Acquisitions

SJP, PGIM Partner to Acquire Office Building in Manhattan for $245M

by Alex Tostado December 20, 2018

NEW YORK CITY — SJP Properties and PGIM Real Estate, the real estate investment business of PGIM Inc., have acquired 470 Park Avenue South in Manhattan’s Midtown South neighborhood for $245 million. Norges Bank Real Estate Management and TH Real Estate sold the 301,178-square-foot office and retail building. New York City-based SJP Properties will lease and manage the property. The partners plan to transform the property to accommodate the modern workforce with a boutique-style hotel lobby, outdoor garden, a game room, café, bar and enhanced rooftop terraces on the 14th and 18th floors, totaling 7,670 square feet. The new owners plan to gear the renovated workspace toward technology and creative sector tenants. The building takes up a city block between 31st and 32nd streets. It was 82 percent leased at the time of the sale with tenants including Priceline.com and Dstillery Inc., a data science firm. “In recent years, the Park Avenue South submarket has seen a large influx of tenants across a variety of industries — technology, healthcare, media, hospitality and more — making it a vibrant live/work/play destination,” says Alfonso Munk, Americas chief investment officer for PGIM Real Estate. “We are pleased to collaborate again with our long-term …

December 20, 2018

Acquisitions Industrial New York Northeast

Metropolitan Realty Sells Industrial Property in Long Island City for $72M

by David Cohen December 20, 2018

LONG ISLAND CITY, N.Y. — Metropolitan Realty Associates has sold a 246,000-square-foot industrial building in Long Island City for $72 million. Located at 48-49 35th St., the property was originally constructed in 1949. Tenants at the building include international shipping company AirSea Packing as well as Housing Works Thrift Shop. The buyer was North River Co. Metropolitan Realty Associates acquired the property with equity partner TH Real Estate in 2017 for $55 million.

December 20, 2018

Acquisitions New York Northeast Office

American Exchange Time Acquires Office Condominium in Manhattan for $18.7M

by David Cohen December 20, 2018

NEW YORK CITY — Apparel manufacturer American Exchange Time has acquired an 18,000-square-foot office condominium in the Midtown South neighborhood of Manhattan. The company purchased the entire 15th floor office condo, which benefits from an open layout, full height windows on all four sides and 13-foot ceilings slab-to-slab. Located at 420 Fifth Ave., the building includes a three-story atrium lobby and a large plaza entry. John Ciraulo, Craig Waggner and Doug Blankrot of Cushman & Wakefield represented the seller, AM Property Holding & Quality Capital USA, in the transaction. American Exchange Time was represented by Wayne Siegel of Advisors Commercial Real Estate.

December 20, 2018

Acquisitions Multifamily New Jersey Northeast Seniors Housing

Cushman & Wakefield Arranges Sale of Solana Marlboro Assisted Living Community in New Jersey

by David Cohen December 20, 2018

MARLBORO, N.J. — Cushman & Wakefield Senior Housing Capital Markets has arranged the sale of The Solana Marlboro, a newly constructed, 79-unit assisted living and memory community in Marlboro. A joint venture between affiliates of Capitol Seniors Housing, Formation Development Group and Shelbourne Capital sold the property for an undisclosed price. The buyer was Kayne Anderson Real Estate. Chelsea Senior Living, the current operator, will continue to manage the community. Located approximately 20 miles south of New York City, the community is within a quarter-mile of a variety of shopping and entertainment options. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner and Sam Dylag.

December 20, 2018

Acquisitions Multifamily Texas

IPA Negotiates Sale of 324-Unit Apartment Community in Metro Houston

by Taylor Williams December 20, 2018

ROSENBERG, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Dolce Living Rosenberg, a 324-unit multifamily community in Rosenberg, a southwestern suburb of Houston. Built in phases in 2012 and 2014, the property features one-, two- and three-bedroom units and amenities such as a pool, Wi-Fi café, a fitness center, indoor basketball court, dog park and a business center. Will Balthrope, Drew Kile and Jennifer Campbell of IPA represented the seller, Dolce Living, and procured the buyer, Houston-based Ilan Investments.

December 20, 2018

Acquisitions Midwest Minnesota Multifamily

Monarch Investment Acquires 413-Unit Apartment Property in Rochester, Minnesota

by Kristin Harlow December 20, 2018

ROCHESTER, MINN. — Monarch Investment & Management LLC has acquired The Gates of Rochester, a 413-unit apartment property in Rochester. The purchase price was not disclosed. Built in 1973 and situated on 22 acres, the property features 42 buildings. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of CBRE represented the seller, Rochester Village Investors LLC.

December 20, 2018

Acquisitions Colorado Multifamily Western

Newmark Knight Frank Brokers $112M Sale of Multifamily Property in Denver’s LoHi District

by Amy Works December 20, 2018

DENVER — Newmark Knight Frank has arranged the sale of Infinity LoHi, a mid-rise multifamily community located in the Lower Highlands (LoHi) neighborhood of Denver. Greenwich, Conn.-based The Richman Group sold the property to an undisclosed advisor for $112 million, or $409,340 per unit. Terrance Hunt and Shane Ozment of Newmark Knight Frank represented the seller in the deal. Completed in 2018, Infinity LoHi features 273 units with spacious floor plans equipped with high-quality finishes, stainless steel appliances, washers/dryers, nine-foot ceilings, closets and select units have private balconies. On-site amenities include a fitness center, 24-hour clubhouse and resort-style pool.

December 20, 2018

Acquisitions Colorado Healthcare Office Western

Northstar Sells 113,568 SF Commercial Property in Aurora, Colorado

by Amy Works December 20, 2018

AURORA, COLO. — Northstar Commercial Partners has completed the sale of 860 Potomac St., a commercial building in Aurora. An undisclosed buyer acquired the property for $34.7 million. Situated on 5.2 acres, the property features 113,568 square feet of commercial space. Children’s Hospital of Colorado currently leasing the property on a long-term basis, with lease commencement on June 1, 2019. Construction and build-out of the tenant’s space is occurring now. Due to its proximity to the Fitzsimons Medical Campus, the property is ideal for ancillary medical offices. Chris Bodnar, Lee Asher, Shane Seitz, Ryan Lindsley and Sabrina Solomiany of CBRE U.S. Healthcare Capital Markets partnered with James Brady and Campbell Davis of CBRE Denver Investment Properties to advise the seller in the deal. Northstar originally purchased the property vacant in March 2017.

December 20, 2018

Acquisitions California Industrial Western

Cushman & Wakefield Negotiates $24.7M Sale of Industrial Facility in Southern California

by Amy Works December 20, 2018

VISTA, CALIF. — Cushman & Wakefield has arranged the sale of an industrial facility, located at 2710 Progress St. in Vista. A global real estate investment firm acquired the property from 2710 Progress Street LLC for $24.7 million. Captek Softgel International occupies the 135,000-square-foot, single-tenant facility on a long-standing lease basis. Aric Starck and Barry Hendler of Cushman & Wakefield’s San Diego office represented the seller, while the buyer was self-represented in the deal.

December 20, 2018

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Directs $4.7M Acquisition of Multifamily Property Near Denver

by Amy Works December 20, 2018

LITTLETON, COLO. — Pinnacle Real Estate Advisors has arranged the purchase of 5599 S. Windermere St., a multifamily property located in Littleton. An undisclosed seller sold the property for $4.7 million, or $134,286 per unit. Built in 1971, the building features 35 apartment units. Eric Veith, Joe Hornstein and Scott Fetter of Hornstein Fetter Apartment Group at Pinnacle Real Estate represented the undisclosed buyer in the deal.

December 20, 2018

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