Acquisitions

Marcus & Millichap Brokers $57M Sale of Doral Shops in Metro Miami

by John Nelson December 7, 2022

DORAL, FLA. — Marcus & Millichap has brokered the $57 million sale of Doral Shops, a 113,354-square-foot shopping center located at 11402 N. West 41st St. in Doral, a suburb of Miami. Built in 2002 on nearly six acres, the shopping center was 99 percent leased at the time of sale to Navarro Discount Pharmacy, as well as 12 restaurants and several service-oriented tenants on the ground floor. The second floor of Doral Shops, which spans roughly 40,000 square feet, houses service retailers and some offices. Scott Sandelin and Edward Romo of Marcus & Millichap’s Miami office represented the seller, a limited liability company that developed Doral Shops 20 years ago. The buyer was also a limited liability company. Both parties requested anonymity.

December 7, 2022

Acquisitions Office Texas

Marcus & Millichap Brokers Sale of 12,025 SF Office Building in Katy, Texas

by Taylor Williams December 7, 2022

KATY, TEXAS — Marcus & Millichap has brokered the sale of Grand Reserve Plaza, a 12,025-square-foot office building in the western Houston suburb of Katy. James Bell and Watt Harrison of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was a 1031 exchange investor from West Texas. Both parties requested anonymity.

December 7, 2022

Acquisitions California Retail Western

Combined Properties Sells Three Grocery-Anchored Shopping Centers in Los Angeles County for $136.8M

by Amy Works December 7, 2022

LA VERNE AND MONTEBELLO, CALIF. — Beverly Hills-based Combined Properties has completed the disposition of three grocery-anchored shopping centers totaling more than 400,000 square feet in Los Angeles County. EDENS, an institutional investor, acquired the portfolio for $136.8 million. Pete Bethea, Glenn Rudy, Rob Ippolito, Bill Bauman and Kyle Miller of Newmark represented the seller in the transaction. The portfolio includes: The Commons at La Verne, a 120,720-square-foot asset in La Verne anchored by Vons and Ross Dress for Less Montebello Mix, a 216,385-square-foot property in Montebello that is 94 percent occupied and anchored by Vons, Rite Aid, Ross Dress for Less and Marshalls Foothill Plaza, a 65,000-square-foot center located at 1375 Foothill Blvd. in La Verne and anchored by Sprouts Farmers Market and Bank of America

December 7, 2022

Acquisitions Arizona Retail Western

Cushman & Wakefield Brokers $6.8M Sale of Westridge Shopping Center in Phoenix

by Amy Works December 7, 2022

PHOENIX — Cushman & Wakefield has brokered the sale of Westridge Shopping Center, located at 7540 and 7606 W. Indian Road in Phoenix. New Jersey-based Westridge Phoenix acquired the asset from DPM Westridge Shopping Center for $6.8 million. Built in 1985 and renovated in 2017, Westridge Shopping Center features 58,670 square feet of retail space on 5.3 acres. At the time of sale, the property was 81 percent leased. Chris Hollenbeck and Shane Carter of Cushman & Wakefield represented the seller in the deal.

December 7, 2022

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Negotiates Sale of 20-Unit Apartment Building in Englewood, Colorado

by Amy Works December 7, 2022

ENGLEWOOD, COLO. — Pinnacle Real Estate Advisors has brokered the sale of a multifamily property located at 3444 S. Marion St. in Englewood. The asset sold for $4.2 million, or $208,000 per unit. The names of the buyer and seller were not released. Built in 1971, the building features 20 apartments. Chris Knowlton, Mark Knowlton and Jim Knowlton of Pinnacle Real Estate Advisors, Craig Branton of Cushman & Wakefield and Taylor Nelson of Land Title handled the transaction.

December 7, 2022

Acquisitions Hospitality New Jersey Northeast

Taconic Capital, HEI Buy 351-Room Hyatt Regency Jersey City Hotel

by Taylor Williams December 7, 2022

JERSEY CITY, N.J. — A partnership between New York City-based Taconic Capital Partners and HEI Hotels & Resorts has purchased the 351-room Hyatt Regency Jersey City hotel. The property was originally built in 2002 and has undergone $15 million in capital improvements since 2010. Amenities include a pool, fitness center, restaurant and lounge and 20,000 square feet of meeting and event space. Affiliates of Hyatt and Veris Residential sold the hotel for an undisclosed price. The new ownership will continue to enhance guestrooms and amenity spaces.

December 7, 2022

Acquisitions Northeast Pennsylvania Retail

IPA Negotiates $24.6M Sale of Philadelphia Retail Center

by Taylor Williams December 7, 2022

PHILADELPHIA — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of City Avenue Center, a 20,220-square-foot shopping center in Philadelphia. Shadow-anchored by Target, the center was fully leased at the time of sale to tenants such as Chipotle Mexican Grill, Verizon, Sleep Number and PNC Bank. Brad Nathanson, David Crotts and Dean Zang of IPA represented the undisclosed seller in the transaction and secured the buyer, a Maryland-based family office.

December 7, 2022

Acquisitions Massachusetts Multifamily Northeast

Northeast Private Client Group Brokers Sale of 164-Unit Western Massachusetts Multifamily Portfolio

by Taylor Williams December 7, 2022

HOLYOKE AND SPRINGFIELD, MASS. — Northeast Private Client Group has brokered the sale of a portfolio of 14 buildings totaling 164 multifamily units, as well as nine commercial spaces, in Western Massachusetts. Specifically, 10 of the buildings are located in Holyoke, and four of the buildings are located in Springfield. Taylor Perun, Alex Burr and Cameron Formica of Northeast Private Client Group represented the buyer and seller, both of which requested anonymity, in the transaction. The sales price was also not disclosed.

December 7, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $9.7M Condo Deconversion Sale in Arlington Heights, Illinois

by Kristin Harlow December 6, 2022

ARLINGTON HEIGHTS, ILL. — Interra Realty has brokered a condo deconversion sale in the Chicago suburb of Arlington Heights for $9.7 million. Built in 1971, the 40-unit property is located at 1 N. Chestnut Ave. Patrick Kennelly and Paul Waterloo of Interra represented the seller, the Chestnut Street Condominium Association. The duo also represented the undisclosed buyer, which plans to improve the units as they turn over. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The threshold is 85 percent for the City of Chicago. Sellers then have the option to either move out of their units or lease them back from the new owner.

December 6, 2022

Acquisitions Illinois Midwest

TopSide Marinas Acquires 16-Acre Boatyard, Marine Facility in Waukegan Harbor, Illinois

by Kristin Harlow December 6, 2022

WAUKEGAN HARBOR, ILL. — TopSide Marinas has acquired Larsen Marine, a 16-acre boatyard and full-service marine facility in Waukegan Harbor, a city along Lake Michigan. The purchase price was undisclosed. Larsen Marine services 850 boats annually and features a service center. TopSide Marinas is the first company to acquire the family-owned marine facility since the Larsen family opened its business in 1933. TopSide Marinas, launched in 2021, has acquired three other marinas in Oklahoma and Texas.

December 6, 2022

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