Acquisitions

Franklin Partners Acquires 174,965 SF Corporate Hill Office Building in St. Louis

by Kristin Harlow October 19, 2018

ST. LOUIS — Franklin Partners has acquired the 174,965-square-foot Corporate Hill IV office building in St. Louis for an undisclosed price. The six-story building was constructed in 1984 and renovated in 2015. Amenities include a full-service cafeteria, one loading dock and exterior balconies on the fifth and sixth floors. A single tenant previously occupied the property. TJ Redmond of CBRE represented the undisclosed seller. Mark Palmer and Artie Kerckhoff of CBRE represented Franklin Partners. The duo will also market the property for lease.

October 19, 2018

Acquisitions Development North Carolina Retail Southeast

Willard Retail Buys Land for 150,000 SF Town Center Project in Raleigh’s Research Triangle Park

by Amy Works October 19, 2018

RALEIGH, N.C. — Chevy Chase, Md.-based Willard Retail has signed an agreement with the Research Triangle Foundation to acquire a 12-acre parcel located in Research Triangle Park. The site is at the convergence of Interstate 40, Highway 54 and Davis Drive in Raleigh. Willard Retail plans to develop a 150,000-square-foot town center to serve as the shopping and dining core of Park Center — a large mixed-use development project included more than 1,000 residential units, a hotel, conference center and more than 1 million square feet of office space. Expected to open in late 2020, the new retail component is slated to include a grocery store, health club and a mix of restaurants and small shops. Additionally, the development will feature outdoor public spaces for programmed events such as yoga classes, movie nights and live music. Willard Retail has engaged CBRE|Raleigh to lead the project’s leasing activities.

October 19, 2018

Acquisitions California Retail Western

Lucescu Realty Arranges Sale of 326,608 SF Clovis Commons Shopping Center in California for $45M

by Amy Works October 19, 2018

CLOVIS, CALIF. — Lucescu Realty has brokered the sale of Clovis Commons Shopping Center in Clovis. Brixmor Property Group sold the retail center to an affiliate of a Southern California-based privately held investment and management company for $45 million. Target, Best Buy, T.J. Maxx, PetSmart, Office Depot and Dollar Tree anchor the 326,608-square-foot community shopping center. The five anchor tenants, included in the sale, together occupy approximately 64 percent of the gross leasable area in the center. Additional tenants include Round Table Pizza, Farmer Boys, Massage Envy, Sequoia Sandwich Co., El Pollo Loco, Chronic Taco, Verizon Wireless, Starbucks Coffee, Subway, GameStop, Kumon, Menchie’s, Cost Cutters and GNC. Mark Lucescu of Lucescu Realty represented the seller in the transaction.

October 19, 2018

Acquisitions Colorado Office Western

NAI Shames Makovsky Negotiates $4.7M Acquisition of Office Building in Denver

by Amy Works October 19, 2018

DENVER — NAI Shames Makovsky has arranged the purchase of an office property located at 1009 Grant St. in Denver. Casa Grande 1009 LLC acquired the property from Credit Union Strategic Partners for $4.7 million. The property features 23,577 square feet of office space. Dorit Fischer and Hayden Hirschfield of NAI Shames Makovsky represented the buyer in the deal.

October 19, 2018

Acquisitions California Industrial Office Western

Madison Capital, PGIM Real Estate Acquire 160,451 SF Mixed-Use Asset in San Francisco

by Amy Works October 18, 2018

SAN FRANCISCO — Madison Capital and PGIM Real Estate have purchased 360 Spear Street, a five-story mixed-use building located in San Francisco’s South Financial District. The transaction was valued at $95 million. The buyers plan to reposition the 160,451-square-foot property. In addition to 49,992 square feet of office space, the property features 110,459 square feet of life science, light industrial and production, and development and repair space. Approximately one-third of the property is leased to major credit tenants Verizon Wireless and AT&T, and the remaining space will be designated for light industrial and creative office tenants. Tim Hennessey of PGIM Real Estate and Jonathan Nachmani from Madison Capital led the acquisition. Seth Siegel of Cushman & Wakefield brokered the transaction.

October 18, 2018

Acquisitions Oregon Retail Western

Redmond Development Ventures Sells Retail Property in Oregon for $1.5M

by Amy Works October 18, 2018

REDMOND, ORE. — Redmond Development Ventures has completed the $1.5 million sale of a retail building in Redmond. Located at 3113 S. Highway 97, the property features 11,076 square feet of retail space. Robert Raimondi and Russell Huntamer of Compass Commercial Real Estate Services represented the seller in the deal. The name of the buyer was not released.

October 18, 2018

Acquisitions California Industrial Western

Avison Young Brokers $2.7M Sale of Industrial Building in Temecula, California

by Amy Works October 18, 2018

TEMECULA, CALIF. — Avison Young has brokered the sale of an industrial property located at 43223 Business Park Drive in Temecula. Forum Capital acquired the building from a locally based owner-occupant for $2.7 million. Built in 1991 and situated within Rancho California Business Park, the 25,182-square-foot building features 22-foot to 24-foot clear height warehouse space. In addition, the property contains 6,000 square feet of office space in a two-story configuration with a reception area, conference room, offices, restrooms and break room. The buyer plans to use the 25,182-square-foot industrial facility for auto parts distribution. Stan Nowak of Avison Young represented the seller, while Cody Lerner, also of Avison Young, represented the buyer in the transaction.

October 18, 2018

Acquisitions Northeast Pennsylvania

NKF Negotiates $108M Sale of Office Tower in Conshohocken, Pennsylvania

by David Cohen October 18, 2018

CONSHOHOCKEN, PA. — Newmark Knight Frank has negotiated the $108 million sale of Eight Tower Bridge, a 16-story, 346,659-square-foot office tower in Conshohocken. The property features a tenant roster that includes Marsh & McLennan Cos., Allied Universal, Penn Mutual, AMG Funds and Airgas. Edward Maher, Matthew Pullen and James Tribble of NKF represented the seller, Barings, in the transaction. The buyer was American Real Estate Partners. The property also includes a seven-level, 1,200-space parking garage.

October 18, 2018

Acquisitions New York Northeast

Marcus & Millichap Orchestrates $6.8M Sale of Mixed-Use Building in Manhattan

by David Cohen October 18, 2018

NEW YORK CITY — Marcus & Millichap has brokered the sale of a six-story mixed-use building in Manhattan for $6.8 million. Located at 1469 Saint Nicholas Ave., the 22,008-square-foot property contains 23 apartments and three retail stores. Peter Von Der Ahe, Seth Glasser and Jacob Kahn of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.

October 18, 2018

Acquisitions Connecticut Multifamily Northeast

IPA Brokers Sale of 339-Unit Multifamily Property in Groton, Connecticut

by David Cohen October 18, 2018

GROTON, CONN. — Institutional Property Advisors has brokered the sale of The Ledges Apartment Homes, a 339-unit multifamily property in Groton. The sales price was undisclosed. The property was built in 2004 and comprises 14 buildings on nearly 30 acres. The average unit size is 1,034 square feet. Victor Nolletti and Eric Pentore of IPA represented the seller, B.A.G. Investments Inc., in the transaction. The buyer was Merion Realty Partners.

October 18, 2018

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