Acquisitions

Kidder Mathews Negotiates $16.2M Sale of Inlet View Apartments in Silverdale, Washington

by Amy Works March 31, 2020

SILVERDALE, WASH. — Kidder Mathews has handled the sale of Inlet View Apartments, a multifamily property located at 9860 Bushlac Lane NW in Silverdale in Kitsap County, Wash. A private owner sold the asset to an undisclosed buyer for $16.2 million. Constructed in 1985, Inlet View Apartments features 100 units spread across seven buildings. The four-acre property also offers a playground, exercise room and ample parking. Dylan Simon and Jerrid Anderson of Kidder Mathews’ Seattle office represented the seller, while the buyer was self-represented in the transaction.

March 31, 2020

73690-Twentynine-Palms-Hwy-Twentynine-Palms-CA

Acquisitions California Restaurant Retail Western

Hanley Investment Group Arranges $3.1M Sale of Starbucks-Occupied Asset in Twentynine Palms

by Amy Works March 31, 2020

TWENTYNINE PALMS, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly built retail property located at 73690 Twentynine Palms Highway in Twentynine Palms. Fountainhead Development sold the asset to a Los Angeles-based private investor for $3.1 million, or $1,722 per square foot. Starbucks Coffee occupies the1,800-square-foot drive-thru property, which was built in this year. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Taesoo Eo and Shirley Kim of RE/MAX Commercial’s Los Angeles office represented the buyer in the deal.

March 31, 2020

Acquisitions New York Northeast

JLL Brokers $61.5M Sale of Development Site in Brooklyn’s Dumbo Area

by Alex Patton March 31, 2020

NEW YORK CITY — JLL has brokered the $61.5 million sale of a development site located at 29 Jay St. in the Dumbo neighborhood of Brooklyn. At the time of sale, the site housed a 21,000-square-foot industrial building.The property offers a maximum development potential of more than 200,000 square feet that can be zoned for residential or commercial construction. Details of the buyer’s redevelopment plans for the property were not disclosed. Bob Knakal, Stephen Palmese and Brendan Maddigan of JLL represented the seller, the Forman Group, in the transaction. The team also procured the buyer, Edward J. Minskoff Equities Inc.

March 31, 2020

Acquisitions Healthcare Massachusetts Northeast Office

Legacy Real Estate Acquires 84,000 SF Office, Healthcare Building in Lowell, Massachusetts

by Alex Patton March 31, 2020

LOWELL, MASS. — Legacy Real Estate Ventures has acquired 55 Technology Drive, an 84,000-square-foot office and healthcare building in Lowell, located approximately 30 miles north of Boston. At the time of sale, the property was 100 percent leased to Lowell General Hospital, Borrego Solar, the Commonwealth of Massachusetts, software developer Contract Logix and tech company Diagnosys. Anthony Biette of Peak Real Estate Partners represented the seller, a joint venture between Novaya Real Estate Ventures LLC and Hawk Properties. Biette also procured Legacy as the buyer. The sales price was undisclosed.

March 31, 2020

Acquisitions Massachusetts Northeast Office

Kelleher & Sadowsky Negotiates $13M Sale of Office Building in Worcester, Massachusetts

by Alex Patton March 31, 2020

WORCESTER, MASS. — Kelleher & Sadowsky Associates Inc. has negotiated the $13 million sale of an 85,000-square-foot office building in Worcester, located approximately 45 miles west of Boston. Located at 324 Clark St., the building was 100 percent leased at the time of sale. Tenants include the Department of Developmental Services, Department of Early Education and Care, South Bay Community Services and Nouria Energy Corp. Donald Mancini and James P. Cozza of Kelleher & Sadowsky represented the seller, Worcester Investment Group, in the deal. The team also procured the buyer, Lowfield Realty Group. Cornerstone Bank provided acquisition financing for the buyer.

March 31, 2020

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Arranges $11.9M Sale of Shops at Red Lion Retail Center in Philadelphia

by Alex Patton March 31, 2020

PHILADELPHIA — Marcus & Millichap has arranged the $11.9 million sale of Shops at Red Lion, a 24,688-square foot retail property located in Philadelphia. Located at 10000-90 Roosevelt Blvd., the property was 100 percent leased at the time of sale to tenants such as Starbucks, Verizon and Dunkin’. Derrick Dougherty, Mark Krantz and Scott Woodard of Marcus & Millichap represented the seller, a limited liability company affiliated with Abrams Realty Development, in the transaction. The team also procured the buyer, a limited liability company controlled by David Adam Realty.

March 31, 2020

Acquisitions Florida Multifamily Southeast

Berkadia Arranges $10.6M Sale of Apartment Complex Near Jacksonville

by Alex Tostado March 30, 2020

ORANGE PARK, FLA. — Berkadia has arranged the $10.6 million sale of Promenade Park Avenue, a 105-unit apartment complex in Orange Park. The property was originally built in 1974 and offers two-bedroom floor plans. Communal amenities include a swimming pool. The asset is situated at 606 Park Ave., 14 miles south of downtown Jacksonville. Cole Whitaker and Greg Rainey of Berkadia represented the seller, New York City-based Quad Property Group, which acquired the property for $6.7 million in December 2017. The buyer was not disclosed.

March 30, 2020

Acquisitions Florida Mixed-Use Southeast

Marcus & Millichap Brokers Sale of 43,255 SF Mixed-Use Building in Lady Lake, Florida

by Alex Tostado March 30, 2020

LADY LAKE, FLA. — Marcus & Millichap has brokered the $3.1 million sale of Old Dixie Portfolio, a 43,255-square-foot building that features 30 rental townhomes and 7,500 square feet of office space. The property is located at 102 S. Old Dixie Highway in Lady Lake, 50 miles northwest of downtown Orlando. The multifamily community, called Christine’s Place Apartments, offers two- and three-bedroom floor plans averaging 1,192 square feet. The community was built in 1997. The office space, Chelsea Plaza, was built in 1999 and comprises seven suites that are leased to a mix of medical, professional and technology tenants. Casey Babb, Ryan Wooden, Luis Baez and Shawn Rupp of Marcus & Millichap represented the seller, a private investor, in the transaction. The team also procured the buyer, a limited liability company.

March 30, 2020

Acquisitions Florida Retail Southeast

Colliers Negotiates $3.2M Sale of Retail Strip Center in Tallahassee

by Alex Tostado March 30, 2020

TALLAHASSEE, FLA. — Colliers International has negotiated the $3.2 million sale of Villages at Apalachee, a 9,026-square-foot retail strip center in Tallahassee. The property is situated at 1435 E. Lafayette St., two miles east of downtown Tallahassee and across the street from Governor’s Square Mall. Villages at Apalachee was fully leased to Uncle Maddio’s Pizza, Allure Nails, Vape Haven and Aveda-Soleil Hair Salon at the time of sale. Mike Milano, Sean Glickman, Chris Smith and Brandon Rapone of Colliers represented the seller, Shuler Properties, in the transaction. EM Real Estate Development Florida LLC, which is affiliated with an investment firm based in California, acquired the asset.

March 30, 2020

Acquisitions Multifamily Texas

Strategic Realty Acquires 240-Unit Stonebridge at City Park Apartments in Houston

by Taylor Williams March 30, 2020

HOUSTON — Strategic Realty Holdings LLC has acquired Stonebridge at City Park, a 240-unit apartment community in southwest Houston. The property offers one- and two-bedroom units ranging in size from 680 to 1,107 square feet and amenities such as a pool, fitness center, business center and onsite laundry facilities. Florida-based alternative lender Electra Capital contributed a $5.5 million preferred equity investment for the acquisition. The seller was not disclosed.

March 30, 2020

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