Acquisitions

Garrett Cos. Sells Two-Property Multifamily Portfolio in Metro Denver to Harbor Group for $132.5M

by Amy Works February 9, 2024

CASTLE ROCK AND DENVER, COLO. — The Garrett Cos. has completed the sale of a two-property multifamily portfolio, totaling 434 apartments, to affiliates of Harbor Group International for $132.5 million. The portfolio includes The Prospector Modern Apartments at 3360 Esker Circle in Castle Rock and Ladora Modern Apartments at 18590 E. 61st Ave. in Denver. Prospector features 238 one-, two- and three-bedroom floorplans averaging 1,013 square feet, and Ladora offers 196 one-, two- and three-bedroom floorplans with an average apartment size of 1,024 square feet. Both assets were built in 2023 and are approaching lease up. Community amenities at the properties include resort-style pools, fitness centers, mail and package services, and pet parks and spas. Terrance Hunt, Shane Ozment, Andy Hellman and Justin Hunt of CBRE’s multifamily investment properties team in Denver represented the seller. Shawn Rosenthal, Jason Gaccione and Jake Salkovitz of CBRE’s New York office, along with Brady O’Donnell and Jill Haug of CBRE’s Denver office, arranged acquisition financing for the buyer.

February 9, 2024

Acquisitions Arizona Industrial Western

ViaWest Group Acquires 428,427 SF Industrial Campus in Gilbert, Arizona

by Amy Works February 9, 2024

GILBERT, ARIZ. — ViaWest Group has purchased a 428,427-square-foot industrial property in the Phoenix suburb of Gilbert for an undisclosed price. Situated on 26.9 acres, the campus features six buildings housing 11 tenants. At the time of sale, the property was 98 percent occupied. The properties feature 15-foot to 30-foot clear heights, 64 dock-high doors, 23 grade-level doors and 639 car parking spaces. The campus comprises a 108,212-square-foot building at 955 N. Fiesta Blvd., a 126,472-square-foot facility at 1171 and 1191 N. Fiesta Blvd., a 180,087-square-foot building at 2075 and 2135 W. Obispo Ave. and a 13,656-square-foot property at 2020 W. Guadalupe Road. Mark Detmer, Greer Oliver, Ryan Sitov and Connor Nebekey-Hay of JLL Capital Markets facilitated the transaction. The name of the seller was not released. Kevin MacKenzie, Jason Carlos and Jarrod Howard of JLL secured financing for the buyer. Steve Larsen of JLL is marketing the portfolio for lease.

February 9, 2024

Acquisitions Nevada Office Western

PBTK 95 Divests of 18,000 SF Office Building in Las Vegas

by Amy Works February 9, 2024

LAS VEGAS — PBTK 95 has completed the disposition of a two-story office building in Las Vegas to a private buyer for $2.8 million. Travis Landes, Marc Magliarditi and Michael Hsu of CBRE represented the seller in the deal. Located at 6100 Elton Ave., the 18,000-square-foot building can accommodate a variety of layout configurations, allowing for an owner-user to occupy or a single- or multi-tenant build out. Additionally, the building offers 90 parking spaces with 38 covered, an outdoor courtyard and signage facing Interstate 95.

February 9, 2024

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers $16.5M Sale of Apartment Complex in Metro Boston

by Taylor Williams February 9, 2024

FRAMINGHAM, MASS. — Marcus & Millichap has brokered the $16.5 million sale of Rose Garden Apartments, a 72-unit multifamily complex located in the western Boston suburb of Framingham. The three-story building houses a mix of studio, one- and two-bedroom units, 21 of which were recently renovated. Evan Griffith, Tony Pepdjonovic and Jeremy Buckley of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

February 9, 2024

Acquisitions Industrial Washington Western

Marcus & Millichap Negotiates $2.3M Sale of Industrial Property in Buckley, Washington

by Amy Works February 9, 2024

BUCKLEY, WASH. — Marcus & Millichap has arranged the sale of Buckley Commercial Building and Yard, an industrial property in Buckley, approximately 25 miles east of Tacoma. A limited liability company sold the asset to an undisclosed buyer for $2.3 million, or nearly $220 per square foot. Located at 28515 WA-410, the property features 10,512 square feet of industrial space. Matthew Herman and RJ Vara of Marcus & Millichap’s Seattle office represented the seller in the transaction.

February 9, 2024

Acquisitions New York Northeast

Ariel Property Advisors Arranges $15.9M Sale of Development Site in Manhattan

by Taylor Williams February 9, 2024

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $15.9 million sale of a 49,375-square-foot site in Manhattan’s Chelsea neighborhood that is zoned for both commercial and residential development. The site at 250 W. 30th St. currently houses a three-story, 14,811-square-foot commercial building. Victor Sozio, Howard Raber, Shimon Shkury and Gabriel Elyaszadeh of Ariel, along with Harold Bordwin, Heather Milazzo and Matthew Bordwin of Keen-Summit Capital Partners, represented the seller, Bridget Realty LLC, in the transaction. The buyer was not disclosed.

February 9, 2024

Acquisitions Michigan Midwest

Colliers Arranges Sale of 79-Acre Land Site in Auburn Hills, Michigan

by Kristin Harlow February 9, 2024

AUBURN HILLS, MICH. — Colliers has arranged the sale of 79 acres of land at 4250 Interpark Drive in Auburn Hills for an undisclosed price. In the early 1960s, the site was developed as the Silver Bell Ski Lodge using fill materials with potential contaminants. Environmental controls for the site were minimal due to the remote location. The original developers went bankrupt in the late 1960s, and a new company took over. For about a decade, the new company operated a substandard landfill, lacking modern standards, proper liners and systems for leachate and methane gas treatment. Operations ceased in 1979, leaving an environmental mess. The buyer, Crown Enterprises LLC, is a metro Detroit-based firm that specializes in building and leasing turnkey properties for large companies. Paul Gyarmati and Chris Pochas of Colliers represented the buyer and seller in the transaction. The land sits within a key supply corridor for General Motors, according to Crain’s Detroit Business.

February 9, 2024

Acquisitions Illinois Industrial Midwest

Marcus & Millichap Negotiates $9.9M Sale of Industrial Property in Lake Bluff, Illinois

by Kristin Harlow February 9, 2024

LAKE BLUFF, ILL. — Marcus & Millichap has negotiated the $9.9 million sale of a 67,879-square-foot industrial property in Lake Bluff, a northern suburb of Chicago. The property consists of two multi-tenant buildings located on North Skokie Highway. Adam Abushagur, Nicholas Kanich and Tyler Sharp of Marcus & Millichap represented the seller, a private investor. Buyer information was not provided.

February 9, 2024

Acquisitions Michigan Midwest Restaurant Retail

Farbman Group Brokers Sale of Former Sportsmen’s Den Restaurant Building in Riverview, Michigan

by Kristin Harlow February 9, 2024

RIVERVIEW, MICH. — Farbman Group has brokered the sale of the former Sportsmen’s Den restaurant building in Riverview, a southern suburb of Detroit. The sales price was undisclosed. Located at 15001 Sibley Road, the Sportsmen’s Den had been operated by the Orlando family for more than four decades. The 24,250-square-foot property, which includes a banquet hall, was listed for sale after previous owner, Joe Orlando, announced his retirement last year. The restaurant catered for the Detroit Tigers from 1982 to 2009. Local restaurateur Jeremy Syrocki was the buyer. Syrocki owns numerous restaurants such as Truago, Mamacitas, Rocky’s Roadhouse, Major Biddle’s and Lloyds. Nanci Tarpley of Farbman brokered the sale.

February 9, 2024

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges $1.4M Sale of Apartment Building in Suburban Chicago

by Kristin Harlow February 9, 2024

OAK PARK, ILL. — Interra Realty has arranged the $1.4 million sale of a 19-unit apartment building in the western Chicago suburb of Oak Park. The four-story property on North Austin Boulevard comprises 15 one-bedroom units and four two-bedroom residences. Originally built in 1940, the asset has been partially updated. A recent fire impacted six units, which the new owner plans to fully gut and upgrade. The property was 85 percent occupied at the time of sale. Patrick Kennelly and Paul Waterloo of Interra represented the undisclosed buyer and seller.

February 9, 2024

Newer Posts

Older Posts