Property Type

Marcus & Millichap Arranges $2.1M Sale of Retail Property in Aberdeen, New Jersey

by Alex Patton June 8, 2020

ABERDEEN, N.J. — Marcus & Millichap has arranged the $2.1 million sale of a 3,378-square-foot retail property net-leased to Amboy Bank in Aberdeen, a southern suburb of New York City. Located at 1147 State Route 34, the property sits as an outparcel to a retail center anchored by grocer Stop & Shop. Jason Petrick of Marcus & Millichap represented the buyer, a limited liability company, in the transaction. The buyer was an out-of-state1031 exchange buyer that acquired the asset in an all-cash deal.

June 8, 2020

Development Multifamily Texas

MRE Capital to Redevelop Historic Lubbock Office Tower as Multifamily Community

by Taylor Williams June 8, 2020

LUBBOCK, TEXAS — Kansas-based MRE Capital LLC will redevelop NTS Tower, a historic building in downtown Lubbock that was built in 1955, as a multifamily community that will be branded Metro Tower Lofts. The new property will add a total of 89 residences in studio, one-, two- and three-bedroom floor plans to the local supply. Amenities will include a fitness center and onsite laundry facilities, and the ground floor will house office space. Atlanta-based Monarch Private Capital secured an undisclosed amount of historic tax credit equity for the project. At 274 feet, NTS Tower is currently the tallest building in the city.

June 8, 2020

Industrial Leasing Activity Texas

CKS Packaging Signs 50,560 SF Industrial Lease in Northwest Dallas

by Taylor Williams June 8, 2020

DALLAS — CKS Packaging Inc., a national manufacturer of plastic containers, has signed a 50,560-square-foot industrial lease at 2829 Merrell Road in northwest Dallas. Ryan Boozer and Lena Pierce of Stream Realty Partners represented the tenant, which will occupy the entirety of the building, in the lease negotiations. The landlord is Gillis Thomas LP.

June 8, 2020

Industrial Leasing Activity Texas

NKF Negotiates 28,892 SF Industrial Lease at Dallas Corporate Center

by Taylor Williams June 8, 2020

DALLAS — Newmark Knight Frank (NKF) has negotiated a 28,892-square-foot industrial lease at Dallas Corporate Center Building 2. According to LoopNet Inc., the property was built in 1996 and spans 115,567 square feet. Cole Collins and Gary Lindsey of NKF represented the tenant, an affiliate of printing ink manufacturer Flint Group, in the lease negotiations. The landlord, Prologis, was represented internally.

June 8, 2020

Acquisitions Retail Texas

Marcus & Millichap Arranges Sale of Two Retail Buildings Totaling 19,772 SF in West Austin

by Taylor Williams June 8, 2020

AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Gateway to Falconhead Buildings A & F, two retail properties totaling 19,772 square feet in Austin. The buildings are part of the Falconhead master-planned development on the city’s west side. Ethan Offenbecher of Marcus & Millichap represented the seller, a limited liability company, in the transaction. A Texas-based 1031 exchange investor acquired the asset for an undisclosed price.

June 8, 2020

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Secures 15,000 SF Industrial Lease for Scaffolding Company in Houston

by Taylor Williams June 8, 2020

HOUSTON — Lee & Associates has secured a 15,000-square-foot industrial lease at 5825 Kelley St. in northeast Houston for BrandSafway Solutions LLC, a provider of scaffolding systems. According to LoopNet Inc., the single-tenant property was built in 2008. Taylor Schmidt and Reed Vestal of Lee & Associates represented the tenant in the lease negotiations. David Munson of Boyd Commercial represented the landlord, Audie Gray Family LP.

June 8, 2020

California Development Multifamily Western

Phoenix Development, Integrity Housing Plan Dutton Flats Affordable Apartments in Santa Rosa, California

by Amy Works June 8, 2020

SANTA ROSA, CALIF. — Phoenix Development Co., in partnership with Irvine, Calif.-based Integrity Housing, has closed financing and started construction on Dutton Flats Apartments in Santa Rosa. Located at 214 W. Third St., Dutton Flats Apartments will feature 40 affordable apartments to serve low-income families with children, along with one manager’s unit. The apartments will feature a great room with an open kitchen, dining and living area, as well as Energy Star appliances, LED lighting, high-efficiency heating and energy-conserving windows and insulation. Community amenities will include a community room, laundry room, technology center, bike repair area, fitness center, children’s activity room and picnic/barbecue area. The community is located in downtown Santa Rosa and in close proximity to schools and employment. Additionally, the property will feature a bus shelter for ease of transportation to off-site services. Dutton Flats is owned by Dutton Flats LP, consisting of Phoenix Development Co., Integrity Housing and Berkadia. Exchange Bank loaned $13 million for construction, while The Housing Authority of the City of Santa Rosa provided an additional $3.1 million. Precision General Commercial Contractors is building the property, which KTGY Architecture & Planning designed. FPI Management will manage the completed community.

June 8, 2020

Acquisitions California Retail Western

SRS Brokers $9.5M Sale of Shops at El Camino Real in Belmont, California

by Amy Works June 8, 2020

BELMONT, CALIF. — SRS Real Estate Partners has negotiated the sale of Shops at El Camino Real, a retail center located at 1200 El Camino Real in Belmont. A Northern California-based private investor sold the asset for $9.5 million, or approximately $1,200 per square foot. Peet’s Coffee & Tea, Detox Kitchen & Juice Bar, Menchie’s Yogurt, SuperCuts, Toto’s Pizzeria and AT&T are tenants at the two-building, 8,014-square-foot retail center. Built in 1999, the property is an outparcel to a Safeway-anchored retail center. Chris Tramontano, John Redfield and Bruce Frazer of SRS’ National Net Lease Group represented the seller. The Gilmartin Group represented the undisclosed buyer in the transaction.

June 8, 2020

Acquisitions Net Lease Retail Utah Western

DWG Capital Group Arranges $6.6M Acquisition of Walgreens-Occupied Building in Utah

by Amy Works June 8, 2020

SOUTH OGDEN, UTAH — Los Angeles-based DWG Capital Group has negotiated the purchase of a single-tenant, net-leased retail property located in South Ogden, approximately 35 minutes from Salt Lake City. A Sacramento, Calif.-based private family trust acquired the property for $6.6 million. Built in 2010, the 14,490-square-foot property is situated on 1.6 acres at 6016 S. 1550 East. A corporate-operated Walgreens occupies the property under a 17-year, triple-net lease. Judd Dunning of DWG Capital Group, along with Mitchell Asset Group, represented the buyer, while Deerfield Partners represented the undisclosed seller in the transaction. Victor Saponari of Quantum Capital Partners arranged debt financing for the buyer.

June 8, 2020

California Data Centers Development Industrial Western

CoreSite Completes Final Phase of SV8 Data Center in Santa Clara, California

by Amy Works June 8, 2020

SANTA CLARA, CALIF. — CoreSite Realty Corp. has completed the third and final phase of SV8, a 162,000-square-foot data center development in Santa Clara. The final phase consists of a 54,000-square-foot building with six megawatts, with 11 percent of the building pre-leased. The first two phases, totaling 108,000 square feet, are fully leased. The 18-megawatt, purpose-built SV8 project is part of CoreSite’s Santa Clara and broader Silicon Valley connected campus, with close proximity to the heart of the high-tech Silicon Valley market.

June 8, 2020

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