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Acquisitions

AcquisitionsMarylandOfficeSoutheast

JLL Arranges Sale of 327,000 SF Office Complex in Metro D.C.

by Alex Tostado

ROCKVILLE, MD. — JLL has arranged the sale of Executive Plaza, a 327,000-square-foot office complex in Rockville. The property comprises two eight-story buildings located at 6120 and 6130 Executive Blvd., about 15 miles north of downtown Washington, D.C. The buildings were recently renovated to include a new fitness center, 3,500-square-foot conference center, cyber café and an outdoor plaza. Jim Meisel and Matt Nicholson of JLL represented the seller, a partnership between Monument Realty and Angelo, Gordon & Co., in the transaction. MC Real Estate and an institutional partner acquired the asset for an undisclosed price. MC Real Estate has retained The Polinger Co. to provide onsite property management services and Bob Dickman of Avison Young as the leasing agent.

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AcquisitionsMultifamilySoutheastVirginia

Hamilton Zanze Acquires 248-Unit Multifamily Community in Northern Virginia

by Alex Tostado

ALEXANDRIA, VA. — Hamilton Zanze has acquired Abbotts Run, a 248-unit multifamily community in Alexandria. The property offers one- and two-bedroom floor plans ranging in size from 693 to 1,352 square feet. Amenities include a 24-hour clubhouse, game room, swimming pool, playground, tennis and volleyball courts, car washing station and outdoor picnic and grilling stations. The previous owner renovated all but 17 units. Hamilton Zanze plans to complete the renovation of the property, which was built in 1988. Abbotts Run is located at 5711 Woodlawn Gable Drive, 20 miles southwest of downtown Washington, D.C.

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AcquisitionsFloridaIndustrialSoutheast

Pinch A Penny Sells Two Industrial Buildings Totaling 224,192 SF in Central Florida

by Alex Tostado

CLEARWATER, FLA. — Pinch A Penny, a swimming pool retail, service and repair franchise, has sold two industrial buildings totaling 224,192 square feet in Clearwater. The buildings are located at 14480 and 14550 62nd St., three miles west of St. Pete-Clearwater International Airport and 19 miles west of downtown Tampa. Pinch A Penny sold the assets after vacating the property to expand its footprint into new facilities. The buyer was not disclosed, but the Tampa Bay Business Journal reports Blue Steel Development acquired the two industrial buildings. The buyer plans to significantly renovate the two Class C buildings. Rick Narkiewicz of Newmark Knight Frank (NKF) represented the seller in the transaction.

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AcquisitionsCaliforniaRetailWestern

GIGU Inc. Buys 105,297 SF Stockton Plaza in California’s Central Valley for $17M

by Amy Works

STOCKTON, CALIF. — GIGU Inc., a private buyer, has purchased Stockton Plaza, a shopping center located at 2323 W. Hammer Lane in Stockton. PPC-Stockton Plaza L.P. sold the asset for $17 million. At the time of sale, the 105,297-square-foot property was 97 percent occupied. Tenants include Food Source (Raley’s), AutoZone, BBVA Compass Bank, Great Clips, McDonald’s and Little Caesars. Chris Tramontano, John Redfield and Steve Kalyk of SRS Real Estate Partners’ Investment Properties Group represented the seller in the deal.

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AcquisitionsCaliforniaHealthcareOfficeWestern

Camelot West Commercial Negotiates $4.8M Sale of Medical Office Building in Tustin, California

by Amy Works

TUSTIN, CALIF. — Camelot West Commercial has arranged the sale of Santa Ana – Tustin Medical Pavilion, a medical office building in Tustin. TKL Westminster acquired the property from Santa Ana Tustin Medical Pavilion LLC for $4.8 million with no concessions or repairs. Developed in 1968, the 17,594-square-foot building is located at 17400 Irvine Blvd. in Tustin. The building features 13 separate suites, each with examination rooms, lobbies, offices and private bathrooms. The building also features a full-service pharmacy. Jennifer Esser of Camelot West Commercial represented the seller, while Mia Pham of Lee & Associates represented the buyer in the transaction.

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AcquisitionsCaliforniaNet LeaseRetailWestern

Marcus & Millichap Arranges $2.9M Sale of Net-Leased Building in Livermore, California

by Amy Works

LIVERMORE, CALIF. — Marcus & Millichap has brokered the sale of a retail building, located at 2287 Second St. in downtown Livermore. A limited liability company acquired the building from tenants in common for $2.9 million. Bank of the West occupies the 7,108-square-foot building with one year remaining on the triple-net lease with no options to extend. Constructed in 1960 on a 0.41-acre lot, the building features multiple drive-in lanes and ample parking. Ethan Pintard and Jarrod Senechal of Marcus & Millichap’s East Bay, Calif., office represented the seller and the buyer in the deal.

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AcquisitionsIndianaMidwestRetail

Kite Realty Acquires 139,743 SF Shopping Center in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Kite Realty has acquired Nora Plaza, a 139,743-square-foot shopping center located at 1300 E. 86th St. in Indianapolis. The purchase price was not disclosed. Tenants include Whole Foods Market, Marshalls, Goodman’s Shoes and Firestone. CBRE represented the seller, a joint venture between RPT Realty and an institutional partner.

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AcquisitionsHospitalityMidwestWisconsin

Marcus & Millichap Brokers $3.5M Sale of 58-Room Hotel in Wisconsin

by Kristin Harlow

WEST BEND, WIS. — Marcus & Millichap has brokered the $3.5 million sale of the Country Inn & Suites West Bend. The 58-room hotel is located at 2000 Gateway Court in West Bend, about 35 miles northwest of Milwaukee. Ebrahim Valliani, Michael Klar, Alan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured the buyer, a private investor.

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AcquisitionsIllinoisIndustrialMidwest

Brown Commercial Negotiates Sale of 26,000 SF Industrial Building in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — Brown Commercial Group has negotiated the sale of a 26,000-square-foot industrial building located at 2475 Millennium Drive in Elgin for an undisclosed price. Foderaro Investment Partnership Corp. purchased the building, which will house V&F Transformer Corp., a manufacturer of custom-designed transformers and reactive magnetic components. Built in 2002, the building is situated on a 1.5-acre site within an industrial park near I-90. Jim Pietrarosso of Brown Commercial represented the buyer. Dan Brown of Brown Commercial represented the seller, 2475 Millennium Drive Holdings LLC.

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AcquisitionsMassachusettsNortheastOfficeTop Stories

Boston Properties Acquires 392,600 SF Office Complex in Massachusetts for $106M

by Taylor Williams

WALTHAM, MASS. — Boston Properties Inc. (NYSE: BXP) has acquired 880 and 890 Winter Street, a two-building, 392,600-square-foot office complex in Waltham, a suburb of Boston. The all-cash deal fetched a sales price of $106 million. The complex was 82 percent leased at the time of sale to 24 tenants in the healthcare, technology and energy sectors. Amenities include a two cafés, an outdoor seating area, a fitness center and a conference center. The 28-acre property is situated adjacent to Bay Colony, Boston Properties’ 1 million-square-foot business park. Following this acquisition, Boston Properties owns more than 4 million square feet of Class A office space in Waltham. The company owns and manages more than 5 million square feet of commercial space along the Route 128/Interstate 95 corridor in the Boston suburbs. “Waltham continues to be one of the region’s most desirable urban edge locations for organizations that want to attract and retain highly educated associates,” says Bryan Koop, executive vice president at Boston Properties. “The 880 and 890 Winter Street campus provides both location and amenities that offer long-term value for current and prospective tenants.” Boston Properties is one of the largest developers and owners of Class A office space, …

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