Property Type

MedProperties, Aurum Partner to Buy Medical Office Building Near Chattanooga

by Alex Tostado January 17, 2019

CLEVELAND, TENN. — MedProperties Realty Advisors LLC and Aurum Property Partners LLC have created a joint venture to acquire Bradley Professional Building, a four-story, 81,382-square-foot medical office building in Cleveland. The property is situated on the Tennova Healthcare — Cleveland campus, about 30 miles northeast of Chattanooga. The value-add site can accommodate another building up to 40,000 square feet. Bradley Professional Building was 95 percent leased at the time of the transaction. The sales price and seller were not disclosed.

January 17, 2019

Acquisitions Northeast Office Rhode Island

NKF Arranges $71M Sale of Office Building in Providence, Rhode Island

by David Cohen January 17, 2019

PROVIDENCE, R.I. — NKF has arranged the $71 million sale of a 202,096-square-foot office building in downtown Providence. Located at 10 Memorial Boulevard, the 10-story property is currently 97 percent leased to a tenant roster that includes IGT, Columbia Threadneedle Investments, The Capital Grille and Rockland Trust. Edward Maher, Matthew Pullen, James Tribble and Samantha Hallowell of NKF’s Boston Capital Markets team represented the seller, RJ Kelly Co., in the transaction. The buyer was Tritower Financial Group.

January 17, 2019

Acquisitions Multifamily New York Northeast

Hogdes Ward Elliott Brokers $43.8M Sale of Multifamily Tower in Brooklyn

by David Cohen January 17, 2019

NEW YORK CITY — Hodges Ward Elliott has brokered the $43.8 million sale of a 20-story multifamily tower in the South Williamsburg neighborhood of Brooklyn. Located at 424 Bedford Ave., the 63,866-square-foot property includes 66 units. Amenities include a fitness center, gardens, BBQ area, dog run and a rooftop deck. Will Silverman, Paul Gillen, Daniel Parker and Ariel Tambor of Hodges Ward Elliott represented the seller, East End Capital and KBS, in the transaction. The buyer was Global Holdings Group.

January 17, 2019

Acquisitions Hospitality New Jersey Northeast

HFF Negotiates Sale of 128-Room Hyatt House Bridgewater in New Jersey

by David Cohen January 17, 2019

BRIDGEWATER, N.J. — HFF has negotiated the sale of the Hyatt House Bridgewater in the central New Jersey community of Bridgewater. Located at 530 Route 22 East, the hotel comprises one two-story building and five three-story buildings. Amenities include a guest market, fitness center, outdoor swimming pool and hot tub, fire pit and 1,500 square feet of meeting space. Daniel C. Peek, Denny Meikleham, Alan Suzuki, KC Patel, Matthew Enright and Kevin O’Hearn of HFF represented the seller, an institutional investor, in the transaction. HFF also secured a seven-year, fixed-rate acquisition loan for the buyer, Gulph Creek Hotels.

January 17, 2019

Acquisitions Loans Mixed-Use New York Northeast

Cushman & Wakefield Secures $15M Acquisition Loan for Mixed-Use Development Site in Queens

by David Cohen January 17, 2019

NEW YORK CITY — Cushman & Wakefield has secured a $15 million acquisition loan for a mixed-use development site in the Jamaica neighborhood of Queens. Located at 90-02 168th St., the parcel allows for 738,000 buildable square feet. Preston Flammang and Anthony D’Amelio of Cushman & Wakefield represented the borrower, BRP Cos., in the transaction. Turnbridge Real Estate Credit Strategies provided the interest-only financing.

January 17, 2019

Acquisitions New Jersey Northeast Office

Marcus & Millichap Orchestrates $2M Sale of Office Property in New Jersey

by David Cohen January 17, 2019

BLOOMFIELD, N.J. — Marcus & Millichap has arranged the $2 million sale of an 11,000-square-foot office property in Bloomfield. Located at 57 Park St., the property is less than half a mile from the Glen Ridge and Bloomfield Train Station. Fahri Ozturk and Richard D. Gatto of Marcus & Millichap’s New Jersey office represented the buyer and seller in the transaction, both private investors. The property was vacant at the time of sale.

January 17, 2019

Acquisitions Colorado Retail Western

HFF Brokers Sale of 367,918-Square-Foot Retail Center in Metro Denver

by Amy Works January 17, 2019

LONGMONT, COLO. — HFF has arranged the sale of Harvest Junction, a 367,918-square-foot shopping center in Longmont. The center is located 38 miles north of Denver and is split by Ken Pratt Boulevard, separating the property into north and south sections. Harvest Junction was fully leased at the time of the sale to tenants including Lowe’s, Dick’s Sporting Goods, Ulta Beauty, DSW, Marshalls, Ross Dress for Less and Best Buy. Chad Murray, Aaron Johnson and Barry Brown of HFF represented the seller, RPT Realty, in the transaction. A partnership between Walton Street Capital LLC and Alberta Development Partners acquired the center for an undisclosed amount.

January 17, 2019

Acquisitions California Retail Western

Colliers, JLL Arrange $43M Acquisition of Encinitas Marketplace in California

by Amy Works January 17, 2019

ENCINITAS, CALIF. — Colliers International San Diego Region and JLL have negotiated the purchase of Encinitas Marketplace, a neighborhood retail center in Encinitas. An undisclosed seller sold the property to Encinitas Marketplace LLC for $43 million. Richard Lebert and Matt Zimsky of Colliers, along with Chris Ross of JLL, represented the buyer, while REZA Investment Group represented the seller in the deal. Located at 110-194 N. El Camino Real, Encinitas Marketplace features 124,411 square feet of retail space. Tenants include The Vitamin Shoppe, Five Guys, Firehouse Subs, Chick-fil-A, O’Reilly Auto Parts, Phenix Salon Suites, My Sister’s Closet, Sylvan Learning Center, The Joint Chiropractic, Allstate and Pacific Dental.

January 17, 2019

Acquisitions Hawaii Industrial Western

Alexander & Baldwin Buys Two Warehouses in Hawaii for $40M

by Amy Works January 17, 2019

KAPOLEI, HAWAII — Alexander & Baldwin (A&B) has purchased two warehouse buildings, located within Kapolei Business Park Phase I, for $40 million in an off-market transaction. Built on adjacent parcels totaling 6.45 acres, the properties feature 32-foot clear heights, dock-high loading, ESFR sprinkler systems and rooftop photovoltaic systems, which will be used by tenants to defray energy costs. The buildings offer a total of 150,000 square feet of Class A industrial space. The acquisition was financed by proceeds of A&B’s sale of its agricultural lands on Maui. Last year, the company completed the $262 million sale of approximately 41,000 acres of agricultural farmland on Maui to Mahi Pono, a farming venture between Pomona Farming and the Public Sector Pension Investment Board. The seller, national moving company Covan, will continue to lease approximately 75 percent of the asset.

January 17, 2019

Acquisitions Arizona Multifamily Western

MG Properties Acquires 429-Unit Sonoran Apartments in Arizona

by Amy Works January 17, 2019

PHOENIX — San Diego-based MG Properties Group has purchased Sonoran Apartments, a multifamily property located in Phoenix, for an undisclosed price. Built in 1995, the garden-style apartment community features 429 units in a mix of one-, two- and three-bedroom floor plans with well-appointed kitchens, walk-in closets, full-size washers/dryers and private patios or balconies. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE Phoenix represented the undisclosed seller, while Rocco Mandala of CBRE arranged financing for the acquisition.

January 17, 2019

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