BOULDER, COLO. — Evans Senior Investments (ESI) has arranged the sale of Flatirons Terrace, a 54-unit independent living community, for an undisclosed price. Built in 2007, Flatirons Terrace is a Class A community in the heart of Boulder. It was 95 percent occupied at the time of sale. ESI represented the seller, Golden West Senior Living, a Boulder-based nonprofit. The buyer was Dial Retirement Communities, which will also operate the community. The Omaha-based company operates 17 communities in Illinois, Iowa, Kansas and Nebraska, with Flatirons Terrace being its first Colorado community.
NEW YORK CITY — Jamestown LP has sold Chelsea Market in Manhattan to Google Inc. (NASDAQ: GOOG) for $2.4 billion. Formerly a Nabisco factory in the West Chelsea district, the nearly 1.2 million-square-foot complex features office and retail space, as well as a large food hall on the ground floor that serves more than 500,000 locals and tourists on a monthly basis. The property occupies an entire city block bounded by Ninth and Tenth avenues between 15th and 16th streets. Jamestown will continue to manage Chelsea Market’s food hall and retail component. “I don’t think we could think of a more appropriate buyer and better steward for the asset. We’ve been working with Google for 17 years and we’ve watched them grow from 30 people in an office to now being one of the largest tech employers in the city,” says Michael Phillips, president of Jamestown. “It’s a bittersweet day. We’ve spent a lot of time there, and we love all the tenants. We’ll continue to have our offices there, but I think it’s a good time for Google to step in.” In 2010, Jamestown and its partners sold 111 Eighth Avenue, a roughly 3 million-square-foot office building in Manhattan, …
PHILADELPHIA — Equus Capital Partners has acquired a portfolio of seven office buildings in Philadelphia’s western suburbs from Liberty Property Trust for $92 million. The properties, four Class B and three Class A assets, encompass 593,000 square feet of office space in Wayne, Malvern and King of Prussia. The transaction was completed on a direct basis between Equus Capital and Liberty Property Trust, a publicly traded REIT based in Malvern. George Haines, Joseph Felici, Tim Feron, and David Thomas oversaw the acquisition for Equus. The portfolio is located throughout the Western Suburban submarkets of Philadelphia and close to a mix of amenities including the King of Prussia Mall, Uptown at Worthington and SEPTA’s regional high-speed line.
NEW YORK CITY — Hersha Hospitality Trust has completed the disposition of its Hampton Inn Financial District hotel in Manhattan for $32.4 million. Virginia-based Shamin Hotels was the buyer. Located at 32 Pearl St. in the heart of the financial district, the 81-key hotel includes a business center, lounge and fitness center and is in close proximity to Wall Street, Battery Park and the 9/11 Memorial Museum. Hersha acquired the property in 2011 for $28 million and spent $4.5 million to convert and expand the 1930’s Art Deco apartment building into a hotel.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a 10,000-square-foot mixed-use building at 168 Suffolk St. on the Lower East Side for $12.8 million. Peter Carillo of Eastern Consolidated represented the seller, 168 Suffolk St. Owners LLC. Elad Dror and Tony Parks of PD Properties represented the buyer, Eunhasu Corp. In addition to the leased ground-floor retail space, the building consists of nine, two-bedroom, free-market apartments. In 2016, the building was fully renovated which included the installation of a new roof and rear building extension on all floors. Amenities include a shared roof deck as well as bike and locker storage. Located between East Houston and Stanton streets, the property is two blocks from the F, J, M and Z trains on Delancey Street.
SEYMOUR, CONN. — Fischer Commercial Real Estate has arranged the sale of a 12,980-square-foot office building in downtown Seymour. Alan Fischer of Fischer represented both the buyer and seller in the all-cash transaction. The building, located at 115 Main St. on .8 acres, is the former home of a Bank of America branch. The buyer is a local investor who plans to reconfigure the space into multiple office suites and street retail.
HOUSTON — Lee & Associates has negotiated the sale of a 24,928-square-foot industrial building at 14219 Westfair W. Drive in Houston. Thomas Leger and Patrick Wolford of Lee & Associates represented the buyer, American Fire Systems, in the transaction. Richard Glass of CRC Real Estate represented the seller, Export Service International Forwarding LLC, a Houston-based freight company.
TUCSON, ARIZ. — Alpha Wave Investors has purchased Orange Tree Village, a townhome-style multifamily property located at 645 W. Orange Grove Road in the Casas Adobes neighborhood of Tucson. A Texas-based private investor sold the property for $10.5 million. Alpha Wave plans to invest more than $2 million in capital upgrades at the property, including new paint and roofing, an upgraded pool and clubhouse, a new fitness center and children’s playground, interior unit renovations and a dog park. Constructed in 1981, the property features one-, two- and three-bedroom floor plans with private patios. At the time of acquisition, the 110-unit property was 85 percent occupied. Alon Shnitzer of ABI Multifamily represented the buyer, while John Ibrahim, also of ABI Multifamily, represented the seller in the deal. David Walkin of Meridian Capital Group arranged the acquisition financing for the buyer. Thorofare Capital funded the loan.
PRESCOTT, ARIZ. — NKF Capital Markets has arranged the sale of Prescott Gateway Mall, located at 3250 Gateway Blvd. in Prescott. T. Prescott AZ LLC sold the property to Prescott Gateway Mall Realty Holding for $8.8 million. Situated on 37.9 acres, the 318,503-square-foot property was approximately 75 percent occupied at the time of sale. Dillards, JCPenney, Sears, Bed Bath & Beyond, Michaels, Cost Plus World Market, Pier 1 Imports, Texas Roadhouse, Wild Flower Bread Co., Buckle, Chico’s, Maurie’s, Rue 21 and Victoria’s Secret are tenants at the mall. Thomas Dobrowski and David Guido of NKF aided the buyer and seller in the transaction.
TEMPE, ARIZ. — Marcus & Millichap has arranged the sale of an apartment building located at 407-419 W. Seventh St. in Tempe. An out-of-state 1031 exchange investor acquired the property from a local limited liability company for $2.6 million, or $184,557 per unit. The property features 14 apartment units. Rich Butler of Marcus & Millichap represented the seller and buyer in the transaction.