Acquisitions

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

Acquisitions Development Florida Multifamily Southeast

PTM Partners, EIG Acquire Opportunity Zone in Miami, Plan $100M Multifamily Development

by Alex Tostado February 5, 2019

MIAMI — PTM Partners and Estate Investment Group (EIG) have acquired a 1.3-acre parcel in Miami’s Overtown neighborhood for $9.7 million. The joint venture plans to develop a $100 million, 18-story, 360-unit apartment complex at the site called Soleste Grand Central. The 220,000-square-foot project is set to include a resort-style, elevated pool deck, fitness center and spa, kids’ playroom, coworking space and resident lounge. The development will be situated at 218 N.W. Eighth St., about two miles north of downtown Miami.

February 5, 2019

Acquisitions Georgia Multifamily Southeast

Cortland Acquires 319-Unit Apartment Community in Atlanta’s Buckhead District

by Alex Tostado February 5, 2019

ATLANTA — Cortland has acquired Domain at Phipps, a 319-unit apartment community situated near Phipps Plaza in Atlanta’s Buckhead district. Cortland will rebrand the property as Cortland at Phipps. The complex was 94 percent occupied at the time of the sale and offers amenities such as a pet play area, courtyard, dog grooming station, fitness center, swimming pool, grilling area and an outdoor yoga space. Atlanta-based Cortland now operates more than 11,000 apartment units in Atlanta. Jason Nettles and Megan Thompson of HFF arranged the sale. The sales price was not disclosed.

February 5, 2019

Acquisitions Office Texas

Marcus & Millichap Brokers Sale of 61,500 SF Business Park in Metro Houston

by Jeff Shaw February 5, 2019

KATY, TEXAS — Marcus & Millichap has brokered the sale of West Little York Office Plaza, a 61,500-square-foot business park located in the western Houston suburb of Katy. Built in 2015 on 3.7 acres, the property was 87 percent leased at the time of sale. Nate Newman and Logan Kelly of Marcus & Millichap represented the seller, a local developer, in the transaction. Newman also procured the buyer, a limited liability company. Both parties requested anonymity. The sales price was also undisclosed.

February 5, 2019

Acquisitions Indiana Midwest Multifamily

Capstone Apartment Partners Brokers $32.2M Sale of Apartment Property in Fort Wayne, Indiana

by Kristin Harlow February 5, 2019

FORT WAYNE, IND. — Capstone Apartment Partners has brokered the sale of Three Rivers Apartments in Fort Wayne for $32.2 million. New York-based real estate investment firm Besyata purchased the 371-unit apartment property from VTT Management. Built in 1966, the community features a pool, sauna, on-site convenience store, business center and two fitness centers. The property was 94 percent occupied at the time of sale. Monthly rents average $822. A.J. Klenk, Stasiu Geleszinski, Sherief Gouda, Nathan Murphy and Bryse Toothaker of Capstone Apartment Partners brokered the sale.

February 5, 2019

Acquisitions Illinois Industrial Midwest

Phoenix Investors Acquires Former Bon-Ton Distribution Center in Rockford, Illinois

by Kristin Harlow February 5, 2019

ROCKFORD, ILL. — An affiliate of Phoenix Investors has acquired a former Bon-Ton distribution center located at 4650 Shepherd Trail in Rockford. The 517,000-square-foot facility features 25,000 square feet of office space, one drive-in door, 127 dock doors and a clear height of 26 feet. Phoenix plans to renovate the property in the coming months. River Valley Bank provided senior mortgage financing.

February 5, 2019

Acquisitions Midwest Minnesota Retail

Boulder Group Arranges $3.1M Sale of TCF Bank-Occupied Property in St. Cloud, Minnesota

by Kristin Harlow February 5, 2019

ST. CLOUD, MINN. — The Boulder Group has arranged the $3.1 million sale of a single-tenant property occupied by TCF Bank in St. Cloud, about 65 miles northwest of Minneapolis. The newly constructed building features a drive-thru. There are approximately eight years remaining on TCF Bank’s lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based developer. An investor completing a 1031 tax-deferred exchange was the buyer.

February 5, 2019

Acquisitions California Office Western

Peregrine Realty Partners Buys Carlsbad Airport Plaza Office Property for $14M

by Amy Works February 5, 2019

CARLSBAD, CALIF. — Peregrine Realty Partners has acquired Carlsbad Airport Plaza, an office asset in Carlsbad. Swift Real Estate Partners sold the property for $14 million. Located at 5963 La Plaza Court, the three-story, 64,817-square-foot building features newly renovated common areas and restrooms, balconies for select units and new landscaping. At the time of sale, the property was 86 percent occupied by a diverse tenant roster, including technology, healthcare, finance and engineering firms. Louay Alsadek and Hunter Rowe of CBRE represented the seller, while Peregrine was self-represented in the transaction.

February 5, 2019

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