Property Type

Black Lion Investment Sells Vista Terrace Marketplace in Vista, California for $13.3M

by Amy Works December 22, 2021

VISTA, CALIF. — Black Lion Investment Group has completed the sale of Vista Terrace Marketplace, a retail strip center in Vista. A real estate fund advised by Crow Holdings Capital acquired the asset for $13.3 million. Situated on two acres at 1280, 1330 and 1350 E. Vista Way, Vista Terrace Marketplace features 28,440 square feet of newly renovated retail space. At the time of sale, the property was 91 percent leased to a variety of national and local tenants, including Anytime Fitness, Discovery Preschool, Sports Clips, Jersey Mike’s Subs, Pacific Dental, Upper Crust Pizza and Bombay Café. Daniel Tyner and Gleb Lvovich of JLL Retail Capital Markets represented the seller in the deal. This two-part transaction comes one year after the $10.7 million sale of three outparcel pad buildings at Vista Terrace Marketplace in December 2020.

December 22, 2021

Acquisitions California Net Lease Retail Western

Hanley Investment Group Arranges $8M Sale of 7-Eleven-Occupied Property in Santa Rosa, California

by Amy Works December 22, 2021

SANTA ROSA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly constructed, single-tenant investment property located at 136 College Ave. in Santa Rosa. Pleasant Hill-based California Capital Group sold the asset to an El Dorado Hills-based private investor for $8 million. Jeremy McChesney of Hanley represented the seller, while Chris Fenolio of Weller Partners represented the buyer in the transaction. A 7-Eleven with a gas station occupies the 2,988-square-foot property on a net-lease basis.

December 22, 2021

Acquisitions North Carolina Office Southeast

Pickett Sprouse Brokers $3.4M Sale of Office Building in Durham for Healthcare Conversion

by Julia Sanders December 22, 2021

DURHAM, N.C. — Durham-based Pickett Sprouse Commercial Real Estate has brokered the $3.4 million sale of 3114 Croasdaile Drive, an office building in Durham that will be redeveloped into a new Veterans Outpatient Clinic. The 45,000-square-foot office building is situated on 3.7 acres just off Interstate 85. Jerry Gambill of Pickett Sprouse represented the seller, an entity doing business as HBR Properties LLC, in the sale of the property to the buyer, an entity doing business as VAF 3114 Croasdaile Drive LLC. Pickett Sprouse, which offers commercial real estate brokerage and property management services, is the commercial real estate division of West & Woodall Real Estate.

December 22, 2021

Acquisitions Arizona Development Industrial Western

Joint Venture Acquires 54-Acre Land Parcel in Buckeye, Arizona for Logistics Park Development

by Amy Works December 22, 2021

BUCKEYE, ARIZ. — Buckeye 54 LLC, a joint venture between Contour Real Estate and Shopoff Realty Investments, has purchased a 54-acre industrial development site at the southeast corner of Southern Avenue and Rainbow Road in Buckeye. KWC Motorsports LLC sold the property for $6.5 million. The joint venture plans to develop a logistics park with two warehouses totaling 900,000 square feet. Paul Borgesen and Dylan Sproul of SVN Desert Commercial Advisors represented the buyer in the deal.

December 22, 2021

Acquisitions Colorado Multifamily Northmarq Western

Northmarq Brokers $20.5M Sale of Fireside Apartments in Colorado Springs

by Amy Works December 22, 2021

COLORADO SPRINGS, COLO. — Northmarq has arranged the sale of Fireside Apartments, a multifamily property located at 610 N. Murray Blvd. in Colorado Springs. Clear Capital acquired the asset from Blueline Equity Partners for $20.5 million. Built in 1971, Fireside Apartments features 108 units. Alex Possick, Rich Ritter and Seth Gallman of Northmarq’s Colorado Multifamily Investment Sales team represented the seller. Brandon Harrington, Bryan Mummaw and Tyler Woodard of Northmarq arranged $16.2 million in acquisition financing for the buyer.

December 22, 2021

Development Massachusetts Mixed-Use Northeast

Berkeley, Singerman Begin Work on 352,000 SF Mixed-Use Redevelopment in Metro Boston

by Taylor Williams December 22, 2021

MALDEN, MASS. — A joint venture between Boston-based Berkeley Investments and Chicago-based Singerman Real Estate has begun construction on Exchange 200, a 352,000-square-foot mixed-use redevelopment in the northern Boston suburb of Malden. The project will convert a four-story office building into a life sciences and lab facility that will continue to house retail space. As part of the conversion, the joint venture will upgrade the building’s utility systems. Dellbrook JKS is the general contractor for the project, and TRIA is the architect. JLL is handling leasing. The development team expects for prospective tenants to be able to take occupancy by next October.

December 22, 2021

Acquisitions Multifamily Northeast Pennsylvania

Goldcrest Properties Acquires Apartment Complex in Marietta, Pennsylvania for $39M

by Taylor Williams December 22, 2021

MARIETTA, PA. — New Jersey-based Goldcrest Properties has acquired a 172-unit apartment complex in Marietta, located southeast of Harrisburg, for $39 million. The property was built in 2020 and offers a clubhouse, fitness center and onsite laundry facilities. Aaron Jungreis and Michelle Jungreis of New York-based Rosewood Realty Group represented Goldcrest Properties as well as the seller, Inch & Co., in the transaction.

December 22, 2021

Loans Multifamily New York Northeast

HAP Investments Receives $76.7M Loan for Refinancing of East Harlem Multifamily Portfolio

by Taylor Williams December 22, 2021

NEW YORK CITY — Locally based investment and development firm HAP Investments has received a $76.7 million loan for the refinancing of a portfolio of three multifamily buildings totaling 160 units in East Harlem. The buildings are located at 2338 Second Ave., 329 Pleasant Ave. and 2211 Third Ave. Allegiant Real Estate Capital provided the three-year loan, specific terms of which were not disclosed.

December 22, 2021

Acquisitions Connecticut Healthcare Northeast Office

CBRE Negotiates $19.4M Sale of Three Commercial Buildings in Westport, Connecticut

by Taylor Williams December 22, 2021

WESTPORT, CONN. — CBRE has negotiated the sale of two medical office buildings and a boutique office building in Westport, located in the southern coastal part of the state, for a combined $19.4 million. Locally based investment firm HB Nitkin purchased the healthcare assets, which were 89 percent leased at the time of sale, while Greenhouse Offices purchased the third property. Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, David Gavin, Richard Gatto, Fahri Ozturk and Travis Langer of CBRE represented the seller, Leifer Properties, in the deals. CBRE also procured the buyer in the first transaction.

December 22, 2021

Acquisitions Multifamily New Jersey Northeast

Kislak Arranges $17.5M Sale of Multifamily Property in Plainfield, New Jersey

by Taylor Williams December 22, 2021

PLAINFIELD, N.J. — Locally based brokerage firm The Kislak Co. Inc. has arranged the sale of Stony Brook Gardens, a 70-unit multifamily property located in the Northern New Jersey community of Plainfield. The sales price equates to roughly $250,000 per unit. The two-story, garden-style property was built in 1961. Joni Sweetwood and Julie Gralla of Kislak represented the seller and the buyer, both of which requested anonymity, in the transaction.

December 22, 2021

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