sale of McKinney Shopping Center, 15,127-square-foot retail center located north of Dallas. Tenants at the center include Mattress Firm, Charles Schwab and Thai Noodle Wave. Philip Levy of Marcus & Millichap represented the seller and buyer, both of which were private investors that requested anonymity.

August 24, 2020

Acquisitions New Jersey Northeast Office

Markheim Chalmers Brokers Sale of 33,303 SF Office Portfolio in Berlin, New Jersey

by Taylor Williams August 24, 2020

BERLIN, N.J. — New Jersey-based Markheim Chalmers has brokered the sale of a 33,303-square-foot office portfolio in Berlin, located southeast of Philadelphia. The portfolio spans four buildings and was 89 percent leased at the time of sale. Adam Dembo of Markheim Chalmers represented the seller, Affiliated Management, in the transaction. Dembo also procured the buyer, Taunton Road LLC. The sales price was not disclosed.

August 24, 2020

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers $10.9M Sale of Three Multifamily Assets in Jersey City

by Taylor Williams August 24, 2020

JERSEY CITY, N.J. — Marcus & Millichap has brokered the sale of three multifamily assets totaling 66 units in Jersey City, a western suburb of New York City. The sales price was roughly $10.9 million, or $171,000 per unit. Fahri Ozturk, Richard Gatto and David Ferber of Marcus & Millichap handled the transaction. The buyer and seller were not disclosed.

August 24, 2020

Acquisitions Georgia Retail Southeast

JLL Arranges $18.6M Sale of Kroger-Anchored Shopping Center Near Atlanta

by Alex Tostado August 24, 2020

CANTON, GA. — JLL has arranged the $18.6 million sale of Hickory Flat Commons, a Kroger-anchored shopping center located along Hickory Flat Highway in Canton, about 34 miles north of downtown Atlanta. The 115,000-square-foot property was 97 percent leased at the time of sale to tenants such as Anytime Fitness, Mathnasium, furniture store Phillips Trading, Great Clips and Platinum Cleaners. Jim Hamilton of JLL represented the undisclosed seller in the transaction. Phillips Edison & Co. acquired the center as part of a 1031 tax exchange.

August 24, 2020

Acquisitions Florida Office Southeast

Pacer Partners, Drake Real Estate Sell 120,500 SF Office Building in Tampa

by Alex Tostado August 24, 2020

TAMPA, FLA. — A joint venture between Pacer Partners and Drake Real Estate has sold a 120,500-square-foot office building in Tampa for $26.9 million. The property is located at 3620 Queen Palm Drive within Sabal Park, nine miles east of downtown Tampa. The asset was fully triple net leased to Ford Motor Credit Corp. at the time of sale. The sellers, which acquired the property in 2016, extended the tenant’s lease five years prior to the sale. Dale Peterson, Joe Chick, Kristen McFarland and Courtney Snell of CBRE represented the joint venture in the transaction. CTO Realty Growth purchased the asset for an undisclosed price.

August 24, 2020

Acquisitions Healthcare Office Southeast Virginia

Edge Negotiates $5.5M Sale of Medical Office Portfolio in Fredericksburg, Virginia

by Alex Tostado August 24, 2020

FREDERICKSBURG, VA — Edge has negotiated the $5.5 million sale of The Park at Snowden, a six-building, 22,400-square-foot medical office portfolio in Fredericksburg. The asset was 95 percent leased at the time of sale and is situated adjacent to Mary Washington Hospital. Tenants at the park include National Spine & Pain Centers, Fresenius Center, Integrated Health, Century Pediatrics, Fredericksburg Dental Associates and other medical practitioners affiliated with the Mary Washington Healthcare System. The Park at Snowden was delivered in 2002 and sits on 1.7 acres. Joe Friedman and Cristine Kleine of Edge represented the seller, a Fredericksburg-based private partnership, in the transaction. The team also procured the buyer, affiliates of Bethesda, Md.-based Fernau LeBlanc.

August 24, 2020

Acquisitions Arizona Net Lease Retail Western

NKF Brokers $20.3M Sale of Target-Occupied Building in Phoenix

by Amy Works August 21, 2020

PHOENIX — Newmark Knight Frank (NKF) has brokered the sale of a retail building located at 1625 Camelback Road in Phoenix. An affiliate of Menin Development sold the asset to an undisclosed institutional buyer for $20.3 million. Target occupies the single-tenant, 50,428-square-foot property on a long-term net lease with fixed rental increases. The retailer opened the store, its first small footprint location in Arizona, in July 2017. Matt Berres, Samer Khalil and David Guido of NKF Net Lease Capital Markets represented the seller and procured the buyer in the transaction.

August 21, 2020

Acquisitions California Multifamily Western

Fuller Theological Seminary Sells Multifamily Community in Pasadena for $19.3M

by Amy Works August 21, 2020

PASADENA, CALIF. — Fuller Theological Seminary, a Pasadena-based, multi-denominational evangelical Christian seminary, has completed the disposition of a multifamily property located at 700 Locust St. in Pasadena. A local private buyer acquired the asset for $19.3 million. Laurie Lustig-Bower, Kamran Paydar, Chavlis Evans and Kyle Barratt of CBRE represented the seller, while the buyer was self-represented in the deal. Originally built in 1987, the two-story property features 69 apartments in a mix of studio, one-, and two-bedroom layouts. Common amenities include a fitness room, library, internet lounge, courtyards, large conference room and reception room. The seller recently completed various upgrades, including elevator and stairwell improvements and a full renovation of the conference room. Interior unit upgrades include laminate hardwood-style floors, stone countertops, new kitchen cabinets, tile backsplashes, recessed lighting, bathroom enhancements and the installation of in-unit washers and dryers. Additionally, the community is adjacent to Interstate 210 and within one mile of the Lark Avenue and Memorial Park Metro Gold Line transit stations.

August 21, 2020

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