Acquisitions

CBRE Brokers $90.7M Sale of Caliber at Flatirons Apartments in Broomfield, Colorado

by Amy Works May 4, 2020

BROOMFIELD, COLO. — CBRE has facilitated the $90.7 million sale of Caliber at Flatirons, an apartment property located at 13892 Del Corso Way in Broomfield. Greenwood, Indiana-based The Garrett Cos. sold the community to Oakmont Properties for $90.7 million. Dan Woodward, David Potarf and Matt Barnett of CBRE’s Denver office represented the seller, while Marc Ross and CBRE’s Sacramento multifamily team represented the buyer in the deal. Andrew Behrens of CBRE Capital Markets Debt & Structured Finance arranged financing for the transaction. Completed in 2019, Caliber at Flatirons offers 288 units in a mix of one-, two- and three-bedroom layouts. Situated on 16 acres, the property features 308,478 rentable square feet, a swimming pool, grilling locations, an outdoor fireplace with seating areas, a fitness center and yoga studio.

May 4, 2020

Acquisitions Hospitality Midwest Wisconsin

Marcus & Millichap Arranges $2.7M Sale of Quality Inn & Suites Hotel in Wisconsin

by Kristin Harlow May 4, 2020

EAST TROY, WIS. — Marcus & Millichap has arranged the $2.7 million sale of the Quality Inn & Suites in East Troy, about 35 miles southwest of Milwaukee. Built in 1999, the 51-room hotel is located at 2921 O’Leary Lane. The property spans 38,660 square feet. Ebrahim Valliani, John Yurich, Allan Miller and Chris Gomes of Marcus & Millichap’s Chicago Oak Brook office marketed the hotel on behalf of the seller, a private investor. The team also secured and represented the buyer, a private investor. Todd Lindblom assisted on the transaction as the broker of record in Marcus & Millichap’s Wisconsin office.

May 4, 2020

Acquisitions California Industrial Lee & Associates Western

Stos Partners Buys 228,912 SF Coronavirus Test Distribution Site in Temecula, California

by Amy Works May 4, 2020

TEMECULA, CALIF. — San Diego-based Stos Partners has purchased an industrial asset located at 42301 Zevo Drive in Temecula. A private investor sold the facility for $28.9 million in an off-market transaction. Currently, a global, publicly traded healthcare company occupies the entire 228,912-square-foot property. The tenant plans to utilize the facility as part of its distribution network for COVID-19 tests. Scott Stewart of Lee & Associates represented Stos Partners, while Alisa Lovas of Lee & Associates represented the seller in the deal.

May 4, 2020

Acquisitions California Multifamily Western

Berkadia Negotiates $7.3M Sale of The Sterling Apartments in San Diego

by Amy Works May 4, 2020

SAN DIEGO — Berkadia has arranged the sale of The Sterling, a colonial revival multifamily asset in San Diego. Chicago-based Highlands REIT acquired the community from San Diego-based SENTRE for $7.3 million. Located at 470 20th St., the fully renovated, 27-unit property holds a Mills Act historic designation as part of the historic Sherman Heights neighborhood. The building features 14 studios and 13 one-bedroom units, all of which have been fully renovated with retained style and detailing of the early 20th century. Select units feature bay windows and private balconies. Community amenities include park-like garden terraces, restored and decorated common areas, and colonial revival architecture. Ed Rosen, John Chu and Tyler Sinks of Berkadia’s San Diego office represented the seller in the deal.

May 4, 2020

Acquisitions Florida Multifamily Southeast

Preferred Apartment Communities Acquires Newly Built Multifamily Complex in Florida’s Panhandle

by Alex Tostado May 1, 2020

PANAMA CITY BEACH, FLA. — Preferred Apartment Communities Inc. (PAC) has acquired Parkside at the Beach, a 288-unit multifamily complex in Panama City Beach. The community was built in 2019 and is situated at 17225 Panama City Beach Parkway, less than a mile from the beach. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, sundeck, business center, fitness center and a clubhouse. An undisclosed lender in Freddie Mac’s Optigo program provided a 10-year acquisition loan, which features a fixed 2.95 percent interest rate. The seller/developer and sales price were not disclosed.

May 1, 2020

Acquisitions Alabama Retail Southeast

SRS Negotiates $18.3M Sale of Publix-Anchored Shopping Center Near Birmingham

by Alex Tostado May 1, 2020

HOOVER, ALA. — SRS Real Estate Partners’ National Net Lease Group has negotiated the $18.3 million sale of Shops at Tattersall Park, a fully leased, grocery-anchored shopping center in Hoover. At the time of sale, the property was leased to Publix, Goodwill and regional tenants F45, Clean Juice and a nail boutique. The seller was an undisclosed Florida-based developer that built the property in 2019. Shops at Tattersall is situated within the 78-acre, master-planned Tattersall Park development, which is 12 miles southeast of downtown Birmingham. Matthew Mousavi and Patrick Luther of SRS represented the seller and buyer, a California-based company completing a 1031 exchange, in the transaction.

May 1, 2020

Acquisitions Retail Texas

Marcus & Millichap Arranges Sale of 8,344 SF Shopping Center in Metro Houston

by Taylor Williams May 1, 2020

PASADENA, TEXAS — Marcus & Millichap has arranged the sale of Shops at Fairmont, an 8,344-square-foot shopping center located in the eastern Houston suburb of Pasadena. The property was fully leased at the time of sale to tenants including The UPS Store and Domino’s Pizza. Justin Miller of Marcus & Millichap procured the Houston-based buyer in the transaction. Other terms of sale were not disclosed.

May 1, 2020

Acquisitions New York Northeast Retail

Avison Young Arranges $28.7M Sale of Retail Condominium in Manhattan

by Alex Patton May 1, 2020

NEW YORK CITY — Avison Young has arranged the $28.7 million sale of a 22,563-square-foot retail condominium unit in the Yorkville neighborhood on Manhattan’s Upper East Side. Located at 1683 Third Ave., the space is situated at the base of The Kent, a newly constructed, 30-story luxury condominium building. The condominium is split between a 12,796-square-foot retail space and a 9,767-square-foot lower level. The NYC School Construction Authority currently has a long-term lease at the property occupying 11,492 square feet on the ground floor, while the remaining 1,304 square feet of ground-floor space and entire 9,767-square-foot cellar were available for lease at the time of the sale. James Nelson, Vincent Carrega and Neil Helman led an Avison Young team that represented the owner and original developer, Extell Development Co., in the transaction. The buyer was undisclosed.

May 1, 2020

Acquisitions Industrial Northeast Pennsylvania

Velocity Ventures Acquires 51,181 SF Industrial Building in Bensalem, Pennsylvania

by Alex Patton May 1, 2020

BENSALEM, PA. — Velocity Ventures, a Philadelphia-based firm, has acquired a 51,181-square-foot industrial building in Bensalem, a southwestern suburb of Trenton. The sales price was $2.4 million. Located at 1296 Adams Road, the property features a roughly 18-foot clear height and offers quick access to Interstates 276 and 95. The building was approximately 80 percent leased at the time of sale. Jason Ostach and Chris Pennington of Binswanger Commercial Real Estate Services represented Velocity Ventures in the transaction. DM Ventures LLC was the seller.

May 1, 2020

Acquisitions New Jersey Northeast Retail

R.J. Brunelli Brokers Sale of Retail Development Site in Woodbridge, New Jersey

by Alex Patton May 1, 2020

WOODBRIDGE, N.J. — R.J. Brunelli & Co. has brokered the sale of a one-acre retail development site in Woodbridge, a southwestern suburb of New York City. Bud’s Hut restaurant occupied the property, which is located at 906 Route 1, for the last 50 years. The buyer, local builder Suburban Development LLC, plans to redevelop the property by constructing a 2,200-square-foot restaurant building with a drive-thru and a separate 3,000-square-foot retail building. John Lenaz of R.J. Brunelli represented Suburban Development in the transaction. Lenaz also represented the seller. The sales price as undisclosed.

May 1, 2020

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