Acquisitions

NKF Capital Markets Negotiates Sale of 124,529 SF Office Building in Inland Empire for $29.9M

by Amy Works July 13, 2018

ONTARIO, CALIF. — NKF Capital Markets has brokered the sale of Empire Towers V, a five-story office building located at 3990 Concours St. in Ontario. TA Associates sold the property to MGR Realty for $29.9 million. Kevin Shannon, Ken White and Michael Moore of NKF Capital Markets represented the seller, while the buyer was self-represented in the transaction. Built in 2007, the 124,529-square-foot property is situated on 4.4 acres and within walking distance to various amenities, including restaurants, hotels, Ontario Mills Mall, Citizens Business Bank Arena and the Ontario Convention Center. At the time of sale, the property was 100 percent occupied by 11 tenants, including United Health Care Services, Chapman University and CEMEX.

July 13, 2018

Acquisitions Florida Retail Southeast

HFF Brokers $29M Sale of Grocery-Anchored Center in Tampa Bay Area

by Camren Skelton July 13, 2018

PLANT CITY, FLA. — HFF has brokered the $29 million sale of Lake Walden Square, a 244,529-square-foot shopping center in the Tampa Bay community of Plant City. Eric Williams, Daniel Finkle and Luis Castillo of HFF arranged the transaction on behalf of the seller, Retail Value Inc. JBL Asset Management acquired the property. Winn-Dixie anchors Lake Walden Square, which was 93.3 percent leased at the time of sale. Additional tenants include Ross Dress for Less, Marshalls, Michaels, PetSmart, Ulta Beauty, Five Below, Famous Footwear, Continuecare Medical, Amscot Financial, Cricket Wireless, Queen Nails and Firehouse Subs.

July 13, 2018

Acquisitions Kentucky Retail Southeast

SRS Arranges $8.9M Sale of Shopping Center Near Lexington

by Camren Skelton July 13, 2018

NICHOLASVILLE, KY. — SRS’ Investment Properties Group has arranged the $8.9 million sale of Brannon Crossing Centre, a 63,707-square-foot retail center located at 230 E. Brannon Road in Nicholasville, roughly 12 miles south of Lexington. Kyle Stonis and Pierce Mayson of SRS arranged the transaction on behalf of the seller, Viking Partners. Jason Taylor of Equity Management Group Inc. represented the buyer, Brannon 230 LLC. Brannon Crossing Centre was 97 percent leased at the time of sale to tenants such as Marshalls, HomeGoods, Subway, Great Clips, Sally Beauty Supply and Sun Tan City.

July 13, 2018

Acquisitions Industrial Midwest Ohio

Sealy Acquires 478,190 SF Industrial Building in Columbus, Ohio

by Kristin Harlow July 13, 2018

COLUMBUS, OHIO — Sealy & Co. has acquired a 478,190-square-foot industrial building in Columbus for an undisclosed price. The building is currently 53 percent occupied by a startup company known as Le Tote, which is a personalized clothing subscription company. The property, known as CenterPoint #6, is located within CenterPoint Business Park. The 4 million-square-foot industrial park is located near I-270. The seller was not disclosed.

July 13, 2018

Acquisitions New York Northeast Office Top Stories

Alexandria Acquires Pfizer-Occupied Office Building in Manhattan for $203M

by Kristin Harlow July 13, 2018

NEW YORK, N.Y. — Alexandria Real Estate Equities Inc. (NYSE: ARE) has acquired 219 E. 42nd St. in Manhattan for $203 million from Pfizer Inc. The pharmaceutical giant will lease back the 350,000-square-foot office building on a triple-net basis from an affiliated purchasing entity of Alexandria known as 219/235 East LLC. Pfizer announced plans earlier this year to relocate its global headquarters to Manhattan’s Hudson Yards neighborhood in 2022. Tishman Speyer is currently building the 2.85 million-square-foot, 65-story tower known as The Spiral. Located in the heart of Manhattan’s East Side Medical Corridor, 219 E. 42nd St. rises 10 stories. Upon expiration of Pfizer’s lease, Alexandria plans to redevelop the property into office and laboratory space. Pasadena, Calif.-based Alexandria was instrumental in creating the New York City life science cluster through the development of its Alexandria Center for Life Science, which opened in 2010. Alexandria is an urban office REIT focused on collaborative life science and technology campuses with a total market capitalization of $17.9 billion and a North American asset base of 30.2 million square feet as of March 31. Alexandria’s stock price closed at $127.96 per share on Thursday, July 12, up from $118.73 per share one year ago. …

July 13, 2018

Acquisitions Multifamily New York Northeast

A&E Real Estate Holdings Acquires Multifamily Portfolio in Queens for $127.5M

by David Cohen July 12, 2018

NEW YORK CITY — A&E Real Estate Holdings has acquired a six-building, 428-unit multifamily portfolio in Flushing, Queens for $127.5 million. The 388,768-square-foot portfolio sold for 15.3 times the current annual rent roll at a 3.85 percent capitalization rate. Rosewood Realty Group’s Aaron Jungreis represented both the seller, Treetop Development and the buyer, A&E, in the transaction. The properties are located at 132-57 and 132-61 Sanford Ave.; 132-25 and 132-45 Maple Ave.; 132-48 41st Road; and 41-40 Denman St. Each property also includes an indoor parking garage.

July 12, 2018

Acquisitions Massachusetts Northeast Retail

NKF Capital Markets Brokers Sale of 21,754 SF Retail Center Near Boston

by David Cohen July 12, 2018

MARLBOROUGH, MASS. — NKF Capital Markets has brokered the sale of a 21,754-square-foot retail center in Marlborough. Located at 32-44 Boston Post Road West,The property is approximately 31 miles west of Boston. NKF Capital Markets represented the seller, The Gutierrez Company, in the transaction. A private equity fund managed by Crow Holdings Capital Partners purchased the asset for an undisclosed price. The shopping center is currently fully leased and features a tenant roster that includes 99 Restaurant & Pub, Jersey Mike’s Subs, Marlboro Wine & Spirit Co., Orangetheory Fitness and AFC Urgent Care.

July 12, 2018

Acquisitions Industrial Loans New Jersey Northeast

Fantini & Gorga Secures $2.3M Acquisition Financing for Industrial Building in Central Massachusetts

by David Cohen July 12, 2018

AGAWAM, MASS. — Fantini & Gorga has secured $2.3 million in acquisition financing for an industrial building in Agawam. Jason Cunnane and Cas Groblewski of Fantini & Gorga arranged financing through a Massachusetts-based financial institution on behalf of the borrower, a group of investors. The property features 140,000 rentable square feet and is located on 21 acres of land. The seller was undisclosed.

July 12, 2018

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Arranges $6M in Acquisition Financing for Multifamily Portfolio in Brooklyn

by David Cohen July 12, 2018

NEW YORK CITY — Ariel Property Advisors has arranged $6 million in acquisition financing for a multifamily portfolio in Brooklyn. The properties are located in the Bedford-Stuyvesant, Bushwick and Prospect Lefferts Gardens neighborhoods of Brooklyn. Ariel Property Advisors arranged a five-year term with 30-year amortization and 75 percent loan-to-value for the borrower, a foreign national. The lender was undisclosed.

July 12, 2018

Acquisitions Multifamily New Jersey Northeast Seniors Housing

Gebroe-Hammer Negotiates $5.6M Sale of Multifamily Community in Perth Amboy, New Jersey

by David Cohen July 12, 2018

PERTH AMBOY, N.J. — Gebroe-Hammer Associates has negotiated the sale of Spring Cove Apartments, a 38-unit, age-restricted community for people age 55 and older in Perth Amboy. The asset traded for $5.6 million. Gebroe-Hammer represented the seller, 675 New Brunswick Avenue LLC, in the transaction. The buyer was a private investor. Located at 75 New Brunswick Ave., the four-story gated property features a lounge and activity area, in-unit washers and dryers, oversized windows, eat-in-kitchens and ceramic-tile floors.

July 12, 2018

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