LAS VEGAS — Colliers International has negotiated the sale of a retail property in Las Vegas. The Gail M. Buy Trust sold the asset to Rainbow Coley LLC for $1.6 million. Located at 2972 S. Rainbow Blvd., the property features 10,400 square feet of retail space. Chris Connell and Grant Traub of Colliers International represented the seller in the deal.
WASHINGTON, D.C. — Paramount Group Inc. (NYSE: PGRE) has sold Liberty Place, a landmark office building in Washington D.C., to an undisclosed buyer for $154.5 million. The 172,000-square-foot office building is located at 325 7th St. NW in the East End submarket of Washington, D.C., less than a mile from Capitol Hill. The property comprises two incorporated buildings: the historic Fireman’s Fund Building built in 1882, and a 12-story glass and limestone office tower constructed in 1991. In 2014, Hickok Cole designed an interior repositioning of the office entrance and lobby. Paramount intends to use a portion of proceeds from the sale to partially fund its $722 million purchase of Market Center, a 753,000-square-foot Class A office building in San Francisco’s South Financial District. “We continue to execute on our capital recycling strategy by selling stabilized assets at attractive prices and redeploying that capital into higher-growth opportunities, such as Market Center,” says Albert Behler, president, CEO and chairman. Recent tenants at Liberty Place include electric service company PPL Corp., market consultant Sonecon, Canadian fertilizer company Nutrien and Teneo Hospitality Group. Paramount originally acquired Liberty Place from Beacon Capital Partners in June 2011. Though Paramount did not disclose the price, the …
FALLS CHURCH, VA. — Sachs Cos. and Blackfin Real Estate Investors have purchased Loren Falls Church, a mixed-use property in Falls Church, for $70 million. Loren Falls Church comprises 185 multifamily units and 13,577 square feet of retail space. The property was built in 2017 and was 97 percent occupied at the time of sale. Communal amenities for residents include a swimming pool, fitness center, outdoor lounge, living room lounge and a community kitchen. Retail tenants include Orangetheory Fitness and Casual Pint. Located at 6410 Arlington Blvd., the asset is situated 10 miles west of National Landing, the future home of Amazon HQ2. The seller was not disclosed, although according to multiple media reports, Bozzuto was the seller and developer.
PACE, FLA. — JLL has negotiated the $25.7 million sale of Santa Rosa Commons, a 138,850-square-foot retail center in Pace. The Publix-anchored property was 96 percent leased at the time of sale to tenants including T.J. Maxx, PetSmart, Shoe Carnival, Maurice’s, GameStop, Sally Beauty, Anytime Fitness, Chili’s, Wasabi House Restaurant and GNC. Target and The Home Depot shadow-anchor the center. Stirling Properties acquired the asset, which is located 10 miles north of downtown Pensacola. Brad Peterson, Whitaker Leonhardt, Michael Brewster, Ryan Stoffer and Coler Yoakam of JLL represented the undisclosed seller in the transaction.
JACKSONVILLE, FLA. — Arch Cos. has acquired Midtown Oaks, a 176-unit, garden-style community in Jacksonville, for $14.1 million. The property offers one- and two-bedroom floor plans. Communal amenities include a swimming pool, clubhouse, business center, grilling and picnic areas, onsite laundry services, fitness center and a dog park. Midtown Oaks was built in 1975 and is located at 1706 Art Museum Drive, three miles southeast of downtown Jacksonville. John Rutherford of Newmark Knight Frank represented the seller, InvestRes, in the transaction. Morris Betesh of Merdian Capital Group and Arch Advisors, an affiliate of Arch Cos., originated acquisition financing. Arbor Realty provided the Fannie Mae Green Rewards loan. Arch Cos. plans to implement a value-add rehab program, details of which were not disclosed.
HOUSTON — 29th Street Capital (29SC), a multifamily investment firm with offices in San Francisco and Chicago, has acquired 14220 at Park Row Apartments, a 318-unit apartment community in West Houston. Built in 1998, the property features one-, two- and three-bedroom units with granite countertops, stainless steel appliances, walk-in closets and private patios or balconies. Amenities include a pool with a tanning ledge, fitness center, outdoor grilling stations, business center, a resident clubhouse and access to jogging trails. 29SC will rebrand the property and introduce smart technology features. The seller was not disclosed.
AUSTIN, TEXAS — Madison Marquette has purchased The Millennium, a 128,617-square-foot office building located in the Shepherd Mountain area of Austin. National Instruments originally developed the five-story property in 1985 as a build-to-suit project. Mike McDonald, Celeste Fowden and Katy Jane Jenevein of Cushman & Wakefield represented the seller of The Millennium, which was 66 percent occupied at the time of sale. Madison Marquette will implement a repositioning program that will add a management and conference facility and upgrade both interior and exterior common areas.
MISSOURI CITY — NAI Partners has brokered the sale of an 86,655-square-foot office and warehouse property situated on 10 acres at 13840 Pike Road in Missouri City, a southwestern suburb of Houston. Clay Pritchett and Zane Carman of NAI Partners represented the seller, Champions Fairway Ltd. Will Austin and Hunter Johnston of Bridge Commercial Real Estate represented the buyer, Full Plus LLC.
HASBROUCK HEIGHTS AND LODI, N.J. — CBRE has arranged the $75.3 million sale of Skyline Apartments and Boulevard Apartments, two multifamily properties totaling 338 units in Hasbrouck Heights and Lodi, two adjacent western suburbs of New York City. Skyline Apartments comprises 124 apartments in Hasbrouck Heights, while Boulevard Apartments comprises 214 apartments located across both Hasbrouck Heights and Lodi. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steven Bardsley, David Gavin and Eric Apfel and Nat Gambuzza of CBRE represented the seller, an investment consortium between Griffen Ltd. and Kushner Cos. The CBRE team also represented the buyer, a New York-based private investment firm.
OAKLAND, N.J. — JLL has brokered the sale of a 40,781-square-foot light industrial property in Oakland, located approximately 30 miles northwest of New York City. The building, which is located roughly a mile from Interstate 287, features 20-foot clear heights, two drive-in doors and several thousand square feet of office space. The property was fully leased at the time of sale. Jose Cruz, Marc Duval and Jordan Avanzato of JLL represented seller, North Jersey Development Group, in the transaction. A private investor purchased the asset.
