Acquisitions

Newmark Knight Frank Negotiates $106.2M Sale of Gateway Towers in Los Angeles

by Amy Works October 31, 2018

LOS ANGELES — Newmark Knight Frank (NKF) has negotiated the sale of Gateway Towers, an office property located at 970 and 990 190th St. in Los Angeles. Equity Office Properties sold the asset to The Ruth Group, along with Roxborough Group as its capital partner, for $106.5 million. Kevin Shannon, Ken White, Scott Schumacher and Guillermo Boisson of NKF represented the seller in transaction. Additionally, David Milestone and Brett Green, also of NKF, secured financing for the buyer. At the time of sale, the 443,517-square-foot asset was 91 percent leased. Herbalife International of America is the anchor tenant at the twin nine-story towers. The buyer plans to develop the land between the towers, creating restaurant, amenity and creative office space.

October 31, 2018

Acquisitions Nevada Retail Western

Weingarten Realty Sells Dual Grocery-Anchored Shopping Center in Las Vegas for $59M

by Amy Works October 31, 2018

LAS VEGAS — Houston-based Weingarten Realty has completed the sale of Tropicana Beltway Shopping Center, a retail property located in Las Vegas. Affiliates of San Francisco-based The Krausz Cos. acquired the property for $59 million. Mark Lucescu of Lucescu Realty represented the seller and procured the buyer in the deal. Walmart Supercenter, Lowe’s, Ross Dress for Less, PetSmart, Office Depot, 99 Cents Only (featuring a grocery department) and Pier 1 Imports anchor the 617,821-square-foot shopping center. At the time of sale, the property was 99.7 percent occupied. Additional tenants include Applebee’s, Bank of America, IHOP, Panera Bread, Chase Bank, Pacific Dental Services, Chipotle, Del Taco, Leslie’s Pool Supplies, Panda Express, T-Mobile, Club Pilates, Cricket Wireless, Sally Beauty Supply, Starbucks Coffee, MetroPCS, Subway, The UPS Store, GNC, GameStop, Sport Clips and The Joint Chiropractic. Neither Walmart Supercenter or Lowe’s Home Improvement Warehouse were included the in the sale.

October 31, 2018

Acquisitions California Office Western

GM Properties Brokers $12.5M Sale of 104,000 SF Office Park in Santa Fe Springs, California

by Amy Works October 31, 2018

SANTA FE SPRINGS, CALIF. — GM Properties has brokered the sale of Imperial Square, a multi-tenant office park located at 12631 E. Imperial Highway in Santa Fe Springs. An undisclosed buyer acquired the property for $12.5 million. Situated on 5.8 acres, the five-building, 104,000-square-foot office complex features more than 100 suites. At the time of sale, the property was 90 percent occupied. Ben Greer and Dustin Wheelan of GM Properties represented the undisclosed seller in the transaction.

October 31, 2018

Acquisitions Mixed-Use New York Northeast

Marcus & Millichap Negotiates $15.2M Sale of Two Mixed-Use Properties in Manhattan

by David Cohen October 30, 2018

NEW YORK CITY — Marcus & Millichap has negotiated the $15.2 million sale of two mixed-use properties in Manhattan. Located at 162 Third Ave. and 317 E. 5th St., the two properties consist of 24 residential units and ground-floor retail space. 162 Third Ave. is a four-story, 9,500-square-foot building, 317 E. 5th St. is a six-story, 8,100-square-foot building. Barbara Dansker and Steven Lusby of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also undisclosed.

October 30, 2018

Acquisitions Industrial Leasing Activity New Jersey Northeast

Cushman & Wakefield Arranges Sale-Leaseback of Industrial Facility in Parsippany

by David Cohen October 30, 2018

PARSIPPANY, N.J. — Cushman & Wakefield has arranged the sale and leaseback of a 540,103-square-foot industrial facility in Parsippany. The sales price was undisclosed. Located at 100 Jefferson Road, the property currently serves at the global headquarters for the seller, PNY Technologies. Gary Gabriel, Kyle Schmidt, Andrew Merin, David Bernhaut, Brian Whitmer and Ryan Larkin of Cushman & Wakefield represented PNY Technologies in the transaction. The buyer was a joint venture between Turnbridge Equities and Harbor Group International. PNY Technologies leased back approximately 25 percent of the building on a long-term basis, leaving 400,000 square feet of industrial space for Turnbridge Equities to rent. Turnbridge and HGI have commenced a $4.5 million capital improvement program at the facility that will include new parking and loading areas, new office space and building entrances, as well as new mechanical systems.

October 30, 2018

Acquisitions New Jersey Northeast Office

NKF Brokers $11M Sale of Office Building in Marlton, New Jersey

by David Cohen October 30, 2018

MARLTON, N.J. — NKF Capital Markets has brokered the sale of an 88,000-square-foot office building in Marlton. The sales price was undisclosed. Located at 50 Lake Center, the Class A office building was built in 2006 and features a two-story granite atrium. The property is located three miles from the New Jersey Turnpike. Steven M. Schultz and John Howley represented the undisclosed seller in the transaction. The buyer was Twenty Lake Holdings.

October 30, 2018

Acquisitions Connecticut Multifamily Northeast

Blue Garden Apartments Acquires Multifamily Portfolio in Bridgeport, Connecticut for $4.3M

by David Cohen October 30, 2018

BRIDGEPORT, CONN. — Blue Garden Apartments LLC has acquired the Bridgeport Multifamily Portfolio, a three-property, 62-unit portfolio in Bridgeport for $4.3 million. The sales price equates to a capitalization rate of 7.3 percent based on current net operating income. The properties are located at 2445 Main St., 24,38-42 Federal St., 2646 Fairfield Ave. and 858-872 Park Ave. Bradley Balletto, Rich Edwards and Jeff Wright of Northeast Private Client Group represented the seller, McDillon Holdings, in the transaction.

October 30, 2018

Acquisitions Multifamily Texas

ClearWorth Capital Acquires 284-Unit Apartment Community in Houston

by Taylor Williams October 30, 2018

HOUSTON — ClearWorth Capital LLC has acquired The Edge at City Centre, a 284-unit multifamily community located near the Texas Medical Center in Houston. The property was built in 1983 and features a mix of one- and two-bedroom units averaging 765 square feet. Amenities include two pools, a business center, fitness center and Wi-Fi lounge. Chris Young, Joey Rippel and Connor Phillips of HFF represented ClearWorth Capital and the seller, 29th Street Capital, in the transaction. The Edge at City Centre was 94 percent occupied at the time of sale.

October 30, 2018

Acquisitions Office Texas

NAI Partners Negotiates Sale of 68,794 SF Office Building in Houston

by Taylor Williams October 30, 2018

HOUSTON — NAI Partners has negotiated the sale of a 68,794-square-foot office building located at 1155 Brittmoore Road in Houston. The property was built in 1978, according to LoopNet Inc. Jon Silberman of NAI Partners represented the buyer, Endeavor Behavioral, in the transaction. Additional terms of sale were not disclosed.

October 30, 2018

Acquisitions Multifamily North Carolina Southeast

Passco Acquires Newly Built Apartment Community in Asheville for $56.6M

by Amy Works October 30, 2018

ASHEVILLE, N.C. — Passco Cos. has purchased Asheville Exchange, a Class A multifamily property located at 105 Exchange Circle in Asheville. Hathaway Development sold the property for $56.6 million. This transaction is Passco’s first multifamily acquisition in Asheville, and its first North Carolina purchase in nearly five years. Completed in 2017, Asheville Exchange features 312 units in a mix of one-, two- and three-bedroom layouts with energy-efficient appliances, granite kitchen countertops and tiled backsplash, wine racks, modern cabinetry and full-sized washers and dryers in select units. Community amenities include bike and kayak storage, a clubhouse with Wi-Fi, controlled-access gates, car care center, dog park and pet care station, fitness center, game room with billiards, bocce ball court, outdoor lounge and grilling area, resident business center, saltwater swimming pool, tanning salon and massage room and valet trash service. Marc Robinson, Jordan McCarley and Brooks Colquitt of Cushman & Wakefield represented the buyer and seller in the deal. Additionally, Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco.

October 30, 2018

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