Property Type

Levin Johnston Arranges $31.5M Sale of The Lakes Apartments in Concord, California

by Amy Works April 6, 2022

CONCORD, CALIF. — Levin Johnston of Marcus & Millichap has brokered the sale of The Lakes Apartments, a multifamily property located at 1818, 1819 and 1850 Laguna St. in Concord. An undisclosed seller sold the asset to a private investor for $31.5 million. Constructed in 1967 on 4.2 acres, The Lakes features 102 one- and two-bedroom floor plans, secure vehicle and pedestrian entrances, onsite laundry, a swimming pool and private balconies and patios. Adam Levin and Robert Johnston of Levin Johnston represented the seller and procured the buyer in the deal.

April 6, 2022

Development Industrial Massachusetts Northeast

Joint Venture Breaks Ground on 372,000 SF Industrial Facility in Lunenberg, Massachusetts

by Taylor Williams April 6, 2022

LUNENBERG, MASS. — A joint venture between The Brennan Group, John M. Corcoran & Co. and Berkeley Partners has broken ground on Lunenberg Central, a 372,000-square-foot warehouse and distribution center in the northern central part of Massachusetts. The site offers proximity to Interstates 190 and 495. Building features will include a clear height of 36 feet, 71 dock doors, 402 car parking spots, 94 trailer parking stalls (expandable to 120) and build-to-suit office space. GMA Architects is designing the project, and ARCO National Construction is serving as the general contractor. Construction is slated to be complete in the first quarter of next year. CBRE arranged construction financing on behalf of the joint venture through Cambridge Savings Bank. Newmark will lease the facility.

April 6, 2022

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $13M Sale of Gold’s Gym Plaza in Richmond

by Julia Sanders April 6, 2022

RICHMOND, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has arranged the sale of Gold’s Gym Plaza in Richmond. An entity doing business as Seminole Trail Annex LLC acquired the property for $13 million. Catharine Spangler of Cushman & Wakefield | Thalhimer represented the sellers, West Tower LLC and SugarOak Investments, in the transaction. Located at 8900 West Broad St., the property spans 124,275 square feet across five buildings. The center is currently fully leased and co-anchored by Gold’s Gym and Regal Cinemas, which have occupied space at the property for 40 and 19 years, respectively. The 44,000-square-foot box anchored by Regal Cinemas and an adjacent parking lot are subject to a ground lease.

April 6, 2022

Acquisitions California Industrial Lee & Associates Western

Lee & Associates Brokers Acquisition of Three Industrial Buildings in North Hollywood Totaling $21.4M

by Amy Works April 6, 2022

LOS ANGELES — Lee & Associates LA North/Ventura has arranged the purchases of three multi-tenant industrial properties located in the North Hollywood neighborhood of Los Angeles in two separate deals for the combined total of $21.4 million. Together the properties total 66,019 square feet. In the first transaction, Vineland Group Holdings sold a two-building asset at 6850 Vineland Ave. to LaTerra Development II LLC. Scott Caswell and Eric Balin of Lee & Associates LA North/Ventura represented the buyer. In the second deal, 625 South Pacific Avenue LLC acquired an industrial building at 13401-13431 Saticoy St. from Pine Investment Partners. Caswell and Balin represented the buyer, while Greg Barsamian of CBRE represented the seller in the deal.

April 6, 2022

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Advisors Negotiates $15M Sale of Residential Portfolio in Denver

by Amy Works April 6, 2022

DENVER — Pinnacle Real Estate Advisors has arranged the sale of a value-add multifamily portfolio, located at 1635 Cook St., 1671 Cook St. and 1620 Adams St. in Denver. The assets traded for $15 million, or $288,462 per unit. Situated in Denver’s City Park neighborhood, the properties, which were built in 1960 and 1968, offer a total of 52 apartments. Robert Lawson and Jim Knowlton of Pinnacle Real Estate Advisors represented the undisclosed sellers, while Joe Hornstein and Scott Fetter of NorthPeak Commercial Advisors represented the buyer in the deal.

April 6, 2022

Acquisitions Florida Multifamily Southeast

Waterton Acquires 216-Unit Apartment Community in Boynton Beach, Florida

by Julia Sanders April 6, 2022

BOYNTON BEACH, FLA. — Chicago-based Waterton has acquired Verona at Boynton Beach, a 216-unit apartment community in Boynton Beach. The seller and sales price were not disclosed. Built in 2002, Verona at Boynton Beach offers 72 one-bedrooms, 108 two-bedrooms and 36 three-bedroom floorplans. The units average 1,097 square feet in size. Unit features include nine-foot ceilings, upgraded finishes and full-size washers and dryers in every unit. Community amenities include a clubhouse, business center, fitness center, dog park, pet wash station, playground, pool, package center, barbecue and picnic areas. The new owner plans to complete renovations on the property, including enhancements to the amenity package and refreshed residence finishes. Located at 1575 SW 8th St. on 14.2 acres, the property is 6.5 miles from Delray Beach and 11.2 miles from Boca Raton Airport.

April 6, 2022

Acquisitions Industrial Self-Storage Washington Western

SecureSpace Buys 32,661 SF Stadium Storage in Everett, Washington

by Amy Works April 6, 2022

EVERETT, WASH. — SecureSpace has purchased Stadium Storage, a self-storage facility located at 8407 Broadway Ave. in Everett. The buyer plans to rebrand the property as SecureSpace Everett. The four-story property offers 32,661 square feet of 100 percent climate-controlled units and 79 rentable parking spaces. Built in 2016, the property is 96 percent occupied. SecureSpace plans to expand the property to increase visibility of the 2.5-acre site. The newly rebranded property will offer free WiFi throughout and a contactless rental process. Terms of the transaction were not released.

April 6, 2022

Development New Jersey Northeast Office

Kimmerle Group Completes 350,000 SF Office Renovation, Expansion in Paramus, New Jersey

by Taylor Williams April 6, 2022

PARAMUS, N.J. — Kimmerle Group, a New Jersey-based design-build firm, has completed the renovation and expansion of a 350,000-square-foot office building in the Northern New Jersey community of Paramus. The project included a reimagining of the lobby, the relandscaping of the outdoor amenity areas and the addition of a new café and recreation center with a putting green, pool table and arcade. The owner, Onyx Equities, acquired the asset from Mack-Cali Realty Corp. (NYSE: VRE) in 2019.

April 6, 2022

Acquisitions Multifamily Nevada Seniors Housing Western

Inspired Healthcare Capital Acquires Summit Estates Senior Living in Reno, Nevada

by Amy Works April 6, 2022

RENO, NEV. — Inspired Healthcare Capital (IHC) has acquired Summit Estates Senior Living, a 124-unit assisted living and memory care community in Reno. The price and seller were not disclosed. IHC is a Scottsdale, Arizona-based private real estate investment firm that focuses on the seniors housing sector. This was IHC’s first acquisition in 2022, after closing on nine senior housing transactions in 2021.

April 6, 2022

Loans Mixed-Use Multifamily New Jersey Northeast

Axiom Arranges $16.6M Acquisition Loan for Two Commercial Buildings in Old Bridge, New Jersey

by Taylor Williams April 6, 2022

OLD BRIDGE, N.J. — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $16.6 million acquisition loan for two commercial buildings in Old Bridge, about 40 miles south of Manhattan. The first property is an 18,728-square-foot mixed-use building, and the second is a 33-unit active adult community. Axiom Capital arranged the nonrecourse loan, which was structured with a 10-year term and a fixed interest rate, on behalf of the undisclosed borrower. The direct lender was also undisclosed.

April 6, 2022

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