Acquisitions

NKF Negotiates Sale of 18-Story Office Tower in Downtown Newark

by Alex Patton July 10, 2019

NEWARK, N.J. — Newmark Knight Frank (NKF) has negotiated the sale of 550 Broad Street, a 294,242-square-foot office tower in downtown Newark. The sales price was undisclosed. The 18-story, Class A building was built in 1966 and was recently renovated to add a new lobby, fitness center and café. Steven Schultz, Tony Georgiev, Josh Malka and Jeff Kolodkin of NKF brokered the sale in conjunction with live-bid commercial real estate sales platform RealINSIGHT Marketplace. The buyer was local investment firm Fidelco Realty Group, and the seller was undisclosed.

July 10, 2019

Acquisitions Hospitality Massachusetts Northeast

Marcus & Millichap Arranges $5.8M Sale of Comfort Inn Hotel in Massachusetts

by Alex Patton July 10, 2019

PLYMOUTH, MASS. — Marcus & Millichap has arranged the $5.8 million sale of a three-story, 67-room Comfort Inn hotel in Plymouth, located south of Boston. Marcus & Millichap’s Jerry Swon, Daniel Zagoria and Cameron Pierce represented the seller, a family trust that owned the property for several decades, and the undisclosed buyer. The hotel, which is located off Route 3, is franchised under Choice Hotels, which operates more than 6,300 hotels across 35 countries and territories.

July 10, 2019

Acquisitions Industrial South Carolina Southeast

JLL Negotiates $35.5M Sale of New Industrial Building in Metro Charleston

by Alex Tostado July 10, 2019

HANAHAN, S.C. — JLL has arranged the $35.5 million sale of a new 313,650-square-foot distribution and light assembly center in Hanahan, a northern suburb of Charleston. Science Applications International Corp. (SAIC), a U.S. government contractor, occupies the entire space on a triple net lease. The center is situated on 23.1 acres at 7413 Magi Road. It was delivered in June and features a minimum 32-foot clear height, ESFR sprinkler system, fully conditioned warehouse and tilt-up concrete construction with a glass-lined facade. Patrick Nally, Chris Norvell and Mike Massardo of JLL represented the seller, a joint venture between North Signal Capital and a fund managed by Westport Capital Partners LLC, in the transaction. San Francisco-based Stockbridge purchased the building.

July 10, 2019

Acquisitions Georgia Retail Southeast

Marcus & Millichap Arranges $2M Sale of Savannah Store Leased to Dollar General

by Alex Tostado July 10, 2019

SAVANNAH, GA. — Marcus & Millichap has arranged the $2 million sale of a Dollar General-occupied building in Savannah. The property sold at a 5.9 percent cap rate, which is a record rate in the state of Georgia, according to Marcus & Millichap. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, Teramore Development, in the transaction. Elizabeth Randall of Randall Commercial Group LLC represented the buyer, Parker Tractor & Implement Co. Inc.

July 10, 2019

Acquisitions Retail Texas

Weitzman Negotiates Sale of 94,218 SF Former Gun Range Near Fort Worth

by Taylor Williams July 10, 2019

NORTH RICHLAND HILLS, TEXAS — Weitzman has negotiated the sale of a 94,218-square-foot facility in the northern Fort Worth suburb of North Richland Hills. The property formerly served as an indoor gun range and retail operation for Total Shooting Sports. The buyer, e-commerce firm Weby Corp., will occupy the building as its new hub of operations. Derek Schuster and David Zoller of Weitzman represented the seller, an undisclosed limited liability company, in the transaction. Jim Hazard of ESRP represented Weby Corp., which has sold an array of products on Amazon since 2011 and has several physical stores in the metroplex. The company plans to reopen the gun range at some point to combine it with retail operations.

July 10, 2019

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 145-Unit Self-Storage Facility in Metro Houston

by Taylor Williams July 10, 2019

SPRING, TEXAS — Marcus & Millichap has brokered the sale of Redline Storage, a 145-unit self-storage facility located in the northern Houston suburb of Spring. The property spans 28,248 net rentable square feet. Dave Knobler of Marcus & Millichap represented the seller, a private investor, in the transaction and procured the buyer, a limited liability company based in the area. Redline Storage was close to full occupancy at the time of sale.

July 10, 2019

Acquisitions Illinois Midwest Retail

Matanky Brokers Sale of 102,647 SF Shopping Center in Federal Opportunity Zone in Park Forest, Illinois

by Kristin Harlow July 10, 2019

PARK FOREST, ILL. — Matanky Realty Group has brokered the sale of a 102,647-square-foot shopping center located at 80-138 S. Orchard Drive in Park Forest, south of Chicago. Freedom Development Group purchased the three-building property for an undisclosed price. The Family Dollar-anchored center includes a grocery store and auto repair center. The buyer was attracted to the site due to its location within a federal Opportunity Zone, according to Matanky. Terri Cox and Don Wagener of Matanky brokered the transaction.

July 10, 2019

Acquisitions Michigan Midwest Retail

Marcus & Millichap Arranges $5.7M Sale of Retail Center in Woodhaven, Michigan

by Kristin Harlow July 10, 2019

WOODHAVEN, MICH. — Marcus & Millichap has arranged the sale of Woodhaven Village Square for $5.7 million. The 50,414-square-foot retail center is located in Woodhaven, a southern suburb of Detroit. The property is fully leased to Michaels, PetSmart, Cato and Dance Nation. Ashish Vakhariya and Seth Haron of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The buyer was not disclosed.

July 10, 2019

Acquisitions Office Washington Western

Newmark Knight Frank Brokers $305M Sale of 901 Fifth Office Tower in Seattle

by Jeff Shaw July 10, 2019

SEATTLE — Newmark Knight Frank (NFK) has brokered the $305 million sale of 901 Fifth Office Tower, a 41-story, 541,190-square-foot property at the corner of Fifth Avenue and Madison Street in downtown Seattle. NKF’s Kevin Shannon, Nick Kucha, Michael Moll, Rob Hannan and Ken White represented the seller, a partnership of Schnitzer West and Investcorp, in the transaction. HFF represented the buyer, Vanbarton Group. 901 Fifth Office Tower encompasses nearly a full city block and is 100 percent occupied by more than 40 tenants including Pitchbook, Cray and Milliman Care Guidelines. Roughly 18 months ago, the property underwent a $4.6 million lobby renovation. The building is LEED Platinum certified and features valet parking, a fitness center, conference rooms, coffee shop/deli, landscaped outdoor plaza and Wi-Fi.

July 10, 2019

Acquisitions Multifamily Nevada Western

CRA, The Roxborough Group Sell Las Vegas Multifamily Portfolio for $137.5 Million

by Jeff Shaw July 10, 2019

LAS VEGAS — Continental Realty Advisors (CRA) and The Roxborough Group have sold a three-community multifamily portfolio spanning 1,194 units in Las Vegas. The price was $137.5 million. The buyer was not disclosed. The Las Vegas portfolio includes: the 440-unit Stonegate Apartments, which was constructed in 1991; the 402-unit Loma Vista Apartments, constructed in 1998; and the 352-unit Viridian Palms (formerly Stonegate West) constructed in 1990. In recent years, the sellers invested over $5 million in repairs and improvements at the properties.

July 10, 2019

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