Acquisitions

Cushman & Wakefield Brokers $50M Sale of Victoria Landing Apartment Complex in Central Florida

by Alex Tostado February 6, 2019

LAKELAND, FLA. — Cushman & Wakefield has arranged the $50 million sale of Victoria Landing, a 352-unit apartment complex in Lakeland. Tampa-based Blue Roc Premier purchased the asset and has rebranded it as The Park at Palazzo. The asset totals 383,212 square feet across 12 buildings on 24 acres. The Park at Palazzo offers one-, two- and three-bedroom floor plans and was 98 percent occupied at the time of the sale. Amenities include a resort-style swimming pool, hot tub, athletic facility, business center, sand volleyball court, car care facility, game room, playground, indoor basketball and racquetball courts, two dog parks and a pet washing station. Brad Capas, Luis Elzora and Robert Given of Cushman & Wakefield represented the seller, Minnesota-based Mercury Investment, in the transaction.

February 6, 2019

Acquisitions Hospitality Louisiana Southeast

Stonebridge Buys 280-Room Hotel Near New Orleans Convention Center

by Alex Tostado February 6, 2019

NEW ORLEANS — Stonebridge Cos. has acquired the 280-room Embassy Suites by Hilton New Orleans Convention Center hotel in New Orleans’ Art and Warehouse District. The hotel offers modern guest rooms, two- and three-room suites, a fitness center, outdoor pool, complimentary breakfast, complimentary drinks and appetizers nightly, on-site restaurant Stacks, a 24-hour business center and more than 8,000 square feet of versatile function space. This is the first hotel acquisition in New Orleans for Denver-based Stonebridge and the company’s third Embassy Suites by Hilton in the United States, joining locations in Austin, Texas, and Anchorage, Alaska. The seller and sales price were not disclosed.

February 6, 2019

Acquisitions Office Texas

Marcus & Millichap Arranges Sale of 25,000 SF Office Portfolio in Grapevine, Texas

by Taylor Williams February 6, 2019

GRAPEVINE, TEXAS — Marcus & Millichap has arranged the sale of a portfolio of five office buildings totaling 25,000 square feet in Grapevine, located on the fringe of DFW International Airport. Cody Payne of Marcus & Millichap represented the seller and procured the buyer, an out-of-state private investor, in the transaction. Other terms of sale were not disclosed.

February 6, 2019

Acquisitions Healthcare Illinois Midwest

Marcus & Millichap Brokers Sale of 61,174 SF Medical Office Building in Rockford, Illinois

by Kristin Harlow February 6, 2019

ROCKFORD, ILL. — Marcus & Millichap has brokered the sale of the Cornerstone Medical Building in Rockford for an undisclosed price. Constructed in 1988 and renovated in 2003, the 61,174-square-foot medical office building is 84 percent leased to a variety of healthcare providers, including pain management, retina care, dermatology, gynecology and orthopedics. Ben Tashakorian and David Benjamin of Marcus & Millichap marketed the property on behalf of the seller, Ephraim LLC. Cornerstone Cos. Inc. purchased the asset.

February 6, 2019

Acquisitions Arizona California Industrial Western

BKM Capital Partners Acquires Three Industrial Portfolios in California, Arizona for $138.7M

by Amy Works February 6, 2019

NEWPORT BEACH, CALIF. — Newport Beach, Calif.-based BKM Capital Partners, through its BKM Industrial Value Fund II, has acquired three industrial portfolios for a combined consideration of $138.7 million. The company purchased a two-property portfolio consisting of four buildings totaling 99,187 square feet in metro San Diego. 3G Properties sold the properties for $16.6 million. At the time of sale, the property was 96 percent occupied with rents that range from 20 percent to 39 percent below market rate. The properties include Del Abeto Commerce Center, located at 6325 and 6354 Corte del Abeto in Carlsbad, Calif.; and Waples Industrial Centre, located at 9540 and 9550 Waples St. in Sorrento Mesa, Calif. Mark Avilla at Cushman & Wakefield represented the seller, while BKM was self-represented in the deal. BKM also acquired South Bay Portfolio, a five-building light industrial portfolio in Fremont, Calif., from Stockbridge for $49 million. Located at 48430-48490 Lakeview Blvd. and 48500-48560, 48400, 47745-47787 and 47703-47737 Fremont Blvd., the portfolio totals 221,651 square feet. At the time of sale, the portfolio was 94 percent occupied by a diverse range of 13 tenants with unit sizes ranging from 4,800 square feet to 42,500 square feet. Eastdil Secured represented the seller, …

February 6, 2019

Acquisitions Arizona Industrial Western

EastGroup Purchases 23.6 Acres in Arizona, Plans Industrial Park

by Amy Works February 6, 2019

GILBERT, ARIZ. — EastGroup Properties has acquired a 23.6-acre land site, located near Germann and Gilbert roads in Gilbert, from the Rockefeller Group for $6.4 million. The REIT plans to develop Gilbert Crossroads Business Park, a two-phase industrial park at the site. Slated to break ground in April, the first phase of the project will include the construction of a 58,000-square-foot building and an 82,000-square-foot facility. Both buildings are speculative development and available for lease. Paul Sieczkowski, Rob Martensen and Phil Breidenbach of Colliers International in Arizona negotiated the land sale. Colliers is also serving as exclusive leasing agent for the new project.

February 6, 2019

Acquisitions Arizona Multifamily Western

JLL Arranges $31.8M Sale of 266-Unit Apartment Community in Phoenix

by Amy Works February 6, 2019

PHOENIX — JLL has negotiated the sale of Sanctuary on 22nd, a multifamily community located in Phoenix. Laguna Point Properties sold the property to a private investor for $31.8 million. Built in 1985, Sanctuary on 22nd features 266 apartments in a mix of one- and two-bedroom layouts with an average unit size of 788 square feet. Each unit features an oversized patio and full-size washer and dryer, while select units offer a fireplace. On-site amenities include two swimming pools, a modern fitness center, clubhouse and business center. John Cunningham and Charles Steele of JLL’s Multifamily Capital Markets represented the seller in the deal.

February 6, 2019

Acquisitions Connecticut Northeast Retail

PAG Investments Acquires 58,210 SF Retail Center in New Haven, Connecticut

by David Cohen February 5, 2019

NEW HAVEN, CONN. — PAG Investments has acquired Orange Plaza, a 58,210-square-foot retail center in the New Haven community of Orange. The sales price was undisclosed. Built in 2001, Orange Plaza is fully leased to Best Buy and PetSmart. The center is shadow anchored by a retail center that includes a Target, Starbucks, CVS Pharmacy and Pizza Hut. The center is located at 3 Boston Post Road, which is approximately four miles from downtown New Haven. Michael Klein and Rob Hinckley of HFF secured acquisition financing for PAG Investments through lender Putnam Bank.

February 5, 2019

Acquisitions Mixed-Use New York Northeast

Avison Young Negotiates $8.9M Sale of Mixed-Use Building in Manhattan

by David Cohen February 5, 2019

NEW YORK CITY — Avison Young has negotiated the $8.9 million sale of 356 Bowery, a 6,500-square-foot, mixed-use building in the NoHo neighborhood of Manhattan. The five-story residential and retail property is currently vacant. James Nelson and Brandon Polakoff of Avison Young represented the seller, Ultimate Realty LLC, in the transaction. The buyer was undisclosed.

February 5, 2019

Acquisitions Massachusetts Northeast Office

KS Partners Acquires 11-Story Office Building in Boston

by David Cohen February 5, 2019

BOSTON — KS Partners LLC has acquired 15 Court Square, an 11-story office building with ground-floor retail space in downtown Boston. The sales price was undisclosed. The 82,000-square-foot property, which is also known as 15 Pi Alley, includes an on-site tailor, 24-hour maintenance and an ATM. At the time of sale, 15 Court Square was 98 percent leased. KS Partners acquired the building from Brickpoint Properties, which had owned the property since 1978. KS Partners plans to fully renovate the lobby and common areas of the property and add amenities such as a lounge, conference room, fitness center and bike room.

February 5, 2019

Newer Posts

Older Posts