Property Type

Audubon Communities Acquires Multifamily Property in North Georgia for $22M

by Camren Skelton July 28, 2017

GAINESVILLE, GA. — Audubon Communities has purchased Lenox Park, a 292-unit apartment community in Gainesville, for $22 million. The Atlanta-based firm plans to invest approximately $3 million in renovations to the property, which will be renamed Peaks at Gainesville. Improvements will include upgrades to the leasing office, pool and other amenity areas; addition of a fitness center; renovation and expansion of the existing playground; new fiber-cement siding; new lighting, exterior paint, signage and landscaping. Constructed in 2000, the community includes two- and three-bedroom floor plans that average 1,100 square feet.

July 28, 2017

California Retail Western

CBRE Brokers $7M Sale of 26,504 SF Shopping Center in Gardena

by Nellie Day July 28, 2017

GARDENA, CALIF. — CBRE has arranged the sale of Gardena Crenshaw Plaza, a retail center located at 14730-14842 Crenshaw Blvd. in Gardena. Crenshaw Retail Holding acquired the property from Diamond Rock Partners for $7 million. Dan Riley and Austin Wolitarsky of CBRE represented the seller, while the buyer was self-represented with Mark Rafeh and John Proia of Promark Investments being the primary principals. At the time of sale, the 26,504-square-foot property was 100 percent occupied. AutoZone is the anchor tenant.

July 28, 2017

California Retail Western

Progressive Arranges $4.9M Sale of 27,112 SF Retail Center in San Jacinto

by Nellie Day July 28, 2017

SAN JACINTO, CALIF. — Progressive Real Estate Partners has brokered the sale of Dollar General Town Center, located at 700-728 San Jacinto Ave. in San Jacinto. A private family trust acquired the 27,112-square-foot property from a private investor for $4.9 million. Anchored by Dollar General, the property was 100 percent occupied at the time of sale. Greg Bedell of Progressive Real Estate Partners represented the seller, while Rob Sauser of PMZ Commercial represented the buyer in the deal.

July 28, 2017

California Loans Mixed-Use Western

Marcus & Millichap Capital Corp. Secures $4M Refinancing for Mixed-Use Building in Palo Alto

by Nellie Day July 28, 2017

PALO ALTO, CALIF. — Marcus & Millichap Capital Corp. has arranged $4 million in debt to refinance a 4,600-square-foot mixed-use building in Palo Alto. Behzad Boroumand of Marcus & Millichap arranged the debt placement for the undisclosed borrower. The financing, which equates to $869 per square foot, has a 10-year total term, five-year fixed-term and 30-year amortization schedule.

July 28, 2017

California Restaurant Retail Western

Hanley Investment Negotiates $1.4M Sale of Restaurant Building in Stockton

by Nellie Day July 28, 2017

STOCKTON, CALIF. — Hanley Investment Group Real Estate Advisors has facilitated the sale of a single-tenant, absolute net-leased restaurant property located at 627 N. Wilson Way in Stockton. Santa Monica, Calif.-based TB Stockton sold the 1,644-square-foot property to M&M Trust of Sacramento for $1.4 million, or $882 per square foot. Taco Bell occupies the property and has a 48-year operating history at the location. Pat Kent and Corey Olson of Hanley Investment represented the seller, while Stephen Harper of Veritas Investment Realty Investors represented the buyer in the transaction.

July 28, 2017

California Retail Western

Kennedy Wilson Closes Three Retail Leases at South Park by Windsor in LA

by Nellie Day July 28, 2017

LOS ANGELES — Kennedy Wilson has closed three 10-year leases with major national retailers at South Park by Windsor, a mixed-use property located at 201 W. Olympic Blvd. in downtown Los Angeles. The leases bring the property’s retail space to 100 percent occupancy. The new retailers — Chipotle, Loit and Aveda Lifestyle Salon & Spa — will occupy more than 12,500 square feet at the development. Chipotle and Loit have already opened and Aveda is slated to open this fall. Lee Shapiro and Justin Weiss of Kennedy Wilson negotiated the leases.

July 28, 2017

Maine Multifamily Northeast

RAM Cos. Sells 136-Unit Apartment Complex in South Portland, Maine

by Amy Works July 28, 2017

SOUTH PORTLAND, MAINE — The RAM Companies has completed the disposition of RiverPlace, an apartment complex located at 1 River Place Drive in South Portland. RiverPlace Properties LLC acquired the 136-unit property for an undisclosed price. Situated on 11 acres, the four-building complex features apartments with private decks and central A/C, a waterfront pool, tennis courts, a clubhouse with fitness center, a private dock for canoes and kayaks, gated access and covered parking. Simon Butler of CBRE represented the seller, while Jim Harnden of Harnden Commercial Brokers represented the buyer in the transaction. RiverPlace was opened by developer Howard A. Goldenfarb and his team at RAM in 2003.

July 28, 2017

Multifamily New Jersey Northeast

WinnCompanies Begins $18.7M Apartment Community Rehabilitation in Bridgeton, New Jersey

by Amy Works July 28, 2017

BRIDGETON, N.J. — WinnCompanies has begun an $18.7 million rehabilitation of Bridgeton Villas Apartments in Bridgeton. The project will modernize the community, improve energy efficiency and expand resident services. Constructed in 1966 and 1969, the community features eight buildings housing 28 one-bedroom, 92 two-bedroom and 36 three-bedroom units with an on-site leasing and management office. WinnDevelopment will oversee the first phase of the renovation project, which will improve five buildings totaling 100 units. Interior work will include mechanical system upgrades along with complete kitchen and bathroom overhauls, including the installation of EnergyStar appliances and sustainable plumbing fixtures. Exterior improvements include the beautification of building facades, new entryways, complete roof replacement, landscape work and parking lot repair. Along with the overall rehabilitation, five units will be brought up to ADA compliance and 10 units will be set aside as special needs housing for homeless individuals and families. WinnCompanies will partner with Gateway Community Action Partnership to deliver supportive services for residents occupying the designated units. WinnCompanies acquired Bridgeton Villas in March 2017.

July 28, 2017

Multifamily New York Northeast

Cushman & Wakefield Arranges $17M Sale of 41-Unit Multifamily Building in Manhattan

by Amy Works July 28, 2017

NEW YORK CITY — Cushman & Wakefield has brokered the sale of an apartment building located at 316 E. 55th St. in Manhattan. An undisclosed buyer acquired the seven-story 25,040-square-foot building for $17 million, or $678 per square foot. The elevator-serviced building features 41 rent-regulated apartments, a laundry room and 1,000 square feet of amenity space. The buyer plans to implement a significant renovation program at the building. Clint Olsen, Alex Woodlief and Will Conrad of Cushman & Wakefield represented the undisclosed seller in the deal. George Samarjian of Lineaire Group served as advisor to the seller.

July 28, 2017

New Jersey Northeast Office

CBRE Facilitates $16.7M Sale of Office Building in Roseland, New Jersey

by Amy Works July 28, 2017

ROSELAND, N.J. — CBRE has arranged the sale of an office building located at 4 Becker Farm Road in Roseland. An undisclosed buyer purchased the 281,762-square-foot building for $16.7 million. At the time of sale, the building was 95 percent leased to a variety of tenants, including KMPG and CohnReznick. Jeffrey Dunne, Jeremy Neuer, Patrick Arangio, Jack Howard and Nick Savage of CBRE represented the seller, a special servicer, in the transaction.

July 28, 2017

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