Acquisitions

SpringHill-Suites-Marriott-Boston-Peabody

MCR Acquires 164-Room SpringHill Suites by Marriott Boston Peabody

by Alex Patton February 13, 2020

PEABODY, MASS. — MCR Development LLC, a hotel owner and manager headquartered in New York City and Dallas, has acquired the SpringHill Suites by Marriott Boston Peabody, a 164-room hotel located approximately 30 miles north of Boston. The sales price was $16.2 million. Situated at 43 Newbury St., the hotel offers convenient access to State Route 1 and Interstate 95. Amenities include a fitness center and saltwater pool. The property is MCR’s first in Massachusetts. New York City-based investor Lightstone Group was the seller.

February 13, 2020

Acquisitions California Multifamily Western

TMG Negotiates $42M Sale of Cambridge House Apartment Community in Davis, California

by Amy Works February 13, 2020

DAVIS, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Cambridge House, a multifamily community located on Pole Line Road in Davis. An East Coast-based private investment group sold the property to a Bay Area-based buyer for $42 million, or $300,000 per unit. Situated on 3.9 acres, Cambridge House features 140 apartments, a resort-style swimming pool with poolside fire pit; barbecue area with hammocks; and a game room with full-size air hockey table, pop-a-shot basketball, full-size pool table and a ping-pong table. Additionally, the property features a swing garden with hanging chairs; secure-access bicycle storage room with 20 bicycle racks; and an off-leash dog park. Alex Mogharebi and Otto Ozen of TMG represented the seller and buyer in the transaction.

February 13, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

Green Courte Partners Acquires 202-Unit Seniors Housing Community in Arizona

by Amy Works February 13, 2020

GILBERT, ARIZ. — Green Courte Partners has acquired The Aspens at Mariposa Point, a 202-unit seniors housing property in Gilbert, just southeast of Phoenix. The price was not disclosed. Despite only being opened last month, the new owner will convert the active adult community into full-service independent living. The conversion project will include expanding the dining area, modifying the existing kitchen and adding a third-party-operated home health office. Green Courte’s wholly owned operator True Connection Communities will manage the property. Green Courte made the acquisition through its fourth investment fund, Green Courte Real Estate Partners IV. It is the investor’s 11th senior living community.

February 13, 2020

Acquisitions California Multifamily Western

Throckmorton Partners, Pratt Co. Sell Parc Marin Multifamily Asset in Northern California for $20.5M

by Amy Works February 13, 2020

CORTE MADERA, CALIF. — Throckmorton Partners and The Pratt Co. have completed the sale of Parc Marin, an apartment community located in Corte Madera. An undisclosed buyer acquired the property for $20.5 million, which equates to $640,625 per unit and $636 per square foot. Built in 1961 and renovated in 2017, Parc Marin features 32 boutique for-rent units. The property is situated on 3.4 acres. Erich Reinchenbach of Marcus & Millichap represented the sellers in the deal.

February 13, 2020

Acquisitions Arizona Hospitality Office Western

First American Exchange Buys Medical Office Property in Arizona for $17.8M

by Amy Works February 13, 2020

AVONDALE, ARIZ. — Phoenix-based First American Exchange Co. has purchased Rancho Santa Fe Center, a medical office asset located at 13033-13075 W. McDowell Road in Avondale. HH RSR, a company formed by Holualoa Cos. and The Plaza Cos., sold the property for $17.8 million. Constructed in 2004, the seven-building complex offers more than 73,961 square feet of medical office space on eight acres. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller in the transaction.

February 13, 2020

Acquisitions Multifamily New York Northeast

Ariel Arranges Sale of Nine-Parcel Residential Development Site in Brooklyn

by Alex Patton February 13, 2020

NEW YORK CITY — Ariel Property Advisors has arranged the $8.1 million sale of a nine-parcel residential development site in the Red Hook neighborhood of Brooklyn. Located at 185-199 Conover St. & 135 Dikeman St., the parcels offer a total of 27,436 developable square feet. Sean Kelly, David Khukhashvili and Jiani Zhou of Ariel Property Advisors represented the seller, Red Hook Building Co. The team also procured the buyer, Diamond Development Group.

February 13, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $5M Sale of Retail Building in Wheaton, Illinois

by Kristin Harlow February 13, 2020

WHEATON, ILL. — Marcus & Millichap has brokered the sale of an 8,808-square-foot retail building in Wheaton for $5 million. Located at 2040 S. Naperville Road, the newly constructed property is fully leased to four tenants. Dunkin’ anchors the building and maintains a 15-year lease. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a developer. The team also procured the buyer, a limited liability company.

February 13, 2020

Acquisitions Midwest Ohio Retail

Silver Group, Quantum Arrange $1.4M Sale of Jiffy Lube-Occupied Property in Columbus

by Kristin Harlow February 13, 2020

COLUMBUS, OHIO — The Silver Group and Quantum Real Estate Inc. have arranged the sale of a Jiffy Lube quick-service oil change facility in Columbus for $1.4 million. The 1,620-square-foot, freestanding building sits on a half-acre at 7007 E. Broad St. The tenant is Team Car Care, an operator of 520 Jiffy Lube locations nationally. There are approximately five years remaining on the 20-year lease. Barry Silver of Silver Group represented the San Francisco-based private seller. Dan Waszak of Quantum Real Estate represented the buyer, a New York City-based private real estate investor.

February 13, 2020

Acquisitions Life Sciences Massachusetts Northeast Office Top Stories

IQHQ Acquires Life Sciences Office, Lab Building in Boston’s Fenway for $270M

by Alex Tostado February 13, 2020

BOSTON — IQHQ Inc. has acquired 109 Brookline Avenue, a 285,000-square-foot office and lab building in Boston’s Fenway neighborhood. Equity Commonwealth sold the asset for $270 million. IQHQ, formerly Creative Sciences Properties, used funds from a $770 million capital raise to make the acquisition. The company, which specializes in life sciences real estate development, will use the rest of the funds to invest in life sciences projects in its core markets of Boston, San Francisco and San Diego in the United States, as well as the Golden Triangle in the United Kingdom (Cambridge, London and Oxford). “Boston’s amazing life sciences cluster keeps fueling demand for high-quality space,” says John Bonanno, chief investment officer of IQHQ. “109 Brookline checks a lot of boxes for us — it’s adjacent to Fenway Center, easily accessible by public transportation and in a neighborhood with a history of full occupancy and a bright future.” According to LoopNet Inc., the three-story building was originally developed in 1915 and renovated in 2000. The property is located along the corridor between Kenmore Square and the Longwood Medical Area, which is home to some of the country’s leading medical and research institutions. The property is situated two blocks from …

February 13, 2020

Acquisitions Maryland Retail Southeast

IPA Arranges Sale of 234,036 SF Shopping Center in Baltimore

by Alex Tostado February 12, 2020

BALTIMORE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Mount Clare Junction, a 234,036-square-foot retail property in Baltimore’s Mount Clare neighborhood. The property was 82 percent leased at the time of sale to tenants including Price Rite, Family Dollar and Capital One Bank. The shopping center is situated on 16 acres at 1223 W. Pratt St., two miles west of downtown Baltimore. Christopher Burnham, Dean Zang and David Crotts of IPA represented the undisclosed seller, a New York City-based investment management firm, in the transaction. An affiliate of Carlyle Group acquired the property for an undisclosed price. Bryn Merrey is Marcus & Millichap’s broker of record in Maryland.

February 12, 2020

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