Acquisitions

Newmark Knight Frank Negotiates $55.2M Sale of Office Campus in Bellevue, Washington

by Amy Works July 31, 2019

BELLEVUE, WASH. — Newmark Knight Frank has arranged the sale of Corporate Campus East III, an office complex in Bellevue. TA Realty sold the property to a joint venture between Steelwave and Ares Management for $55.2 million. Situated on 11.7 acres at 3001, 3005, 3009 and 3015 112th Ave NE, the four-building campus features 154,765 square feet of office space. Built in the mid-1980s, the asset underwent a major renovation in 2015. At the time of sale, the property was 90 percent occupied. On-site amenities include a cafeteria, plaza, canopies, outdoor benches and seating areas, and ample parking. Kevin Shannon, Nick Kucha, Rob Hannan, Ken White, Michael Moll and Bill Delacy of Newmark Knight Frank represented the seller, while the buyer was self-represented in the deal.

July 31, 2019

Acquisitions Arizona Retail Western

Commercial Retail Advisors Brokers Sale of Orange Grove Village Shopping Center in Tucson

by Amy Works July 31, 2019

TUCSON, ARIZ. — Commercial Retail Advisors has brokered the sale of Orange Grove Village Shopping Center, a retail strip center located at the northwest corner of Oracle and Orange Grove roads in Tucson. After 55 years of ownership, California-based 4-D Properties sold the asset to S1K LLC for an undisclosed price. The new owner plans to renovate the property and retained Stickley Design Group to head project design. Chapman Management Group was hired as the property manager, and Commercial Retail Advisors will continue in its capacity as the project leasing agent. Craig Finfrock of Commercial Retail Advisors represented both parties in the transaction.

July 31, 2019

Acquisitions Connecticut Multifamily Northeast

JLL Negotiates Sale of 304-Unit Multifamily Asset in Stamford, Connecticut

by Alex Patton July 30, 2019

STAMFORD, CONN. — JLL has negotiated the sale of AVA Stamford, a 304-unit multifamily property in Stamford, a city on the southwest coast of Connecticut. The property has since been renamed Sofi at 50 Forest. The 18-story tower offers one-, two- and three-bedroom units averaging more than 1,000 square feet, each equipped with laundry appliances and patios or balconies. Amenities include a heated pool, fitness center, clubhouse and a 1.1-acre private park with tennis courts. The property, construction of which was completed in 2001, was 95 percent occupied at the time of sale. Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Andrew Scandalios, Michael Oliver, Mark Mahasky and Grace Braverman of JLL represented the seller, AvalonBay Communities Inc., in the transaction. The buyer was West Coast-based multifamily investor Pacific Urban Residential. The exact sales price was undisclosed.

July 30, 2019

Acquisitions Connecticut Northeast Retail

CBRE Arranges $30M Sale of Retail Property in Greenwich, Connecticut

by Alex Patton July 30, 2019

GREENWICH, CONN. — CBRE has arranged the $30 million sale of a retail property leased to CVS in Greenwich, a city on the southwest coast of Connecticut. The 10,695-square-foot property is located at 99 Greenwich Ave., in a retail and restaurant corridor that also includes apparel vendors Saks Fifth Avenue and Gucci. Jeffrey Dunne, David Gavin, Travis Langer and Will Pike of CBRE represented the seller, Midwood Investment & Development, in the transaction. The trio also procured the undisclosed buyer.

July 30, 2019

Lehigh-University-Bethlehem-Pennsylvania

Acquisitions Multifamily Northeast Pennsylvania Student Housing

Rittenhouse Realty Brokers $21.4 Million Sale of Student Housing Portfolio in Bethlehem, Pennsylvania

by Alex Patton July 30, 2019

BETHLEHEM, PA. — Rittenhouse Realty Advisors has brokered the $21.4 million sale of a student housing portfolio located near Lehigh University in Bethlehem, a town near the eastern border of Pennsylvania. The portfolio consists of 44 properties totaling 219 beds. The buyer in the transaction was an undisclosed family office new to the student housing market. The seller was also undisclosed.

July 30, 2019

Acquisitions Industrial Midwest Wisconsin

JV Acquires 354,000 SF Manufacturing Facility in Kenosha, Wisconsin

by Kristin Harlow July 30, 2019

KENOSHA, WIS. — A joint venture between Clear Height Properties and Israel-based Buligo Capital Partners has acquired the 354,000-square-foot headquarters of Kenall Lighting Inc. The purchase price was not disclosed. The manufacturing and distribution facility is located within the Business Park of Kenosha. Completed in 2014, the building sits on a 20.4-acre site and includes 50,000 square feet of office space. It features a clear height of 32 feet, eight exterior docks, one drive-in door and 442 car parking stalls. Kenall Lighting produces lighting fixtures, with applications in corrections, healthcare, public spaces, food processing and transit. Jeffrey Devine and Steve Disse of Colliers International represented the seller, a private investor.

July 30, 2019

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers Sale of 154-Unit Multifamily Portfolio in Minnesota

by Kristin Harlow July 30, 2019

MINNEAPOLIS AND SAINT LOUIS PARK, MINN. — Marcus & Millichap has brokered the sale of Oak Park Village and Holmes Greenway Apartments, a multifamily portfolio comprising 154 units in Minneapolis and Saint Louis Park. Built in 1983, Holmes Greenway Apartments consists of 54 units. The six-story complex is located within a mile of downtown Minneapolis at 418 Central Ave. SE. The second property, Oak Park Village, is a 100-unit complex with floor plans ranging from 729 to 1,284 square feet. The community is located at 7267 Oak Park Village Drive in Saint Louis Park, about five miles southwest of Minneapolis. Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller.

July 30, 2019

Acquisitions Florida Multifamily Southeast

Epoch Residential Sells 293-Unit Apartment Complex in Metro Orlando

by Alex Tostado July 30, 2019

MAITLAND, FLA. — Epoch Residential has sold Maitland Station Apartments, a 293-unit apartment complex located adjacent to the Maitland SunRail station in Maitland. The transient-oriented community offers one-, two- and three-bedroom floor plans averaging 942 square feet. Communal amenities include a swimming pool, fire pit, outdoor kitchen with gas grills, 24-hour fitness facility with separate CrossFit studio, cyber café, media room, game room, community kitchen, conference room, business center and a pet park with a dog washing station. Maitland Station Apartments is located at 801 Orlando Ave., nine miles north of downtown Orlando. Brett Moss and Elliott Throne of JLL represented the seller in the transaction. Nicol Investment Co. acquired the property for an undisclosed price.

July 30, 2019

Acquisitions Florida Retail Southeast

JLL Arranges $10.3M Sale of Four Retail Properties in Downtown Sarasota

by Alex Tostado July 30, 2019

SARASOTA, FLA. — JLL has arranged the sale of four retail properties in downtown Sarasota totaling 30,188 square feet. The four properties, which are situated on Main Street and Lemon Avenue, sold for $10.3 million. The properties were 89 percent leased at the time of sale to tenants including Sur La Table, Bluemercury, Eileen Fisher, Hyde Park Prime Steakhouse, Boca Kitchen, J. McLaughlin and Sara Campbell. Eric Williams, Daniel Finkle and Luis Castillo of JLL represented the seller, Lemon Avenue Partners LLC, in the transaction. The buyer was not disclosed.

July 30, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Negotiates $7.7M Sale of Office Building in Miami

by Alex Tostado July 30, 2019

MIAMI — Cushman & Wakefield has negotiated the $7.7 million sale of Bank of America Center, a six-story, 68,174-square-foot office building in Miami. Bank of America Center is situated at 1313 N.W. 36th St. within an Opportunity Zone. The property was 88.8 percent leased at the time of sale to tenants including Bank of America and the Miami-Dade State Attorney’s office. Miguel Alcivar, Dominic Montazemi, Scott O’Donnell, Tony Jones and Frank Begrowicz of Cushman & Wakefield represented the seller, an investment group affiliated with Golden Sands. This is the third property the investment group has sold within the same Opportunity Zone since last year. Scott Sime of Sime Realty Corp. represented the buyer, New York City-based Edenderry Properties LLC. In March 2018, Edenderry Properties acquired Centennial Express Building, which is located directly east of Bank of America Center.

July 30, 2019

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