Property Type

Levin Johnston Brokers $17.3M Sale of Lakewood Court Apartments in San Jose

by Amy Works January 22, 2019

SAN JOSE, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of Lakewood Court Apartments, a multifamily property located at 1953 Via Reggio Court in downtown San Jose. Sridhar Equities acquired the property from a private family for $17.3 million. Built in 1988 and situated on 1.6 acres, Lakewood Court Apartments features 48 units in a mix of one- and two-bedroom layouts. The pet-friendly asset features garage parking and a community pool and spa. Adam Levin, Robert Johnston and Eymon Binesh of Levin Johnston of Marcus & Millichap represented the seller and buyer in the deal.

January 22, 2019

Colorado Development Hospitality Western

Stonebridge Cos. Developing Dual-Branded Hilton Hotel Project in Downtown Denver

by Amy Works January 22, 2019

DENVER — Stonebridge Cos. is developing a dual-branded Hilton property located at 801 15th St. in downtown Denver. The Denver-based company is serving as the owner, developer and operator for the 22-story project, which will feature 382 hotel rooms and suites. Within walking distance of the Colorado Convention Center, the 176-room Tru by Hilton Denver Downtown Convention Center and 206-suite Home2 Suites by Hilton property is slated to open in late 2019. Tru by Hilton will feature in-room entertainment; an open lobby with areas for guests to work, play games, eat and lounge; free Wi-Fi; and a 24/7 Eat & Sip market. The pet-friendly Home2 Suites will feature fully equipped kitchens and modular furniture in guest suites, complimentary internet, communal spaces, Spin2 Cycle, guest laundry, oversized fitness area and Home2 MKT for grab-and-go items. The development will also have a variety of shared amenities, including a fitness center, conference room, restaurant, bar, valet parking and a five-story, 74,500-square-foot parking garage with 153 stalls.

January 22, 2019

Acquisitions Affordable Housing California Development Multifamily Western

Affirmed Housing Group to Develop 78-Unit Affordable Housing Development in San Diego

by Amy Works January 22, 2019

SAN DIEGO — Affirmed Housing Group has acquired a 10,000-square-foot land parcel located in downtown San Diego. Central Auto Parks LLC sold the property for $3.7 million. Affirmed Housing Group plans to develop a 78-unit affordable housing property on the currently vacant parcel at the southeast corner of Front and Beech streets. Victor Krebs of Colliers International San Diego Region represented the seller, while Affirmed Housing Group was self-represented in the transaction.

January 22, 2019

Acquisitions New York Northeast Retail

Eunate Real Estate Acquires Retail Condominium in Nomad for $26.5M

by David Cohen January 22, 2019

NEW YORK CITY — Eunate Real Estate NY LLC has acquired a 4,620-square-foot retail condominium in Nomad. The sales price was $26.5 million. Located at 212 Fifth Ave., the property includes more than 200 feet of wraparound frontage. At the time of sale, the property was fully occupied. Christine Trainaand Elissa Slanof Douglas Elliman Real Estate represented Eunate Real Estate in the transaction. The sellers, Building and Land Technology and Madison Equities, were represented by Cushman & Wakefield.

January 22, 2019

Acquisitions Healthcare New York Northeast

Jacobson Properties, Cushman & Wakefield/Pyramid Brokerage Co. Negotiate $18.9M Sale of Medical Office Building in Syracuse

by David Cohen January 22, 2019

SYRACUSE, N.Y. — Jacobson Properties and Cushman & Wakefield/Pyramid Brokerage Co. have negotiated the $18.9 million sale of Hill Medical Center, an 81,859 square foot medical office building located on the downtown campus of SUNY Upstate University Hospital in Syracuse. Lisa Menin of Jacobson Properties and Leo Jones of Cushman & Wakefield/Pyramid Brokerage Co. represented the seller, Business Venture Associates Limited Partnership, in the transaction. The buyer was a national private equity healthcare investor. Hill Medical Center is 98 percent leased and is anchored by SUNY Upstate University Gastroenterology, Upstate Cancer Center Hematology/Oncology at the Hill, Upstate Cancer Center at Hill Radiation Oncology and St. Joseph’s Hospital Cardiology.

January 22, 2019

Acquisitions Hospitality Northeast Rhode Island

HFF Brokers Sale of 101-Room Hampton Inn & Suites in Rhode Island

by David Cohen January 22, 2019

SMITHFIELD, R.I. — HFF has brokered the sale of the Hampton Inn & Suites Providence/Smithfield, a 101-room hotel in Smithfield. The sales price was undisclosed. Located at 945 Douglas Pike, the four-story hotel features 22 suites. Amenities include an indoor heated pool, fitness center and guest laundry facilities. Daniel C. Peek, Denny Meikleham, Alan Suzuki, KC Patel, Matthew Enright and James Koury of HFF represented the institutional seller in the transaction. The buyer was Excel Group, which plans to fully renovate the hotel.

January 22, 2019

Industrial Leasing Activity New Jersey Northeast

Avison Young Secures 208,391 SF Industrial Lease in Edison, New Jersey

by David Cohen January 22, 2019

EDISON, N.J. — Avison Young New Jersey has secured a 10-year, 208,391-square-foot lease for Concordance Healthcare Solutions in Edison. The healthcare distribution company will use the facility, which is located at 60 Distribution Blvd., as a new warehouse and distribution center for medical supplies and healthcare equipment. Timothy J. Cadigan, Matthew C. Turse and John Recchia of Avison Young negotiated the deal as a direct lease with the building owner, Heller Industrial Parks Inc.

January 22, 2019

Acquisitions Industrial Massachusetts Northeast

Colliers Arranges $9.6M Acquisition Loan for Industrial Facility in Suburban Boston

by David Cohen January 22, 2019

NORTH ANDOVER, MASS. — Colliers International’s Boston-based Capital Markets group has arranged a $9.6 million acquisition loan for a 169,000-square-foot, single-story industrial asset in North Andover. Located at 25 Commerce Way, the property is situated on more than 18 acres of land. At the time of sale the facility was 99 percent leased to seven tenants. The property was completely renovated in 2001 and is less than 30 miles from Boston. Adam Coppola, Thomas Welch, John Poole and Tonia Jenkins of Colliers represented the borrower, Berkeley Partners, in arranging the financing through lender AEGON USA Realty Advisors. Terms of the financing were not disclosed.

January 22, 2019

Development Midwest Missouri Multifamily

Copaken Brooks, Burns & McDonnell Break Ground on 14-Story Apartment Building in Kansas City

by Kristin Harlow January 22, 2019

KANSAS CITY, MO. — Copaken Brooks and Burns & McDonnell have broken ground on Reverb, a 14-story apartment building in the Crossroads Arts District of Kansas City. Completion is slated for summer 2020. The property’s 132 units will sit atop a two-story parking garage. The design also calls for 2,000 square feet of retail space, which will be situated on the ground level, as well as space for food trucks and a sidewalk park. About 10 percent of the units will meet Kansas City’s affordability standards. CP Real Estate Capital is the investment partner for the project. Total investment is expected to be approximately $40 million. The name Reverb comes from the reverberation.

January 22, 2019

Acquisitions Healthcare Midwest Wisconsin

MBH Arranges Sale of 21,024 SF Medical Office Building in Oak Creek, Wisconsin

by Kristin Harlow January 22, 2019

OAK CREEK, WIS. — MBH Investment Real Estate LLC has arranged the sale of the Howell Avenue Professional Building in Oak Creek, about 12 miles south of Milwaukee. The sales price was not disclosed. The 21,024-square-foot building, located at 8375 S. Howell Ave., was originally constructed in 2007 and underwent an addition in 2017. The two-story building is 91.3 percent occupied. Children’s Hospital of Wisconsin-Oak Creek Pediatrics serves as the anchor tenant. Other tenants include Progressive Pediatric Dentists and Wasserman & Shuff Certified Public Accountants. Matson Holbrook of MBH brokered the transaction on behalf of the seller, RW Howell LLC. SEP Oak Creek MOB LLC, an affiliate of Stage Equity Partners, purchased the asset.

January 22, 2019

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