Acquisitions

Cushman & Wakefield Brokers Sale of 88,910 SF Office Building in Morris Plains

by David Cohen March 7, 2019

MORRIS PLAINS, N.J. — Cushman & Wakefield has arranged the sale of a three-story office building in Morris Plains. The sales price was undisclosed. Located at 201 Littleton Road, the 88,910-square-foot property is set on a nearly 17-acre site. The property was 44 percent leased at the time of sale to a tenant roster that includes the State of New Jersey. Andrew Merin, Andrew Schwartz and Kubby Tischler of Cushman & Wakefield represented the seller, Mack-Cali Realty Corp., in the transaction. The buyer was Chopp Holdings, a local investor.

March 7, 2019

Acquisitions Connecticut Healthcare Northeast

HFF Negotiates Sale of Two-Property Medical Office Portfolio Near Hartford, Connecticut

by David Cohen March 7, 2019

VERNON, CONN. — HFF has negotiated the sale of a two-property medical office portfolio in the Hartford-area community of Vernon. The sales price was undisclosed. The properties are 460 Hartford, a 36,000-square-foot outpatient facility, and 8 Keynote, a 22,500-square-foot home health service facility. Both properties are fully leased to Eastern Connecticut Health Network, a subsidiary of Prospect Medical Holdings. Ben Appel, Evan Kovac, Andrew Milne, Bryan Rosenberg. Dana Brome and Ron Ott of HFF represented the seller, Bellevue Street Capital LLC, in the transaction. Global Medical REIT Inc. purchased the portfolio.

March 7, 2019

Acquisitions Mixed-Use New Jersey Northeast Uncategorized

Marcus & Millichap Orchestrates $1.2M Sale of Mixed-Use Building in New Jersey

by David Cohen March 7, 2019

MONTCLAIR, N.J. — Marcus & Millichap has arranged the $1.2 million sale of a 4,500-square-foot mixed-use property in New Jersey. Located at 413 Bloomfield Ave., the property consists of two apartment units and one retail unit. Alan Cafiero, Ben Sgambati, Chip Collins, David Cafiero, Michael DeVita and Thomas Cleary of Marcus & Millichap’s New Jersey office represented the seller, a personal trust, in the transaction. The buyer was a limited liability company.

March 7, 2019

Acquisitions Multifamily Nevada Western

PacifiCap Properties Sells 332-Unit Multifamily Asset in Reno for $35.3M

by Amy Works March 7, 2019

RENO, NEV. — Portland, Ore.-based PacifiCap Properties has completed the disposition of Southwest Village, a multifamily property located in Reno’s Old Southwest Reno neighborhood. A New York-based company acquired the property for $35.3 million, or $106,476 per unit. Constructed in 1972, the 14-building, controlled-access community features 332 apartments averaging 852 square feet, two swimming pools, three laundry facilities and 500 parking spaces. Kenneth Blomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap represented the seller and procured the buyer in the transaction.

March 7, 2019

Acquisitions California Retail Western

Northern California Investor Buys 185,000 SF Shopping Center in Manteca, California

by Amy Works March 7, 2019

MANTECA, CALIF. — A Northern California-based family has purchased Stadium Center, a shopping center located at 2120 Daniels St. in Manteca. A Chicago-based REIT sold the property for an undisclosed price. The new owners have retained NAI Benchmark to manage the asset. The 185,000-square-foot shopping center is occupied by Famous Footwear, Mattress Firm, Queenbee Nails & Spa, Subway, Chili’s Bar & Grill, GameStop, Maurice’s, Ross Dress for Less, Supercuts, Jamba Juice, My Kid’s Dentist & Orthodontist, Round Table Pizza, Ulta Beauty, Jo-Ann Fabrics & Crafts, Old Navy, rue21, Wild Wings n’ Things, dressbarn, Justice, Ono Hawaiian BBQ, Stadium Dental Group, Eyebrow Arch, Panda Express and Starbucks Coffee.

March 7, 2019

Acquisitions Idaho Retail Western

Hanley Investment Arranges Sale of CircusTrix Trampoline Park in Metro Boise

by Amy Works March 7, 2019

NAMPA, IDAHO — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant net-lease investment property, located at 1460 N. Happy Valley Road in Nampa. An East Coast-based real estate investment acquired the property from Atlanta-based RCG-Nampa LLC for an undisclosed price. The tenant, CircusTrix, is a developer, operator and franchisor of indoor active recreation parks. The facility combines super trampoline arrays with obstacle courses, foam pits, slacklines and trapezes. Eric Wohl, Austin Blodgett and Andrew Cunningham of Hanley Investment Group represented the seller, while the buyer was self-represented in the deal.

March 7, 2019

Acquisitions California Lee & Associates Restaurant Retail Western

Lee & Associates Brokers $1.2M Sale of Little Caesars Restaurant Asset in Pico Rivera, California

by Amy Works March 7, 2019

PICO RIVERA, CALIF. — Lee & Associates has arranged the sale of a restaurant property, located at 9209 Telegraph Road in Pico Rivera. NLA Pico Rivera sold the property to Bellside Property Management for $1.2 million. The built-to-suit property was completed in late December for Little Caesars. Situated on 0.2 acres, the 1,252-square-foot building features a drive-thru. Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County represented the seller, while Lee & Associates – Riverside represented the buyer in the deal.

March 7, 2019

Acquisitions California Retail Western

CalBay Development Acquires Burger King Drive-Thru in California for $1.9M

by Amy Works March 7, 2019

ARCADIA, CALIF. — CalBay Development has purchased a drive-thru restaurant redevelopment site in Arcadia. An undisclosed seller sold the asset for $1.9 million. Totaling 30,000 square feet of land, the property features a 3,000-square-foot building with an expiring lease. The current tenant is Burger King. Rory Holdstock of Pinnacle Estate Properties brokered the transaction.

March 7, 2019

Acquisitions Multifamily Student Housing Texas

Nelson Partners Acquires Student Housing Property Near UT Austin for $100M

by Taylor Williams March 7, 2019

AUSTIN, TEXAS — California-based investment firm Nelson Partners has acquired Skyloft, a student housing property located one block from the University of Texas (UT) at Austin, for $100 million. The newly built, 18-story community features 674 beds. Amenities include a rooftop pool, fitness center, marketplace, study lounges and full-meal vending machines. The property was 100 percent occupied at the time of sale and is 77 percent preleased for the 2019-2020 academic year. Marcus & Millichap Capital Corp. arranged a $66.1 million acquisition loan that carried a 10-year term and a fixed interest rate of 4.5 percent, for the transaction.

March 7, 2019

Acquisitions Retail Texas

World Class Property Acquires 191,760 SF Retail Power Center in Austin

by Taylor Williams March 7, 2019

AUSTIN, TEXAS — World Class Property Co., an Austin-based investment firm headed by Nate Paul, has acquired Arboretum Crossing, a 191,760-square-foot regional power center in Austin. The property is situated on 20 acres at the intersection of three of Austin’s busiest thoroughfares. Tenants include Bed Bath & Beyond, World Market, Mattress Firm and Ferguson Enterprises. The seller was New York-based Kimco Realty Corp.

March 7, 2019

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