Acquisitions

Progressive Real Estate Negotiates $4.6M Sale of Retail Building in the Inland Empire

by Amy Works October 12, 2018

FONTANA, CALIF. — Progressive Real Estate Partners has arranged the sale a retail property, located at 14273 Baseline Ave. in Fontana. A San Diego-based private investor sold the property to a Los Angeles-based private investor for $4.6 million in an all-cash 1031 exchange. Frank Vora of Progressive Real Estate Partners represented the seller, while Chris Wen of Walton Realty represented the buyer in the deal. Tutor Time Learning Center occupies the 10,492-square-foot building, which was built in 2003. The childcare center caters to children six weeks to 12 years of age and offers a variety of programs for infants, toddlers, pre-school, and before- and after-school care. The property is adjacent to Heritage Village, a 110,000-square-foot neighborhood center anchored by Vons, U.S. Bank, Fitness 19, Panda Express and Wendy’s.

October 12, 2018

Acquisitions Arizona Multifamily Western

SVN Desert Commercial Brokers $1.3M Sale of Apartment Complex in Phoenix

by Amy Works October 12, 2018

PHOENIX — SVN Desert Commercial Advisors has arranged the sale of a multifamily community, located at 717 E. Roeser Road in Phoenix. Luis Melendez sold the property to Shashikant Jogani with Pro Residential Services for $1.3 million, or $67,500 per unit. The 16,000-square-foot property features 20 two-bedroom apartments with individual meters for electricity. The buyer plans to implement a light renovation program to the property. Danny Lee of SVN Desert Commercial represented the seller and procured the buyer in the all-cash transaction.

October 12, 2018

Acquisitions Hospitality South Carolina Southeast

Union Investment Acquires New Dual-Branded Hotel in Historic Charleston

by Amy Works October 12, 2018

CHARLESTON, S.C. — Union Investment has purchased a dual-branded hotel property located on King Street in Charleston’s historic district for an undisclosed price. Opened in 2015, the property includes a modern Hyatt House apartment-style hotel and a Hyatt Place hotel. In total, the two hotels offer 304 rooms. Hyatt House features 113 guest rooms designed for extended-stay guests with a living area and integrated kitchen, while Hyatt Place features 191 rooms and 800 square feet of conference space. Additional on-site amenities include a fitness center, swimming pool, market and a rooftop bar. Regent/BN Charleston Holdings is the vendor of the properties, and the hotels are leased for 30 years to Pyramid Hotel Group, the operator. Germany-based Union Investment is adding the hotel property to the portfolio of its open-ended real estate fund, Unilmmo: Global.

October 12, 2018

Acquisitions Georgia Multifamily Southeast

Magnolia Capital Acquires 323-Unit Multifamily Property in Atlanta’s Central Perimeter Submarket

by Amy Works October 12, 2018

DUNWOODY, GA. — Magnolia Capital has purchased Flats at Perimeter Place, an apartment community located at 60 Perimeter Place in Dunwoody. Northwestern Mutual sold the property for an undisclosed price. Robert Stickel, Mike Kemether and Alex Brown of Cushman & Wakefield represented the seller in the deal. Situated in Atlanta’s Central Perimeter submarket, the 323-unit community features a rooftop lounge with a tennis court, grilling station and bocce ball court; resort-style swimming pool; fitness center with a yoga studio, cardio theater and fitness classes; and four electric car charging stations.

October 12, 2018

Acquisitions Retail South Carolina Southeast

Madison Capital Acquires Kmart-Anchored Retail Asset in Metro Charlotte for $6M

by Amy Works October 12, 2018

ROCK HILL, S.C. — Charlotte, N.C.-based Madison Capital has purchased Kmart Plaza, a retail property located off of Cherry and North Anderson roads in Rock Hill, a suburb of Charlotte in South Carolina. Seritage Growth Properties sold the center for $6 million. The property features 89,298 square feet of retail space. Marc Ozburn and Alex McDonald of Berkeley Capital Advisors represented the seller in the deal.

October 12, 2018

Acquisitions Multifamily New Jersey Northeast Seniors Housing

ESI Arranges $31.5M Sale of Two Skilled Nursing Facilities in New Jersey

by David Cohen October 11, 2018

RIDGEWOOD AND MONTCLAIR, N.J. — Evans Senior Investments (ESI) has arranged the sale of a two-property skilled nursing portfolio in New Jersey for $31.5 million. Totaling 161 beds, the two Van Dyk Health Care facilities are located in Ridgewood and Montclair, approximately 15 miles apart from each other and just west of Manhattan. ESI represented the seller, an independent owner-operator, in the transaction. The buyer was a New York-based private equity group, and a New Jersey-based operator will manage both communities.

October 11, 2018

Acquisitions Connecticut Industrial Northeast Self-Storage

Hampshire Cos. Acquires 106,500 SF Self-Storage Property in Hartford

by David Cohen October 11, 2018

HARTFORD, CONN. — The Hampshire Cos. Has acquired a 106,500-square-foot self-storage facility in Hartford. The sales price was undisclosed. The property is located at 1407 Park St. in the Parkville neighborhood of Hartford. After acquiring the facility, the Hampshire Cos. completed renovations and capital improvements to the property that included a new elevator, roof, floor and façade repairs as well as upgraded security and fire/life safety systems. Self-storage REIT Extra Space Storage has been selected to manage the new location.

October 11, 2018

Acquisitions Massachusetts Northeast Retail

Encore Real Estate Negotiates $5.3M Sale of Walgreens-Occupied Asset Near Boston

by David Cohen October 11, 2018

MALDEN, MASS. — Encore Real Estate Investment Services has negotiated the $5.3 million sale of a net-leased Walgreens Pharmacy in Malden. The property is located three miles from the massive Encore Boston Harbor casino project that is currently under construction. Danny Samona and James Roberts of Encore Real Estate represented the undisclosed seller in the transaction. The buyer was also undisclosed.

October 11, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $3.5M Sale of Retail Property in Paulsboro, New Jersey

by David Cohen October 11, 2018

PAULSBORO, N.J. — Marcus & Millichap has brokered the sale of a 4,854-square-foot retail property occupied by Wawa in Paulsboro. The property, which is located at 51 Berkley Road, sold for $3.5 million at a 4.69 percent capitalization rate. Derrick Dougherty and Scott Woodard of Marcus & Millichap represented the buyer, a limited liability company, in the transaction. The seller was undisclosed.

October 11, 2018

Acquisitions Florida Office Southeast

New York Life Real Estate Investors Buys Brickell City Tower in Miami for $117M

by Amy Works October 11, 2018

MIAMI — New York Life Real Estate Investors, on behalf of an institutional client, has acquired Brickell City Tower, a Class A office tower located in Miami’s Brickell office submarket, for $117 million. The buyer was not disclosed but media outlets have reported that the seller was a joint venture between Banyan Street Capital, Crocker Partners and Independencia Asset Management. The 33-story tower features 291,554 rentable square feet. Recently, the tower underwent a $6.4 million renovation, which included a redesigned and updated building lobby, common area upgrades and a full elevator modernization, as well as a new conference center and tenant lounge. The new ownership plans to continue the renovation program to the property’s common areas, including capital to activate a large terrace adjacent to the conference center and tenant lounge on the 17th floor for tenant use. Brickell City Tower’s notable tenants include Beacon Council, South Florida Business Journal, Uber Technologies, Max Borges, TMF USA Inc., Rumberger Kirk Caldwell and Regus. Chase Bank operates a bank branch on the ground floor.

October 11, 2018

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