Acquisitions

Charles Dunn Co. Negotiates $5.5M Acquisition of Del Taco-Occupied Property in San Pedro, California

by Amy Works October 15, 2018

SAN PEDRO, CALIF. — Charles Dunn Co. has arranged the acquisition of a newly developed, single-tenant restaurant property located at 359 S. Gaffey St. in San Pedro. A joint venture between Rich Development Enterprises and Paragon Commercial Group sold the property to a Los Angeles-based private investor for $5.5 million in a 1031 exchange. Del Taco occupies 2,420-square-foot property under a newly signed, 20-year, corporate-guaranteed, triple-net lease. Kyle Gulock of Charles Dunn CO. represented the buyer, while Highland Partners Corp. represented the seller in the deal.

October 15, 2018

Acquisitions Illinois Midwest Multifamily

Cunat Acquires 258-Unit Apartment Community in Aurora, Illinois

by Kristin Harlow October 15, 2018

AURORA, ILL. — Cunat Inc. has acquired Stone Crossing Apartments in the Chicago suburb of Aurora for an undisclosed price. The 258-unit apartment community is located at 1240 Nantucket Road. The property consists of three two-story townhome buildings with three-bedroom units and two three-story apartment buildings with one- and two-bedroom units. Cunat plans to completely upgrade, renovate and rebrand the community under the new name Arbor West. Cunat will renovate unit interiors, demolish community buildings and build a new leasing office, clubhouse and indoor pool. The community was 97 percent occupied at the time of sale. David Gaines and Sean Fogarty of HFF represented the seller, a partnership between Graycliff Capital Partners LLC, Buligo Capital Partners and The Ferndale Realty Group. Trent Niederberger and Jason Bond of HFF arranged a three-year, floating-rate acquisition loan through Bridge Debt Strategies Fund Manager LLC, a subsidiary of Bridge Investment Group LLC.

October 15, 2018

Acquisitions Midwest Net Lease Ohio Retail

IPA Arranges $15.1M Sale of Property Net Leased to Giant Eagle in Medina, Ohio

by Kristin Harlow October 15, 2018

MEDINA, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $15.1 million sale of a single-tenant property net leased to Giant Eagle Supermarket in Medina, about 35 miles south of Cleveland. The 90,346-square-foot property is located at 870 N. Court St. Giant Eagle has operated at the site since 2006. The property underwent an expansion and renovation in 2010. Erin Patton, Scott Wiles and Craig Fuller of IPA marketed the property on behalf of the seller, a Chicago-based private REIT. A Miami-based private fund purchased the asset.

October 15, 2018

Acquisitions Industrial Midwest Self-Storage Wisconsin

Marcus & Millichap Negotiates $9.5M Sale of Self-Storage Facility in Waukesha, Wisconsin

by Kristin Harlow October 15, 2018

WAUKESHA, WIS. — Marcus & Millichap has negotiated the sale of Goerkes Corners in Waukesha for $9.5 million. The 555-unit self-storage facility is located at 21300 Doral Road. Constructed in 2015, the property features both climate-controlled and non-climate-controlled units. Sean Delaney and Michael Mele of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the buyer, a limited liability company affiliated with Baron Properties in Denver.

October 15, 2018

Acquisitions Midwest Retail Wisconsin

Quantum Brokers $4.1M Sale of Retail Property in Greenfield, Wisconsin

by Kristin Harlow October 15, 2018

GREENFIELD, WIS. — Quantum Real Estate Advisors Inc. has brokered the $4.1 million sale of Outback Plaza in Greenfield, a southern suburb of Milwaukee. Mattress Firm, Destination XL, CitiBank and Phoenix Salon Suites occupy the 22,558-square-foot retail property. Chad Firsel of Quantum represented the seller, a Chicago-based acquisition and development company. A Scottsdale, Ariz.-based private real estate investor purchased the asset.

October 15, 2018

Acquisitions Hospitality Northeast Vermont

HFF Brokers Sale of 309-Room DoubleTree by Hilton Burlington in Vermont

by David Cohen October 15, 2018

BURLINGTON, VT. — HFF has brokered the sale of the 309-room DoubleTree by Hilton Burlington. The price was not disclosed. Denny Meikleham, Alan Suzuki and Matthew Enright of HFF represented the seller, RLJ Lodging Trust, in the transaction. The buyer was AAM 15 Management LLC. Located at 870 Williston Road, the property is the largest conference center hotel in Vermont with 30,000 square feet of event space. Amenities include an indoor heated pool, fitness center, business center and complimentary shuttle service.

October 15, 2018

Acquisitions Massachusetts Multifamily Northeast

Fantini & Gorga Arranges $15.5M Refinancing for Mixed-Use Portfolio in Boston

by David Cohen October 15, 2018

BOSTON — Fantini & Gorga has arranged a $15.5 refinancing for a mixed-use portfolio in Boston. The properties are located at 167, 168, 176 and 303-305 Newbury St. in Boston’s Back Bay neighborhood. Together, the properties include 20,190 square feet of retail and office space. Wayne Clough and Despina Hixon of Fantini & Gorga secured financing on behalf of an undisclosed borrower through a life insurance company. Terms of the financing were undisclosed.

October 15, 2018

Acquisitions North Carolina Office Southeast

Arch Cos., Lakestar Properties Buy 350,000 SF Office Property in Charlotte for $63M

by Amy Works October 15, 2018

CHARLOTTE, N.C. — Arch Cos. and Lakestar Properties have acquired Cambridge, an office property located in Charlotte, for $63 million. The name of the seller was not released. Constructed in 1990 on a 50-acre parcel within University Research Park, the 350,000-square-foot campus offer tech-centric office space for multiple tenants. The property features floor-to-ceiling windows, skylights, an open-air atrium, outdoor meeting spaces, on-site parking and a fitness center. Additionally, the building’s infrastructure includes a redundant power supply, high-floor loads and fiberoptic lines. Arch Cos. and Lakestar Properties funded the acquisition using $50.4 million in fixed-rate financing. Abe Katz and Mark Silbersher of Walker & Dunlop arranged the first mortgage loan through Citigroup and a mezzanine loan through Morrison Street Capital.

October 15, 2018

Acquisitions New Jersey Northeast Office

NAI James E. Hanson Negotiates Sale of 14,000 SF Office Building in Montvale, New Jersey

by David Cohen October 15, 2018

MONTVALE, N.J. — NAI James E. Hanson has negotiated the sale of a 14,000-square-foot office building in Montvale. The price was not disclosed. Located at 50 Craig Road, an undisclosed buyer acquired the 3.8-acre property and plans to convert the office building into a medical diagnostic center. NAI James E. Hanson represented the seller, Premier Associates LLC, in the transaction.

October 15, 2018

Acquisitions Georgia Multifamily Southeast

Hudson Capital Properties Purchases New Multifamily Community in Metro Atlanta for $49M

by Amy Works October 15, 2018

SANDY SPRINGS, GA. — Hudson Capital Properties has acquired Northridge Vista, a newly constructed multifamily community located at 550 Northridge Parkway in Sandy Springs. An undisclosed seller sold the property for $49 million. The property features 220 units in a mix of one- and two-bedroom layouts. Community amenities include a fitness center with cardio deck, swimming pool, controlled access, business center, dog park, resident lounge with coffee bar and outdoor kitchen with seating and a fire pit.

October 15, 2018

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