Property Type

Marcus & Millichap Brokers $5M Sale of Walgreens-Leased Store in Hartsville, South Carolina

by John Nelson February 2, 2023

HARTSVILLE, S.C. — Marcus & Millichap has brokered the $5 million sale of a 14,450-square-foot store at 901 S. 5th St. in Hartsville that is net-leased to Walgreens. The drug store chain has a little less than 11 years left on the lease, as well as 50 one-year extension options. A buyer based on the East Coast purchased the store in an all-cash deal from the seller, a limited liability company. Both parties requested anonymity. Bruce Cowley and Lisa Sickinger of Marcus & Millichap represented the seller in the transaction. Ben Yelm, Marcus & Millichap’s South Carolina broker of record, assisted in the deal.

February 2, 2023

Acquisitions Massachusetts Multifamily Northeast

Tishman Speyer Acquires East Boston Apartment Complex for $135M

by Taylor Williams February 2, 2023

BOSTON — New York City-based real estate giant Tishman Speyer has acquired The Eddy, a 259-unit apartment complex in East Boston, for $135 million. The 17-story, waterfront property was originally built in 2016 and offers studio, one- and two-bedroom units. Amenities include an outdoor deck with a pool, lounge with a chef’s kitchen and pool table, rooftop terrace and a fitness center. Walker & Dunlop represented the seller, Green Cities Cos., in the transaction. The deal marks Tishman Speyer’s first multifamily acquisition in Boston.

February 2, 2023

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Brokers $23.7M Sale of Industrial Building in Branchburg, New Jersey

by Taylor Williams February 2, 2023

BRANCHBURG, N.J. — Cushman & Wakefield has brokered the $23.7 million sale of a 151,000-square-foot industrial building in the Northern New Jersey community of Branchburg. The facility houses the North American headquarters of eyewear designer and distributor Marcolin USA. Gary Gabriel, Kyle Schmidt, Andrew Schwartz, Jordan Sobel, Ryan Larkin and Andre Balthazard of Cushman & Wakefield represented the seller, an entity doing business as Viva Branchburg LLC, in the transaction. The team also procured the buyer, locally based investment firm Faropoint.

February 2, 2023

Civic Leasing Activity New York Northeast Office

Ireland House Signs 43,108 SF Office Lease at 200 Park Avenue in Manhattan

by Taylor Williams February 2, 2023

NEW YORK CITY — Ireland House, a civic body that represents the Irish government in the United States, has signed a 43,108-square-foot office lease at 200 Park Avenue in Manhattan. David Goldstein, Jim Wenk, Sam Mann and Allison Buck of Savills represented the tenant in the lease negotiations. Megan Sheehan, Gus Field and Sam Brodsky internally represented the landlord, Tishman Speyer.

February 2, 2023

Leasing Activity New York Northeast Office

Cresa Negotiates 18,476 SF Office Lease at One Madison Avenue in Manhattan

by Taylor Williams February 2, 2023

NEW YORK CITY — Cresa has negotiated an 18,476-square-foot office lease at One Madison Avenue in Midtown Manhattan. The tenant, alternative investment firm 777 Partners, has committed to the entire 27th floor for a 15-year term. Peter Sabesan and Gregg Cohen of Cresa represented the tenant in the lease negotiations. Paul Glickman, Alexander Chudnoff, Diana Biasotti and Benjamin Bass of JLL represented the landlord, SL Green.

February 2, 2023

Acquisitions California Multifamily Western

CBRE Arranges $46.5M Sale of Multifamily Community in Los Angeles’ Larchmont Village

by Amy Works February 2, 2023

LOS ANGELES — CBRE has brokered the sale of LC by CLG, an apartment property located in the Larchmont Village neighborhood of Los Angeles. California Landmark Group sold the asset to a private partnership formed by Harrison Yale Hurst and Richard Rosin of H&R Investments for $46.5 million. Dean Zander and Stewart Weston of CBRE represented the seller in the transaction. Located adjacent to Paramount Studios, LC by CLG features 84 apartments, a rooftop deck with a pool, barbecues, firepits, seating areas and views of the Hollywood Hills. Residences offer large floor plans and windows, in-unit washers/dryers, central air conditioning, stainless steel appliances and exposed ceilings.

February 2, 2023

Acquisitions Colorado Multifamily Western

Avanti Residential, Trinity Investors Acquire Sunset Peak Apartments Near Denver for $45M

by Amy Works February 2, 2023

THORNTON, COLO. — Denver-based Avanti Residential has partnered with Texas-based Trinity Investments in the $45 million purchase and recapitalization of Sunset Peak Apartment Homes in Thornton. The partnership plans to invest an additional $5.3 million in apartment interiors, new amenities and exterior improvements. Located at 475 Russell Blvd., Sunset Peak Apartment Homes features 184 residences in a mix of two- and three-bedroom townhomes on a 12-acre site. Community amenities include a swimming pool and splash pad, grilling station and dog park. The planned renovations include a new fitness center and upgrades to the pool and playground areas. Approximately $3 million of the renovation budget will be invested in apartment interiors, where Avanti will modernize 147 units ($16,433 per unit) with new lighting fixtures and cabinet fronts, new appliances, luxury vinyl tile flooring and other enhancements. The company will also resurface the parking areas and install new roofs on three buildings.

February 2, 2023

Acquisitions California Industrial Western

Shopoff Realty, Artemis Real Estate Sell I-10 Logistics Center in Cherry Valley, California

by Amy Works February 2, 2023

CHERRY VALLEY, CALIF. — Shopoff Realty Investments and Artemis Real Estate Partners have completed the disposition of the I-10 Logistics Center to a Brookfield Asset Management real estate fund. Situated in the Inland Empire East, the newly completed 1.8 million-square-foot logistics center is located at 36500 Cherry Valley Blvd. in Cherry Valley. Spanning 115 acres, I-10 Logistics Center (also known as Cherry Valley Logistics Center) includes two high-cube logistics/warehouse buildings that have been designed for LEED Silver certification. Building I features 814,822 square feet and Building II features 1 million square feet of space. The buildings offer 40-foot clear heights, 665 employee parking spots, 585 trailer parking spots and 296 dock-high doors. Brookfield Properties leased the building to a global e-commerce retailer with plans to employ nearly 1,000 employees at the logistics center. Barbara Perrier, Eloy Covarrubias, Joe Werdein and Darla Longo of CBRE represented Shopoff Realty Investments and Brookfield Properties in the transaction. The price was not disclosed.

February 2, 2023

Development Midwest Minnesota Multifamily Student Housing

Landmark Properties to Develop 1,021-Bed Student Housing Community Near University of Minnesota

by Kristin Harlow February 2, 2023

MINNEAPOLIS — Student housing developer Landmark Properties is undertaking its first development project in Minnesota, a 1,021-bed student housing community located within walking distance of the University of Minnesota in Minneapolis. Named The Standard at Dinkytown, the project will offer several floor plans ranging from studios to five-bedroom units with 30 affordable housing units. Rental rates at the property will include cable, internet, trash and all furniture. Amenities will include an outdoor pool area with a jumbotron, sun deck, cabanas, outdoor grilling stations and rooftop hot tub as well as a fitness center, clubhouse, gaming lounge, study lounge and Amazon package lockers. Construction is expected to begin this year and be completed in fall 2025. The University of Minnesota enrolls more than 50,000 students each fall.

February 2, 2023

Acquisitions California Hospitality Western

KSL Capital Partners Buys Five Boutique Hotels Along California’s Central Coast

by Amy Works February 2, 2023

AVILA BEACH, PISMO BEACH AND PASO ROBLES, CALIF. — An affiliate of KSL Capital has purchased the Martin Resorts Collection of five independent boutique hotels located along California’s Central Coast, midway between Los Angeles and San Francisco. Terms of the transaction were not disclosed. Totaling 346 rooms, the collection includes the 54-suite oceanfront Avila Lighthouse Suites in Avila Beach; the 70-suite oceanfront Pismo Lighthouse Suites and 100-room oceanfront Shore Cliff Hotel in Pismo Beach; and 89-room Paso Robles Inn and the 24-room The Piccolo in Paso Robles. KSL will invest in improvements across the collection, providing a greater suite of amenities and more ways to engage with the local communities. KSL Resort will manage each of the hotels.

February 2, 2023

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