Acquisitions

FourPoint Arranges Sale of 389-Bed Student Housing Community Near Colorado State University

by Amy Works November 29, 2018

FORT COLLINS, COLO. — FourPoint Student Housing Investments has arranged the sale of Stadium Apartments, a 389-bed student housing community located near Colorado State University in Fort Collins. The property offers fully furnished units with shared amenities including outdoor hot tubs, a fitness center, clubhouse and rooftop lounge. Chris Epp, Chris Bancroft and Meredith Wolff of FourPoint represented the seller, CSU Student Housing, in the transaction. A joint venture between an affiliate of Heitman and Timberline Real Estate Ventures acquired the property for an undisclosed price.

November 29, 2018

Acquisitions California Retail Western

Marcus & Millichap Directs $5.6M Acquisition of Diablo Plaza in Novato, California

by Amy Works November 29, 2018

NOVATO, CALIF. — Marcus & Millichap has negotiated the purchase of Diablo Plaza, a retail property located in Novato. A limited liability company acquired the asset for $5.6 million. Ethan Pintard of Marcus & Millichap represented the buyer in the deal. The seller was not disclosed. Located at 975 Diablo Ave., the 10,948-square-foot property was fully leased at the time of sale. Tenants include Panda Express, Orangetheory Fitness and Domino’s. The 38,202-square-foot lot also includes 46 parking spaces.

November 29, 2018

Acquisitions Indiana Industrial Midwest Self-Storage

Marcus & Millichap Brokers Sale of 560-Unit Self-Storage Facility in Newburgh, Indiana

by Kristin Harlow November 29, 2018

NEWBURGH, IND. — Marcus & Millichap has brokered the sale of a 560-unit self-storage facility in Newburgh in southwestern Indiana. The sales price was not disclosed. The facility, located at 6998 Loehr Road, spans 74,562 square feet. The property includes 88 climate-controlled units, 411 drive-up units and 61 parking spaces. Jeffrey Herrmann, Sean Delaney and Michael Mele of Marcus & Millichap marketed the property on behalf of the undisclosed sellers. The team also secured and represented the buyer, Iron Gurad Storage.

November 29, 2018

Acquisitions Florida Industrial Southeast

Plymouth Industrial REIT to Acquire Portfolio in South Jacksonville for $97.1M

by Alex Tostado November 28, 2018

JACKSONVILLE, FLA. — Plymouth Industrial REIT Inc. has signed a definitive agreement to acquire a 20-building, 1.1 million-square-foot light industrial and flex portfolio in south Jacksonville for $97.1 million. Plymouth Industrial will fund the acquisition using approximately $63 million in short-term borrowings from KeyBank Real Estate Capital and about $34 million in equity from an affiliate of Madison International Realty Holdings LLC. The acquisition is expected to close in December. The portfolio is currently 96 percent leased to 40 tenants such as Comcast, Veritiv, Cintas, Alstom, Staples, Cardinal Health, The Home Depot, Johnson Controls, Safelite AutoGlass and Shaw. The portfolio has a weighted average lease term of over three years remaining. The seller was undisclosed.

November 28, 2018

Acquisitions North Carolina Retail Southeast

Big V Property Acquires Power Retail Center in Metro Charlotte for $28.3M

by Alex Tostado November 28, 2018

MONROE, N.C. — Big V Property Group has acquired Poplin Place, a 227,669-square-foot shopping center located in the southern Charlotte suburb of Monroe, for $28.3 million. Poplin Place was 94 percent leased at the time of the sale to tenants including T.J. Maxx, Ross Dress for Less, Big Lots and PetSmart, and is shadow-anchored by Target. Charlotte-based Berkeley Capital Advisors represented the seller, InvenTrust Properties, in the transaction.

November 28, 2018

Acquisitions New Jersey Northeast Office

NKF Negotiates $17.2M Sale of Office Building in Roseland, New Jersey

by David Cohen November 28, 2018

ROSELAND, N.J. — NKF has negotiated the $17.2 million sale of a 115,422-square-foot office building in Roseland. Located at 3 Becker Farm Road, the property is currently 97-percent leased to a tenant roster that includes Mandelbaum Salsburg and Tompkins McGuire. Kevin Welsh, Brian Schulz and Chuck Kohaut of NKF’s Tri-State Capital Markets represented the seller, Normandy Real Estate Partners, in the transaction. The buyer was international real estate fund Westwood Properties. The property was recently renovated with $2 million in capital improvements

November 28, 2018

Acquisitions Mixed-Use Northeast Pennsylvania

Larken Associates Purchases 102,000 SF Mixed-Use Building in Pennsylvania

by David Cohen November 28, 2018

BETHLEHEM, PA. — Larken Associates has acquired Pinnacle @ 65, a 10-story, 102,000-square-foot, mixed-use building in Bethlehem. The sales price was undisclosed. Located at 65 E. Elizabeth Ave., the property includes 48 residential units as well as 38,000 square feet of office and retail space. The building underwent a full renovation in 2017, including upgrades to the exterior façade, windows and common area corridors. Amenities include laundry and dry cleaning pick-up and drop-off, private storage units, and a package concierge system. Larken Associates acquired the property from Post Road Management.

November 28, 2018

Acquisitions Delaware Hospitality Northeast

Excel Group Acquires Residence Inn Wilmington Downtown in Delaware

by David Cohen November 28, 2018

WILMINGTON, DEL. —Real estate investment firm Excel Group has acquired the 96-room Residence Inn Wilmington Downtown in Wilmington. The sales price was undisclosed. Located at 1300 N. Market St., the property opened this year and is the first new hotel in downtown Wilmington in more than 20 years. The purchase is the fourth major transaction for Excel Group in 2018, representing a total transaction volume of more than $100 million. The property is an all-suite hotel that offers studio and one-bedroom suites.

November 28, 2018

Acquisitions New York Northeast Office

Cushman & Wakefield Brokers $3.8M Sale of Office Building in the Bronx

by David Cohen November 28, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the $3.8 million sale of a 24,155-square-foot office building in the Bronx. Located at 1314 Blondell Ave., the split-level property features a 24-car private garage and 16-foot ceilings on the ground floor. Jonathan Squires, Ian Brooks, and Robert Shapiro of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also undisclosed.

November 28, 2018

Acquisitions California Multifamily Western

Levin Johnston Directs $16.8M Acquisition of Multifamily Property in Palo Alto, California

by Amy Works November 28, 2018

PALO ALTO, CALIF. — Levin Johnston of Marcus & Millichap has arranged the purchase of a multifamily community located at 283-301 and 327 Curtner Ave. in downtown Palo Alto. A private high-net-worth investor acquired the property from a Northern California-based multifamily development company for $16.8 million. The 32-unit apartment community features an upgraded community barbecue area and pet-washing station. Adam Levin and Robert Johnston represented the buyer and the seller in the deal.

November 28, 2018

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