Acquisitions

Gebroe-Hammer Arranges $12M Sale of Multifamily Property in Plainfield, New Jersey

by Alex Patton April 1, 2020

PLAINFIELD, N.J. — Gebroe-Hammer Associates has arranged the $12 million sale of Stoney Brooke Gardens, a 70-unit multifamily property in Plainfield, a western suburb of New York City. Located at 643-715 E. Front St., the garden-style apartment complex was built in 1961 and features two-bedroom floor plans exclusively. The property is located within walking distance of multiple retail and dining destinations as well as two rail service stations. Stephen Tragash of Gebroe-Hammer represented the seller, Stoney Brook Associates LLC, in the transaction. Tragash also procured the buyer, a private investor.

April 1, 2020

Acquisitions Connecticut Industrial Multifamily Northeast Office Retail

Chozick Realty Negotiates $5M Sale of Commercial Portfolio in Vernon, Connecticut

by Alex Patton April 1, 2020

VERNON, CONN. — Chozick Realty Inc. has negotiated the $5 million sale of a portfolio of commercial properties in Vernon, a northeastern suburb of Hartford. The portfolio included the 65-unit Westar Apartments, an 8,600-square-foot warehouse, a 2,400-square-foot office building, a 1,700-square-foot retail property and an eight-unit apartment building. Tom Boyle of Chozick Realty represented the undisclosed seller in the transaction. Boyle also procured the buyer, a regional multifamily investor.

April 1, 2020

Acquisitions Industrial Self-Storage Texas

Bellomy Negotiates Sale of 240-Unit Houston Mini Storage Facility

by Taylor Williams April 1, 2020

HOUSTON — Self-storage investment brokerage firm Bellomy & Co. has negotiated the sale of Houston Mini Storage, a 240-unit facility located at 12841 S. Main St. on the city’s southwest side. The property features 31,490 net rentable square feet and was 84 percent occupied at the time of sale. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the locally based buyer in the transaction. Taucha Hogue of Newmark Knight Frank represented the seller.

April 1, 2020

Acquisitions Retail Texas

Wellington Realty Brokers Sale of 54,250 SF Ridge Road Towne Center in Rockwall, Texas

by Taylor Williams April 1, 2020

ROCKWALL, TEXAS — Wellington Realty has brokered the sale of Ridge Road Towne Center, a 54,250-square-foot neighborhood shopping center in Rockwall, a northeastern suburb of Dallas. The property was built in 2005 and was 74 percent leased at the time of sale. David Shaffer, Caleb Jones, Curtis Sung, Tammy Shaffer and Brandon Johnson of Wellington Realty represented the seller in the transaction. Additional terms of sale were not disclosed.

April 1, 2020

Acquisitions Industrial Midwest Ohio

Monmouth Real Estate Acquires Industrial Asset in Lancaster, Ohio for $17.9M

by Kristin Harlow April 1, 2020

LANCASTER, OHIO — Monmouth Real Estate Investment Corp. has acquired a 153,000-square-foot industrial building in Lancaster within metro Columbus for $17.9 million. The property is net leased for 10 years to Magna Seating of America Inc., a division of Magna International. The building sits on 24.5 acres at 747 Mill Park Drive. The seller was not disclosed.

April 1, 2020

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers $4.1M Sale of Multifamily Community in Springfield, Illinois

by Kristin Harlow April 1, 2020

SPRINGFIELD, ILL. — Marcus & Millichap has brokered the sale of Lake Victoria Apartments in Springfield for $4.1 million. Built in 1982, the 156-unit multifamily community is located at 2925 Taylor St. It consists of 19 two-story buildings, all of which underwent extensive renovations beginning in 2013. Bryan Kunze and Scott Harris of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The duo also secured and represented the buyer, a limited liability company.

April 1, 2020

Acquisitions New York Northeast Office Top Stories

Paramount Agrees to Sell Interest in $2.4B Midtown Manhattan Skyscraper

by Kristin Harlow April 1, 2020

NEW YORK CITY — Paramount Group Inc. (NYSE: PGRE) has agreed to sell a 10 percent interest in 1633 Broadway, a 2.5 million-square-foot office tower located on Broadway between 50th and 51st streets in Manhattan. While the price and buyer were not disclosed, the seller says the transaction values the property at $2.4 billion and netted a profit of $114 million for the company. The transaction is scheduled to close in the second quarter. Floor plates at the 48-story building range from 37,000 to 54,000 square feet. The property features a newly renovated lobby, 40 elevators, direct access to the New York City subway system and a 250-space parking garage. The property is located in the heart of Manhattan’s Theater District, with both Gershwin Theater and Circle In The Square Theater located in the building. The location is two blocks from Radio City Music Hall and Rockefeller Center, four blocks from Times Square and seven blocks from Central Park. “With this pending sale of a joint venture interest in 1633 Broadway, we have successfully proven the value of this enormous trophy asset at levels well above what is implied by our stock price,” says Albert Behler, chairman, CEO and president …

April 1, 2020

Acquisitions Florida Multifamily Southeast

Broadshore Capital Acquires Multifamily Property in Metro Jacksonville for $37.1M

by Alex Tostado March 31, 2020

ORANGE PARK, FLA. — Los Angeles-based Broadshore Capital Partners has led a joint venture including an investment client in the $37.1 million acquisition of Victoria at Orange Park in metro Jacksonville. The 280-unit apartment community offers one- and two-bedroom floor plans spanning 13 buildings. Communal amenities include a pool, fitness center and a clubhouse. The buyers will upgrade the amenity space as well as open a new business center. The property was originally built in 1986 and is situated at 1710 Wells Road in Orange Park, 14 miles south of downtown Jacksonville. The seller was not disclosed.

March 31, 2020

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Brokers $20.5M Sale of Apartment Complex in Mobile

by Alex Tostado March 31, 2020

MOBILE, ALA. — Cushman & Wakefield has arranged the $20.5 million sale of Park West, a 278-unit apartment complex in Mobile. The property was originally built in 1977 and includes communal amenities such as two pools with sundecks, a 24-hour fitness center, courtyard picnic and barbecue pavilion and a playground. Park West offers one- and two-bedroom floor plans with rents ranging from $607 to $1,011 per month, according to Apartments.com. Craig Hey and Andrew Brown of Cushman & Wakefield represented the Lyndhurst, Ohio-based seller, Legacy Capital Partners, in the transaction. Alpharetta, Ga.-based Two Waters Capital Management acquired the property.

March 31, 2020

Acquisitions Florida Retail Southeast

Marcus & Millichap Negotiates Sale of 20,922 SF Retail Property in Sarasota

by Alex Tostado March 31, 2020

SARASOTA, FLA. — Marcus & Millichap has negotiated the sale of Sixth Street Plaza a 20,922-square-foot retail property in Sarasota. The buyer, an undisclosed limited liability company, paid $1.4 million for the asset, which is situated at 601A N. Washington Blvd., less than one mile north of downtown Sarasota. Jim Shiebler, James Garner and James Medefind of Marcus & Millichap represented the seller, an undisclosed individual trust, in the transaction. The team also procured the buyer.

March 31, 2020

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