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Acquisitions

4-sylvan-way-parsippany-nj
AcquisitionsNew JerseyNortheastOffice

JLL Negotiates Sale of 105,000 SF Office Building in Parsippany, New Jersey

by Alex Patton

PARSIPPANY, N.J. — JLL has negotiated the sale of 4 Sylvan Way, a 105,000-square-foot, Class A office building in Parsippany, located approximately 30 miles west of New York City. The property is situated within the 2.4-million-square-foot Mack-Cali Business Campus, which is expanding to incorporate retailers including Wegmans, 24-Hour Fitness, Panera, Capital Grille and Seasons 52. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of JLL represented the seller, Torchlight Investors, in the transaction. The JLL team also procured the buyer, a private regional investor.

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AcquisitionsOfficeSoutheastVirginia

Northridge Capital, KAMCO Investment Acquire 151,949 SF Office Building in Northern Virginia

by Alex Tostado

TYSONS, VA. — Northridge Capital and KAMCO Investment Co have acquired Centerstone at Tysons, a six-story, 151,949-square-foot office building fully leased to Freddie Mac on a triple-net lease basis. The sales price was not disclosed. The building is located at 1550 Westbranch Drive in Tysons, two miles from downtown Tysons and 14 miles from downtown Washington, D.C. Citizens Bank provided the buyers with a five-year, fixed-rate acquisition loan. Jud Ryan and James Cassidy of Newmark Knight Frank (NKF) represented the sellers, Rubenstein Partners and Griffith Properties, in the transaction. Joseph Donato and Kassi Saridakis, also with NKF, arranged acquisition financing on behalf of Northridge Capital and KAMCO.

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AcquisitionsFloridaRetailSoutheast

New Market Properties Buys 99,441 SF Publix-Anchored Center in Metro Orlando

by Alex Tostado

DAVENPORT, FLA. — New Market Properties, a subsidiary of Preferred Apartment Communities (PAC), has bought Berry Town Center, a 99,441-square-foot, Publix-anchored shopping center in Davenport. Berry Town Center is located at the intersection of U.S. Highway 27 and Sand Mine Road, 29 miles southwest of downtown Orlando and 10 miles southwest of Walt Disney World. John Hancock provided the buyer with acquisition financing. Further details of the sale were not disclosed.

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7300-west-side-ave-nj
AcquisitionsIndustrialNew JerseyNortheast

NAI James Hanson Brokers Sale of 130,000-Square-Foot Industrial Property in North Bergen, New Jersey

by Alex Patton

NORTH BERGEN, N.J. — NAI James Hanson has brokered the sale of a 130,000-square-foot industrial building in North Bergen, an eastern suburb of New York City. Located at 7300 West Side Ave., the property features 22-foot ceiling heights. Scott Perkins, Greg James and Chris Todd of NAI James Hanson represented the buyer, a partnership between Blackstone and Roman Real Estate Holdings Inc. Bonnie Heller of Cushman & Wakefield represented the seller, which was undisclosed. The sales price was also undisclosed.

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AcquisitionsMultifamilyTexas

FourPoint Brokers Sale of 166-Unit Apartment Community in Metro Austin

by Taylor Williams

CEDAR PARK, TEXAS — FourPoint Investment Sales Partners has brokered the sale of The View at Cedar Park Town Center, a 166-unit multifamily community in Cedar Park, a northern suburb of Austin. Built in 2017, the property features amenities such as a resort-style pool, fitness center, pet park and a business center. Kevin Dufour and Kyle Peco of FourPoint handled the transaction on behalf of the Ohio-based seller. The buyer was also undisclosed.

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AcquisitionsMultifamilySeniors HousingTexas

Blueprint Negotiates Sale of 90-Unit Seniors Housing Community Near Dallas

by Taylor Williams

RICHARDSON, TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Atria Richardson, a 90-unit independent living, assisted living and memory care community in Richardson, just north of Dallas. A publicly traded REIT sold the property. Originally constructed in 1999, the 62,000-square-foot community is located near the University of Texas-Dallas campus. Another publicly traded REIT and its Florida-based property manager acquired the community for an undisclosed price. Ben Firestone, Michael Segal, Joshua Salzman and Alex Florea of Blueprint brokered the transaction.

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AcquisitionsMultifamilyTexas

Rastegar Property Buys 30-Unit Multifamily Asset in Austin for Condo Conversion

by Taylor Williams

AUSTIN, TEXAS — Rastegar Property Co., a locally based investment firm, has purchased Escala Apartments, a 30-unit multifamily asset located in Austin’s Clarksville neighborhood. The property offers proximity to the employment hubs of Google, Indeed and Facebook. Rastegar plans to create residential condominium units and to renovate and modernize the building exterior and the interior of each unit.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $3.7M Sale of Apartment Building in Chicago’s Edgewater Neighborhood

by Kristin Harlow

CHICAGO —Interra Realty has brokered the sale of 5827 N. Ridge Ave., a four-story, 18-unit apartment building in Chicago’s Edgewater neighborhood, for $3.7 million. Built in 1926, the property was gut-renovated in the past year, and the apartments were fully occupied at the time of sale. It is located near public transportation and is approximately 10 miles from downtown Chicago. Patrick Kennelly and Paul Waterloo of Interra represented both the seller, Campbell Street Asset Management Inc., and the buyer, a local private investor, in the transaction. At $205,555 per unit, the sale represents the second-highest per-unit price in Edgewater so far in 2019, according to data from CoStar Group.

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Power-Light-Portland-OR
AcquisitionsOfficeOregonWestern

Gerding Edlen Buys 272,079 SF Power + Light Office Building in Portland for $131.5M

by Amy Works

PORTLAND, ORE. — An affiliate of Gerding Edlen has acquired the Power + Light Building, an office property located in the central business district of Portland. An affiliate of Beacon Capital Partners sold the asset for $131.5 million. Located at 920 SW Sixth Ave., the 272,079-square-foot property was repositioned in 2018 to appeal to tenants seeking creative office space in a walkable location. The recent $9.4 million repositioning included an overhaul of the building lobby and the addition of a high-end fitness center equipped with shower and locker facilities, bike storage and an indoor/outdoor rooftop tenant lounge. At the time of sale, a diverse mix of office and retail tenants occupied the 15-story building. Power + Light is located a few blocks from Pioneer Square and Portland’s multi-modal transit hub. Nick Kucha and James Childress of Newmark Knight Frank, along with Buzz Ellis and Rob Hielscher of JLL, represented the seller. The buyer was self-represented in the transaction.

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818-E-Flamingo-Rd-Las-Vegas-NV
AcquisitionsMultifamilyNevadaWestern

NAI Vegas Arranges $47.6M Acquisition of 212-Unit Las Vegas Grand Apartments

by Amy Works

LAS VEGAS — NAI Vegas has arranged the purchase of Las Vegas Grand Apartments, a multifamily complex in Las Vegas. 3D Investments acquired the property from 818 Flamingo Co. for $47.6 million, or $224,528 per unit. Located at 818 E. Flamingo Road, Las Vegas Grand Apartments features 212 units. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of the Sauter Multifamily Advisors at NAI Vegas represented the buyer in the deal.

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