Property Type

Cushman & Wakefield, Affiliate Firm Broker $10.9M Sale of Office Building in Louisville

by Alex Tostado August 12, 2019

LOUISVILLE, KY. — Cushman & Wakefield and Cushman & Wakefield | Commercial Kentucky have brokered the $10.9 million sale of Paragon Place, a three-story, 83,153-square-foot office building in Louisville. Paragon Place is situated at 9100 Shelbyville Road, 12 miles east of downtown Louisville. Amenities at the property include a conference center, courtyard with a fountain and tenant storage space. Craig Collins of Cushman & Wakefield | Commercial Kentucky and Samir Idris and Andy Johns of Cushman & Wakefield represented the sellers, Banyan Street Capital and Oaktree Capital, in the transaction. The buyer was not disclosed.

August 12, 2019

Leasing Activity Office South Carolina Southeast

Colliers Negotiates 239,701 SF Office Lease in Greenville

by Alex Tostado August 12, 2019

GREENVILLE, S.C. — Colliers International has negotiated a 239,701-square-foot lease for Greenville County within Axis Office Park. The local government will also have the option to purchase the office park. Details of the option were not disclosed. Axis Office Park comprises two three-story buildings located at 350 and 325 Halton Road, five miles east of downtown Greenville. Tempus Realty Partners acquired the property in 2017 when the buildings were vacant. Brantley Anderson and Taylor Allen of Colliers represented the landlord in the transaction.

August 12, 2019

Arizona Development Multifamily Seniors Housing Western

Life Care Services Underway with $100M Second Phase at Sagewood CCRC in Phoenix

by Amy Works August 12, 2019

PHOENIX — Life Care Services is developing the $100 million second phase at Sagewood in Phoenix. Westminster Capital is the joint venture development partner of the property, which opened in 2010 and currently has 316 units. Situated on 3.5 acres, the 220,000-square-foot second phase will include 101 independent living apartments. Phase II will feature one- and two-bedroom apartment homes; an 18-hole championship golf putting course; new dining facilities, including The Owl’s Nest restaurant and lounge; expansion of the existing Canyon Café; and an expansion of the current Palo Verde Dining Room, which will become an entirely new, separate venue. Additionally, the second phase will include card rooms and new administrative offices. The new phase will offer 13 different apartment home floor plans, ranging from one-bedroom units to two-bedroom plus den layouts. The units will measure between 873 square feet and 2,351 square feet. All residences will also include patios or balconies offering scenic views. Todd & Associates is serving as architect and The Weitz Co. is building the project. Phase II will be the largest addition to Sagewood since opening in 2010. The new phase is slated for completion in late 2020. Sagewood features a fitness center, movie theaters, indoor …

August 12, 2019

Acquisitions California Office Western

Drawbridge Realty Buys 390,600 SF Pacific Center Office Campus in Orange County for $97.5M

by Amy Works August 12, 2019

SANTA ANA, CALIF. — San Francisco-based Drawbridge Realty has purchased Pacific Center, a two-building corporate office campus in Santa Ana, for $97.5 million. The seller was a joint venture between Los Angeles-based PCCP and Costa Mesa, Calif.-based Brookhollow. Located at 1600-1610 E. Saint Andrew Place, Pacific Center features 390,600 square feet of office space and was renovated in 2017. With Drawbridge’s previous acquisition of 1700 E. Saint Andrew Place, the company now owns more than 37 acres of contiguous land and improvements along East Saint Andrew Place. Kevin Shannon, Paul Jones, Brunson Howard, Blake Bokosky and Brandon White of Newmark Knight Frank represented the seller in the transaction.

August 12, 2019

Acquisitions California Multifamily Seniors Housing Western

1031 Crowdfunding Acquires 100-Bed Assisted Living, Memory Care Facility in Southern California for $20.1M

by Amy Works August 12, 2019

RANCHO CUCAMONGA, Calif. — 1031 CF Properties, an affiliate of 1031 Crowdfunding, has purchased an assisted living and memory care facility located in Rancho Cucamonga for $20.1 million. Meridian Senior Living operates the 100-bed property. Additional terms of the transaction were not released.

August 12, 2019

Acquisitions California Mixed-Use Office Retail Western

Newmark Knight Frank Arranges $18M Sale of Mixed-Use Building in Hermosa Beach, California

by Amy Works August 12, 2019

HERMOSA BEACH, CALIF. — Newmark Knight Frank (NKF) has negotiated the sale of The Bijou Building, a three-story mixed-use building located in downtown Hermosa Beach. Federal Realty Investment Trust sold the property to 1221 Hermosa Ave LLC for $18 million. Located at 1221 Hermosa Ave., The Bijou Building was originally developed in 1923 as the Metropolitan Theater and later converted to office and retail space. At the time of sale, the 23,172-square-foot building was 94 percent occupied by a variety of tenants, including Chase Bank, Beach City Capital, Steel Partners and Bar Method. Kevin Shannon, Ken White, Rob Hannan, Laura Stumm, Sean Fulp, Ryan Plummer and Brad Feld of NKF’s Capital Markets and Private Capital Investment Sales teams represented the seller, while David Ghermezian, Amir Araghi and Jonathan Dadourian, also of NKF, represented the buyer in the deal. Additionally, David Milestone and Brett Green of NKF’s Debt and Structured Finance group secured acquisition financing for the buyer.

August 12, 2019

Acquisitions Arizona Multifamily Western

Marcus & Milichap Negotiates $10.6M Sale of Verde Vista Apartment Complex in Phoenix

by Amy Works August 12, 2019

PHOENIX — Marcus & Millichap has arranged the sale of Verde Vista, a multifamily property located at 3030 N. 35th Ave. in Phoenix. An out-of-state 1031 exchange investor purchased the asset from an out-of-state limited liability company for $10.6 million, or $58,564 per unit. Built in 1978 and renovated in 2012, Verde Vista features 181 apartments in a mix of studio, one- and two-bedroom layouts, two swimming pools, a children’s playground and covered parking. Rich Butler and Reza Ghaffari of Marcus & Millichap represented the seller in the deal.

August 12, 2019

Industrial Loans New York Northeast

Cushman & Wakefield Places $94 Million in Acquisition Financing for Flex Industrial Park in New York

by Alex Patton August 12, 2019

ORANGETOWN AND CLARKSTOWN, N.Y. — Cushman & Wakefield has placed $94 million in acquisition financing for Bradley Corporate Park, a 17-building industrial and flex complex in Orangetown and Clarkstown, about 25 miles north of New York City. The property totals approximately 1.2 million square feet. John Alascio, Gideon Gil, Steve Kohn, Sridhar Vankayala, Zachary Kraft and Emily Johansen of Cushman & Wakefield represented the borrower, New Jersey-based investor Angelo Gordon & Onyx Equities, in the transaction. Bank of America provided the loan. Specific loan terms, including the interest rate and amortizations schedule were not disclosed.

August 12, 2019

Loans Multifamily New Jersey Northeast

JLL Arranges $42.5M in Financing for Multifamily Property in Jersey City

by Alex Patton August 12, 2019

JERSEY CITY, N.J. — JLL has arranged $42.5 million in financing for RIVET, a 163-unit multifamily property located in Jersey City, less than one mile from the New Jersey City University campus. The loan refinanced existing construction debt on the property, which includes retail space. Commercial tenants include Five Guys, a nail salon and a pharmacy. Jon Mikula and Michael Klein of JLL represented the borrower, a joint venture between The Hampshire Companies, Claremont Cos. and Circle Squared Alternative Investments. The lender was undisclosed.

August 12, 2019

Acquisitions Multifamily Texas

IPA Negotiates Sale of 658-Unit Apartment Portfolio in East Texas

by Taylor Williams August 12, 2019

LONGVIEW AND LUFKIN, TEXAS — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of a 658-unit multifamily portfolio in East Texas. The properties include Pine Knoll, a 310-unit community in Longview that was built in 1983; Deer Cross, a 168-unit asset in Lufkin that was constructed in 1986; and Deer Wood, a 180-unit property that was developed in 1979. Will Balthrope, Drew Kile, Jennifer Campbell and Tommy Lovell III of IPA represented the seller and procured the buyers. Saxony Capital Management purchased Pine Knoll, and Haley Residential acquired Deer Cross and Deer Wood. Richard Robson of Marcus & Millichap and William Griffin of IPA brokered the deal for Pine Knoll.

August 12, 2019

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