Acquisitions

ARA Newmark Brokers $7.6M Sale of Apartment Property in Boulder

by Amy Works August 22, 2018

BOULDER, COLO. — ARA Newmark has arranged the sale of 2037 Walnut, a multifamily asset located one block from Pearl Street in Boulder. An undisclosed buyer acquired the property from Boulder-based Element Properties for $7.6 million. Constructed in 1981 and renovated in 2014, the property features 26 one-bedroom units, averaging 400 square feet, with private patios. Recent renovations included new kitchens and bathrooms, stainless steel appliances, engineering hardwood floors and energy-efficient appliances. Andy Hellman and Justin Hunt of ARA Newmark represented the seller in the transaction.

August 22, 2018

Acquisitions Colorado Retail Western

Quantum Real Estate Arranges $1.2M Sale of Retail Building in Gunnison, Colorado

by Amy Works August 22, 2018

GUNNISON, COLO. — Quantum Real Estate Advisors has arranged the sale of a multi-tenant retail building located at 720-730 N. Main St. in Gunnison. A Crested Butte, Colo.-based individual investor acquired the property for $1.2 million. At the time of sale, the 8,848-square-foot property was fully occupied by a variety of tenants, including Domino’s and Verizon. Zack Hilgendorf of Quantum Real Estate represented the seller, a Phoenix-based individual investor, in the transaction.

August 22, 2018

Acquisitions Illinois Midwest Office Top Stories

GlenStar, Rubenstein Acquire 910,796 SF Office Property in Suburban Chicago for $121.5M

by Kristin Harlow August 22, 2018

ROLLING MEADOWS, ILL. — A partnership between GlenStar and Rubenstein Partners, known as CT Acquisitions LLC, has acquired Continental Towers for $121.5 million. The 910,796-square-foot office property is located in Rolling Meadows, about 30 miles northwest of Chicago. GlenStar initially acquired the property in 2013 and has since completed approximately $30 million in improvements for the asset. GlenStar added a 734-stall parking garage and renovated the fitness center, restrooms and corridors. As a result, occupancy jumped from 55 percent to 90 percent with the addition of tenants such as Verizon and Panasonic. The new joint venture between GlenStar and Rubenstein plans to complete an additional $20 million in renovations, including an overhaul of the two-acre plaza deck as well as the lobbies, café and amenity space. Work is set to begin immediately. Originally constructed in the early 1980s, Continental Towers is a three-tower office complex situated on 34 acres. The Class A property is located near I-90 and Woodfield Mall. “Our main focus as a firm is to seek out and acquire high-quality, value-add office assets in emerging markets,” says Brandon Huffman, portfolio manager of equity investments for Rubenstein. “Continental Towers represents everything we typically look for in an investment.” …

August 22, 2018

Acquisitions Office Texas

CBRE Negotiates Sale of Pier 1 Headquarters Building in Fort Worth

by Taylor Williams August 21, 2018

FORT WORTH, TEXAS — CBRE has negotiated the sale of the Pier 1 Imports Building, a 20-story, 409,977-square-foot office property in Fort Worth that has served as the headquarters for the home furnishings and décor retailer since 2008. The building includes a fitness center and yoga studio, as well as a full-service cafeteria. Gary Carr, Evan Stone, John Alvarado, Eric Mackey, Robert Hill and Jared Chua of CBRE represented the seller, Houston-based Hines, which acquired the property in 2014, in the transaction. California-based Hertz Investment Group purchased the asset for an undisclosed price.

August 21, 2018

Acquisitions Multifamily Texas

Frontline Holdings Acquires 334-Unit Apartment Community in Metro Dallas

by Taylor Williams August 21, 2018

LEWISVILLE, TEXAS — California-based Frontline Holdings has acquired Westview Apartments, a 334-unit multifamily community located in the northern Dallas suburb of Lewisville, from investment management firm InterCapital. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, spa, tennis courts and onsite laundry facilities. Voya Financial provided the loan, which was arranged by Mark Brandenburg of JLL.

August 21, 2018

Acquisitions Mixed-Use New York Northeast

Barone Management Purchases Mixed-Use Development Site in Brooklyn for $37.5M

by David Cohen August 21, 2018

NEW YORK CITY — Barone Management has purchased the former Angel Guardian Home in the Dyker Heights neighborhood of Brooklyn for $37.5 million. The seller was undisclosed. The New York-based development company plans to redevelop the site into a 300,000-square-foot mixed-use project. Sixty percent of the property will be devoted to approximately 150 market-rate condos, with an additional 15 percent reserved for affordable housing. The remaining 25 percent will be split between seniors housing and an educational use. Construction is expected to begin in 2019.

August 21, 2018

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Negotiates Sale of 616,992 SF Industrial Facility in Teterboro, New Jersey

by David Cohen August 21, 2018

TETERBORO, N.J. — Cushman & Wakefield has arranged the sale of a 616,992-square-foot industrial building in Teterboro. Goodman acquired the property for an undisclosed price. Situated on 27 acres, the building is climate controlled, has clear heights of up to 32 feet and includes cross-docking. Gary Gabriel, Adam Spies, Andrew Merin, David Bernhaut, Marcella Fasulo, Kyle Schmidt, and Ryan Larkin of Cushman & Wakefield represented the undisclosed seller in the transaction. At the time of sale, the building was fully net leased to an investment-grade tenant.

August 21, 2018

Acquisitions Multifamily New York Northeast

Cignature Brokers $6M Sale of Apartment Building in Upper East Side

by David Cohen August 21, 2018

NEW YORK CITY — Cignature Realty Associates has brokered the $6 million sale of a five-story multifamily building on the Upper East Side of Manhattan. The 8,648-square-foot building is located at 319 E. 93rd St. and was built in 1920. The property includes 10 apartments. Christopher Skitch of Cignature Realty represented the sellers, Diana Cormack and Jonathan Bradshaw, in the transaction. Peter Vanderpool of Cignature represented the buyer, 319 East 93rd Street LLC.

August 21, 2018

Acquisitions Florida Office Southeast

Colliers Brokers $22.3M Sale of Former School-Turned Office Building in West Palm Beach

by Camren Skelton August 21, 2018

WEST PALM BEACH, FLA. — Colliers International has arranged the $22.3 million sale of a 66,770-square-foot building located at 2410 Metrocentre Blvd. in West Palm Beach. The property formerly housed the Lincoln College of Technology Campus, but was converted into an office property in 2017 to fit the needs of Belcan Engineering Group, which houses its regional headquarters at the building. Kevin McCarthy and Bastian Laggerbauer of Colliers arranged the transaction on behalf of the seller, a partnership between Tambone Cos. and Catalfumo Cos., and procured the buyer, Czech Republic-based ICP Capital Partners. In addition, the Colliers team secured a $13.5 million acquisition loan on behalf of the buyer.

August 21, 2018

Acquisitions Multifamily New York Northeast

Kempner Corp. Acquires 18-Unit Multifamily Building in White Plains for $3.4M

by David Cohen August 21, 2018

WHITE PLAINS, N.Y. — The Kempner Corp. has acquired a multifamily building in downtown White Plains for $3.4 million. Located at 61 Davis Ave., the 14,032-square-foot property was built in 1941 and features 18 units and 18 parking spaces. The building includes four, two-bedroom apartments, 12, one-bedroom units and two, two-bedroom duplexes. The seller was undisclosed.

August 21, 2018

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