Acquisitions

Hanley Investment Group Brokers $23M Sale of Retail Building in Pasadena

by Amy Works September 14, 2018

PASADENA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $23 million sale of a 39,290-square-foot retail building in Pasadena. Carlos Lopez and Lee Csenar of Hanley Investment Group arranged the transaction on behalf of the seller, AEGON USA Realty Advisors. John Repstad of Realty Advisory Group Inc. represented the buyer, a private investor based in Beverly Hills. The first and second floor of the freestanding building — totaling 27,025 square feet — are triple-net-leased to Walgreens until 2027. Walgreens subleased the 14,057-square-foot second floor to Sit ‘n Sleep. The building’s 12,265-square-foot basement space is leased to Premier Dental Care Group. The sale also included a portion of the parking lot behind the property and the use of the adjacent reciprocal parking managed by the City of Pasadena.

September 14, 2018

Acquisitions Indiana Michigan Midwest Retail

NAI Wisinski Brokers Sale of Four Shopping Centers in Michigan, Indiana for $28.5M

by Kristin Harlow September 14, 2018

MICHIGAN AND INDIANA — NAI Wisinski of West Michigan has brokered the sale of four shopping centers anchored by Kroger in Michigan and Indiana for $28.5 million. The properties in Michigan include Owosso East Shopping Center in Owosso and Sturgis Plaza in Sturgis. The Indiana properties include Plymouth Plaza in Plymouth and Auburn Plaza in Auburn. Cameron Timmer and Russ Bono of NAI Wisinski brokered the sale with assistance from NAI Farbman. Neither the buyer nor the seller was disclosed.

September 14, 2018

Acquisitions Illinois Midwest Retail

Albanese Cormier Acquires 274,215 SF Retail Center in Centralia, Illinois

by Kristin Harlow September 14, 2018

CENTRALIA, ILL. — Albanese Cormier Holdings has acquired Fairview Park Plaza in Centralia in southern Illinois. The purchase price was not disclosed. The 274,215-square-foot retail center is located at 1001-1161 W. Broadway St. Anchor tenants include AMC Theaters, Big Lots, Goody’s and Schnucks. Chris LaBounty of May Real Estate represented the seller, Phillips Edison & Co. Albanese Cormier is based in Beaumont, Texas.

September 14, 2018

Acquisitions Colorado Hospitality Top Stories Western

Ares Real Estate Group Sells Stake in 1,500-Room Colorado Resort for $270M

by Kristin Harlow September 14, 2018

AURORA, COLO. — Ares Real Estate Group has sold its investment stake in the Gaylord Rockies Resort & Convention Center in Aurora for $270 million. Slated to open this December, the 1,500-room hotel is located less than 10 minutes from the Denver International Airport. Marriott International Inc. will manage the hotel upon its opening. In addition to 486,012 square feet of convention space, the property will feature a full-service spa, fitness center, pool, several restaurants, a coffee shop and marketplace store. The resort is expected to be the largest combined hotel and convention center in Colorado, according to Ares. Ryman Hospitality Properties Inc. and RIDA Development Corp., the other partners in the development’s joint venture, acquired Ares’ investment stake. The sale comes on the heels of Ares’ announcement last week that its power and infrastructure fund acquired the assets of Irving, Texas-based oil and gas company Paradigm Energy Partners. Ares Real Estate Group is part of Ares Management LP (NYSE: ARES), which has approximately $121.4 billion in assets under management and 18 offices worldwide. Ryman (NYSE: RHP) owns four resorts totaling 8,114 rooms that are managed by Marriott under the Gaylord Hotels brand. Ryman also owns other Marriott-branded hotels as …

September 14, 2018

Acquisitions New Jersey Northeast Office

CBRE Brokers $19.7M Sale of Office Building in Matawan, New Jersey

by David Cohen September 13, 2018

MATAWAN, N.J. — CBRE has brokered the $19.7 million sale of a 133,678-square-foot office building in Matawan. Located at 100 Matawan Road, the Class A office building is currently 85 percent leased. More than $1.6 million in capital improvements have been made to the property since 2015. Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zachary McHale of CBRE Institutional Properties represented the seller, a partnership led by Denholtz Associates, in the transaction. The buyer was Signature Acquisitions.

September 13, 2018

Acquisitions New York Northeast Office

Cushman & Wakefield, Rudder Property Group Negotiate $9.5M Sale of Office Property in Hudson Yards

by David Cohen September 13, 2018

NEW YORK CITY — Cushman & Wakefield and Rudder Property Group have negotiated the $9.5 million sale of an 11,750-square-foot office cooperative in Manhattan’s Hudson Yards neighborhood. Located at 450 West 31st St., the property includes the entire 12th floor of the building as well as the penthouse. The cooperative also includes a 4,750-square-foot private terrace and a basement storage area. Carri Lyon of Cushman & Wakefield, along with Michael Rudder and Michael Heller of Rudder Property Group, represented the seller, Studio 450. Todd Korren of Avison Young represented the buyer, Melkonian Capital Management.

September 13, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Orchestrates $5.9M Sale of Retail Property in Livingston, New Jersey

by David Cohen September 13, 2018

LIVINGSTON, N.J. — Marcus & Millichap has brokered the $5.9 million sale of a 7,840-square foot retail property in Livingston. The property, which is located at 1 W. Mount Pleasant Ave., is currently fully occupied by Starbucks, Verizon Wireless and Haven Savings Bank. Alan Cafiero, Ben Sgambati, David Cafiero and Michael DeVit of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.

September 13, 2018

Acquisitions Georgia Multifamily Southeast

American Realty Advisors Acquires High-Rise Apartment Community in Midtown Atlanta

by Camren Skelton September 13, 2018

ATLANTA — American Realty Advisors (ARA) has acquired Azure on the Park, a 329-unit, high-rise apartment community located at 1020 Piedmont Ave. N.E. in Atlanta’s Midtown district. The community overlooks the 189-acre Piedmont Park and is surrounded by more than 150 restaurants, art exhibitions and retail. Community amenities include a fitness center with a yoga and spin studio, rooftop pool, rooftop movie theater, sky club with billiards, bocce ball court, dog spa, dog park and a Starbucks Coffee bar. In addition, an overlook on the 22nd floor features an outdoor kitchen and grilling stations. Kris Mikkelsen of Walker & Dunlop arranged the transaction on behalf of the seller. Other terms of the deal were not disclosed.

September 13, 2018

Acquisitions Florida Office Southeast

NKF Capital Markets Brokers $12M Sale of AT&T-Leased Office Building in Broward County

by Camren Skelton September 13, 2018

PLANTATION, FLA. — NKF Capital Markets has brokered the $12 million sale of a 130,549-square-foot office building located at 8601 W. Sunrise Blvd. in Plantation, a city in Broward County. Michael Lapointe and Michael Lohmann of NKF, along with Brian Bartlett and John Richardson of Newmark Phoenix Realty Group, arranged the transaction on behalf of the seller, FT-Florida Property LLC. Fifteen Group Capital LLC acquired the asset, which is home to an AT&T training center. AT&T has been the only occupant at the property since it was developed in 1985, according to NKF.

September 13, 2018

Acquisitions Midwest Minnesota Mixed-Use

Ackerberg Purchases 26,854 SF Mixed-Use Building in Minneapolis

by Kristin Harlow September 13, 2018

MINNEAPOLIS — Ackerberg has purchased the Williams Pub building in the Uptown neighborhood of Minneapolis for an undisclosed price. The 26,854-square-foot mixed-use building is located at 2909-2911 Hennepin Ave. Ackerberg plans to rename the building The Carling, as the property once housed The Carling Hotel. The new owner plans to renovate the lobby and façade in order to differentiate the office portion from the space occupied by Williams Pub. Mary Burnton and Teresa Lingg of Newmark Knight Frank will handle lease-up of the property’s office component.

September 13, 2018

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