Property Type

Marcus & Millichap Negotiates $26.8M Sale of The Lakes Multifamily Asset in Bay Area

by Amy Works May 5, 2020

CONCORD, CALIF. — Marcus & Millichap’s Levin Johnston team has negotiated the sale of The Lakes, a three-story apartment property located in Concord’s Ellis Lake neighborhood. A real estate investment company sold the community to a Bay Area family trust for $26.8 million. Constructed between 1967 and 1968 on 3.6 acres, The Lakes features 102 garden-style apartments spread across three buildings. The complex is a 10-minute walk from Diablo Valley College and the Concord Bay Area Rapid Transit station. Adam Levin and Robert Johnston of Marcus & Millichap’s Levin Johnston team represented the seller and procured the buyer in the transaction.

May 5, 2020

Acquisitions California Industrial Office Western

Oberlin Realty Acquires Flex Building in San Diego’s Sorrento Mesa for $5.3M

by Amy Works May 5, 2020

SAN DIEGO — Oberlin Realty LLC has purchased a freestanding flex, office and R&D property located at 10179 Huennekens St. in San Diego’s Sorrento Mesa. Pangea Properties sold the asset for $5.3 million. The buyer plans to occupy the entire two-story, 21,278-square-foot building and utilize the facility for its biotech business. Brant Aberg and Ryan Downing of Cushman & Wakefield San Diego represented the seller, while Chris Duncan of Voit Real Estate Services represented the buyer in the deal.

May 5, 2020

Acquisitions Arizona Multifamily Western

CBRE Arranges Sales of Two Phoenix Apartment Communities to California Investors

by Amy Works May 5, 2020

PHOENIX — CBRE has brokered the sales of two multifamily properties in Phoenix to separate California-based investors. NDX Investments II completed the disposition of 34 Arcadia, a newly renovated apartment complex located at 2934 N. 34th Place in Phoenix’s lower Arcadia neighborhood. Champion 34 Arcadia LLC acquired the asset for $5.9 million. The buyer is a first-time Phoenix multifamily investor from California. The community features 45 units in a mix of studio and one-bedroom floor plans, averaging 527 square feet. Interior upgrades include in-suite laundry, stainless steel appliances and upgraded countertops and bathrooms. California-based Goldstein Investment Co. acquired Idle Hours, a multifamily community in Phoenix, from Delaware-based Torino Holdings for $5.8 million in an all-cash transaction. Located at 1501 E. Rovey Ave. in Uptown Phoenix’s North Central Corridor, the 28-unit property was remodeled and repositioned in 2018 and features 800-square-foot, two-bedroom/one-bath floor plans. Interior upgrades include in-suite laundry, stainless steel appliances, quartz countertops and upgraded bathrooms. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE’s Phoenix office represented the buyers and sellers in the transactions.

May 5, 2020

Acquisitions California Civic Healthcare Western

Easterly Government Properties Buys 51,647 SF VA Outpatient Facility in Chico, California

by Amy Works May 5, 2020

CHICO, CALIF. — Washington, D.C.-based Easterly Government Properties has purchased a Department of Veterans Affairs (VA) outpatient clinic in Chico. Terms of the transaction, including acquisition price and name of the seller, were not released. Chico is home to the largest state veteran population in the country, according to the buyer. The facility is part of the Northern California Health Care System and is a built-to-suit clinic that was completed in mid-2019. The property was designed to achieve a LEED Healthcare Silver certification. The property is leased to the VA for an initial, non-cancelable lease term of 15 years until June 2034. The clinic provides a variety of medical and ancillary services including primary care, audiology, laboratory services, mental health, nutrition, otolaryngology (ENT), a pharmacy, social work and women’s health. The facility is located adjacent to the Chico VA Readjustment Counseling Service Center. Easterly Government Properties is a fully integrated real estate investment trust focused primarily on the acquisition, development and management of Class A commercial properties leased to the U.S. government.

May 5, 2020

Acquisitions California Net Lease Retail Western

Hanley Investment Brokers $2.6M Ground Lease Sale of Aldi-Occupied Asset in Southern California

by Amy Works May 5, 2020

CALEXICO, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the absolute triple-net ground lease sale of a single-tenant retail property located at 2450 Rockwood Ave. in Calexico. A Vero Beach, Fla.-based private investor sold the asset to a Midwest-based buyer for $2.6 million. Aldi occupies the 18,000-square-foot property on a triple-net lease. The asset is situated on a 1.5-acre pad at the entrance to a Walmart Supercenter, which is the first Walmart location north of the Calexico/Mexico border crossing. Additional adjacent retailers include Jack in the Box, T-Mobile, 7-Eleven, Panda Express, KFC and Subway. Dylan Mallory and Jeff Lefko of Hanley Investment Group represented the seller, while the buyer was self-represented in the deal.

May 5, 2020

Industrial Leasing Activity Midwest Ohio

Kintetsu Renews 33,824 SF Industrial Lease in Middleburg Heights, Ohio

by Kristin Harlow May 5, 2020

MIDDLEBURG HEIGHTS, OHIO — Kintetsu World Express has renewed its 33,824-square-foot industrial lease at 17820 Englewood Drive in Middleburg Heights, about 17 miles south of Cleveland. Japan-based Kintetsu is an air freight forwarding company. Mark Miller of NAI Robert Lynn, along with David Hexter and Jeffrey Calig of NAI Plesant Valley, represented the tenant in the lease transaction. Kintetsu has operated at the location since 1999.

May 5, 2020

Illinois Industrial Leasing Activity Midwest

Pathway Logistics Signs 30,962 SF Industrial Lease in Joliet, Illinois

by Kristin Harlow May 5, 2020

JOLIET, ILL. — Pathway Logistics has signed a 30,962-square-foot industrial lease at 1600 Rock Creek Blvd. in Joliet. The company began occupying space at the multi-tenant warehouse in April. Joshua Hearne of Cawley Chicago brokered the lease transaction. The landlord was undisclosed.

May 5, 2020

Acquisitions Illinois Industrial Midwest

Marcus & Millichap Brokers $1.7M Sale of Industrial Building in Itasca, Illinois

by Kristin Harlow May 5, 2020

ITASCA, ILL. — Marcus & Millichap has brokered the sale of a 15,700-square-foot industrial building in Itasca for $1.7 million. The property is located at 1437 Harmony Court. It was vacant at the time of sale. Tammy Saia and Tami Andrew of Marcus & Millichap marketed the property on behalf of the seller, a New York-based corporation. The undisclosed buyer plans to occupy the building.

May 5, 2020

Acquisitions Indiana Midwest Retail

Jameson Commercial Arranges $1.1M Sale of Single-Tenant Retail Asset in Indiana

by Kristin Harlow May 5, 2020

MERRILLVILLE, IND. — Jameson Commercial has arranged the $1.1 million sale of a roughly 7,000-square-foot retail building occupied by Advance Auto Parts in Merrillville in Northwest Indiana. The property sits on 1.3 acres at 5790 Broadway St. Rick Gardella and Michele Coleman of Jameson represented the undisclosed buyer. Tammy Saia and Tami Andrew of Marcus & Millichap marketed the property on behalf of the seller, a private investor.

May 5, 2020

Development New York Northeast Office Top Stories

SL Green Forms Partnership for $2.3B One Madison Avenue Redevelopment in Manhattan

by John Nelson May 5, 2020

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has formed a joint venture partnership with the National Pension Service of Korea (NPS) and Hines for the $2.3 billion redevelopment of One Madison Avenue in Manhattan. The 1.4 million-square-foot office project is situated in the borough’s Midtown South neighborhood facing Madison Square Park near the 23rd Street subway station. SL Green, which is self-described as Manhattan’s largest office landlord, has sold a 49.5 percent interest in One Madison Avenue to NPS and Hines, which have combined to invest “no less than $492.2 million” of equity into the redevelopment. SL Green and Hines are co-developing the project, and Kohn Pedersen Fox Associates (KPF) is leading the design. The SL Green-NPS-Hines-KPF team is also working together to develop One Vanderbilt Avenue, an office project currently underway in Manhattan’s East Midtown neighborhood. The existing office building at One Madison Avenue will be demolished down to the ninth floor, and the development group will build 17 glass and steel, column-free floors above. The podium levels at the base of the existing building will have 90,000 square foot floor plates, while the new floors above will feature 36,000-square-foot floor plates. The 10th and 11th …

May 5, 2020

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