Acquisitions

Marcus & Millichap Arranges $12.5M Sale of Two-Story Shopping Center in Los Angeles’ Koreatown

by Amy Works August 29, 2019

LOS ANGELES — Marcus & Millichap has arranged the sale of The Heyman Center, a two-story shopping located in Los Angeles’ Koreatown. A California-based limited liability company sold the property to another California-based limited liability company for $12.5 million. Located at 730 S. Western Ave., The Heyman Center features 25,252 square feet of retail space and a 48-car parking lot on a 28,918-square-foot site. At the time of sale, the property was 87 percent occupied by a mix of net-leased tenants. Brandon Michaels of Marcus & Millichap’s Encino office represented the seller and buyer in the deal.

August 29, 2019

Acquisitions California Restaurant Retail Western

Progressive Real Estate Partners Brokers $2.3M Sale of Restaurant Asset in Inland Empire

by Amy Works August 29, 2019

BEAUMONT, CALIF. — Progressive Real Estate Partners has facilitated the sale of a restaurant property, located at 501 E. Fifth St. in Beaumont. A private Riverside-based investor sold the property to San Jose-based private investor for $2.3 million, or $1,006 per square foot. Built in 2008, the 2,250-square-foot building, which features a drive-thru, recently underwent a renovation. Popeyes Louisiana Kitchen occupies the single-tenant property. Greg Bedell of Progressive Real Estate Partners represented the seller, while Cindy Hipwell of Hipwell Real Estate represented the buyer in the deal.

August 29, 2019

Acquisitions Michigan Midwest Multifamily

Berkadia Brokers $32.5M Sale of Multifamily Property in Michigan

by Kristin Harlow August 29, 2019

FARMINGTON HILLS, MICH. — Berkadia has brokered the sale of Hillside Forest, a 252-unit multifamily property in Oakland County’s Farmington Hills. Built in 1986, the community features one- and two-bedroom floor plans. Amenities include a 24-hour fitness center, clubhouse, pool, jogging trail and tennis courts. Kevin Dillon, Jason Krug, Rick Vidrio, Rick Brace, Charley Henneghan, Corey Krug and Carly Dietz of Berkadia represented the seller, Michigan-based Berger Realty Group Inc. Affiliates of Highgate Capital Group, based in Chicago, purchased the asset. Robert Falese of Berkadia originated $26.8 million in acquisition financing on behalf of the borrower. The 10-year Freddie Mac loan features a fixed interest rate of 3.87 percent and a loan-to-value ratio of 80 percent.

August 29, 2019

Acquisitions Midwest Office Ohio

Reichle Klein Group Arranges $1.7M Sale of Office Building in Maumee, Ohio

by Kristin Harlow August 29, 2019

MAUMEE, OHIO — Reichle Klein Group has arranged the $1.7 million sale of the St. George Professional Office Building in Maumee, about 10 miles southwest of Toledo. The 16,307-square-foot property is located at 1661 Holland Road within Arrowhead Business Park. Ryan Miller of Reichle Klein represented the seller, KMP Management Group LLC. Toledo Med Partner LLC purchased the building.

August 29, 2019

Acquisitions Multifamily New York Northeast

Rosewood Realty Group Arranges $10.5M Sale of Manhattan Multifamily Building

by Alex Patton August 29, 2019

NEW YORK CITY — Rosewood Realty Group has arranged the $10.5 million sale of 495 Amsterdam Avenue, a five-story multifamily building in Manhattan. Built in 1900, the 9,975-square-foot property features eight four-bedroom apartments and three retail spaces that are leased to a spa and electronics and clothing retailers. Aaron Jungreis of Rosewood Realty Group represented the buyer, Rudd Realty Management, in the transaction. Jungreis also represented the seller, 162 West 84th Street Corp.

August 29, 2019

Acquisitions Connecticut Northeast Retail

Marcus & Millichap Brokers $4.3M Sale of Retail Center in Brooklyn, Connecticut

by Alex Patton August 29, 2019

BROOKLYN, CONN. — Marcus & Millichap has brokered the $4.3 million sale of Brooklyn Commons, a retail center located about 45 miles east of Hartford. The 106,900-square-foot property was 60 percent leased at the time of sale to tenants including Ocean State Job Lot, Dollar Tree and Subway. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a private investor, in the transaction. The team also represented the buyer, an undisclosed limited liability company.

August 29, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 205-Unit Apartment Community in Waco

by Taylor Williams August 29, 2019

WACO, TEXAS — Marcus & Millichap has brokered the sale of Village Square, a 205-unit multifamily community in Waco. Built in 1983, the property features amenities such as a pool, outdoor grilling area, volleyball court, onsite laundry facilities and access to walking and biking trails. Sean Scott, Nick Fluellen and Bard Hoover of Marcus & Millichap represented the San Antonio-based seller and procured the Dallas-based buyer in the transaction. Both parties were limited liability companies that requested anonymity.

August 29, 2019

Acquisitions Multifamily Texas

Limited Liability Company Acquires 72-Unit Apartment Complex in Mineral Wells, Texas

by Taylor Williams August 29, 2019

MINERAL WELLS, TEXAS — IPI Properties 25 LLC has acquired Cedar View Apartments, a 72-unit complex in Mineral Wells, located about 50 miles west of Fort Worth. Built in 2005, the property consists of 18 single-story residential building, a leasing/office building and a maintenance building. Amenities include a fitness center, business center, playground, clubhouse and onsite laundry facilities. Dougherty Mortgage arranged $1.7 million in Fannie Mae financing on behalf of the new owner. The acquisition loan carried a 12-year term and a 30-year amortization schedule.

August 29, 2019

Acquisitions Retail Texas

Venture Commercial Arranges Sale of 37,000 SF Grocery Store in Ennis, Texas

by Taylor Williams August 29, 2019

ENNIS, TEXAS — Dallas-based Venture Commercial Real Estate has arranged the sale of the former Brookshire Grocery building, 37,000-square-foot retail property leased in Ennis, located south of Dallas. Tim Henson and Ben Hines of Venture Commercial represented owner and seller Brookshire Grocery Co. in the disposition of the asset to Avenue Church, which will renovate the property and begin services in the fall.

August 29, 2019

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers Sale of 914-Unit Multifamily Property in in Norwood, Massachusetts

by Alex Patton August 28, 2019

NORWOOD, MASS. — CBRE has brokered the sale of Commons at Windsor Gardens, a 914-unit multifamily property in Norwood, a southern suburb of Boston. The property consists of 77 buildings with floorplans including 682 apartments and 232 townhomes. The Windsor Gardens commuter rail station is located onsite, offering a direct line to Boston. Simon Butler and Biria St. John of CBRE represented the seller, Windsor Gardens Propco LLC, in the transaction. The CBRE team also procured the buyer, which was undisclosed.

August 28, 2019

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