Acquisitions

NAI Hanson Negotiates Sale of 41,700 SF Industrial Building in Piscataway

by David Cohen January 15, 2019

PISCATAWAY, N.J. — NAI James E. Hanson has negotiated the sale of a 41,700-square-foot industrial building in Piscataway. The sales price was not disclosed. Located at 727 S. Ave., the property features 14-foot ceilings, five loading platforms and one drive-in door as well as 2,500 square feet of office space. Eric Demmers and Russell Verducci of NAI James E. Hanson represented the buyer, cabinet manufacturer Cavalli Cabinets LLC, in the transaction. The seller was Deals for Less LLC. Cavalli Cabinets plans to use the space for kitchen cabinet manufacturing, warehouse and distribution.

January 15, 2019

Acquisitions Development Northeast Pennsylvania

Colliers Orchestrates Sale of 29-Acre Development Site in Bethlehem, Pennsylvania

by David Cohen January 15, 2019

BETHLEHEM TOWNSHIP, PA. — Colliers International has arranged the sale of a 29-acre development site in Bethlehem Township. The sales price was not disclosed. The parcel is located near Route 33, I-78 and Route 22. Future plans have not been finalized, but the property’s zoning allows for multiple uses. Kelly Berfield and Ryan Dietrick of Colliers International’s Allentown office represented the buyer, River Hills Estates, in the transaction. The seller was Joanne Turocy.

January 15, 2019

Acquisitions Connecticut Development Industrial Northeast Self-Storage

Hampshire Cos. To Develop 100,000 SF Self-Storage Facility in Connecticut

by David Cohen January 15, 2019

NEW LONDON, CONN. — The Hampshire Cos. has acquired a two-acre parcel in New London and has unveiled plans to develop a 100,000-square-foot self-storage facility on the site. The development site is located at 351 N. Frontage Road. The 800-unit facility will feature modern architecture with four levels of climate-controlled storage space. Construction is slated to begin in the second quarter. Hampshire Cos. has repositioned or developed 33 self-storage facilities with an aggregate value of more than $415 million since 2012.

January 15, 2019

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $4.7M Sale of Apartment Building in Brooklyn

by David Cohen January 15, 2019

NEW YORK CITY — Marcus & Millichap has brokered the $4.7 million sale of a four-unit apartment property in Brooklyn. Located at 91 1st Place, the five-story property measures 7,200 square feet. Shaun Riney, Michael Salvatico and John Barney of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

January 15, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 288-Unit Apartment Community in Houston

by Taylor Williams January 15, 2019

HOUSTON — Marcus & Millichap has brokered the sale of One Pine Apartments, a 288-unit multifamily community in Houston. Built in 1972, the property offers one-, two- and three-bedroom units and amenities such as a pool, playground, outdoor grilling area and a business center. Jeffrey Fript and Christian Mazzini of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity. The new ownership will implement a value-add program.

January 15, 2019

Acquisitions Office Texas

Weingarten Sells 129,250 SF Office Building in Northwest Houston

by Taylor Williams January 15, 2019

HOUSTON — Weingarten Realty Investors has sold 1919 North Loop West, a 129,250-square-foot office building in northwest Houston. The six-story building is located near The Galleria neighborhood and Memorial Hermann Greater Heights Hospital. Rudy Hubbard, Kevin McConn and Rick Goings of JLL handled the sale on behalf of Weingarten. Paul House and John Ream of JLL arranged an undisclosed amount of acquisition financing for the deal on behalf of the buyer, an affiliate of Houston-based Simpkins Group Inc. In addition, Cutt Ableson, Mark Crosswell and Colin Marusak of Berkadia arranged an undisclosed amount of joint venture equity for the acquisition on behalf of the buyer.

January 15, 2019

Acquisitions Midwest Minnesota Restaurant Retail

Hanley Investment Group Brokers $5M Sale of Building Leased to Raising Cane’s in Metro Minneapolis

by Kristin Harlow January 15, 2019

COON RAPIDS, MINN. — Hanley Investment Group Real Estate Advisors has brokered the sale of a new single-tenant building occupied by Raising Cane’s Chicken Fingers in Coon Rapids for $5 million. The 2,780-square-foot building is located at 13001 Round Lake Blvd. Raising Cane’s has a new 15-year lease term. Jeff Lefko and Bill Asher of Hanley represented the seller, OneCore Global. Mehdi Star of Colliers International represented the buyer, a San Francisco-based private investor. The sales price represents a cap rate of 6 percent. This was the highest-priced Raising Cane’s to trade in the Midwest, according to Hanley.

January 15, 2019

Acquisitions Midwest Missouri Retail

Block & Co. Negotiates Sale of 19,900 SF Retail Building in Liberty, Missouri

by Kristin Harlow January 15, 2019

LIBERTY, MO. — Block & Co. Inc. Realtors has negotiated the sale of a 19,900-square-foot retail building in Liberty, a northeastern suburb of Kansas City. The sales price was not disclosed. The property is located on a one-acre pad site in front of Liberty Commons shopping center. The building is fully leased to Blaze Pizza, Phone Medic, Evolve Juicery & Paleo Kitchen, Chic Nails & Spa, Orange Theory Fitness, Joplimo Mattress and McAlister’s Deli. David Block and Alex Block of Block & Co. represented the buyer, Liberty Commons 2018 LLC. Legacy Liberty LLC was the seller. Block & Co. will handle leasing and property management for the building.

January 15, 2019

Acquisitions California Multifamily Western

Institutional Property Advisors Brokers $47.5M Sale of Apartment Asset in Bay Area

by Amy Works January 15, 2019

MARTINEZ, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Hidden Creek Apartments, a multifamily property located in Martinez. Fairfield Hidden Creek LLC sold the asset to an undisclosed buyer for $47.5 million. Built in 1985 and situated on 5.4 acres, Hidden Creek Apartments features 168 units in a mix of one- and two-bedroom floor plans, averaging 793 square feet. On-site amenities include a resort-style swimming pool with furnished sundeck, an updated fitness center, a business center and children’s playground. Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni of IPA represented the seller in the deal.

January 15, 2019

North-Stadium-Business-Center-Anaheim-CA

Acquisitions California Office Western

Pacific Industrial Buys 151,000 SF Multi-Tenant Business Park in Orange County for $22.6M

by Amy Works January 15, 2019

ANAHEIM, CALIF. — Pacific Industrial, a privately held industrial development and investment firm, has acquired North Stadium Business Center, a multi-tenant business park located at 2020-2120 E. Howell Ave. in Anaheim’s Platinum Triangle. 2020 Howell Avenue Enterprises and Howell Avenue Enterprises sold the asset for $22.6 million. Situated on 9 acres, the property features 151,000 square feet of office space and is within walking distance of Angel Stadium and The Honda Center. At the time of sale, the center was leased to more than 30 tenants. With this acquisition, Pacific Industrial now owns 17.5 contiguous acres between Angel Stadium and The Honda Center. Seth Davenport, Mitch Zehner and Rob Socci of Voit Real Estate Services represented the buyer and seller in the transaction. Additionally, Pacific Industrial appointed Voit has its exclusive agent for the business park and property.

January 15, 2019

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