Acquisitions

Valore Ventures Acquires Fee Simple Interest in Four Disneyland-Area Restaurants for $13.1M

by Amy Works January 30, 2019

GARDEN GROVE, CALIF. — Beverly Hills, Calif.-based Valore Ventures has closed on fee simple interest in four brand-name restaurants in Garden Grove for $13.1 million. The restaurants include Oggi’s Pizza & Brewery, Outback Steakhouse, Red Robin Gourmet Burgers and Brews, and Joe’s Crab Shack. The assets are all subject to ground leases and were built between 2001 and 2008 in conjunction with surrounding development that includes three high-rise hotels in Garden Grove. The properties also feature a 2.8-acre parking lot, which is owned by the nearby Sheraton, Marriott and Delta hotels, but is exclusively for restaurant use. Valore Ventures purchased the site as one large parcel, which the company plans to spilt into four individual parcels for sale. Tom Fazekas of Fazekas Retail Group in San Francisco represented the seller in the transaction.

January 30, 2019

2510-2530-West-Coast-Hwy-Newport-Beach-CA

Acquisitions California Retail Western

CBRE Brokers $6.4M Sale of Two-Building Retail Asset in Newport Beach

by Amy Works January 30, 2019

NEWPORT BEACH, CALIF. — CBRE has arranged the sale of a retail and showroom property, located at 2510-2530 West Coast Highway in Newport Beach. A high-net-worth investor acquired the asset from Shafer Family Trust for $6.4 million. Anthony DeLorenzo, Gary Stache, Doug Mack and Ross Bourne of CBRE represented the seller and buyer in the transaction. Bayport Yachts occupies the two single-story buildings, which total 4,452 square feet. The property currently serves as the retail building and showroom for a yacht dealership, a tenant since 2001.

January 30, 2019

Acquisitions New Jersey Northeast Office

Paramount Assets Acquires 12-Story Office Building in Newark

by David Cohen January 29, 2019

NEWARK, N.J. — Paramount Assets has acquired 17 Academy Street, a 100,000-square-foot, 12-story office building in Newark’s Four Corners Historic District. The sales price was undisclosed. Built in 1926, the property was 70 percent occupied at the time of sale by a variety of professional services firms. Situated between Halsey and Broad streets, 17 Academy Street is directly across the street from the world headquarters of the Prudential Insurance Co. and is within walking distance of public transportation. Paramount Assets already owns three other properties on the same street, 31 Academy, 27 Academy and 45 Academy.

January 29, 2019

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 10,500 SF Retail Property in Metro Houston

by Taylor Williams January 29, 2019

KATY, TEXAS — Marcus & Millichap has arranged the sale of a 10,500-square-foot retail property net-leased to Walgreens in Katy, a western suburb of Houston. James Bell of Marcus & Millichap represented the buyer, a limited liability company that acquired the property via a 1031 exchange. Other terms of sale were not disclosed.

January 29, 2019

Acquisitions Hospitality Massachusetts Northeast

HFF Brokers Sale of 107-Room Nantasket Beach Resort Near Boston

by David Cohen January 29, 2019

HULL, MASS. — HFF has brokered the sale of the Nantasket Beach Resort, a 107-room full-service hotel in Hull. The sales price was not disclosed. Located at 45 Hull Shore Drive, the property is 12 miles south of Boston. Renovated in 2016, the oceanfront hotel features private balconies with ocean views, whirlpool baths, an indoor heated pool, fitness center, business center and an arcade. Denny Meikleham, Alan Suzuki and Matthew Enright of HFF represented the seller, Nantasket Resort Inc., in the transaction. The buyer was Newport Hotel Group.

January 29, 2019

Acquisitions Industrial Northeast Pennsylvania

Markward Group Orchestrates $1.4M Sale of Industrial Facility in Allentown

by David Cohen January 29, 2019

ALLENTOWN, PA. — Markward Group has arranged the $1.4 million sale of a 29,200-square-foot industrial property in Allentown. Located at 2811 Emmaus Ave., the building is currently partly occupied by Jack Williams Tire & Auto Service Center. Ann E. Kline of Markward Group represented the seller, Keller Moving and Storage, in the transaction. The buyer was S.J. Williams Family Partnership.

January 29, 2019

Acquisitions Multifamily Oregon Western

Marcus & Millichap Brokers $19.2M Sale of Seven-Property Apartment Portfolio in Portland

by Amy Works January 29, 2019

PORTLAND, ORE. — Marcus & Millichap has arranged the sale of the Ashley Portfolio, a seven-property multifamily portfolio in Portland. An undisclosed buyer acquired the assets for $19.2 million. Built between 1904 and 1943, the portfolio includes six properties located in Northwest Portland and one in Northeast Portland. The properties range from a 39-unit building sold for $7 million to a five-unit building sold for $1 million. Whitney Rhoades, Elizabeth Davis and Danalee Corso of Marcus & Millichap’s Portland office represented the undisclosed seller.

January 29, 2019

Acquisitions Multifamily Nevada Western

29th Street Capital Buys 188-Unit Multifamily Community in Las Vegas

by Amy Works January 29, 2019

LAS VEGAS — 29th Street Capital (29SC), a privately held real estate operator, has purchased Willows at Town Center Apartments, a multifamily community in Las Vegas. Long Beach, Calif.-based RK Properties sold the property for an undisclosed price. 29SC plans to invest more than $1.8 million in capital improvements at the 188-unit property. Renovations will include stainless steel appliances, quartz countertops, plank flooring and refaced cabinets, and all interior units will also be equipped with Nest thermostats. Exterior improvements will include modern paint, as well as enhancing the pool area, fitness center and clubhouse.

January 29, 2019

Acquisitions Arizona Office Western

Helix Properties Purchases 81,922 SF Office Building in Phoenix for $8.5M

by Amy Works January 29, 2019

PHOENIX — Helix Properties LLC, on behalf of Next Gen 101 LLC, has purchased West 101 Corporate Center, an office property located at 1860 N. 95th Lane in Phoenix. Regent Properties sold the property for $8.5 million. Situated on a 230,432-square-foot lot, the three-story building features 81,922 square feet of Class A office space. Designed by DFD Architects, the property features 452 linear feet of Loop 101 frontage. At the time of acquisition, the property was 53 percent occupied. Chris Toci and Chad Littell of Cushman & Wakefield’s Phoenix office represented the seller in the transaction. The buyer is a single entity controlled by Helix.

January 29, 2019

Acquisitions California Hospitality Western

J Street Hospitality Acquires 174-Room Hotel Karlan San Diego

by Amy Works January 29, 2019

SAN DIEGO — J Street Hospitality, a San Diego-based hotel developer and owner, has purchased Hotel Karlan San Diego – a Doubletree by Hilton, for an undisclosed price. Azul Hospitality Group has been retained to manage the hotel. Located at 14455 Penasquitos Drive in San Diego, the 174-room hotel features a fitness room, swimming pool, tennis court, 24-hour pavilion pantry market and room service. Mark Armstrong of HREC Investment Advisors represented the undisclosed seller in the transaction.

January 29, 2019

Newer Posts

Older Posts

Upcoming Events

Aug
20