Property Type

NAI Brokers $1.6M Sale of Industrial Building on Long Island

by Alex Patton October 28, 2019

LONG ISLAND, N.Y. — NAI Long Island has brokered the 1.6 million sale of a 10,000-square-foot industrial building in the Huntington Station neighborhood on Long Island. The single-tenant manufacturing facility was completed in 1966 and offers 14-foot clear ceiling heights, one dock-high door and two drive in doors. Gary Pezza of NAI Long Island represented the seller, 55 Craven Realty LLC, in the transaction. Alberto Fiorini of Alliance Real Estate Corp. represented the buyer, Giambrone Realty LLC.

October 28, 2019

Acquisitions California Office Western

Drawbridge Realty Acquires Two Orange County Office Buildings Totaling 169,315 SF

by Amy Works October 28, 2019

ALISO VIEJO, CALIF. — San Francisco-based Drawbridge Realty has purchased two office buildings in Aliso Viejo for an undisclosed price. Known as 4 and 5 Polaris, the assets serve as the corporate headquarters for Quest Software and UST Global, respectively. Located at 4 and 5 Polaris Way, the four-story 4 Polaris and three-story 5 Polaris buildings offer a total of 169,315 square feet. Anthony Delorenzo, Todd Tydlaska, Sean Sullivan, Michael Longo and Bob Smith of CBRE represented the undisclosed seller in the transaction.

October 28, 2019

Acquisitions California Multifamily Western

TMG Brokers $15.8M Sale of The Regency Apartments in Sacramento

by Amy Works October 28, 2019

SACRAMENTO — The Mogharebi Group (TMG) has arranged the sale of The Regency Apartments, a multifamily community located at 5900 Riza Ave. in Sacramento. An undisclosed private investor acquired the property for $15.8 million. Built in 1969 and situated on 5.4 acres, The Regency features 130 apartments in a mix of one-, two- and three-bedroom layouts. Alex Mogharebi and Otto Ozen of TMG represented the seller, a Sacramento-based investor, in the deal.

October 28, 2019

Development Multifamily Washington Western

Nitze-Stagen, Pinnacle Partners to Develop Canton Lofts Apartment Project in Seattle

by Amy Works October 28, 2019

SEATTLE — Developer Nitze-Stagen and Pinnacle Partners, an Opportunity Zone investment firm, have broken ground on Canton Lofts in Seattle’s historic Pioneer Square. The project is the city’s first Opportunity Zone development. The $30 million development will feature 80 units with transit accessibility and provide affordable, one-bedroom studios.

October 28, 2019

Acquisitions Arizona Multifamily Western

ColRich Multifamily Sells Plaza 550 Multifamily Asset in Phoenix for $11.8M

by Amy Works October 28, 2019

PHOENIX — San Diego-based ColRich Multifamily has completed the disposition of Plaza 550, an apartment property located at 550 E. Earll Drive in Phoenix. B&R Capital Partners acquired the asset for $11.8 million. Constructed in 1973, Plaza 550 consists of 92 one-bedroom units, 15 of which have undergone interior renovations to include energy-efficient appliances, modern lighting and plank flooring, as well as upgraded kitchen and bath countertops, backsplashes and hardware. Brad Goff, Brett Polacheck and Chris Canter of Newmark Knight Frank represented the seller in the deal.

October 28, 2019

Acquisitions Office Oregon Western

Marcus & Millichap Arranges $1.4M Sale of 10,500 SF Office Building in Portland, Oregon

by Amy Works October 28, 2019

PORTLAND, ORE. — Marcus & Millichap has brokered the sale of MLK Office, an office property located in Portland. An undisclosed buyer acquired the asset for $1.4 million. Located at 2627 NE Martin Luther King Jr. Blvd., the building features 10,500 square feet of office space. Joseph P. Blatner and Scott Logan of Marcus & Millichap’s Portland office represented the undisclosed seller in the transaction.

October 28, 2019

Development Industrial Midwest Missouri

LANE4 to Break Ground on Three-Building Industrial Development in Liberty, Missouri

by Kristin Harlow October 28, 2019

LIBERTY, MO. — LANE4 Property Group has unveiled plans to develop a three-building, speculative industrial project in Liberty known as Liberty Logistics Center. Situated on a 68-acre tract of land at Missouri Highway 69 and Liberty Parkway, the project is adjacent to the Ford assembly plant and visible from I-35. Construction is expected to begin within a month and the first building, spanning 741,000 square feet, is slated for completion in late 2020. The two smaller buildings will measure 80,000 and 132,000 square feet. The project will also include a retail portion known as Liberty Parkway Plaza, containing eight pad sites fronting I-35 and the industrial buildings. LANE4 serves as developer for the entire project and leasing agent for the retail component. Joe Orscheln of CBRE will market the industrial portion for lease. Davidson Architecture & Engineering is providing architectural and engineering services.

October 28, 2019

Acquisitions Illinois Midwest Multifamily Student Housing

Greystar Acquires 388-Bed Student Housing Community in Chicago’s South Loop

by Kristin Harlow October 28, 2019

CHICAGO — Greystar has acquired 30 East, a 388-bed student housing community located in Chicago’s South Loop neighborhood. Columbia College Chicago holds a 10-year, 340-bed master lease at the community. The remaining 48 beds are open to students at any of the more than 20 colleges and universities located within two miles of the property. The 17-story community offers studio, one-, two-, three- and four-bedroom units. Shared amenities include a third-floor terrace and dog park, state-of-the-art fitness center and a sky lounge. The purchase price and seller were not provided, but Crain’s Chicago Business reports that Philadelphia-based Gilbane Development sold the asset for $60 million.

October 28, 2019

Acquisitions Hospitality Illinois Midwest

Marcus & Millichap Arranges $6M Sale of Hotel Property in Suburban Chicago

by Kristin Harlow October 28, 2019

ARLINGTON HEIGHTS, ILL. — Marcus & Millichap has arranged the sale of a 134-room Red Roof Inn property in Arlington Heights for $6 million. Built in 1984, the hotel is located at 22 W. Algonquin Road, nine miles from the Chicago O’Hare International Airport. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also represented the buyer, a partnership.

October 28, 2019

Acquisitions Illinois Midwest Office

Recreation Association Buys 30,000 SF Property in Highland Park, Illinois

by Kristin Harlow October 28, 2019

HIGHLAND PARK, ILL. — The Northern Suburban Special Recreation Association (NSSRA) has purchased a 30,000-square-foot property at 1221 Lake Cook Road in Highland Park for an undisclosed price. NSSRA provides recreation programs and services to people with disabilities in 13 North Shore communities. The new property will enable the organization to expand and offer additional programing and services onsite. Larry Serota, Cece Conway and John Marquardt of Transwestern represented NSSRA. The facility previously belonged to the Lakeside Congregation for Reform Judaism.

October 28, 2019

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