Acquisitions

Dalfen Industrial Acquires 75,000 SF Aurora Center I at Gateway Near Denver International Airport

by Amy Works June 3, 2020

AURORA, COLO. — Dalfen Industrial has purchased Aurora Center I at Gateway, an industrial property located near Interstate 70 and intermodal facilities in Aurora, between downtown Denver and the Denver International Airport. Built in 2003, the 75,000-square-foot asset features a fully gated secured truck court and 12 dock-high doors. Additionally, the property features unpaved land on the east side of the building that could be used as yard, additional trailer parking or as a potential 30,000-square-foot building expansion. Terms of the transaction, including the name of the seller and acquisition price, were not released.

June 3, 2020

Acquisitions California Retail Western

Marcus & Millichap Brokers $3.2M Sale of Domino’s-Occupied Retail Property in Los Angeles County

by Amy Works June 3, 2020

INGLEWOOD, CALIF. — Marcus & Millichap has arranged the sale of a retail building located at 901 S. La Brea Ave. in Inglewood. A partnership acquired the asset from an individual/personal trust for $3.2 million, or $351 per square foot. Domino’s Pizza occupies the 9,042-square-foot retail building. Brandon Michaels of Marcus & Millichap’s Encino, Calif., office represented the seller and buyer in the deal.

June 3, 2020

Acquisitions Multifamily New York Northeast

Avison Young Brokers $4.5M Sale of Multifamily Property in Manhattan

by Alex Patton June 2, 2020

NEW YORK CITY — Avison Young has brokered the $4.5 million sale of a four-unit multifamily property in the SoHo neighborhood of Manhattan. Located at 198 Prince St., the 5,000-square-foot property was constructed in 1900 and includes ground-floor space for retail or office uses. Brandon Polakoff of Avison Young represented the seller, a private owner, in the transaction. The buyer was undisclosed.

June 2, 2020

Acquisitions Florida Multifamily Southeast

Westside Capital Group Purchases Multifamily Community in Orlando for $45M

by Alex Tostado June 2, 2020

ORLANDO, FLA. — Westside Capital Group has purchased The Residences at Veranda Park, a 150-unit multifamily community in Orlando, for $45 million. The five-story building was built in 2008. The property offers one-, two- and three-bedroom floor plans averaging 1,239 square feet. Communal amenities include two fitness centers, two spas, a clubhouse, 482 parking spots and 48,385 square feet of commercial leasable space on the ground floor. Westside Capital aims to update common areas and perform targeted management initiatives. Evan Kristol, Jason Hague and Duane Anderson of Marcus & Millichap represented the buyer in the transaction. The seller was not disclosed. Additionally, Charles Foschini of Berkadia originated a $31.5 million Freddie Mac acquisition loan on behalf of the buyer.

June 2, 2020

Acquisitions Industrial Leasing Activity Southeast Tennessee

Brennan Investment Group Executes Sale-Leaseback of 90,250 SF Industrial Building Near Nashville

by Alex Tostado June 2, 2020

GALLATIN, TENN. — Brennan Investment Group has acquired and executed a 90,250-square-foot sale-leaseback of an industrial building fully leased to Bennett Tool & Die, a contract tooling and metal stamping supplier. The building is located at 1550 Airport Road in Gallatin, 33 miles northeast of downtown Nashville. The facility serves as Bennett Tool & Die’s corporate headquarters and primary manufacturing facility. The sales price and terms of the new lease were not disclosed.

June 2, 2020

Acquisitions Florida Office Southeast

Cushman & Wakefield Arranges $13.8M Sale of Office Building in West Palm Beach

by Alex Tostado June 2, 2020

WEST PALM BEACH, FLA. — Cushman & Wakefield has arranged the $13.8 million sale of Brandywine Centre I, a 69,954-square-foot office building in West Palm Beach. The three-story property comprises 60,854 square feet of office space and a 9,100-square-foot restaurant outparcel. Notable tenants at the time of sale included Divine Blalock Martin Sellari LLC, Renegades Country Western Bar, Online Trading Academy, Landcastle Title Group and DBA Trident Title. The asset is located at 580 Village Blvd., four miles west of downtown West Palm Beach. Greg Miller, Scott O’Donnell, Dominic Montazemi, Mike Ciadella and Miguel Alcivar of Cushman & Wakefield represented the sellers, KAS Brandywine LLC and KAS Hags CUP LLC, in the transaction. John DeMarco of ReMax 5 Star Realty represented the buyer, Palm Beach Business Center GP.

June 2, 2020

Acquisitions Multifamily Utah Western

Roundhouse Acquires 324-Unit The Alloy at Geneva Apartments in Vineyard, Utah

by Amy Works June 2, 2020

VINEYARD, UTAH — Roundhouse has purchased The Alloy at Geneva, a multifamily property located within Geneva, a master-planned community in Vineyard, within the Provo-Orem metro area. An affiliate of Dekel Capital and an affiliate of Mountain Capital Partners sold the asset for an undisclosed price. Built in 2015 on 15 acres, the 314,562-square-foot apartment complex features 14 three- and four-story residential buildings, offering a total of 324 units, and a clubhouse. The average unit size is 971 square feet. Brock Zylstra, Steve Gebing, Cliff David and Danny Shin of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the deal. Phil Brierley of Marcus & Millichap served as the broker of record in Utah.

June 2, 2020

Acquisitions Arizona Industrial Western

Colliers Arranges $18M Sale of 10-Building Industrial Portfolio in Phoenix

by Amy Works June 2, 2020

PHOENIX — Colliers International has brokered the sale of a 10-property industrial portfolio in Phoenix. Hibernia Capital Advisors sold the assets to Phoenix-based Harrison Properties for $18 million, or $50 per square foot. Totaling 357,921 square feet, the properties range in size from 17,000 square feet to 77,000 square feet. At the time of sale, the Class B and C buildings were 96 percent leased. Current tenants include Strictly from Scratch, Mega Metals and Pierpont Manufacturing. The properties are located at 1701-1735 W. Roosevelt St.; 902-922 and 800 N. 17th Ave.; 1728 W. McKinley St.; 1010 and 1333-1345 N. 22nd Ave.; and 1837-1843, 2102-2112, 2202-2210 and 2212 N. 23rd Ave. Don MacWilliam and Payson MacWilliam of Colliers’ Arizona team negotiated the transaction.

June 2, 2020

Acquisitions California Office Western

Miramar Property Investment Co. Sells Two Office Assets in Malibu for $17.5M

by Amy Works June 2, 2020

MALIBU, CALIF. — Miramar Property Investment Co. has completed the sale of two office buildings located within Malibu Professional Park in Malibu. Wave Enterprises, a 501(c)(3) charitable entity of Pepperdine University, acquired the assets for $17.5 million. Located at 23805 and 23815 Stuart Ranch Road, the buildings offer a total of 39,615 square feet. At the time of sale, the properties were nearly 85 percent leased to a variety of office and medical tenants, including UCLA Medical, Pepperdine University and various local business firms. Tony Dorn of Beitler Commercial Realty, along with A.J. Dorn of Newmark Knight Frank, represented the seller in the deal.

June 2, 2020

Acquisitions Multifamily Texas

Rastegar Acquires 70-Unit Oakview Terrace Apartments in Austin’s Mueller District

by Taylor Williams June 2, 2020

AUSTIN, TEXAS — Locally based investment firm Rastegar Property Co. has acquired Oakview Terrace Apartments, a 70-unit multifamily community located in Austin’s Mueller District. The acquisition follows the company’s purchase of the nearby 58-unit Mueller Square Apartments, a deal that was announced on May 19. Oakview Terrace was built in 1972 and spans more than 48,000 net rentable square feet. Rastegar will implement a value-add program to the unit interiors and utility systems. The seller was not disclosed.

June 2, 2020

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