Property Type

Sunroad Enterprises Obtains $165M Refinancing for Two San Diego Luxury Apartment Properties

by Nellie Day January 9, 2018

SAN DIEGO — Sunroad Enterprises has obtained $165 million in short-term, first-mortgage loans to refinance two new luxury apartment complexes in San Diego. Financing was secured for the 253-unit Ariva and the 302-unit Vive on the Park. The properties are recent apartment developments in the 40-acre, master-planned community of Sunroad Centrum in the Kearny Mesa submarket. Sunroad Centrum will include 1,622 multifamily units and 856,000 square feet of commercial office space once completed. Sunroad Centrum is part of the San Diego Spectrum Center, on the site of the former 232-acre General Dynamics aerospace facility. HFF’s Tim Wright and Aldon Cole arranged the financing. The five-year, non-recourse loan was structured in two pieces, with Mesa West holding $145 million and Clarion Partners holding $20 million.

January 9, 2018

California Multifamily Western

Interstate Equities Corp. Purchases Surf at 39 Apartments in Huntington Beach for $134M

by Nellie Day January 9, 2018

HUNTINGTON BEACH, CALIF. — Interstate Equities Corp. (IEC) has purchased the 400-unit Surf at 39 apartment complex in Huntington Beach for $134 million. The community is located at 16761 Viewpoint Lane. Surf at 39 was built in 1972. It features two swimming pools with spas, a business center, fitness facility, clubhouse, dog park and barbecue area. IEC notes that Surf at 39 will remain a workforce housing community. About 80 percent of the units are in their original condition, but are set to undergo a renovation. HFF’s Sean Deasy and Ryan Fitzpatrick represented both the buyer and seller in this transaction. The firm also arranged the acquisition financing.

January 9, 2018

Industrial Washington Western

CRG Acquires 1.6 MSF Former Intel Logistics Campus in Washington for Redevelopment

by Nellie Day January 9, 2018

DUPONT, WASH. — CRG has acquired DuPont Corporate Center, a 1.6 million-square-foot regional logistics hub formerly occupied by Intel in DuPont, for an undisclosed sum. The campus is located at 2800 Center Drive. DuPont Corporate Center includes a 340,000-square-foot facility that will undergo extensive capital improvements. Phase I of the development is designed to include a 750,200-square-foot distribution facility. Construction is expected to begin this summer. Phase II will include a 494,900-square-foot distribution facility. The center is situated near the Port of Tacoma, between Seattle and Portland, Ore. CBRE represented the seller in this transaction and will head up CRG’s leasing efforts for the existing building. Wilma Warshak of Washington Real Estate Advisors will market the facilities under development.

January 9, 2018

California Office Western

Barker Pacific Group, WHI Real Estate Partners Buy 213,982 SF Office Center Near Sacramento

by Nellie Day January 9, 2018

ROSEVILLE, CALIF. — A joint venture between Barker Pacific Group and WHI Real Estate Partners has purchased Douglas Corporate Center, a 213,982-square-foot office center in Roseville, for an undisclosed sum. The Class A center is located at 2901 Douglas Blvd. in the Douglas Corridor, just north of Sacramento. The joint venture purchased the property through auction. BBVA Compass Bank provided debt financing for the transaction. Chris Lemmon and Zac Collie of Newmark Cornish & Carey will handle the property’s leasing.

January 9, 2018

Arizona Office Western

GrubHub Leases Office Space in San Tan Tech Center in Chandler, Arizona

by Nellie Day January 9, 2018

CHANDLER, ARIZ. — GrubHub has leased a 29,526- square-foot spec suite at the San Tan Tech Center in Chandler. The center is located at 145 S. 79th St. The asset will be 93 percent leased once the mobile food ordering company moves in later this month. ViaWest Group acquired the 129,187-square-foot property in 2013. Other notable tenants include Arvato Digital Services, HealthTell and Amkor. JLL’s Mark Gustin, Dave Seeger and Karsten Peterson represented the landlord in this transaction.

January 9, 2018

Loans Massachusetts Multifamily Northeast

HFF Secures $250M Construction Financing for Multifamily Development in Boston

by Amy Works January 9, 2018

BOSTON — HFF has arranged a $250 million construction loan for the development of the first phase of Bulfinch Crossing, a 46-story residential property located at 100 Sudbury St. in downtown Boston. The borrower is a joint venture between National Real Estate Advisors and its Boston-based development partner, The HYM Investment Group. John Fowler, Riaz Cassum and Jennifer Keller of HFF secured the 15-year loan through Pacific Life Insurance Co. for the borrower. The first phase residential tower is part of a 4.8-acre, 2.9 million-square-foot redevelopment of Government Center Garage that will transform the above-grade parking garage into a mixed-use district in downtown Boston. Featuring 368 rental units and 55 condominiums, the residential tower will offer an outdoor pool, three roof decks, a fitness center, a yoga studio, a clubroom, a children’s playroom, a golf simulator, a full chef’s kitchen and an outdoor dog run and dog spa.

January 9, 2018

Connecticut Multifamily Northeast

IPA Facilitates $33M Sale of 99-Unit Apartment Property Located in Shelton, Connecticut

by Amy Works January 9, 2018

SHELTON, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Avalon Huntington, a 99-unit apartment complex located at 100 Avalon Drive in Shelton. AvalonBay Communities sold the property to Inland Real Estate Acquisitions for $33 million, or $333,333 per unit. Built in 2008, Avalon Huntington features 86 townhome-style units and 67 units with direct-entry garages. Victor Nolletti and Eric Pentore of IPA represented the seller and procured the buyer in the transaction.

January 9, 2018

Massachusetts Northeast Retail

EXP Realty Advisors Brokers $17M Acquisition of Retail Property in Harwich, Massachusetts

by Amy Works January 9, 2018

HARWICH, MASS. — EXP Realty Advisors has arranged the acquisition of a retail property located at 18 Sisson Road in Harwich. A New York City-based real estate investor purchased the property from an undisclosed seller for $17 million in a 1031 exchange transaction. Star Market, a grocery store chain, occupies the 59,054-square-foot property on a net-lease basis. Andrew Greenberg of EXP Realty Advisors represented the buyer in the deal.

January 9, 2018

Multifamily New York Northeast

Ariel Property Advisors Arranges $17.9M Sale of Multifamily Portfolio in Brooklyn

by Amy Works January 9, 2018

NEW YORK CITY — Ariel Property Advisors has negotiated the sale of a two-building multifamily portfolio located at 291 and 292 Lincoln Place in the Prospect Heights neighborhood in Brooklyn. An undisclosed buyer acquired the 49-unit package for $17.9 million, or $365,000 per unit. Totaling 41,000 square feet, the two four-story walk-up buildings offer a mix of 36 one-bedroom, 11 two-bedroom and two three-bedroom apartments. Additionally, between both properties there are 12,400 square feet of additional air rights. Jonathan Berman, Michael Tortorici, Shimon Shkury, Victor Sozio and Orry Michael of Ariel Property Advisors represented the undisclosed seller and secured the buyer in the transaction.

January 9, 2018

New York Northeast Retail

Cushman & Wakefield Negotiates $13.5M Sale of Retail Building in Queens

by Amy Works January 9, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a retail property located at 42-31 Bell Blvd. in the Bayside neighborhood of Queens. Midwood Investment & Development sold the property to Hersel Solutions for $13.5 million. At the time of sale, the 10,092-square-foot property was fully occupied by three tenants. Bank of America anchors the property and occupies 5,376 square feet with a lease through March 2024. The remaining units are occupied by a dog daycare and a restaurant with lease through October 2019 and April 2024, respectively. Additionally, the building features a 20-space parking lot and approximately 22,814 square feet of air rights. James Nelson, Stephen Preuss and Carly Weinreb of Cushman & Wakefield represented the seller in the deal.

January 9, 2018

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