Acquisitions

Jonathan Rose Cos. Acquires Tower West Apartments in Manhattan for $93.8M

by Alex Patton April 15, 2020

NEW YORK CITY — Local development and investment firm Jonathan Rose Cos. has acquired Tower West Apartments, a 217-unit multifamily property in Manhattan’s Upper West Side, for $93.8 million. Located at 65 W. 96th St., the 28-story building features a ground-floor terrace, community room, playground and onsite laundry facilities. The buyer plans upgrade the lobby, amenities and energy systems. The sale did not include the retail component of the asset. Rose Community Management has taken over management of the property. The seller was Starrett Corp., which originally developed the building in 1971.

April 15, 2020

Acquisitions Multifamily New York Northeast

JLL Brokers $10.8M Sale of Adjacent Multifamily Properties in Midtown Manhattan

by Alex Patton April 15, 2020

NEW YORK CITY — JLL has brokered the $10.8 million sale of 219-221 East 59th Street, two adjacent multifamily properties with ground-floor retail space in Midtown Manhattan. Each three-story building spans 10,560 square feet of space, including four residential units and 3,900 square feet of ground-floor retail space that were occupied by separate retail tenants at the time of sale. Tom Gammino and Clint Olsen led a JLL team that represented the seller, Gak Properties, in the transaction. Jeffrey Znaty of Kassin Sabbagh Realty represented the buyer, Cofinance Inc., the U.S. subsidiary of Cofinance Group SA.

April 15, 2020

Acquisitions Arizona Data Centers Industrial Western

Landmark Dividend Acquires PayPal Data Center Campus in Phoenix for $122M

by Amy Works April 15, 2020

PHOENIX — El Segundo, Calif.-based Landmark Dividend, an owner and developer of real property interests and digital infrastructures, has purchased a data center campus in Phoenix. According to local media outlets, PayPal sold the asset for $122 million. Acquisition of the 184,000-square-foot, 16-megawatt (MW) enterprise data center campus adds to Landmark’s expansion into offering a move-in-ready data center platform. The purchase is the company’s 16th data center asset acquisition in the last 18 months. The campus consists of three data center buildings, along with an office area designed to Tier IV standards. At the time of acquisition, tech-base financial services company PayPal occupied more than 50 percent of the campus on a long-term basis. Constructed between 2010 and 2014, the campus has roof capacity loads of up to 1.4 million pounds. The facility is fortified with a storage warehouse designed for Tier IV compliance, and offers full redundancy across its entire infrastructure, providing access to more than 10 carrier networks on-site. Landmark has retained JLL Phoenix’s Data Center Solutions team as leasing manager for the campus.

April 15, 2020

Acquisitions Arizona Industrial Western

Westcore Buys 148,689 SF Brooklyn Bedding Warehouse in Phoenix

by Amy Works April 15, 2020

PHOENIX — San Diego-based Westcore has purchased an industrial warehouse property located in Phoenix for $12.4 million in a sale-leaseback transaction. Dreamfoam Bedding, doing business as Brooklyn Bedding, occupies the facility and will lease it back from Westcore for a short period of time. Located at 4455 W. Camelback Road in Phoenix’s Southwest Valley submarket, the property features 148,689 square feet of Class A industrial warehouse space. Phil Haenel, Andy Markham, Mike Haenel and Will Strong of Cushman & Wakefield represented the buyer, while Scott Backes and Rose Arck of Brydant Real Estate represented the buyer in the deal.

April 15, 2020

Acquisitions Oregon Retail Western

Neville & Butler Commercial Negotiates Sale of 47,000 SF Former Toys R Us in Salem, Oregon

by Amy Works April 15, 2020

SALEM, ORE. — Neville & Butler Commercial Real Estate has brokered the sale of a retail building located in Salem. Raider Hill Advisors sold the asset for an undisclosed price. Located at 1200 Lancaster Drive NE, the former Toys R Us property features 47,000 square feet of retail space. Steven Neville and Natalie Butler of Neville & Butler Commercial Real Estate represented the seller in the deal. The name of the buyer was not released.

April 15, 2020

Acquisitions Multifamily Seniors Housing Washington Western

Blueprint Brokers Sale of Seniors Housing Community in Kennewick, Washington

by Amy Works April 15, 2020

KENNEWICK, WASH. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 36-unit assisted living community in Kennewick, located near the Oregon border in the eastern half of the state. The property was over 90 percent occupied at the time of sale, though it has struggled in recent years due to key leadership turnover, according to Blueprint. For this reason, it was still marketed as a value-add opportunity. The buyer was well capitalized and local, and this is the company’s fourth acquisition in Washington. The seller and price were not disclosed.

April 15, 2020

Acquisitions California Hospitality Western

Marcus & Millichap Brokers $9M Sale of Motel 6 in North Hills, California

by Amy Works April 14, 2020

NORTH HILLS, CALIF. — Marcus & Millichap has brokered the sale of Motel 6 Los Angeles – Van Nuys – North Hills, located at 15711 Roscoe Blvd. in North Hills. A limited liability company sold the asset to a private investor for $9 million. The hotel features 131,412 square feet of space. Brandon Michaels, Steven Schechter and Sean Brandt of Marcus & Millichap’s Encino, Calif., office represented the seller and buyer in the transaction.

April 14, 2020

Acquisitions Colorado Office Western

Quiver Investments, NavPoint Real Estate Arrange $3.5M Sale of Office Property in Colorado

by Amy Works April 14, 2020

CENTENNIAL, COLO. — Denver-based Quiver Investments and NavPoint Real Estate Group have negotiated the sale of Arapahoe Plaza East II, an office building located in Centennial. An undisclosed buyer acquired the asset for $3.5 million. Located at 7955 E. Arapahoe Court, the property features 29,140 square feet of multi-tenant office space. At the time of sale, the asset was 96 percent occupied. John Witt of Quiver Investments and Matt Kulbe of NavPoint Real Estate Group represented the seller. Lon Welsh of Your Castle Real Estate represented the buyer in the deal.

April 14, 2020

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 267-Unit Self-Storage Facility Near San Antonio

by Taylor Williams April 14, 2020

CONVERSE, TEXAS — Marcus & Millichap has brokered the sale of Noah’s Ark Self Storage, a 267-unit facility in Converse, a northeastern suburb of San Antonio. The property features 82,960 net rentable square feet, with units ranging in size from 16 to 300 square feet. Jon Danklefs of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, Store It All Self Storage. The facility is the new ownership’s 18th location in Texas.

April 14, 2020

Acquisitions Retail Texas

STRIVE Arranges Sale of 15,064 SF Stonebrook Square Retail Strip Center in Frisco

by Taylor Williams April 14, 2020

FRISCO, TEXAS — Dallas-based STRIVE has arranged the sale of Stonebrook Square, a 15,064-square-foot retail strip center in Frisco. The property was fully leased at the time of sale to tenants including a pediatric dentist, orthodontist, music-learning studio and a martial arts studio. STRIVE represented the seller, a Texas-based investor, in the transaction. A California-based exchange buyer acquired the asset for an undisclosed price.

April 14, 2020

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