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Acquisitions

501-Eastlake-Seattle-WA
AcquisitionsOfficeWashingtonWestern

Lincoln Property Co. Buys 103,494 SF Office Building in Seattle for $58.7M

by Amy Works

SEATTLE — Lincoln Property Co. has purchased 501 Eastlake, an office property located in Seattle’s South Lake Union submarket. LBA Realty sold the five-story property for $58.7 million, or $568 per square foot. Built in 2002, the 103,494-square-foot property features an on-site athletic facility and walkable amenities. At the time of sale, the building was 79 percent leased to a variety of tenants, including the regional headquarters of Capital One. Kevin Shannon, Nick Kucha, Michael Moll, Tim O’Keefe and James Childress of NKF Capital Markets represented the seller in the transaction.

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Natomas-Shopping-Center-Sacramento-CA
AcquisitionsCaliforniaRetailWestern

Hanley Investment Group Arranges $10.3M Sale of Shopping Center in Sacramento

by Amy Works

SACRAMENTO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of Natomas Shopping Center in Sacramento. A Bakersfield-based private investor sold the property to another private investor for $10.7 million in an off-market transaction. CVS/pharmacy, Ace Hardware and Dollar Tree anchor the 50,168-square-foot property. Built in 2007, the asset is situated on 7.5 acres at 2000-2050 Club Center Drive. At the time of sale, the retail center was 100 percent occupied. Kevin Fryman and Bill Asher of Hanley Investment represented the seller, while the buyer was self-represented in the deal.

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Windmill-Place-Las-Vegas
AcquisitionsNevadaOfficeWestern

Sun Commercial Real Estate Brokers $6.5M Sale-Leaseback of Office Property in Las Vegas

by Amy Works

LAS VEGAS — Sun Commercial Real Estate has arranged the sale-leaseback of Windmill Place, an office property located at 370 E. Windmill Lane in Las Vegas. MSA Engineering Consultants sold the property to an East Coast-based buyer for $6.5 million, or $299 per square foot. The seller signed a new 10-year lease at closing for the 21,638-square-foot building. In operation since 1978, MSA Engineering is licensed in 40 states. Cathy Jones, Jessica Cegavske, Roy Fritz, Paul Miachika and Taylor Vasquez of Sun Commercial’s Investment Service Group brokered the transaction.

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AcquisitionsArizonaRetailWestern

Store Capital Corp. Acquires Big-Box Retail Building in Arizona for $3.4M

by Amy Works

CHANDLER, ARIZ. — Scottsdale-based Store Capital Corp. has purchased a big-box retail property located at 1200 N. Alma School Road in Chandler. Five Sons Furniture AZ LLC sold the building for $3.4 million. Ray Cashen of Cashen Realty Advisors represented the seller in the deal. Situated on 6.8 acres, the property features 62,286 square feet of space. VASA Fitness, the tenant, plans to invest $3 million in improvements at the property to convert it into a state-of-the-art health club facility.

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AcquisitionsMultifamilySoutheastVirginia

Akelius Residential Acquires Apartment Community in Metro D.C. for $170M

by Camren Skelton

ARLINGTON, VA. — Swedish investor Akelius Residential has acquired Ballston Place, a 383-unit apartment community in Arlington, for $170 million. AvalonBay Communities sold the property, according to Real Estate Alert. Constructed in 1999, Ballston Place is located roughly seven miles west of Washington, D.C., and is within walking distance to the Ballston Metro station and near numerous restaurants and retailers. The community features a swimming pool with sundeck, fitness center, package acceptance services, an onsite convenience store and an underground parking garage. AvalonBay recently renovated unit interiors with granite countertops, vinyl plank wood flooring, dark cabinetry and stainless steel appliances.

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Westgate-I-Houston-Texas
AcquisitionsOfficeTexas

Nicola Crosby Acquires 248,707 SF Office Building in West Houston

by Taylor Williams

HOUSTON — Canadian investment firm Nicola Crosby Real Estate has acquired Westgate I, a 248,707-square-foot office building in west Houston. The Class A property was completed in 2014 and was 95 percent leased at the time of sale to tenants such as Subsea 7 and Atkins PLC, both of which are engineering firms. Westgate I includes a café, fitness center and a five-story parking garage. Cortney Cole of HFF arranged a seven-year, fixed-rate acquisition loan through Principal Real Estate Investors for the transaction. The seller was not disclosed.  

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AcquisitionsMultifamilyTexas

SVN Arranges Sale of 211-Unit Apartment Community in Arlington

by Taylor Williams

ARLINGTON, TEXAS — SVN | Investment Sales Group has arranged the sale of Pioneer Creek Townhomes, a 211-unit apartment community in Arlington. The property, which was 74 percent occupied at the time of sale, features one- and two-bedroom units. Amenities include a pool, community grilling area and onsite laundry facilities. Mark Allen and Todd Franks of SVN | Investment Sales Group represented the seller and procured the buyer in the transaction.  

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AcquisitionsIndustrialOfficeTexas

NAI Partners Purchases 104,212 SF Business Park in North Houston

by Taylor Williams

HOUSTON — NAI Partners, through its Investment Fund II vehicle, has purchased Wells Fargo Business Park, a 104,212-square-foot flex office park in north Houston. The two-building property, which will undergo capital improvements, was 88 percent leased at the time of sale. San Francisco-based Berkeley Partners sold the asset and Green Bank provided debt for the acquisition. NAI Partners will handle leasing and management of the property.

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AcquisitionsNew JerseyOffice

Colliers Negotiates Sale of 138,629 SF Office Building in Piscataway

by David Cohen

PISCATAWAY, N.J. — Colliers International has negotiated the sale of a 138,629-square-foot office building in Piscataway. The sales price was undisclosed. The property, which is located at 371 Hoes Lane, was built in 1989 and renovated in 1997. Colliers represented the undisclosed seller in the transaction. The buyer was Brandon Rolnick, a private investor. Rolnick has hired Marner Architecture and Haas Construction to fully renovate the building. Colliers will maintain leasing at the property.

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AcquisitionsMultifamilyNew York

Cushman & Wakefield Arranges $3M Sale of Apartment Building in Queens

by David Cohen

NEW YORK CITY — Cushman & Wakefield has arranged the $3 million sale of an eight-unit apartment building in the Astoria neighborhood of Queens. The sales price equates to approximately $511 per square foot and a 4.3 percent capitalization rate. Thomas A. Donovan, Tommy Lin, Eugene Kim and Robert Rappa of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also undisclosed. The property, which is located at 28-08 23rd Ave., consists of eight two-bedroom apartment units. Four units are rent-stabilized, one is rent-controlled and three are free-market.

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