ALAMEDA, CALIF. — Calvera Partners has acquired a 52-unit apartment building, located at 430 and 450 Buena Vista Ave. in Alameda, from an undisclosed seller for $15.9 million. As the final acquisition for the company’s current discretionary investment fund, the purchase is part of the firm’s ongoing plan to reposition vintage multifamily properties in the Bay Area. Calvera plans to rebrand the three-story building, which was constructed in 1964, with new signage, refreshed landscaping and common areas, and comprehensive upgrades to individual units. Additionally, the property renovation will address deferred maintenance issues and structural improvements.
BEND, ORE. — Rockridge Investments LLC has purchased an industrial property located in Bend from an undisclosed seller for $2.9 million. Situated on five acres at 687 S.E. Glenwood Drive, the asset consists of four industrial buildings, totaling 26,746 square feet and encompassing seven tax lots. At the time of purchase, multiple long-term tenants occupied the property. Ron Ross and Terry O’Neil of Compass Commercial represented the buyer in the transaction.
BROOMALL, PA. — HFF has negotiated the $25.3 million sale of a 57,320-square-foot cancer center and multi-specialty outpatient facility in Broomall, a western suburb of Philadelphia. At the time of sale, the facility was fully leased to healthcare provider Crozer-Keystone on an absolute triple-net basis. Ben Appel, Evan Kovac, Andrew Milne and Doug Rodio of HFF represented the seller, Pennsylvania-based investment firm Capital Solutions, in the transaction. The buyer was Anchor Health Properties, a full-service real estate firm focused exclusively on medical facilities. More than 330,000 people live within a five-mile radius of the property.
HAMILTON, N.J. — Marcus & Millichap has arranged the $3 million sale of Olden Plaza, an 11,500-square-foot retail center in Hamilton, located just east of Trenton. The property was fully leased at the time of sale to seven tenants, six of which have occupied their spaces for more than 10 years. Michael Lombardi, Fahri Ozturk and Richard Gatto of Marcus & Millichap represented the seller, a private investor, in the transaction, which drew 10 offers and closed at full asking price. The buyer was not disclosed.
NEW YORK CITY — Savanna, a real estate owner and developer based in New York City, has purchased a 39-story office tower in Midtown Manhattan for $381 million. The nearly 500,000-square-foot building is located at 521 Fifth Ave., which is near the corner of 43rd Street and one block from Grand Central Station in New York City. The seller is a joint venture between SL Green Realty Corp., Quantum Global Real Estate and LaSalle Investment Management. Bill Shanahan, Darcy Stacom, David Fowler and Doug Middleton of CBRE represented the joint venture in the sale. Built in 1929, the office tower is LEED Gold-certified and Energy Star-rated, but Savanna plans to make significant capital improvements to the asset. More specifically, the renovation includes a complete entrance and lobby overhaul, new signage, selective systems upgrades and common corridor work. “After we make a few select cosmetic improvements, we believe this property will be well-positioned for a successful leasing campaign,” says Andrew Fichte, managing director of Savanna. Savanna has selected a CBRE team led by Peter Turchin and David Hollander as the leasing agent for the office tower. At year-end 2018, the build was more than 96 percent leased to tenants including China …
ATLANTA — Middleburg has purchased three workforce housing properties in Atlanta. The assets include The Grove, a 220-unit community located at 5100 Welcome All Road; Park at Bouldercrest, a 438-unit complex situated at 26 Bouldercrest Lane SE; and Majestic Park, a 298-unit property located at 1991 Delowe Drive SW. The Grove and Park at Bouldercrest were vacant, and Majestic Park was 15 percent occupied at the time of the sale. Middleburg is planning to renovate all three properties to improve physical assets and communal amenities.In addition, Middleburg will also rebrand the properties, with The Grove becoming Vesta Red Oak, Park at Bouldercrest becoming Vesta Bouldercrest and Majestic Park becoming Vesta Adams Park. The acquisition and renovations of all three properties are estimated to cost $91 million. Middleburg will provide responsive community programs to its residents and engage the local community through job fairs, afterschool programs and continuing education for adults. Acquisition financing was provided through Middleburg Workforce Housing Fund, a fund that was created in January and is now closed following this transaction. Middleburg also acquired Vesta Derby Oaks in Louisville, Ky., through the fund. Middleburg has partnered with KeyBank Real Estate Capital Community Development Lending and Investment (CDLI) and …
WEST PALM BEACH, FLA. — KBS Real Estate Investment has sold Emerald View at Vista Center, a two-building office property in West Palm Beach, for $40 million. A partnership including Vanderbilt Office Properties acquired the 139,471-square-foot property. Emerald View is situated near the Florida Turnpike and Okeechobee Boulevard within the 500-acre master-planned Vista Center. Vista Center is a mixed-use development that will include office, industrial, hotel and retail space. Emerald View was built to exceed hurricane requirements and provide 100 percent power for 25 days of “business as usual” operations. KBS made several upgrades and improvements to the property, including the construction of move-in ready speculative suites and enhancements to the building common areas and lobby. Christian Lee, Jose Lobon, Kevin Probel, Kevin McCarthy and Tyler Ploshnick of CBRE represented KBS in the transaction.
TAMPA, FLA. — RS Tampa Industrial LLC, an affiliate of Redstone Investments, has acquired the Roth portfolio, a 17-building industrial portfolio that spans 466,460 square feet in Tampa’s Airport/North and East Tampa submarkets. Roth Investment Partnership sold the buildings for a total of $28.6 million. Included in the sale is a building situated at 4410 Crest Ave. which is adjacent to Air Cargo Road and Tampa International Airport. Six of the buildings are situated within Sunstate Industrial Park, which, according to a person familiar with the property, is located near Tampa International Airport’s cargo entrance.
ST. PETERSBURG, FLA. — Marcus & Millichap has arranged the $10.7 million sale of Serenity Creek, a 90-unit apartment community in St. Petersburg. Serenity Creek is located at 4201 49th St., 20 miles southwest of downtown Tampa. The property was built in 1980 and was renovated in 2007. Serenity Creek offers one- and two-bedroom floor plans across seven two-story buildings. Community amenities include a swimming pool with sundeck, multiple outdoor lounge areas with fire pits and barbecue grilling areas, a central clubhouse, mail kiosk and leasing center and an on-site laundry center. Casey Babb, Luis Baez and Shawn Rupp of Marcus & Millichap represented the undisclosed seller and undisclosed buyer in the transaction.
NEW YORK CITY — Locally based investment and development firm GFP Real Estate has acquired 675 Avenue of the Americas (AOA), a 311,000-square-foot office and retail building located in the Flatiron District of Manhattan. Originally constructed in 1901 to house the Adams Dry Goods department store, the Class A property houses the headquarters of several major companies, including Weight Watchers, Nielsen and Trader Joe’s. GFP partnered on the sale with tech firm Guidepoint, which will occupy a 50,000-square-foot headquarters space within the building and retain minority ownership in it. Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer and Paul Talbot of Newmark Knight Frank arranged an undisclosed amount of acquisition financing through Signature Bank for the deal. The seller and sales price were not disclosed.