Acquisitions

Citigroup Agrees to Purchase 158,000 SF Office Building in Getzville, New York

by Alex Patton October 23, 2019

GETZVILLE, N.Y. — Citigroup has agreed to purchase 580 CrossPoint Parkway, a 158,000-square-foot office building in the CrossPoint Business Park, as well as approximately nine acres of adjacent land in the northern Buffalo suburb of Getzville. With this transaction, Citigroup will also extend its lease at the conjoined 107,000-square-foot office building located at 540 CrossPoint Parkway. Uniland Development Co. was the seller of 580 CrossPoint and is also the landlord of 540 Crosspoint. The Buffalo News reports the sale, which is expected to close in November, fetched a sales price of $52 million.

October 23, 2019

Acquisitions Hospitality New York Northeast

HREC Arranges Sale, Financing of 117-room Hampton Inn Hotel in Rochester, New York

by Alex Patton October 23, 2019

ROCHESTER, N.Y. — HREC Investment Advisors has arranged the sale and financing of the 117-room Hampton Inn Rochester North, a hotel located approximately 70 miles east of Buffalo. Ketan Patel and Mark von Dwingelo of HREC Investment Advisors arranged the sale on behalf of an undisclosed buyer. John Siska of HREC Capital Markets placed a five-year, fixed-rate acquisition loan on behalf of the buyer with a regional bank. The sales price was undisclosed.

October 23, 2019

grandview-gardens-apts-hasbrouck-heights-nj-primary-photo

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers $3.6M Sale of Grandview Gardens Apartments in Hasbrouck Heights, New Jersey

by Alex Patton October 23, 2019

HASBROUCK HEIGHTS, N.J. — Marcus & Millichap has brokered the sale of Grandview Gardens Apartments, a 20-unit multifamily property located in Hasbrouck Heights, a northwestern suburb of New York City. The property offers one-, two- and three-bedroom floor plans ranging from $1,475-$1,930. Kevin Taub, Daniel Aviles and Casey Egan of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The team also secured and represented the buyer, a private investor.

October 23, 2019

Acquisitions California Industrial Western

Cushman & Wakefield Brokers Sale of 337,125 SF Industrial Project in Los Angeles County for $76.8M

by Amy Works October 23, 2019

LA MIRADA, CALIF. — Cushman & Wakefield has arranged the sale of an industrial infill project located at 14001-14051 Rosecrans Ave. in La Mirada. Clarion Partners, on behalf of a separate account client, acquired the property from Bailard Inc. for $76.8 million, or $228 per square foot. Spanning 14.4 acres, the two-building, 337,125-square-foot project features 30-foot clear heights, an ESFR fire sprinkler system, large truck courts and street frontage along Rosecrans Avenue. Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez and Brad Brandenburg of Cushman & Wakefield’s Irvine, Calif., office represented the seller in the deal.

October 23, 2019

Acquisitions New Mexico Retail Western

Phillips Edison Sells 74,393 SF Juan Tabo Plaza in Albuquerque

by Amy Works October 23, 2019

ALBUQUERQUE — Phillips Edison & Co. has completed the sale of Juan Tabo Plaza, an institutional-quality shopping center located at 11000 Montgomery Road NE in Albuquerque. Samco Properties purchased the asset for an undisclosed price free and clear of existing debt. Anchored by Walmart Neighborhood Market, Juan Tabo Plaza features 74,393 square feet of institutional-quality retail space in a mix of grocery, hair salon, restaurants, tax preparation and health tenants. The property has been institutionally owned and maintained since the seller acquired the asset in 2014. Chris Gerard, Ryan Shore, Aaron Johnson and Wesley Gilmer of JLL Capital Markets represented the seller in the deal.

October 23, 2019

Acquisitions California Healthcare Office Western

Meridian Buys Office Building in Orange County for $20.3M, Plans Medical Office Conversion

by Amy Works October 23, 2019

SANTA ANA, CALIF. — San Ramon, Calif.-based Meridian has acquired a two-story office building, located at 3601 W. Sunflower Ave. in Santa Ana, for $20.3 million. The buyer plans to invest an additional $5 million in building improvements to convert the building into a medical office space. Situated on 4.8 acres, the 53,500-square-foot property was originally constructed in 2000 as a special-use building for a culinary and arts school. The school went bankrupt earlier this year, and the building was vacant at the time of sale. During escrow, Meridian secured its first tenant, a large healthcare provider, for roughly half of the building on a long-term lease. The buyer will market the second-floor space, approximately 26,000 square feet, to medical office tenants. Jon Sweeney of Long Beach, Calif.-based CXI Realty and George Thomson of Newmark Knight Frank’s Irvine, Calif., office represented the seller, a local private investor, in the transaction. John Scruggs and Justin Hodgdon of Newmark Knight Frank’s Irvine office represented the buyer. Scruggs and Thomson will manage the continued leasing of the building.

October 23, 2019

Acquisitions California Industrial Western

CenterPoint Properties Acquires 202,522 SF Industrial Facility in Orange County

by Amy Works October 23, 2019

SANTA ANA, CALIF. — CenterPoint Properties has purchased an industrial asset situated on 10.5 acres at 3201 S. Susan St. in Santa Ana for an undisclosed price. This is the company’s second acquisition over 200,000 square feet in Orange County this year. The acquisition price was not released. The 202,522-square-foot property features 24-foot clear heights, drive-around access, several points of entry and 195-foot deep truck courts. The transaction includes a lease-back with The Dixie Group, a carpet and flooring manufacturer. Adam English, Adam Baxter and Jonathan Wolfe of STREAM Capital Partners represented the undisclosed seller in the sale.

October 23, 2019

Acquisitions Multifamily Southeast Tennessee

Passco Acquires Newly Built Multifamily Property in Knoxville for $40.4M

by Alex Tostado October 22, 2019

KNOXVILLE, TENN. — Passco Cos. has acquired Tapestry at Turkey Creek, a 220-unit multifamily community in Knoxville, for $40.4 million. The seller, Arlington Properties, developed the property in 2018. The community offers one- through three-bedroom floor plans. Communal amenities include a saltwater swimming pool, dog park, fitness center, coffee bar and a game room. Tapestry at Turkey Creek is located at 810 Tapestry Way, 16 miles west of downtown Knoxville and 15 miles west of the University of Tennessee.

October 22, 2019

Acquisitions Alabama Multifamily Southeast

Berkadia Arranges Sales of Two Apartment Complexes in Alabama Totaling $39.5M

by Alex Tostado October 22, 2019

BIRMINGHAM AND PHENIX CITY, ALA. — Berkadia has arranged the sales of two apartment complexes totaling $39.5 million in Alabama: The Park at Alloa in Birmingham and Steeple Crest in Phenix City. Peak Capital Partners acquired The Park at Alloa, a 270-unit complex in Birmingham’s Avondale Entertainment District, from Blue Magma Residential for $21 million. The Park at Alloa offers one-, two- and three-bedroom floor plans. Communal amenities include a breakfast bar, business center, car care area, fitness center, swimming pool and a playground. In the other deal, Pillar Income Asset Management acquired Steeple Crest from its original developer for $18 million. Located near Columbus, Ga., the 200-unit property offers one- through three-bedroom floor plans. Community amenities include a car wash area, pet play area, business center, clubhouse, tanning salon and outdoor grilling areas. David Oakley, David Wilson, Caleb Frizzell and Jay Briley of Berkadia represented the sellers in both transactions.

October 22, 2019

Acquisitions Massachusetts Northeast Retail

Urban Spaces Sells Retail Building in Cambridge, Massachusetts, for $11.2M

by Alex Patton October 22, 2019

CAMBRIDGE, MASS. — Urban Spaces has sold 85-95 First Street, a 10,000-square-foot retail building in Cambridge, for $11.2 million. The building was competed in June with 4,600 square feet of space preleased to specialty pet food and supply store Loyal Companion. Paint supply store Sherwin-Williams has also agreed to lease 2,900 square feet, and another undisclosed tenant has agreed to lease the remaining 2,500 square feet. Conviser Property Group represented Urban Spaces in the building sale.

October 22, 2019

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