Acquisitions

Shops-Victoria-Gardens-Rancho-Cucamonga-CA

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

Acquisitions Illinois Midwest Office

Colliers Brokers $3.8M Sale of Two-Building Office Center in Bannockburn, Illinois

by Kristin Harlow March 27, 2020

BANNOCKBURN, ILL. — Colliers International has brokered the $3.8 million sale of Bannockburn Office Court in Bannockburn, about 30 miles north of Chicago. The office property, comprised of two 20,000-square-foot buildings, is located at 2201-2231 Lakeside Drive. Built in 1981, the office complex has recently undergone improvements to its landscaping, parking lot and sidewalk. The asset was 77 percent leased at the time of sale. John Homsher and Alissa Adler of Colliers represented the seller, North Shore OpCo LLC. North Park Property Management LLC purchased the property.

March 27, 2020

Acquisitions Midwest Restaurant Retail Wisconsin

JLL Negotiates $2.4M Sale of Giordano’s-Occupied Property in Kenosha, Wisconsin

by Kristin Harlow March 27, 2020

KENOSHA, WIS. — JLL Capital Markets has negotiated the $2.4 million sale of a 4,500-square-foot, single-tenant retail building net leased to Giordano’s restaurant in Kenosha. Completed in late 2019, the property is located at 7060 Green Bay Road. It is the first Giordano’s location in Wisconsin. Chicago-based Giordano’s, famous for deep dish pizza, opened in 1974 and operates nearly 70 locations. Alex Sharrin, Nicholas Kanich and Larry Kilduff of JLL represented the seller, Speedwagon Properties. JLL also procured the buyer, a Chicago-based family.

March 27, 2020

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Arranges $1.8M Sale of Apartment Community in Springfield, Illinois

by Kristin Harlow March 27, 2020

SPRINGFIELD, ILL. — Marcus & Millichap has arranged the sale of Victoria Village Apartments in Springfield for $1.8 million. The 106-unit apartment community is located at 2473 Ladley Court. It is situated on 6.4 acres and consists of 24 buildings. An on-site leasing and maintenance office spans approximately 1,200 square feet. Bryan Kunze and Scott Harris of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured and represented the buyer, a limited liability company.

March 27, 2020

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