Acquisitions

AQYRE Real Estate Advisors Brokers $3.1M Sale of Apartment Building in Denver

by Amy Works June 9, 2020

DENVER — AQYRE Real Estate Advisors has arranged the sale of an apartment building located at 2441 S. York St. in Denver. An undisclosed buyer acquired the property for $3.1 million, or $350.10 per square foot. Situated between the University of Denver campus and University Avenue, the 8,926-square-foot property features on-site parking and 17 apartments, with 13 units fully renovated. Joe Hornstein, Scott Fetter and David Barocas of AQYRE represented the undisclosed seller, while Matt Lewallen and Kevin Calame, also of AQYRE, represented the buyer in the deal.

June 9, 2020

Acquisitions Midwest Ohio Retail

Boulder Group Arranges $2.6M Sale of Property Net Leased to Walgreens in Metro Cleveland

by Kristin Harlow June 9, 2020

PAINESVILLE, OHIO — The Boulder Group has arranged the $2.6 million sale of a 15,048-square-foot property net leased to Walgreens in Painesville within metro Cleveland. The building is located at 132 Richmond St. Walgreens has nearly eight years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Northeast-based private real estate company. A West Coast-based investor purchased the asset.

June 9, 2020

Acquisitions California Leasing Activity Office Top Stories Western

PG&E to Move to Oakland, Sell San Francisco Headquarters

by John Nelson June 9, 2020

SAN FRANCISCO AND OAKLAND, CALIF. — PG&E Corp. (NYSE: PCG), parent company of West Coast utilities company Pacific Gas and Electric Co., has entered into a long-term lease at 300 Lakeside, a 824,469-square-foot office building situated along Lake Merritt in Oakland. Starting in 2022, the publicly traded firm will move away from its longtime downtown San Francisco headquarters at 77 Beale St. and 245 Market St. The company plans to sell the buildings, pending approval of the bankruptcy court. PG&E entered into bankruptcy protection in January 2019 that included a $13.5 billion settlement for approximately 70,000 victims of the Northern California wildfires in 2017 and 2018, according to the San Francisco Business Times. The company’s power lines were reported to have sparked the fires. PG&E plans to request approval from the California Public Utilities Commission to return the net gain realized upon the future sale of its San Francisco headquarters to its customers. The company currently owns and occupies roughly 1 million square feet of office space in San Francisco, according to the San Francisco Business Times. PG&E’s lease in Oakland includes a purchase option from landlord TMG Partners taking effect in 2023, the same year that PG&E plans to …

June 9, 2020

Acquisitions District of Columbia Office Southeast

Grosvenor Americas Acquires Two Office Buildings in D.C.’s Georgetown District Totaling 241,000 SF

by Alex Tostado June 8, 2020

WASHINGTON, D.C. — Grosvenor Americas has acquired two office buildings spanning 241,000 square feet in Washington, D.C.’s historic Georgetown district. The first property is the Georgetown-Green Building, a four-story, 112,000-square-foot building located at 2001 Wisconsin Ave. The British International School of Washington occupies the building, which was constructed in 1967 and renovated in 1987 and again in 2007. The other property in the transaction is the Harris Building, a five-story, 129,000-square-foot building located at 3300 Whitehaven St. Georgetown University occupies the building, which was built in 1975 and renovated in both 1987 and in 2005. The buildings are located less than one mile from each other and three miles northwest of downtown Washington, D.C. Grosvenor plans to implement smart technology designed to lessen utility loads and minimize the properties’ carbon footprint. The seller(s) and sales price were not disclosed.

June 8, 2020

Acquisitions Maryland Multifamily Southeast

Byrnes & Associates Arranges $22M Sale of Apartment Building in Downtown Baltimore

by Alex Tostado June 8, 2020

BALTIMORE — Byrnes & Associates Inc. has arranged the sale of The Munsey Apartment Building, an 18-story, 149-unit apartment building in downtown Baltimore. The property offers studio, one- and two-bedroom floor plans ranging from 668 to 1,705 square feet. Communal amenities include a fitness center, business center and a community clubroom. The building was originally constructed in 1911 and is named after Frank Munsey, the publisher and owner of the Baltimore-Sun. The asset was converted to multifamily space in 2002. Brad Byrnes of Byrnes & Associates represented both the buyer, PMC Property Group, and the seller, LC3 Investors Baltimore LLC, in the transaction.

June 8, 2020

Acquisitions New Jersey Northeast Office

CBRE Brokers $9M Sale of Office Property in Parsippany, New Jersey

by Alex Patton June 8, 2020

PARSIPPANY, N.J. — CBRE has brokered the $9 million sale of a 75,049-square-foot, Class B office property in Parsippany, approximately 30 miles west of New York City. Located at 10 Lanidex Plaza West, the three-story building was constructed in 1987 and offers convenient access to Interstates 80 and 287. Business management consultant Solix Inc. leased 31,442 square feet at the building earlier this year. Charles Berger, Elli Klapper and Mark Silverman of CBRE, along with A&T Services’ Thomas Mallaney, represented seller Lincoln Property Co. in the transaction. MSM Equities was the buyer.

June 8, 2020

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Arranges $2.1M Sale of Retail Property in Aberdeen, New Jersey

by Alex Patton June 8, 2020

ABERDEEN, N.J. — Marcus & Millichap has arranged the $2.1 million sale of a 3,378-square-foot retail property net-leased to Amboy Bank in Aberdeen, a southern suburb of New York City. Located at 1147 State Route 34, the property sits as an outparcel to a retail center anchored by grocer Stop & Shop. Jason Petrick of Marcus & Millichap represented the buyer, a limited liability company, in the transaction. The buyer was an out-of-state1031 exchange buyer that acquired the asset in an all-cash deal.

June 8, 2020

Acquisitions Retail Texas

Marcus & Millichap Arranges Sale of Two Retail Buildings Totaling 19,772 SF in West Austin

by Taylor Williams June 8, 2020

AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Gateway to Falconhead Buildings A & F, two retail properties totaling 19,772 square feet in Austin. The buildings are part of the Falconhead master-planned development on the city’s west side. Ethan Offenbecher of Marcus & Millichap represented the seller, a limited liability company, in the transaction. A Texas-based 1031 exchange investor acquired the asset for an undisclosed price.

June 8, 2020

Acquisitions California Retail Western

SRS Brokers $9.5M Sale of Shops at El Camino Real in Belmont, California

by Amy Works June 8, 2020

BELMONT, CALIF. — SRS Real Estate Partners has negotiated the sale of Shops at El Camino Real, a retail center located at 1200 El Camino Real in Belmont. A Northern California-based private investor sold the asset for $9.5 million, or approximately $1,200 per square foot. Peet’s Coffee & Tea, Detox Kitchen & Juice Bar, Menchie’s Yogurt, SuperCuts, Toto’s Pizzeria and AT&T are tenants at the two-building, 8,014-square-foot retail center. Built in 1999, the property is an outparcel to a Safeway-anchored retail center. Chris Tramontano, John Redfield and Bruce Frazer of SRS’ National Net Lease Group represented the seller. The Gilmartin Group represented the undisclosed buyer in the transaction.

June 8, 2020

Acquisitions Net Lease Retail Utah Western

DWG Capital Group Arranges $6.6M Acquisition of Walgreens-Occupied Building in Utah

by Amy Works June 8, 2020

SOUTH OGDEN, UTAH — Los Angeles-based DWG Capital Group has negotiated the purchase of a single-tenant, net-leased retail property located in South Ogden, approximately 35 minutes from Salt Lake City. A Sacramento, Calif.-based private family trust acquired the property for $6.6 million. Built in 2010, the 14,490-square-foot property is situated on 1.6 acres at 6016 S. 1550 East. A corporate-operated Walgreens occupies the property under a 17-year, triple-net lease. Judd Dunning of DWG Capital Group, along with Mitchell Asset Group, represented the buyer, while Deerfield Partners represented the undisclosed seller in the transaction. Victor Saponari of Quantum Capital Partners arranged debt financing for the buyer.

June 8, 2020

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