Property Type

Marcus & Millichap Arranges $4.9M Sale of Shopping Center Near Myrtle Beach

by Alex Tostado October 17, 2019

MURRELLS INLET, S.C. — Marcus & Millichap has arranged the $4.9 million sale of an 18,035-square-foot, Publix shadow-anchored shopping center in Murrells Inlet. The seller, Columbia Prince Creek, developed the property in 2017 and previously sold the Publix in a separate transaction. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented Columbia Prince Creek in the sale of the center to MH Commercial Real Estate Fund LLC. “We were asked to assist in a parcellation exit strategy for the shopping center, which resulted in a more accretive exit price than a sale of the entire center would have achieved,” said lead agent Taylor. “To my knowledge, this is the first time this has ever been done with a new-construction Publix.” Tenants at the time of sale included Edward Jones & Co., Tidelands Health and a Heartland Dental outparcel. The property is located at 11920 S.C. Highway 707, 13 miles south of downtown Myrtle Beach.

October 17, 2019

Development Idaho Mixed-Use Multifamily Retail Western

Opus Group Starts Construction of 285,000 SF Mixed-Use Development in Boise

by Amy Works October 17, 2019

BOISE — The Opus Group has started construction of a mixed-use project in downtown Boise. River Caddis Development and Standard Capital, a division of Standard Cos., are developing the project. Slated for completion in summer 2021, the eight-story, 285,000-square-foot project will feature 173 apartments in a mix of micro, one- and two-bedroom floor plans, as well as 3,000 square feet of street-level retail space. The second, third and fourth floors will primarily serve as parking with 400 parking stalls and bike storage that will be privately managed by Ada County, Idaho. The remaining floors will consist of apartments, a fitness center and a landscaped rooftop courtyard. The development is located at the corner of South Third and West Myrtle streets. Opus is serving as design-builder, interior designer, architect and structural engineer of record. River Caddis and Standard Capital are co-developers and co-owners and GGLO is the design architect of the project.

October 17, 2019

Acquisitions Colorado Office Western

NKF Negotiates $32.5M Sale of Occidental Petroleum Office Building in Colorado

by Amy Works October 17, 2019

PLATTEVILLE, COLO. — Newmark Knight Frank (NKF) has facilitated the sale of a two-story office building located at 501 N. Division Blvd. in Platteville, approximately 40 miles north of Denver. Platteville Energy Partners sold the asset to an undisclosed buyer for $32.5 million, or $282 per square foot. Occidental Petroleum Corp. (formerly Anadarko Petroleum Corp.) fully occupies the 114,524-square-foot building. The company uses the facility as a mission critical operations center in the Denver-Julesburg Basin. John Jugl of NKF represented the seller, Platteville Energy Partners I LLC, in the transaction.

October 17, 2019

Acquisitions Multifamily Washington Western

Marcus & Millichap Brokers $10.5M Sale of The Montage Apartment Building in Seattle

by Amy Works October 17, 2019

SEATTLE — Marcus & Millichap has directed the sale of The Montage, a multifamily property located in Seattle. A limited liability company sold the property to a local investment company for $10.5 million in a 1031 exchange. Located at 1422 Boylston Ave., The Montage features 23 condominium units that have been operated as rental units since the property was constructed in 2007. George Miller and Spencer Clark of Marcus & Millichap represented the seller, while Christopher Hardman, also of Marcus & Millichap, represented the buyer in the deal.

October 17, 2019

Acquisitions Arizona Industrial Western

Griffin Opportunities Sells 172,803 SF Desert Gateway Industrial Project in Phoenix

by Amy Works October 17, 2019

PHOENIX — Griffin Opportunities has completed the sale of Desert Gateway, a two-building industrial project in Phoenix. Greenwood & McKenzie Real Estate Investments purchased the asset for an undisclosed price. The 172,803-square-foot property is located at 909 W. Pinnacle Peak Road and 1000 W. Vista Bonita Drive. Will Strong of Cushman Wakefield’s Capital Markets, along with Chris Rogers and Trevor McKendry of Daum Commercial Real Estate Services, handled the transaction.

October 17, 2019

Acquisitions California Industrial Western

CenterPoint Properties Buys 130,513 SF Industrial Facility in Oakland

by Amy Works October 17, 2019

OAKLAND, CALIF. — CenterPoint Properties has acquired an industrial facility situated on 6.8 acres at 5901 San Leandro St. in Oakland. Terms of the deal, including the price and seller’s name, were not released. Located in the heavy-haul corridor, the 130,513-square-foot asset offers secured, excess loading with heavy-haul capability and a controlled, fully-lit intersection. Additionally, the property features a secured 200-foot truck court, an above-market loading ratio, 22-foot to 24-foot clear heights, and the opportunity to add Union Pacific rail service. Mark Maguire, Justin Smutko and Nick Mascheroni of Colliers International represented CenterPoint in the transaction.

October 17, 2019

Development Retail South Carolina Southeast

Halpern Delivers Two Retail Buildings within Piedmont Marketplace in Upstate South Carolina

by Alex Tostado October 17, 2019

GREER, S.C. — Halpern Enterprises Inc. has delivered two build-to-suit retail buildings within the 131,000-square-foot Piedmont Marketplace in Greer. The first delivery is a 6,000-square-foot building that Rack Room Shoes opened in August. The second project is a 2,500-square-foot building that Stanton Optical is expected to open later this fall. Piedmont Marketplace is located at 1326 W. Wade Hampton Blvd., two miles west of downtown Greer. Kohl’s anchors the retail center, which is fully leased. Other tenants include Ross Dress for Less, Ulta Beauty, Five Below and Tractor Supply.

October 17, 2019

Development Mixed-Use New Jersey Northeast

LeCesse, MAS Underway on $91.5M Mixed-Use Development in Elizabeth, New Jersey

by Alex Patton October 17, 2019

ELIZABETH, N.J. — LeCesse Development Corp. and MAS Development Group are underway on construction of Vinty, a $91.5 million mixed-use project in Elizabeth, a western suburb of New York City. Vinty will offer 267 apartment units and 37,000 square feet of ground-floor retail and office space. Amenities will include a fitness center, dog park, outdoor theater, golf simulator, pool and a greenhouse. The location’s close proximity to the Elizabeth train station offers direct access to Manhattan, Newark Penn Station and Newark Liberty National Airport. JLL arranged construction financing for the project through Citizen’s Bank. Humphreys & Partners Architects is designing the project, and March Associates is the general contractor. Residences are expected to be available for lease in spring 2021.

October 17, 2019

Acquisitions Kansas Midwest Multifamily Student Housing

Pebb Capital Sells 647-Bed Student Housing Community Near the University of Kansas

by Kristin Harlow October 17, 2019

LAWRENCE, KAN. — Pebb Capital has sold The Rockland, a 647-bed student housing community serving students at the University of Kansas in Lawrence. The community offers one- and two-bedroom units. Shared amenities include a resort-style pool and hot tub; a 24-hour business center and fitness center; a common room with a gaming station and pool table; tanning facilities; an outdoor barbecue area with a fire pit; a coffee bar; indoor and outdoor basketball courts; and a dog park. NB Private Capital acquired the property for an undisclosed price. Kevin Larimer and Greg Gonzalez of Berkadia arranged the sale. Berkadia’s Ed Kim and Jie Lee also arranged acquisition financing on behalf of buyer.

October 17, 2019

Acquisitions Massachusetts Northeast Office

NKF Brokers Sale of 1.1 MSF Office Tower in Downtown Boston

by Alex Patton October 17, 2019

BOSTON — Newmark Knight Frank (NKF) has brokered the sale of 100 Summer Street, a 1.1 million-square-foot office building in downtown Boston. The 32-story tower, which was built in 1974 and includes ground-floor retail space, features amenities such as a coffee bar, gaming areas, fitness center and close access to the South Station transit hub. Office tenants include Bloomberg News and software company CloudHealth Technologies. Retail tenants include Common Vines Wine Shop and Sebastians Cafe. Edward Maher, Matthew Pullen, James Tribble, Robert Griffin, David Martel and Timothy Bianchi of NKF represented the seller, a partnership between The Blackstone Group and EQ Office, in the transaction. David Douvadjian Sr., Brian Butler, Timothy O’Donnell and David Douvadjian Jr. represented the buyer, Rockpoint Group. The sales price was undisclosed.

October 17, 2019

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