Acquisitions

JLL Negotiates Sale of 315,000 SF Office Asset in Pasadena

by Amy Works April 29, 2020

PASADENA, CALIF. — JLL Capital Markets has directed the sale of 101 S. Marengo, a Class A office property in Pasadena. Terms of the transaction were not released. Originally built in 1974, the 315,000-square-foot property was occupied by a single tenant that vacated last year. The asset is now available for a full renovation building to create a multi-tenant environment. Situated on 2.9 acres, the transit-oriented site is one block from the Los Angeles Metro Gold line and close proximity to Pasadena 101, Venture 134 and Foothill 210 freeways. Michael Leggett, Andrew Harper, Will Poulsen and Patrick Church of JLL represented the undisclosed seller in the deal.

April 29, 2020

Acquisitions Colorado Net Lease Retail Western

Marcus & Millichap Arranges $6.8M Sale of Natural Grocers-Occupied Retail Asset in Denver

by Amy Works April 29, 2020

DENVER — Marcus & Millichap has arranged the sale of a retail property located at 18471 Green Valley Ranch Blvd. in Denver. The newly constructed building traded for $6.8 million, setting a nationwide pricing record for a fee-simple Natural Grocers store, according to Marcus & Millichap. Cory Gross of Marcus & Millichap’s Denver office represented the undisclosed buyer and undisclosed seller in the deal. Natural Grocers occupies the 13,000-square-foot property on a 15-year triple-net lease basis. The organic and natural foods grocery store is set to open in the coming weeks. The company was founded in 1955 and focuses on providing nutrition education, high-quality products, connection to the local community and healthy lifestyles for its employees.

April 29, 2020

Acquisitions Multifamily Nevada Western

Camino Verde Acquires 28-Unit Apartment Community in Las Vegas

by Amy Works April 29, 2020

LAS VEGAS — Camino Verde Group has purchased a 28-unit multifamily property located at 2556 S. Van Patten St. in Las Vegas’ Historic Commercial Center District. Terms of the transaction, including acquisition price and the name of the seller, were not released. Camino Verde plans to rebrand the property as Camino 2556 and implement a $300,000 interior and exterior improvement plan. Built in 1963, Camino 2556 features 28 units in a mix of one-, two- and three-bedroom layouts with oversized kitchens and closets. The property’s four garden-style buildings are adjacent to Camino 2575, another Camino Verde Group-owned property.

April 29, 2020

Acquisitions New Jersey Northeast Office Top Stories

American Real Estate Partners, Independencia Sell Merrill Lynch-Occupied Office Park in New Jersey for $95M

by Kristin Harlow April 29, 2020

HOPEWELL TOWNSHIP, N.J. — American Real Estate Partners (AREP) and Independencia Asset Management have sold 1100-1200 American Boulevard in Hopewell Township, approximately 10 miles west of Princeton, for $95 million. Originally built in 2000 as part of the Merrill Lynch corporate campus, the property consists of three Class A office buildings totaling 380,417 square feet. It is currently fully leased to Merrill Lynch, which Bank of America acquired in 2008. AREP purchased the property in 2013. Under terms of the new agreement, AREP will continue to lease and manage the asset. Cushman & Wakefield brokered the transaction. A New York City-based real estate investment firm was the buyer. “The deal offered positive cash flow from an investment-grade tenant for several years; desirable real estate centrally located between New York City and Philadelphia; and an opportunity to ensure management continuity by leveraging AREP’s operating platform,” says David Bernhaut, executive vice chairman of Cushman & Wakefield’s capital markets group. The Princeton/Route 1 Corridor has been one of New Jersey’s top submarkets for nearly two decades, according to AREP. Since 2004, the area has experienced a 20 percent increase in Class A asking rents. Headquartered in metro Washington, D.C., AREP is an institutional …

April 29, 2020

Acquisitions New Jersey Northeast Retail

Cushman & Wakefield Brokers $31.5M Sale of Shopping Center in Lawnside, New Jersey

by Alex Patton April 28, 2020

LAWNSIDE, N.J. — Cushman & Wakefield has brokered the $31.5 million sale of Lawnside Commons, a 151,000-square-foot retail property in Lawnside, a southwestern suburb of Philadelphia. Home Depot anchors the center, which is located at 310 White Horse Pike, and the tenant roster includes PetSmart, Wendy’s, T-Mobile and Mattress Firm. Andrew Merin, David Bernhaut and Gary Gabriel led a Cushman & Wakefield team that represented the undisclosed seller. The team also procured the buyer, a joint venture between MCB Real Estate LLC and United Hampshire US REIT.

April 28, 2020

Acquisitions Multifamily Texas

NorthMarq Arranges Sale of 396-Unit Vineyards at Arlington Apartments

by Taylor Williams April 28, 2020

ARLINGTON, TEXAS — NorthMarq has arranged the sale of Vineyards at Arlington, a 396-unit apartment community that consists of 31 buildings across 16.4 acres in the middle of the DFW metroplex. The property was built in 1985 and offers amenities such as a pool, racquetball court, theater, resident clubhouse, playground, picnic area and a dog park. Taylor Snoddy, James Roberts and Philip Wiegand of NorthMarq represented the seller, a partnership between two limited liability companies. The buyer, Pegasus Real Estate LLC, plans to implement a value-add program. Stephen Whitehead, Lauren Bresky and William Hancock of NorthMarq arranged acquisition financing and an equity partner for the buyer.

April 28, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 100-Unit Regency Oaks Apartments in Fort Worth

by Taylor Williams April 28, 2020

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Regency Oaks, a 100-unit apartment community on the eastern side of Fort Worth. Built in 1967 and renovated in 2001, the property features one- and two-bedroom units and amenities such as a pool and onsite laundry facilities. Al Silva of Marcus & Millichap represented the seller, Canada-based Republic Funds, in the transaction. Silva also procured the buyer, a Texas-based limited liability company.

April 28, 2020

Acquisitions Hospitality Illinois Midwest

North Park Ventures, MF Development Buy Chicago Land Site for $19M, Plan Hotel Project

by Kristin Harlow April 28, 2020

CHICAGO — A partnership between North Park Ventures and MF Development has purchased a nearly 20,000-square-foot land site in Chicago’s Fulton Market district for $19 million. The partnership plans to redevelop the site into a hotel and retail project. The sale included three existing properties: a two-story restaurant building at 204 N. Halsted St., a three-story restaurant building at 804-808 W. Lake St., and a two-story retail building and adjacent parking lot at 810-816 W. Lake St. Marty Casey and Matt Scales of @properties Commercial arranged the sale and worked with three different sellers to assemble the site.

April 28, 2020

Acquisitions Industrial Midwest Minnesota

JLL Brokers $7.4M Sale of Distribution Center in Metro Minneapolis

by Kristin Harlow April 28, 2020

CANNON FALLS, MINN. — JLL Capital Markets has brokered the $7.4 million sale of a 200,000-square-foot distribution center in the Minneapolis-area community of Cannon Falls. The facility is net leased to Mauser Packaging Solutions, an industrial packaging conglomerate that has occupied the property since 2009. The building sits on nearly 17 acres at 100 Holiday Ave. Peter Bauman, Tivon Moffitt and Chris Hickok of JLL represented the undisclosed seller. A private foreign investor purchased the asset.

April 28, 2020

Acquisitions Michigan Midwest Multifamily

RHP Properties Acquires Detroit-Area Manufactured Home Community

by Kristin Harlow April 28, 2020

OAKLAND TOWNSHIP, MICH. — RHP Properties has acquired Woodlands Estates, a 375-site manufactured home community in Oakland Township, about 30 miles north of Detroit. The purchase price was undisclosed. The pet-friendly community features a clubhouse, pool, fitness center, resident garden and playground. RHP plans to upgrade the amenities and add a business center. This is RHP’s 18th property in Michigan. The company now owns and operates 260 manufactured home communities nationwide.

April 28, 2020

Newer Posts

Older Posts