Acquisitions

TMG Partners Acquires 410,106 SF The Quad Office Campus in Santa Clara, California

by Alex Patton March 27, 2020

SANTA CLARA, CALIF. — TMG Partners, a San Francisco-based developer, has acquired The Quad, a 410,106-square-foot office campus in Santa Clara, a suburb of San Jose. J.P. Morgan Chase sold the property for an undisclosed price. Located at 3001 Tasman Drive, The Quad consists of seven two-story buildings that were constructed in 1982. Multiple owners and operators have acquired and renovated the property since its construction. The property is adjacent to the VTA Light Rail station three blocks from Levi’s Stadium, home of the NFL’s San Francisco 49ers. The Quad is also located four blocks from the upcoming Related Santa Clara, a 9.2 million-square-foot mixed-use project by Related Cos., which is also developing the high-profile Hudson Yards in Manhattan. Amenities include an outdoor courtyard, coffee shop, bocce ball court, food truck court and fitness center. The site is also entitled for an additional 150,000 square feet of construction. “TMG Partners was attracted to this property because of its stable, long-term cash flow; the Santa Clara location; our understanding of the need to provide office space for the many different size requirements of today’s tenants; and the existing suite of amenities,” says Ben Kochalski, regional partner with TMG Partners. “We will …

March 27, 2020

Acquisitions California Multifamily Western

Berkshire Residential Investments Divests of 438-Unit Multifamily Asset in Los Angeles

by Amy Works March 27, 2020

LOS ANGELES — Berkshire Residential Investments has completed the sale of One Santa Fe, a mixed-use, core-plus apartment community situated in Los Angeles’ Arts District. A Canada-based institutional investor acquired the property for an undisclosed price. Completed in 2015, One Santa Fe features 438 units in a mix of studio, one- and two-bedroom layouts and The Yards at One Santa Fe, an 81,000-square-foot retail component. Community amenities include a zero-edge swimming pool, custom cabanas, an outdoor dining area with grills, entertainment kitchen, resident lounge, billiards, CYBEX fitness center, private yoga and Pilates studio, outdoor theater, fireside retreat, electric car charging stations and concierge service. The asset is the final tranche of a 13-property multifamily portfolio that JLL marketed on Berkshire’s behalf. The sale of the other 12 properties, which totaled 3,904 units across six U.S. markets, was announced in July 2019. Blake Rogers, Matthew Lawton and Sean Deasy of JLL Capital Markets represented the seller in the deal.

March 27, 2020

Acquisitions California Net Lease Retail Western

Faris Lee Negotiates $16M Sale of LA Fitness-Occupied Property in Bay Area

by Amy Works March 27, 2020

HAYWARD, CALIF. — Faris Lee Investments has brokered the sale of a retail property located at 2401 Whipple Road in Hayward. A private investor acquired the asset from an undisclosed seller for $16 million. LA Fitness (City Sports Club) occupies the 41,000-square-foot facility on a corporate-guaranteed, absolute triple-net lease. Matt Brooks, Joe Chichester and Nicholas Coo of Faris Lee represented the seller and procured the buyer in the transaction.

March 27, 2020

Shops-Victoria-Gardens-Rancho-Cucamonga-CA

Acquisitions California Retail Western

Fit Development Sells Retail Strip Center in Rancho Cucamonga for $13.7M

by Amy Works March 27, 2020

RANCHO CUCAMONGA, CALIF. — Fit Development has completed the sale of Shops at Victoria Gardens, a retail strip center adjacent to the Victoria Gardens lifestyle center in Rancho Cucamonga. An undisclosed buyer acquired the property for $13.7 million. Constructed in 2007, the 31,405-square-foot property is leased to a diverse mix of service-oriented, daily needs and soft-goods tenants, including DXL Men’s Apparel, Pacific Dental and Shakey’s Pizza. The asset is situated on 2.6 acres at 12455 Victoria Gardens Lane. Daniel Tyner and Gleb Lvovich of JLL Retail Capital Markets represented the seller in the deal.

March 27, 2020

Acquisitions Arizona Retail Western

ORION Arranges $6.3M Sale of Brittany Square Retail Center in Glendale, Arizona

by Amy Works March 27, 2020

GLENDALE, ARIZ. — ORION Investment Real Estate has brokered the sale of Brittany Square, a retail center located at the corner of 67th and Peoria avenues in Glendale. An undisclosed seller sold the asset for $6.3 million, or $129 per square foot. Situated on 5.2 acres, Brittany Square features 49,004 square feet of retail space and on-site parking. At the time of sale, the property was 69 percent occupied by a variety of tenants, including Walmart Neighborhood Market, Starbucks Coffee, Chase Bank, Goodwill, O’Reilly Auto Parts and Circle K. The undisclosed buyer purchased the property as a long-term leased investment and plans to occupy a portion of the property for its medical-related business. Nick Miner of ORION represented the seller, while Tom Kolb of KW Commercial represented the buyer in the transaction.

March 27, 2020

Acquisitions California Industrial Self-Storage Western

Marcus & Millichap Brokers Sale of 77,053 SF A-American Self Storage in Fresno, California

by Amy Works March 27, 2020

FRESNO, CALIF. — Marcus & Millichap has arranged the sale of A-American Self Storage in Fresno. A limited liability company acquired the asset for an undisclosed price. Situated on 4.8 acres at 2455 N. Marks Ave., the facility features 717 non-climate-controlled units, totaling 77,053 net rentable square feet. Brett Hatcher, Gabriel Coe and Jacob Becher of Marcus & Milichap represented the seller and buyer in the deal. Jim Markel, also of Marcus & Millichap, assisted in the transaction and was broker of record for the deal.

March 27, 2020

Acquisitions Multifamily New York Northeast

Muss Development Acquires Multifamily Building in Scarsdale, New York, for $29.2M

by Alex Patton March 27, 2020

SCARSDALE, N.Y. — Muss Development has acquired The Glass House, a 51-unit multifamily building in Hartsdale, a northern suburb of New York City. Also known as GlassHouse 250, the property is located at 250 South Central Ave. and features one- and two-bedroom floor plans, a fitness center, two theater rooms and a 95-space parking facility. Itan Rahmani and Jacob Stavsky of Venture Capital Properties LLC represented Muss Development in the transaction. Elana Tsyganko, Max Kostikov and Richard Horowitz of Cooper Horowitz represented the undisclosed seller.

March 27, 2020

Acquisitions Multifamily Texas

NKF Negotiates Sale of 284-Unit Hawthorne at the District Apartments in Austin

by Taylor Williams March 27, 2020

AUSTIN, TEXAS — Newmark Knight Frank (NKF) has negotiated the sale of Hawthorne at the District, a 284-unit multifamily community located in the East Riverside area of Austin. Built in 1987, the property features one- and two-bedroom units and amenities such as a pool, fitness center, clubhouse with a lounge and coffee bar, outdoor grilling areas, a dog park and Amazon package lockers. Patton Jones of NKF represented the sellers, North Carolina-based Hawthorne Residential Partners and New York-based Midway, in the transaction. Austin-based Wildhorn Capital purchased the asset for an undisclosed price. Patrick Short of NKF arranged acquisition financing on behalf of the new ownership, which will implement a value-add program at the property. Hawthorne at the District was 97.5 percent occupied at the time of sale.

March 27, 2020

Acquisitions New York Northeast Office

Avison Young Negotiates $10.2M Sale of Leasehold Interest of Office Building in Harlem

by Alex Patton March 27, 2020

NEW YORK CITY — Avison Young has negotiated the $10.2 million sale of the leasehold interest of a newly constructed office building in the Harlem neighborhood of Manhattan. The four-story property, which is located at 286 Lenox Ave., carries a 99-year ground lease. The property was fully leased at the time of sale to tenants including Wells Fargo, Child Mind Institute and Visiting Nurse Service. James Nelson and Brent Glodowski led an Avison Young team that represented the undisclosed building owner and seller of the leasehold interest. The buyer was also undisclosed.

March 27, 2020

Acquisitions New Jersey Northeast Retail

Vantage Real Estate Brokers Sale of 3,150 SF Retail Property in Magnolia, New Jersey

by Alex Patton March 27, 2020

MAGNOLIA, N.J. — Vantage Real Estate Services has brokered the sale of a 3,150-square-foot retail property in Magnolia, a southeastern suburb of Philadelphia. The property is located at 130 S. White Horse Pike near a Walmart store and several other retail and restaurant businesses. Monica Walsh, Aran Ploshansky and Bruce Goldstein of Vantage represented the seller, East Coast Enterprises LLC. The buyer was Makellos Cabinetry, a Philadelphia-based kitchen renovation company.

March 27, 2020

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