Acquisitions

Joint Venture Sells Rio West Business Park in Tempe for $63.3M

by Amy Works February 21, 2019

TEMPE, ARIZ. — A joint venture between the principals of Scottsdale, Ariz.-based The Wolff Co. and Seattle-based Leavitt Capital Cos. has completed the sale of Rio West Business Park, an office campus located at 1621-2021 W. Rio Salado Parkway in Tempe. A fund managed by Los Angeles-based Oaktree Capital Management acquired the asset for $63.3 million. Tracy Cartledge, Steve Lindley and Bob Buckley of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller. The five-building Rio West Business Park features 296,663 square feet of office space. At the time of sale the property was fully leased, with American Airlines occupying four of the five buildings.

February 21, 2019

Acquisitions California Multifamily Western

IPA Brokers $19.5M Sale of 98-Unit Villa Capri Apartment Asset in Escondido, California

by Amy Works February 21, 2019

ESCONDIDO, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Villa Capri, a multifamily property in Escondido. VCA Co. sold the property to 902 Washington for $19.2 million. Completed in 1971, Villa Capri features 11 one- and two-story buildings offering a total of 98 apartment units. Christopher Zorbas and Austin Huffman of The Zorbas Group of Marcus & Millichap’s San Diego office represented the seller and procured the buyer in the transaction.

February 21, 2019

Acquisitions Multifamily Washington Western

Starboard Realty Advisors Acquires 56-Unit Madison View Apartments in Seattle

by Amy Works February 21, 2019

SEATTLE — Starboard Realty Advisors has purchased Madison View Apartments, a multifamily property located near the Capitol Hill neighborhood of Seattle, for an undisclosed price. Originally built in 1912 and renovated in 2018, the building features 56 units, including eight micro-units, with modern finishes, a community courtyard with fire pit and balconies with views of Lake Washington in select units. The renovations includes stainless steel appliances, quartz countertops, new cabinets, modern fixture, vinyl plank flooring, LED lighting and a bar top in most kitchens. Jerrid Anderson and Dylan Simon of Colliers International represented the undisclosed seller in the deal.

February 21, 2019

Acquisitions Midwest Office Wisconsin

Colliers Brokers Sale of Six-Building Office Portfolio in Metro Milwaukee for $37.7M

by Kristin Harlow February 21, 2019

MILWAUKEE AND WAUKESHA, WIS. — Colliers International has brokered the sale of a six-building office portfolio in Milwaukee and Waukesha for $37.7 million. The 392,021-square-foot portfolio includes a mix of single- and multi-tenant buildings. At the time of sale, the portfolio was 92 percent leased to 23 tenants, including Von Briesen & Roper, Morgan Stanley, Aurora Health Care and DentaQuest. Tom Shepherd of Colliers represented the seller, LSOP WI LLC. Felton Properties was the buyer. Colliers will handle property management services on behalf of the buyer.

February 21, 2019

Acquisitions Illinois Industrial Midwest

Cawley Chicago Arranges Two Industrial Property Sales in East Dundee and Carol Stream, Illinois

by Kristin Harlow February 21, 2019

EAST DUNDEE AND CAROL STREAM, ILL. — Cawley Chicago has arranged two industrial property sales in Illinois. In the first transaction, High Street Realty purchased a two-building portfolio totaling nearly 80,000 square feet in East Dundee. In the second transaction, Venture One Real Estate acquired a 16,072-square-foot building. The facilities were fully leased at the time of sale. Jack Brennan and Daniel Cawley of Cawley represented the sellers, both of which were private investment entities.

February 21, 2019

Acquisitions Alabama Connecticut Indiana Industrial Iowa Massachusetts Midwest New Jersey Northeast Pennsylvania Southeast Top Stories

Rubenstein Properties Sells 28 Industrial Properties for $197M

by Alex Tostado February 21, 2019

LITTLE FALLS, N.J. — Rubenstein Properties has sold 28 industrial properties totaling more than 5 million square feet across six states for $197 million. Bernards Township, N.J.-based Silverman Group acquired 27 buildings for $183 million. Properties are located in New Jersey, Connecticut, Massachusetts, Iowa, Indiana and Alabama. The portfolio was 95.8 percent leased at the time of the sale. Locations include: New Jersey 10 Park Place, Butler; 20-21 Wagaraw Road, Fair Lawn; 39 Avenue C, Bayonne; 101 E. Main St., Little Falls; 114 Beach St., Rockaway; and 1578 Sussex Turnpike, Randolph, N.J. (units 2 through 5). Connecticut 20, 50 and 80 Utopia Road, Manchester; 118 Sanrico Drive, Manchester; 135 Sheldon Road, Manchester; 428 Hayden Station Road, Windsor; Alabama 207 Jacintoport Blvd., Saraland. Indiana 2190 Summit St., New Haven, Ind. Further details about the properties were not disclosed. In addition, a tenant occupying 1055 Crossroads Blvd. in Muhlenberg Township, Pa., acquired the asset for $14 million. “The properties are all strategically located within infill locations in order to take advantage of consistently improving industrial leasing fundamentals and increasing demand with extremely limited supply,” said Brian Fiumara, executive vice president of CBRE. “Rubenstein Properties’ portfolio provided the buyer with an exceptional opportunity …

February 21, 2019

Acquisitions Hospitality New Jersey Northeast Uncategorized

Marcus & Millichap Negotiates $13.5M Sale of Crowne Plaza Hotel in Englewood, New Jersey

by David Cohen February 20, 2019

ENGLEWOOD, N.J. — Marcus & Millichap has negotiated the $13.5 million sale of the Crowne Plaza Hotel in Englewood. Located at 401 South Van Brunt St., the 113,202-square-foot hotel is set on more than five acres. Alan Cafiero, Ben Sgambati and Michael DeVita of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

February 20, 2019

Acquisitions Alabama Multifamily Southeast

Castle Lanterra Sells Multifamily Property in Tuscaloosa for $20.7M

by Alex Tostado February 20, 2019

TUSCALOOSA, FLA. — Castle Lanterra Properties has sold Heights at Skyland, a 304-unit apartment property in Tuscaloosa, for $20.7 million to an undisclosed buyer. The property was developed in two phases in 1975 and 1991. The asset offers one- and two-bedroom floor plans and amenities such as a dog park, breakfast bar, coffee bar, picnic area, fitness center, swimming pool, playground, clubhouse, tennis court and a volleyball court. Heights at Skyland is situated about four miles south of the University of Alabama and about six miles south of downtown Tuscaloosa.

February 20, 2019

Acquisitions Northeast Pennsylvania

CBRE Arranges Sale of Two Office Buildings in Mechanicsburg, Pennsylvania

by David Cohen February 20, 2019

MECHANICSBURG, PA. — CBRE has arranged the sale of two office buildings totaling 76,972 square feet in Mechanicsburg. The sales price was undisclosed. The two properties are located at 4999 Louise Drive and 5053 Ritter Road and total 56,494 square feet and 20,478 square feet respectively. Michael Curran of CBRE represented the buyer, Linlo Properties, in the transaction. The seller was Members 1st Federal Credit Union, which will lease back a portion of both buildings as it searches for a new corporate headquarters.

February 20, 2019

Acquisitions Retail Texas

STRIVE Negotiates Sale of 69,651 SF Retail Center in Metro Fort Worth

by Taylor Williams February 20, 2019

FOREST HILLS, TEXAS — Dallas-based retail brokerage firm STRIVE has negotiated the sale of Forest Hills Village, a 69,651-square-foot retail center located on the southern outskirts of Fort Worth. Anchored by a Foodland Markets grocery store, the property was 100 percent occupied at the time of sale. Jennifer Pierson of STRIVE represented the seller, a California-based investor, in the deal. A Dallas-area investor acquired the asset for an undisclosed price.

February 20, 2019

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