Acquisitions

Levin Johnston Brokers $17.3M Sale of Lakewood Court Apartments in San Jose

by Amy Works January 22, 2019

SAN JOSE, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of Lakewood Court Apartments, a multifamily property located at 1953 Via Reggio Court in downtown San Jose. Sridhar Equities acquired the property from a private family for $17.3 million. Built in 1988 and situated on 1.6 acres, Lakewood Court Apartments features 48 units in a mix of one- and two-bedroom layouts. The pet-friendly asset features garage parking and a community pool and spa. Adam Levin, Robert Johnston and Eymon Binesh of Levin Johnston of Marcus & Millichap represented the seller and buyer in the deal.

January 22, 2019

Acquisitions Affordable Housing California Development Multifamily Western

Affirmed Housing Group to Develop 78-Unit Affordable Housing Development in San Diego

by Amy Works January 22, 2019

SAN DIEGO — Affirmed Housing Group has acquired a 10,000-square-foot land parcel located in downtown San Diego. Central Auto Parks LLC sold the property for $3.7 million. Affirmed Housing Group plans to develop a 78-unit affordable housing property on the currently vacant parcel at the southeast corner of Front and Beech streets. Victor Krebs of Colliers International San Diego Region represented the seller, while Affirmed Housing Group was self-represented in the transaction.

January 22, 2019

Acquisitions New York Northeast Retail

Eunate Real Estate Acquires Retail Condominium in Nomad for $26.5M

by David Cohen January 22, 2019

NEW YORK CITY — Eunate Real Estate NY LLC has acquired a 4,620-square-foot retail condominium in Nomad. The sales price was $26.5 million. Located at 212 Fifth Ave., the property includes more than 200 feet of wraparound frontage. At the time of sale, the property was fully occupied. Christine Trainaand Elissa Slanof Douglas Elliman Real Estate represented Eunate Real Estate in the transaction. The sellers, Building and Land Technology and Madison Equities, were represented by Cushman & Wakefield.

January 22, 2019

Acquisitions Healthcare New York Northeast

Jacobson Properties, Cushman & Wakefield/Pyramid Brokerage Co. Negotiate $18.9M Sale of Medical Office Building in Syracuse

by David Cohen January 22, 2019

SYRACUSE, N.Y. — Jacobson Properties and Cushman & Wakefield/Pyramid Brokerage Co. have negotiated the $18.9 million sale of Hill Medical Center, an 81,859 square foot medical office building located on the downtown campus of SUNY Upstate University Hospital in Syracuse. Lisa Menin of Jacobson Properties and Leo Jones of Cushman & Wakefield/Pyramid Brokerage Co. represented the seller, Business Venture Associates Limited Partnership, in the transaction. The buyer was a national private equity healthcare investor. Hill Medical Center is 98 percent leased and is anchored by SUNY Upstate University Gastroenterology, Upstate Cancer Center Hematology/Oncology at the Hill, Upstate Cancer Center at Hill Radiation Oncology and St. Joseph’s Hospital Cardiology.

January 22, 2019

Acquisitions Hospitality Northeast Rhode Island

HFF Brokers Sale of 101-Room Hampton Inn & Suites in Rhode Island

by David Cohen January 22, 2019

SMITHFIELD, R.I. — HFF has brokered the sale of the Hampton Inn & Suites Providence/Smithfield, a 101-room hotel in Smithfield. The sales price was undisclosed. Located at 945 Douglas Pike, the four-story hotel features 22 suites. Amenities include an indoor heated pool, fitness center and guest laundry facilities. Daniel C. Peek, Denny Meikleham, Alan Suzuki, KC Patel, Matthew Enright and James Koury of HFF represented the institutional seller in the transaction. The buyer was Excel Group, which plans to fully renovate the hotel.

January 22, 2019

Acquisitions Industrial Massachusetts Northeast

Colliers Arranges $9.6M Acquisition Loan for Industrial Facility in Suburban Boston

by David Cohen January 22, 2019

NORTH ANDOVER, MASS. — Colliers International’s Boston-based Capital Markets group has arranged a $9.6 million acquisition loan for a 169,000-square-foot, single-story industrial asset in North Andover. Located at 25 Commerce Way, the property is situated on more than 18 acres of land. At the time of sale the facility was 99 percent leased to seven tenants. The property was completely renovated in 2001 and is less than 30 miles from Boston. Adam Coppola, Thomas Welch, John Poole and Tonia Jenkins of Colliers represented the borrower, Berkeley Partners, in arranging the financing through lender AEGON USA Realty Advisors. Terms of the financing were not disclosed.

January 22, 2019

Acquisitions Healthcare Midwest Wisconsin

MBH Arranges Sale of 21,024 SF Medical Office Building in Oak Creek, Wisconsin

by Kristin Harlow January 22, 2019

OAK CREEK, WIS. — MBH Investment Real Estate LLC has arranged the sale of the Howell Avenue Professional Building in Oak Creek, about 12 miles south of Milwaukee. The sales price was not disclosed. The 21,024-square-foot building, located at 8375 S. Howell Ave., was originally constructed in 2007 and underwent an addition in 2017. The two-story building is 91.3 percent occupied. Children’s Hospital of Wisconsin-Oak Creek Pediatrics serves as the anchor tenant. Other tenants include Progressive Pediatric Dentists and Wasserman & Shuff Certified Public Accountants. Matson Holbrook of MBH brokered the transaction on behalf of the seller, RW Howell LLC. SEP Oak Creek MOB LLC, an affiliate of Stage Equity Partners, purchased the asset.

January 22, 2019

Acquisitions Michigan Midwest Multifamily Retail

NAI Wisinski Brokers Sale of Retail-Residential Property in Grand Rapids

by Kristin Harlow January 22, 2019

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of 958 Fulton in Grand Rapids for an undisclosed price. The 13,400-square-foot property includes six retail bays on the first floor and nine apartment units on the second floor. Retailers include Mercury Head Frame Shop, Perrin’s Upholstery, Rinaldi’s Pizza and a party store. Russ Bono and Cameron Timmer of NAI Wisinski represented both the buyer, a group of local investors, and the seller, L&M Properties.

January 22, 2019

Acquisitions Illinois Midwest Multifamily

Interra Negotiates $3.3M Sale of Multifamily Property in Chicago

by Kristin Harlow January 22, 2019

CHICAGO — Interra Realty has negotiated the sale of a 14-unit multifamily property in Chicago’s West Town neighborhood for $3.3 million. Built in 1889 and extensively renovated in 2017, the property is located at 1436 W. Erie St. and includes a mix of studio, one- and two-bedroom units. The property was fully leased at the time of sale. Brad Feldman and Adam Saxon of Interra represented both parties. The buyer plans to make further updates to the units.

January 22, 2019

Acquisitions Office Texas

Bradford Arranges Sale of 37,069 SF Office Building in Metro Dallas

by Taylor Williams January 21, 2019

COPPELL, TEXAS — Bradford Commercial Real Estate Services has arranged the sale of a 37,069-square-foot office building located at 635 Fritz Drive in Coppell, a northwestern suburb of Dallas. Erik Blais and Richmond Collinsworth of Bradford Commercial represented the seller, International Association of Venue Managers Inc., in the transaction. Ben Appleby of Paladin Partners represented the buyer, Tanam LLC.

January 21, 2019

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