Acquisitions

Mid-America, Pace Properties Arrange $20.9M Sale of Shopping Center in Ballwin, Missouri

by Kristin Harlow October 4, 2019

BALLWIN, MO. — Mid-America Real Estate Corp. and Pace Properties have arranged the $20.9 million sale of Ballwin Plaza in Ballwin, about 20 miles west of St. Louis. The 204,859-square-foot shopping center is situated on Manchester Road. Schnucks Supermarket anchors the property, which is 93 percent leased. Other tenants include Hobby Lobby, Marshalls and Buffalo Wild Wings. Joe Girardi of Mid-America and Scott Seyfried of Pace Properties represented the seller, Cincinnati-based Viking Partners. Cincinnati-based Select Strategies Realty purchased the asset.

October 4, 2019

Acquisitions Midwest Retail Wisconsin

Cushman & Wakefield | Boerke Brokers $5.7M Sale of Former Boston Store Property in Madison, Wisconsin

by Kristin Harlow October 4, 2019

MADISON, WIS. — Cushman & Wakefield | Boerke has brokered the sale of a former Boston Store property in Madison for $5.7 million. The 144,600-square-foot property is located within West Towne Mall, a regional mall comprising more than 120 stores. John Kuhn and David Tighe of Cushman & Wakefield | Boerke represented the seller, S&B Detrick LP. The buyer, CBL Properties, plans to raze the existing structure and oversee construction of a new Von Maur store on the 9.4-acre site.

October 4, 2019

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers Three Multifamily Sales Totaling $5.5M in Chicago

by Kristin Harlow October 4, 2019

CHICAGO — Interra Realty has brokered the sales of three multifamily properties in Chicago’s Edgewater and Rogers Park neighborhoods for a combined $5.5 million. Each of the properties, located at 5547 N. Lakewood Ave., 1619 W. Lunt Ave. and 7423 N. Rogers Ave., were fully occupied at the time of sale. In the first transaction, Interra’s Craig Martin represented the seller, the estate of Victoria Altman, as well as the buyer, a joint venture led by Joe Hayes and Mike Cavanaugh. In the second sale, Martin and Brian DiBasilio of Interra represented the private parties. In the third transaction, Martin represented the private buyer as well as the sellers, Gary and Bella Goland.

October 4, 2019

Acquisitions New York Northeast Office

SL Green Agrees to Sell Manhattan News Building for $815M

by Alex Patton October 3, 2019

NEW YORK CITY — SL Green has agreed to sell 220 East 42nd Street, also known as The News Building, in Manhattan for $815 million. The 37-story building, originally the headquarters for The New York Daily News, was 97 percent occupied at the time of sale by tenants including the Visiting Nurse Service of New York, local television station WPIX and the United Nations. Adam Spies and Doug Harmon of Cushman & Wakefield facilitated the transaction along with Robert Verrone of Iron Hound Management. The deal is expected to close in the first quarter of 2020. Commercial Observer reported that the buyer was Jacob Chetrit of The Chetrit Organization. SL Green purchased the property in February 2003 for $265 million

October 3, 2019

Acquisitions California Retail Western

Donahue Schriber Purchases Two Bay Area Shopping Centers for Nearly $132M

by Amy Works October 3, 2019

SAN FRANCISCO AND ANTOICH, CALIF. — Donahue Schriber has acquired two grocery-anchored retail centers for a total of nearly $132 million. The acquisitions expand the company’s presence in the San Francisco Bay area. In the first deal, Donahue Schriber purchased Lakeshore Plaza in San Francisco. Located at 1549 Sloat Blvd., the 172,364-square-foot center was built in 1993 and serves the Sunset District, West Portal and Saint Francis Wood. Lucky, Ross Dress for Less, Petco and Big 5 Sporting Goods anchor the retail property. This acquisition represents the company’s second purchase in San Francisco in the last two years. Additionally, Donahue Schriber acquired Antioch Crossings, a neighborhood retail center located at 3303-3421 Deer Valley Road in Antioch. Safeway anchors the 126,309-square-foot shopping center. Further terms of the transactions were not disclosed.

October 3, 2019

Acquisitions California Retail Western

Westside Retail Arranges $8.2M Sale of Freestanding Retail Building in Southern California

by Amy Works October 3, 2019

CULVER CITY, CALIF. — Westside Retail has arranged the sale of a freestanding retail building, located at 4411 Sepulveda Blvd. in Culver City. Tova Capital Inc. acquired the asset from Drucker Living Trust for $8.2 million, or approximately $680 per square foot. Samy’s Camera occupies the 12,054-square-foot building. Originally built in 1989 by the owner and operator of Allied Model Trains, the building’s architecture is a replica of the historic Los Angeles Union Train Station. Mark Einbund and Marc Pollock of Westside Retail represented the seller, while Daniel Pickard of Industry Partners represented the buyer in the deal.

October 3, 2019

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

SLIB Brokers Sale of Two Seniors Housing Communities in Wilkes-Barre, Pennsylvania

by Alex Patton October 3, 2019

WILKES-BARRE, PA. — Senior Living Investment Brokerage (SLIB) has brokered the sale of Little Flower Manor and St. Luke’s Villa, both in Wilkes-Barre, which is located approximately 100 miles north of Philadelphia. Little Flower Manor is a 133-bed skilled nursing facility with an attached 60-unit personal care building called St. Therese Residence. One mile away is St. Luke’s Villa, a 50-bed skilled nursing, 48-unit personal care, and 31-unit independent living community. The Diocese of Scranton sold the properties to a local nonprofit buyer for an undisclosed price. Toby Siefert and Ryan Saul of SLIB handled the transaction.

October 3, 2019

Acquisitions Multifamily Nevada Western

Green Leaf Partners Acquires 203-Unit Multifamily Asset in Sparks, Nevada

by Amy Works October 3, 2019

SPARKS, NEV. — Green Leaf Partners has purchased Waterstone at Kiley Ranch, an apartment community located in the Reno-Sparks area of Nevada. The asset is located at 815 Kiley Parkway within the 800-acre Kiley Ranch master-planned community. Initially developed as a for-sale condominium property in 2007, the community was later converted to 100 percent rental units. Waterstone at Kiley Ranch features 203 units in a mix of four floorplans featuring multi-story one- and two-bedroom apartments. The units include high-end amenities such as stainless steel appliances, granite countertops, full-size washer-dryer sets, high ceilings, premium finishes and direct-access garages. Aiman Noursoultanova of CBRE’s Reno office represented the seller in the deal. Troy Tegeler of CBRE Debt and Structured Finance assisted in financing the deal for the buyer, and Marc Ross of CBRE’s Sacramento office provided advisory assistance on the transaction.

October 3, 2019

Acquisitions California Industrial Office Western

Stos Partners Buys R&D/Office Property in California for $3.8M

by Amy Works October 3, 2019

CARLSBAD, CALIF. — San Diego-based Stos Partners has purchased a two-tenant R&D/office property located at 5816 Dryden Place in Carlsbad. A private entity sold the asset for $3.8 million. Stos Partners negotiated a sale-leaseback through which the seller will remain a long-term tenant, occupying 79 percent of the 22,156-square-foot building. The buyer plans to implement cosmetic improvements and building upgrades that include a new roof, exterior and interior paint, revived drought-tolerant landscaping, parking lot upgrades and speculative creative office interior improvements. This transaction brings Stos Partners’ year-to-date acquisition volume in 2019 to 402,500 square feet totaling more than $55.5 million throughout Southern California. Adam Foster of Foster Commercial Real Estate represented Stos in the acquisition.

October 3, 2019

Acquisitions Arizona Net Lease Retail Western

Progressive Real Estate Partners Brokers $3.3M Sale of Preschool Property in Goodyear, Arizona

by Amy Works October 3, 2019

GOODYEAR, ARIZ. — Progressive Real Estate Partners has arranged the sale of a single-tenant property, located at 13201 W. Thomas Road in Goodyear. An Arizona-based private investor sold the property to a Southern California-based private investor for $3.3 million in a 1031 exchange transaction. Sunrise Preschools, Child Care Network, has occupied the 8,500-square-foot property on a triple-net-lease basis for more than 20 years. The preschool caters to children six weeks to 12 years of age and offers a variety of programs for infants, toddlers, preschool and before- and after-school care. The property was built in 1999. Brad Umansky and Mike Lin of Progressive Real Estate Partners represented the seller and buyer in the transaction.

October 3, 2019

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