Acquisitions

Capital Realty Solutions Brokers $2.7M Sale of Office Building in Sherman Oaks, California

by Amy Works November 26, 2018

SHERMAN OAKS, CALIF. — Capital Realty Solutions has arranged the sale of Wallace Literary, an office building located at 15464 Ventura Blvd. in Sherman Oaks. An undisclosed buyer acquired the asset for $2.7 million, or $1,342 per square foot. Named after Hollywood writer/director/producer Randall Wallace, the 2,012-square-foot boutique office building features ample parking and is adjacent to the Sherman Oaks Galleria. Ash Joshi of Encino, Calif.-based Capital Realty Solutions represented the seller, Randall Wallace, trustee of the Randall Wallace Family Trust, in the deal. Elizabeth Clark of Pacific Union International represented the buyer, which will occupy the property, in the transaction.

November 26, 2018

Acquisitions Retail Utah Western

Faris Lee Investments Completes Sale of Two Retail Locations in Metro Salt Lake City

by Amy Works November 26, 2018

TAYLORSVILLE, UTAH — Faris Lee Investments has completed the combined fee simple interest sale of national single tenant retailers located within Taylorsville Shopping Center in Taylorsville. A Southern California-based private investor bought the properties for an undisclosed price. The assets are 24 Hour Fitness and Old Spaghetti Factory. Additional tenants at the shopping center include T.J. Maxx, PetSmart, Ross Dress for Less, Regal Theaters, Chick-fil-A, Panda Express, Starbucks Coffee and Chase Bank. Don MacLellan, Thomas Chichester, Joseph Chichester and Matt Brooks of Faris Lee represented the seller and buyer in the deal.

November 26, 2018

Acquisitions Maryland Southeast Student Housing Top Stories

Greystar, Rockpoint Group Sell Student Housing Community Near University of Maryland for $235M

by John Nelson November 26, 2018

COLLEGE PARK, MD. — Joint venture partners Greystar Real Estate Partners LLC and Rockpoint Group have sold University View, a 1,573-bed student housing community located adjacent to the University of Maryland in College Park. The $235 million sale marks the largest single-asset student housing trade in U.S. history, according to Greystar. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE National Student Housing, along with William Roohan and Michael Muldowney of CBRE’s Washington, D.C., office, represented Greystar and Rockpoint in the sale. The buyer was undisclosed. Charleston, S.C.-based apartment management and investment firm Greystar and Boston-based real estate private equity firm Rockpoint Group purchased University View in 2016 and have since upgraded the interiors of all 507 units, as well as the property’s common areas. “The acquisition, investment in and sale of University View exemplify the power of Greystar’s value-add strategy,” says Kevin Kaberna, executive director and leader of Greystar’s U.S. Investment platform. “We were able to perform considerable interior upgrades while maintaining affordable rents for students.” University View is connected to the University of Maryland via a pedestrian bridge crossing Paint Branch, a 14-mile tributary of the Northeast Branch that flows to the Anacostia River. The property also features …

November 26, 2018

Acquisitions North Carolina Office Southeast

Bahrain Sovereign Wealth Fund, Sentinel Buy Office Campus in Charlotte

by Alex Tostado November 21, 2018

CHARLOTTE, N.C. — Bahrain Mumtalakat Holding Co. (Mumtalakat), the sovereign wealth fund of the Kingdom of Bahrain, in partnership with Sentinel Real Estate Investment Corp., has acquired two office buildings in Charlotte for $136.8 million, according to Triad Business Journal. The seller was undisclosed. The 421,863-square-foot property is fully occupied by The Lash Group, a pharmaceutical and healthcare service provider. This is the second purchase Mumtalakat has made in the U.S. this year. In February, also with Sentinel, Mumtalakat acquired Lenovo’s Raleigh-Durham campus.

November 21, 2018

Acquisitions Florida Retail Southeast

Collett Capital, Long Wharf Capital Acquire Orlando Shopping Center for $26.2M

by Alex Tostado November 21, 2018

ORLANDO, FLA. — Collett Capital and Long Wharf Capital have acquired a 186,000-square-foot shopping center in Orlando for $26.2 million. International Drive Value Center is located six miles from downtown Orlando, about nine miles northeast of Walt Disney World and less than one mile southeast of Universal Studios. The shopping center was 95 percent leased at the time of the sale to tenants such as Bed Bath & Beyond, Ross Dress for Less, T.J. Maxx, dd’s DISCOUNT, Five Below and Dollar Tree. Brad Peterson, Whitaker Leonhardt and Michael Brewster of HFF represented the seller, Retail Value Inc. Travis Anderson, Cory Fowler and Rebcca Van Reken, also of HFF, placed $18.9 million in acquisition financing for the buyers.

November 21, 2018

Acquisitions Lee & Associates Office Texas

Lee & Associates Brokers Sale of 20,954 SF Office Building in Angleton, Texas

by Taylor Williams November 21, 2018

ANGLETON, TEXAS — Lee & Associates has brokered the sale of a 20,954-square-foot office building located at 2309 W. Mulberry St. in Angleton, a city situated roughly 50 miles south of Houston. Reed Vestal and Taylor Schmidt of Lee & Associates represented the seller in the transaction. Debbie Cowart of Coldwell Banker Commercial represented the buyer. Both parties requested anonymity.

November 21, 2018

Acquisitions Multifamily New York Northeast

Rosewood Realty Brokers $48M Sale of Apartment Community in Washington Heights

by David Cohen November 21, 2018

NEW YORK CITY — Rosewood Realty Group has brokered the $48 million sale of an apartment community in the Washington Heights neighborhood of Manhattan. Located at 80 and 86 Fort Washington Ave., the two building community totals 138,228 square feet. The building at 80 Fort Washington Ave. was built in 1920 and 86 Fort Washington Ave. was built in 1930. Aaron Jungreis of Rosewood represented the buyer, RCR Management. David Berger of Rosewood represented the seller, a group of investors including Mike Spira and the estate of Josh Sternhell.

November 21, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Negotiates $6.7M Sale of Multifamily Building in New Jersey

by David Cohen November 21, 2018

PATERSON, N.J. — Marcus & Millichap has negotiated the $6.7 million sale of Park Ave Apartments, a multifamily building in Paterson. The property is located at 61 Park Ave. Daniel Aviles and Greg Babaian of Marcus & Millichap’s New Jersey office represented the seller, a developer, in the transaction. The buyer was a limited liability company.

November 21, 2018

Acquisitions New York Northeast

Ariel Property Advisors Orchestrates $5.9M Sale of Development Site in Queens

by David Cohen November 21, 2018

NEW YORK CITY — Ariel Property Advisors has arranged the $5.9 million sale of the Liberty-Tuckerton Assemblage, a 22,928-square-foot development site in Jamaica, Queens. Located at 150-28 Liberty Ave., 150-30 Liberty Ave. and 299 Tuckerton St., the site is nearby the Jamaica Hospital & Medical Center as well as York College. Michael Tortorici, Sean Kelly, Victor Sozio, Matthew Lev and Alexander Taic of Ariel Property Advisors represented the seller, a private company, in the transaction. The buyer was The Sandhu Group, led by Tejpal Sandhu.

November 21, 2018

Acquisitions Company News Hospitality Northeast Pennsylvania

Ballard Brands Expands Restaurant Offerings to Philadelphia with Acquisition

by David Cohen November 21, 2018

PHILADELPHIA— Ballard Brands, a Covington, Louisiana-based restaurant and hospitality group whose brands include PJ’s Coffee of New Orleans, WOW Café and New Orleans Roast Coffee & Tea, has expanded its restaurant holdings to include several Latin American concepts in Philadelphia. Brothers Paul, Steven and Scott Ballard of Ballard Brands recently purchased Philadelphia-based Garces Group — which filed for Chapter 11 bankruptcy earlier this year — resulting in the inception of IdEATtion Hospitality. The brothers purchased Garces in partnership with Mississippi native Ronnie Artigues and Philadelphia investor David Maser. Garces restaurants and catering companies were founded by Chef Jose Garces, an Iron Chef and James Beard Award winner. IdEATion Hospitality now leverages the resources of two established brands, Garces and Ballard Brands. As part of the acquisition, the Ballards and their investment partners acquired several popular and award-winning Garces Philadelphia restaurants: Amada, Tinto, Village Whiskey, The Olde Bar, JG Domestic, Volvér and their full-service catering division, Garces Events. Chef Garces remains in a leadership position as chief culinary officer. Artigues will serve as CEO of the Philadelphia-based operations. “Chef Jose is a culinary expert who brings a renowned reputation and vision to our team and we’re thrilled for the new partnership,” …

November 21, 2018

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