Acquisitions

CBRE Arranges $5.8M Sale of Monaco Tower Office Asset in Denver

by Amy Works June 4, 2019

DENVER — CBRE has brokered the sale of Monaco Tower, a Class B, value-add office building in the Glendale submarket of Denver. Benjamin Borgers, a local certified public accountant, acquired the property from an entity managed by Stabilis Capital Management for $5.8 million. Located at 925 S. Niagara St., the six-story, 63,170-square-foot building was built in 1974. At the time of sale, 16 tenants occupied the property. Monica Wiley and Jeff Wood of CBRE’s Denver office represented the seller in the transaction.

June 4, 2019

Acquisitions New York Northeast Retail

Marcus & Millichap Arranges $13M Sale of Retail Property in Queens

by Taylor Williams June 4, 2019

REGO PARK, N.Y. — Marcus & Millichap has arranged the $13 million sale of a 9,000-square-foot retail building located along Queens Boulevard in Rego Park. The building houses four tenants: Chic’s Place, Paris Baguette, Dunkin’ Donuts, Rouge Nail. Michael Kook of Marcus & Millichap represented the seller and the buyer, both of which requested anonymity, in the transaction.

June 4, 2019

Acquisitions Michigan Midwest Office

L. Mason Capitani Brokers Sale of 50,000 SF Office Building in Farmington Hills, Michigan

by Kristin Harlow June 4, 2019

FARMINGTON HILLS, MICH. — L. Mason Capitani CORFAC International has brokered the sale of the 50,000-square-foot Harvard Office Building in Farmington Hills for an undisclosed price. The property is located at 30665 Northwestern Highway. At the time of sale, the building was 90 percent leased by 12 tenants. Mason L. Capitani represented the buyer, LSTC California LLC. Capitani, along with Al Shulin, also represented the seller, Summit Harvard LLC. L. Mason Capitani will continue to oversee leasing at the property. Sister company Liberty Property & Asset Management will provide management services.

June 4, 2019

Acquisitions Healthcare Midwest Ohio

Montecito Acquires 38,000 SF Medical Office Building in Central Ohio

by Kristin Harlow June 4, 2019

GAHANNA, OHIO — Montecito Medical Real Estate has acquired a 38,000-square-foot medical office building and surgery center in Gahanna, a suburb of Columbus, for an undisclosed price. The two-story facility was constructed on a build-to-suit basis for Central Ohio Urology in 2013. The ambulatory surgery center is 27 percent of the rentable area and consists of four procedure rooms and two operating rooms. The remainder of the building consists of clinical areas, imaging, lab and administrative space.

June 4, 2019

Acquisitions Massachusetts Net Lease Northeast Retail Texas Top Stories

Hospitality Properties Trust Buys National Net-Lease Retail Portfolio for $2.4B

by John Nelson June 4, 2019

NEWTON, MASS. AND DALLAS — Hospitality Properties Trust (NASDAQ: HPT) has purchased a portfolio of net-leased retail assets from Spirit MTA REIT (NYSE: SMTA) for $2.4 billion. The portfolio consists of 774 service-oriented retail properties in 43 states that are occupied by tenants including AMC Theatres, Academy Sports + Outdoors and CarMax. The portfolio was 98 percent occupied as of March 31 and has a weighted average remaining lease term of 8.6 years. The portfolio includes all of SMTA’s owned properties held in its “Master Trust 2014” segment and excludes approximately 100 assets leased to Shopko Stores Inc., a Wisconsin-based general merchandiser that filed for bankruptcy in January. The portfolio also includes three Pilot Travel Centers that are currently owned by Spirit Realty Capital Inc., a Dallas-based net-lease REIT that owns single-tenant retail assets subject to long-term leases. Spirit Realty externally manages SMTA after spinning off the REIT from its holdings last summer. “Ultimately, we concluded that a sale to Hospitality Properties Trust represented the best possible outcome for our shareholders,” said Richard Stockton, lead independent trustee of SMTA, in a statement. “We will continue our work to close the transaction in the coming months and realize cash value for …

June 4, 2019

Acquisitions Florida Multifamily Southeast

American Landmark Acquires Multifamily Community in South Florida for $91.5M

by Alex Tostado June 3, 2019

BOCA RATON, FLA. — American Landmark has acquired Alister Boca Raton, a 448-unit multifamily community in Boca Raton, for $91.5 million. American Landmark will invest $6.2 million in capital improvements and rebrand the property as Cielo Boca. The property was originally developed between 1986 and 1988 and was renovated in 2018. Capital improvements will include glass backsplashes, new cabinets, updated lighting and USB ports for the unit interiors. Community area upgrades will include improved landscaping, parking lot repairs and new pool furniture. Existing amenities include a recently renovated clubhouse, fitness center, leasing office and two swimming pools. The property was 96 percent occupied at the time of sale. A joint venture between Mill Creek Residential and AIG sold the complex. Avery Klann, Hampton Beebe and Jonathan Senn of Newmark Knight Frank represented the seller in the transaction.

June 3, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Arranges $8.5M Sale of Office Building in West Palm Beach

by Alex Tostado June 3, 2019

WEST PALM BEACH, FLA. — Cushman & Wakefield has arranged the $8.5 million sale of Commerce Pointe Gold, a four-story, 43,433-square-foot office building in West Palm Beach. Commerce Pointe Gold sits on 2.8 acres at 1800 S. Australian Ave., two miles south of downtown West Palm Beach. Commerce Pointe Gold LLC acquired the building for $196 per square foot. The building was 99 percent leased at the time of sale to tenants including Law Offices of Craig Goldenfarb; Sasser, Cestero & Sasser; AEG Live SE; and Scuttina Real Estate Group. Scott O’Donnell, Greg Miller, Dominic Montazemi and Miguel Alcivar of Cushman & Wakefield represented the seller, KAS Gold LLC, an affiliate of Miami-based SF Partners, in the transaction. Jason Sundook and Neil Merin of NAI/Merin Hunter Codman Inc. represented the buyer.

June 3, 2019

Acquisitions Arizona Retail Western

SRS Negotiates $13.8M Sale of El Super Shopping Center in Phoenix

by Amy Works June 3, 2019

PHOENIX — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of El Super Shopping Center, a retail property located at 2211 W. Camelback Road in Phoenix. Phoenix-based De Rito Partners and Van Tuyl Group sold the property to a West Coast-based private investor for $13.8 million. Built in 2017 and situated on 6.4 acres, the asset features 59,400 square feet of retail space. At the time of sale, the property was fully occupied by 11 tenants, including El Super and Subway. Patrick Luther and Ed Beeh of SRS represented the sellers, while Matthew Mousavi, also of SRS, represented the buyer in the deal.

June 3, 2019

Acquisitions Michigan Midwest Minnesota Multifamily

Habitat Acquires Three Multifamily Properties in Michigan, Minnesota for $100M

by Kristin Harlow June 3, 2019

MICHIGAN AND MINNESOTA — The Habitat Company has acquired three multifamily properties in Michigan and Minnesota for approximately $100 million. The properties include: The Village of Hyde Park, a 43-unit townhome development in Detroit; Harbour Club, a 1,112-unit market-rate property in Bellville, Mich.; and the 108-unit Cedarvale Highlands in Eagan, Minn. Habitat plans to make upgrades to each property. At The Village of Hyde Park, Habitat plans to update unit interiors, appliances, flooring, lighting and plumbing fixtures over the next few years. At Harbour Club, Habitat will renovate units, expand the clubhouse, upgrade common areas and rename the asset. At Cedarvale Highlands, Habitat will continue a unit renovation plan that includes new kitchens and baths along with enhancements to the common areas. Habitat is handling leasing and property management for all three communities.

June 3, 2019

115-Bacon-Street-North-Waltham-Massachusetts

Acquisitions Industrial Massachusetts Northeast Self-Storage

U.S. Storage Acquires 445-Unit Self-Storage Facility Near Boston

by Taylor Williams June 3, 2019

NORTH WALTHAM, MASS. — U.S. Storage Centers has acquired a 445-unit self-storage facility, located at 115 Bacon St. in the Boston suburb of North Waltham, from Planet Self Storage. The 34,116-square-foot property was originally built as a manufacturing plant in 1900 and converted to self-storage use in 1983. With this acquisition, U.S. Storage Centers now owns and operates four self-storage facilities in the Boston area.

June 3, 2019

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