Acquisitions

Phoenix Investors Acquires 625,000 SF Industrial Facility in West Mifflin, Pennsylvania

by Alex Patton April 2, 2020

WEST MIFFLIN, PA. — An affiliate of Wisconsin-based developer Phoenix Investors has acquired a 625,000-square-foot industrial facility in West Mifflin, a southwestern suburb of Pittsburgh. The property is situated on 53 acres at 1200 Lebanon Road and includes approximately 15 acres of unused developable land. Originally built for Continental Can Co., the property features 24-foot clear heights and 57 loading doors. The property was approximately 70 percent leased by more than 20 tenants at the time of sale. John Jackson and Evan Cicirello of Grant Street Associates Inc., an affiliate of Cushman & Wakefield, represented the undisclosed seller in the transaction. The team also procured Phoenix Investors as the buyer. The sales price was undisclosed.

April 2, 2020

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $9.2M Sale of Vacant Multifamily Building in Manhattan’s Tribeca Neighborhood

by Alex Patton April 2, 2020

NEW YORK CITY — Marcus & Millichap has brokered the $9.2 million sale of a vacant, five-story multifamily building in Manhattan’s Tribeca neighborhood. Located at 36 Walker St. and originally built in 1915, the asset formerly included five apartment units and offers the buyer 11,336 square feet of redevelopment opportunity. Barbara Dansker of Marcus & Millichap represented the seller, a private investor, in the transaction. Dansker also procured the buyer, an active owner and manager in New York City. No redevelopment plans were disclosed.

April 2, 2020

Acquisitions Connecticut Northeast Retail

Lyman Real Estate Negotiates $5.5M Sale of Retail Property in Greenwich, Connecticut

by Alex Patton April 2, 2020

GREENWICH, CONN. — Lyman Real Estate has negotiated the $5.5 million sale of a retail property in Greenwich, a western suburb of Stamford. Located at 100 East Putnam Ave., the 2,581-square-foot building has been leased to M&T Bank for the last 20 years. The buyer, AFT Management LLC, plans to redevelop the property to house a larger building. Exact construction plans were undisclosed, but the new building will include space for multiple retail tenants. M&T Bank will retain the same footprint in the new building through November 2028. Jean Pierre Gagne of Lyman Real Estate represented AFT Management in the transaction. Ron Lyman, also of Lyman, represented the seller, Fried & Taylor LLC.

April 2, 2020

Acquisitions Office Southeast Virginia

JLL Brokers $97.6M Sale of Office Building in Northern Virginia

by Alex Tostado April 1, 2020

FALLS CHURCH, VA. — JLL has brokered the sale of 2941 Fairview Park Drive, a 367,349-square-foot, 15-story office building in Falls Church. The sales price was not disclosed, although multiple media outlets report the asset traded for $97.6 million. The property was 94 percent leased at the time of sale to multiple Fortune 500 companies and the headquarters of defense and aerospace firm Booz Allen Hamilton. The building features 9- to 12-foot ceiling heights, a restaurant, café and a fitness center. The asset is situated 15 miles west of downtown Washington, D.C. Bill Prutting of JLL represented the undisclosed seller in the transaction. An affiliate of Silicon Valley-based Menlo Equities acquired the building.

April 1, 2020

Acquisitions Florida Multifamily Southeast

Preferred Apartment Communities Acquires 392-Unit Multifamily Community in Metro Tampa

by Alex Tostado April 1, 2020

WESLEY CHAPEL, FLA. — Preferred Apartment Communities (PAC) has acquired Altis Wiregrass Ranch, a 392-unit multifamily community in Wesley Chapel. The seller and developer, The Altman Cos., delivered the property in 2018. PAC acquired the property after making an investment in the construction loan for the property two years ago. The sales price was not disclosed, but the Atlanta-based REIT said it purchased the asset in all cash. Altis Wiregrass Ranch is situated within Wiregrass Ranch, a master-planned, mixed-use community spanning 5,000 acres. The apartment community is located at 28878 Golden Vista Blvd., 22 miles north of downtown Tampa. Communal amenities include a fitness center, pool and package services.

April 1, 2020

Acquisitions Retail South Carolina Southeast

TSCG Negotiates $17.1M Sale of Retail Center in North Charleston

by Alex Tostado April 1, 2020

NORTH CHARLESTON, S.C. — TSCG has negotiated the $17.1 million sale of The Shoppes at Centre Pointe, a 139,688-square-foot retail center in North Charleston. Ashley Home Furniture, Dollar Tree and Staples anchor the center, which was 98 percent leased at the time of sale. Other tenants include Dunkin’, Sally Beauty, GameStop and Cici’s Pizza. The property is situated at 4950 Centre Pointe Drive, 11 miles north of downtown Charleston. Anthony Blanco and Jeff Yurfest of TSCG represented the seller, an undisclosed investor based in Atlanta, in the transaction. The buyer was an undisclosed, Georgia-based entity affiliated with Olympic Property Management.

April 1, 2020

Acquisitions California Multifamily Western

Marcus & Millichap Negotiates $20.1M Sale of Seville Apartments in Southern California

by Amy Works April 1, 2020

WHITTIER, CALIF. — Marcus & Millichap has negotiated the sale of Seville Apartments, a multifamily property located in Whittier. A private investor acquired the asset for $20.1 million, or $261,039 per unit. Situated 12 miles southeast of Los Angeles, Seville Apartments features 77 units in a mix of one- and two-bedroom floor plans. Built in 1971 on 2.5 acres, the community also features gated carport parking, on-site laundry, a swimming pool and a courtyard with pond, barbecues and picnic area. Tyler Leeson and Matt Kipp of Marcus & Millichap’s Newport Beach, Calif., office represented the seller, a private investor, and the buyer in the deal.

April 1, 2020

Acquisitions Arizona Industrial Western

Commercial Properties Arranges Sales of Two Cross-Dock Trucking Facilities in Arizona for $3.2M

by Amy Works April 1, 2020

PHOENIX AND TUCSON, ARIZ. — Commercial Properties has brokered the sales of two less-than-truckload (LTL), cross-dock trucking facilities in Tucson and Phoenix. In Tucson, Thomasville, N.C.-based Old Dominion Freight Line has completed the disposition of a 22-acre property that consists of a 31-door truck terminal located at 2202 N. Dragoon St. A Northern California-based buyer acquired the asset for $1.4 million. Jeff Hays of Commercial Properties represented the seller in the transaction. Additionally, John and Stacy Pifer completed the sale of a 36-door cross-dock LTL terminal located on six acres at 1412 S. 51st Ave. in Phoenix. Two Brothers Property purchased the asset for $1.8 million. Hays represented the buyer in the deal.

April 1, 2020

Acquisitions California Industrial Retail Western

Colliers Brokers Sale of 6,200 SF Retail, Warehouse Building in National City, California

by Amy Works April 1, 2020

NATIONAL CITY, CALIF. — Colliers International San Diego Region has arranged the sale of a retail and warehouse property located in National City. WestPro Plumbing acquired the asset from Gary R Kitagawa Family Trust for $1.6 million, or $256 per square foot. Built in 1986, the 6,200-square-foot building is situated on a 13,500-square-foot parcel at 712 E. 18th St. The property features 15-foot roll-up doors, 14 parking spaces and a fenced loading and storage area. Chris Holder, Will Holder and Mark Lewkowitz of Colliers represented the seller, while Ron Bement of Newmark Knight Frank represented the buyer.

April 1, 2020

Acquisitions New York Northeast Office Retail

Kaufman Organization Acquires Office, Retail Asset in Manhattan’s Flatiron District for $48.5M

by Alex Patton April 1, 2020

NEW YORK CITY — The Kaufman Organization has acquired a 66,190-square-foot office and retail asset in Manhattan’s Flatiron District for $48.5 million. The 12-story building is located at 56 W. 22nd St. and includes 59,719 square feet of office space on the second through 12th floors, and 6,471 square feet of retail space on the ground floor. Maynicke & Franke constructed the building in 1907. Bob Knakal and Stephen Palmese led a JLL team that represented the seller, a private investor, in the transaction. The team also procured the buyer, the Kaufman Organization.

April 1, 2020

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