Acquisitions

Sutton-Landing-at-Mount Sinai-Long-Island

CBRE Negotiates Sale of 225-Unit Active Adult Property in Mount Sinai, New York

by Taylor Williams December 12, 2023

MOUNT SINAI, N.Y. — CBRE has negotiated the sale of Sutton Landing at Mount Sinai, a 225-unit active adult property located in the Long Island community of Mount Sinai. Built in 2021 by Long Island-based B2K Development, Sutton Landing at Mount Sinai features apartments and single-family rentals for residents age 55 and over. Amenities include a pool, pickleball courts, putting greens, fitness center with yoga and Pilates studios, massage room, game room, a lounge area with a sports bar, catering kitchen and outdoor grilling and dining stations. Aron Will, John Sweeny and Scott Bray of CBRE represented B2K Development and its partner, Chicago-based Harrison Street, in the transaction and procured the buyer, New York-based Fairfield Properties. A CBRE team of Shawn Rosenthal, Jason Gaccione, Jake Salkovitz, Aron Will, Matthew Kuronen and Michael Cregan arranged Freddie Mac acquisition financing for the deal.

December 12, 2023

Acquisitions Colorado Multifamily Seniors Housing Western

SLIB Negotiates Sale of 40-Unit Renew Saddle Rock Memory Care in Aurora, Colorado

by Amy Works December 12, 2023

AURORA, COLO. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Renew Saddle Rock Memory Care in Aurora, approximately 20 miles southeast of Denver. The asset features 40 units and 52 beds and was built in 2015. The property totals 38,585 square feet on approximately 4.7 acres of land. The seller was an out-of-state private equity group with a third-party operator divesting the asset to exit the senior living space. The buyer was an experienced Denver-based owner-operator looking to grow its portfolio. The price was not disclosed. Vince Viverito, Ryan Saul and Jason Punzel of SLIB handled the transaction.

December 12, 2023

Acquisitions California Restaurant Retail Western

Hanley Investment Group Brokers $3.9M Sale of Multi-Tenant Retail Pad in Palm Desert, California

by Amy Works December 12, 2023

PALM DESERT, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a multi-tenant retail property located at 39575 Washington St. in Palm Desert. A Los Angeles-based private investor sold the asset to a San Diego-based private 1031 exchange investor for $3.9 million. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Omar Hussein of Del Mar-based Beacon Realty Advisors represented the buyer in the deal. Built in 2008, the 8,500-square-foot retail property offers four tenant suites. At the time of sale, the property was fully occupied by Chipotle Mexican Grill (under a new 10-year, triple-net, corporate lease), Cornerstone Pharmacy, Luxury Nails & Spa and Keller Williams Realty Coachella Valley | Jelmberg Team.

December 12, 2023

Acquisitions Arizona Restaurant Retail Western

CBRE Arranges $3.6M Sale of Restaurant Building in Scottsdale, Arizona

by Amy Works December 12, 2023

SCOTTSDALE, ARIZ. — CBRE has brokered the sale of a restaurant property located at 3748 N. Scottsdale Road in Old Town Scottsdale. Scottsdale-based The Shipp Family purchased the building from a private individual investor for $3.6 million. Good Life Sports Bar and Grill signed a 10-year, triple-net lease to occupy the 5,265-square-foot property, which another restaurant formerly occupied. This location will be the Omaha, Nebraska-based chain’s first location in Arizona. Built in 1957, the two-tenant building is currently being renovated for the new tenant that is slated to open next year. Joe Campagno and Benjamin Farthing of CBRE negotiated the transaction.

December 12, 2023

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $48M Sale of Fannwood Estates Apartments in Queens

by Taylor Williams December 12, 2023

NEW YORK CITY — Marcus & Millichap has brokered the $48 million sale of Fannwood Estates, a 312-unit apartment complex in Queens. The six-story, rent-stabilized building occupies a full city block within the borough’s Rego Park neighborhood. Shaun Riney, Seth Glasser, Joe Koicim, Louis Zarif and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.

December 12, 2023

Acquisitions Development Multifamily New York Northeast

JSC Realty Buys Brooklyn Multifamily Development Site for $38.5M, Plans 154-Unit Project

by Taylor Williams December 12, 2023

NEW YORK CITY — Dallas-based JSC Realty & Investment Services has purchased a multifamily development site in Brooklyn’s Boerum Hill neighborhood with plans to construct a 154-unit project. The 113,000-square-foot site at 540 Atlantic Ave. currently houses a five-story office building that was originally constructed in 1924 and will be demolished. Stephen Palmese, Brendan Maddigan, Michael Mazzara, Ethan Stanton and Winfield Clifford of JLL represented the seller, locally based firm DMA Associates, in the land sale. A construction timeline for the project was not disclosed.

December 12, 2023

Acquisitions Florida Industrial Southeast

CBRE Arranges Sale of 1.4 MSF Industrial Portfolio in South Florida

by John Nelson December 11, 2023

MIAMI — CBRE has arranged the sale of a 25-building, 1.4 million-square-foot industrial portfolio located in the Mami-Dade and Broward Counties of South Florida. Boston-based Longpoint Partners acquired the properties from Pennsylvania-based Seagis Property Group for an undisclosed price. The portfolio was 97 percent leased to 77 tenants at the time of sale. Jose Lobón, Frank Fallon, Trey Barry and Chris Riley of CBRE National Partners represented Seagis in the transaction. Tom O’Loughlin, Devin White, Royce Rose and Alain Bonvecchio of CBRE assisted in closing the sale.

December 11, 2023

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $6.5M Sale of Robbinswood Plaza Retail Center in Gainesville, Florida

by John Nelson December 11, 2023

GAINESVILLE, FLA. — Marcus & Millichap has brokered the $6.5 million sale of Robbinswood Plaza, a 13,218-square-foot retail center located in Gainesville. Tenants at the property, which was fully leased at the time of sale, include Chipotle Mexican Grill and Trulieve. Reid Thedford and Evan Cannan of Marcus & Millichap arranged the transaction on behalf of the undisclosed seller. A private investor acquired the property.

December 11, 2023

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 303-Unit Self-Storage Facility in Gonzales, Texas

by Taylor Williams December 11, 2023

GONZALES, TEXAS — Marcus & Millichap has brokered the sale of Apache Self Storage, a 303-unit facility in Gonzales, about 75 miles east of San Antonio. The property consists of 50 climate-controlled units, 210 non-climate-controlled units, 24 container units and 19 parking spaces. Jon Danklefs of Marcus & Millichap represented the seller in the off-market transaction and procured a limited liability company as the buyer. Both parties requested anonymity.

December 11, 2023

Acquisitions California Industrial Western

Old Grove Acquires Two Industrial Buildings in Vista, California for $29.4M

by Amy Works December 11, 2023

VISTA, CALIF. — Old Grove LLC, an out-of-town 1031 exchange buyer, has purchased two industrial properties in Vista from DXW LLC for $29.4 million. Located at 3215 and 3225 Executive Ridge, the two buildings offer a total of 120,239 square feet. BioFilm, a manufacturer and distributor of healthcare products, occupies both assets on a triple-net lease. Matt Poucho, Anthony DeLorenzo, Matt Harris, Roger Carlson and Blake Wilson of CBRE represented the seller, while James DeRegt of Lee & Associates represented the buyer in the deal. BioFilm occupies the 44,630-square-foot building at 3225 Executive Ridge as its corporate headquarters. Situated on 2.6 acres, the building features three loading docks, three grade-level doors and 28-foot clear heights. Thirty-three percent of the building serves as an office area, while the remaining space serves the company’s manufacturing needs. The tenant also occupies the 44,630-square-foot building at 3215 Executive Ridge, which is 71 percent warehouse space and 29 percent office space. The facility features drive-around truck access to two loading docks and four grade-level doors. Additionally, the property is equipped with heavy power.

December 11, 2023

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