Acquisitions

Newmark Negotiates $103.5M Sale of 14-Building Industrial Portfolio in Fremont, California

by Amy Works September 1, 2023

FREMONT, CALIF. — Newmark has arranged the sale of Bayside Industrial Portfolio, a 14-property industrial portfolio in Fremont. CIP Real Estate acquired the asset from an undisclosed seller for $103.5 million. At the time of sale, the 352,280-square-foot portfolio was 91 percent occupied by 80 tenants. The properties feature flexible industrial spaces ranging from 2,500 square feet to 25,000 square feet, 16-foot clear heights, ample power distribution throughout the campus, truck courts with depths up to 140 feet and a mix of at-grade and dock-high doors. Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak of Newmark represented the seller in the deal. Ramsey Daya and Chris Moritz of Newmark’s Debt and Structured Finance group arranged $63 million in acquisition financing, in the form of debt, for the buyer.

September 1, 2023

Acquisitions California Multifamily Western

Berkadia Arranges Sale of 348-Unit Broadstone Cavora Apartment Community in Laguna Niguel, California

by Amy Works September 1, 2023

LAGUNA NIGUEL, CALIF. — Berkadia Institutional Solutions has brokered the sale of Broadstone Cavora, a multifamily property in Laguna Niguel. A California-based investor acquired the property for an undisclosed price. Located at 26033 Cape Drive, Broadstone Cavora features 348 apartments averaging 890 square feet with walk-in closets, private patios and in-unit washers/dryers. Community amenities include a resident clubhouse, resort-style pool, multi-level fitness center, rooftop sun terrace, game room and leisure lawn. Derrek Ostrzyzek, Rachel Parsons and Tom Moran of Berkadia Irvine, Calif., represented the undisclosed seller in the deal.

September 1, 2023

Acquisitions Arizona Retail Western

Jewell Capital Sells SanTan Gateway North Shopping Center in Chandler, Arizona for $26.6M

by Amy Works September 1, 2023

CHANDLER, ARIZ. — Jewell Capital has completed the disposition of SanTan Gateway North, a multi-tenant retail center in Chandler. Coast Meridian Properties acquired the asset for $26.6 million, $215 per square foot. Situated on 17.1 acres at 1005-1205 S. Arizona Ave., SanTan Gateway North features 123,558 square feet of retail space. Current tenants include Walmart Supercenter, O’Reilly Auto Parts, Dollar Tree, Sky Zone and Shane Co. Additionally, Wendy’s, Del Taco and JPM Chase occupy the three outparcels. Darren Tappen, Nathan Thinnes and Peter Beauchamp of Kidder Mathews represented the seller in the transaction.

September 1, 2023

Acquisitions Colorado Multifamily Western

Newmark Brokers $1.4M Sale of Residential Development Site in Castle Rock, Colorado

by Amy Works September 1, 2023

CASTLE ROCK, COLO. — Newmark has arranged the land sale of The Meadows at Castle Rock in Castle Rock. Limelight Mob II LCC acquired the residential land asset from Castle Rock Development Co. for $1.4 million. The investment sale includes 98,881 square feet of land. Kittie Hook and Cathy Mcdermott of Newmark represented the seller, while Connolly Capital represented the buyer in the deal.

September 1, 2023

Acquisitions Midwest Minnesota Office

Transwestern Brokers Sale of St. Paul Office Building, Buyer Plans Multifamily Conversion

by Kristin Harlow September 1, 2023

ST. PAUL, MINN. — Transwestern Real Estate Services has brokered the sale of Landmark Towers, a 200,000-square-foot office building in St. Paul. The buyer, Sherman Associates, intends to convert the property into apartment units. Mike Salmen and Erik Coglianese of Transwestern represented the undisclosed seller. The property is located at 345 Saint Peter St.

September 1, 2023

Acquisitions Midwest Minnesota Multifamily Retail

JLL Arranges $8.5M Sale of Historic Apartment, Retail Building in Duluth, Minnesota

by Kristin Harlow September 1, 2023

DULUTH, MINN. — JLL Capital Markets has arranged the $8.5 million sale of Canal Park Square in Duluth. The property comprises 29 apartment units along with retail space in the city’s Canal Park neighborhood. Originally constructed in 1886, the building underwent a redevelopment in 2015 to convert the second-story office space into luxury apartments. Units average 835 square feet, and amenities include a clubroom and fitness center. Retailers include 310 Pub, Green Mill, Love Creamery, Cloud 9 Bistro, Canal Park Liquor and Rue 48 Salon. Devon Dvorak, Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL represented the seller, Sherman Associates. The buyer was undisclosed.

September 1, 2023

Acquisitions Massachusetts Northeast

JLL Arranges $41M Sale of Office Building in Boston’s Financial District

by Taylor Williams September 1, 2023

BOSTON — JLL has arranged the $41 million sale of 7 Post Office Square, a 64,246-square-foot office building in Boston’s Financial District. The seven-story building was 91 percent leased to eight tenants at the time of sale, with Fidelity Investments serving as the anchor tenant. Chris Angelone, Coleman Benedict, Scott Carpenter, Scott Tully Jr., Brooke Howard and Rachel Bliss of JLL represented the seller, Nuveen Real Estate, in the transaction. The team also procured the buyer, Azora Exan Capital.

September 1, 2023

Acquisitions Connecticut Northeast Office

Timex Group USA Sells Headquarters Complex in Middlebury, Connecticut, for $7.5M

by Taylor Williams September 1, 2023

MIDDLEBURY, CONN. — Watchmaker Timex Group USA has sold its 84,886-square-foot corporate headquarters complex in Middlebury, Conn., for $7.5 million. Chris O’Hara of Coldwell Banker Commercial represented Timex Group in the sale to a partnership between Drubner Equities Florida LLC and Atlantic Management. The site spans 93 acres, and the new ownership plans to redevelop the complex into a 720,000-square-foot industrial park.

September 1, 2023

Acquisitions Retail Southeast Virginia

Joint Venture Acquires Shopping Center Portfolio in Woodbridge, Virginia for $52.8M

by John Nelson August 31, 2023

WOODBRIDGE, VA. — A joint venture between Ideal Realty Group, Rock Creek Property Group and The Sigmund Cos. has purchased a portfolio of four regional shopping centers in Woodbridge’s Dale City neighborhood. An affiliate of Interstate Management Inc. sold the properties, which total 470,000 square feet, for $52.8 million. The properties include Center Plaza, Mapledale Plaza, Forestdale Plaza and Glendale Plaza, all of which are located within three miles of each other along Dale Boulevard. The centers were 90 percent leased at the time of sale to tenants include Giant Food, Truist Bank, CVS, Ace Hardware, Advance Auto Parts, Wells Fargo and Dollar General. The new ownership is working with MV+A Architects to renovate the interiors and exteriors of the portfolio. KLNB has been selected for the portfolio’s leasing assignment, and TSCG has been tapped to handle property management services.

August 31, 2023

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $7.3M Sale of Tampa Store Net Leased to Publix

by John Nelson August 31, 2023

TAMPA, FLA. — Marcus & Millichap has arranged the $7.3 million sale of a freestanding store located at 8701 W. Hillsborough Ave. in Tampa. The 64,031-square-foot retail property is net leased to Publix. Situated on 6.3 acres at the intersection of Memorial Highway and Hillsborough Avenue, the store was built in 1977 as an Albertsons. Evan Cannan and Reid Thedford of Marcus & Millichap’s Tampa office represented the seller, a private investor whose family has owned the land for nearly a century. Dean Zang, David Crotts, and Josh Ein of Marcus & Millichap’s Washington, D.C., office procured the buyer, which provided a bid that was $1.3 million higher than the highest off-market bid.

August 31, 2023

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