Property Type

32-Unit River’s Edge Apartments Opens in New Hampshire

by Amy Works September 1, 2016

LACONIA, N.H. — The Laconia Area Community Land Trust has opened River’s Edge Apartments, a 32-unit affordable housing complex overlooking the Winnipesaukee River in Laconia. Located on Union Avenue, the three-story building features 12 one-bedroom and 20 two-bedroom fully accessible units, on-site parking, laundry facilities, an infant daycare facility and 700 feet of frontage along Winnipesaukee River. Eckman Construction Co., serving as general contractor, had to remove more than 300 tons of contaminated soil from the former industrial site prior to construction. The project was financed by New Hampshire Housing Finance Authority, Raymond James, NeighborWorks America, Community Development Finance Authority, the City of Laconia, Belknap County, Rural Local Initiatives Support Corp. and the Laconia Area Community Land Trust. The project was designed by George Hickey Architect and Warrenstreet Architects.

September 1, 2016

Multifamily New York Northeast

Rosewood Realty Facilitates $17M Sale of 51-Unit Residential Portfolio in Brooklyn

by Amy Works September 1, 2016

NEW YORK CITY — Rosewood Realty Group has arranged the sale of a Section 8 housing portfolio located in Brooklyn’s Gravesend section. Orbach Group acquired the portfolio from Black Spruce Management for $17 million. The 51-unit portfolio comprises 17 buildings located at 2320-2336 W. 12th St. and 2315-2321 W. 13th St. The buildings feature 34 three-bedroom units, 17 one-bedroom apartments and 17 parking spaces. Aaron Jungreis of Rosewood Realty Group represented the seller and buyer in the transaction.

September 1, 2016

New Hampshire Northeast Retail

Vazza Acquires 35,000 SF Retail Center in New Hampshire

by Amy Works September 1, 2016

CONCORD, N.H. — The Vazza Real Estate Group has acquired an inline retail center located at 89 Fort Eddy Road in Concord for an undisclosed sum. The 35,000-square-foot multi-tenant property includes a corporate-owned Planet Fitness as a tenant. The buyer plans to invest in the property through a capital improvement and property management plan. The name of the seller was not released.

September 1, 2016

Massachusetts Northeast Office

JV Arranges 17,639 SF Office Lease for Springfield RMV in Massachusetts

by Amy Works September 1, 2016

SPRINGFIELD, MASS. — Albany Road Real Estate Partners and Davenport Cos. have arranged the lease of office space for the Massachusetts Registry of Motor Vehicles (RMV) within Springfield Plaza in Springfield. RMV will relocate from 165 Liberty St. in Springfield and launch a full-service branch at the 17,639-square-foot space. RMV plans to take occupancy at the 500,000-square-foot retail center in the fourth quarter. Davenport Advisors is the construction manager for the relocation and build-out for the new space. Additional tenants at the newly renovated center include Kmart, Stop & Shop, Planet Fitness, O’Reilly Auto Parts and Fallas Stores. CBRE/New England is the property manager for the retail center.

September 1, 2016

Industrial Northeast Office Rhode Island

Sweeney Real Estate & Appraisal Negotiates Sale of Flex Building in Rhode Island

by Amy Works September 1, 2016

WOONSOCKET, R.I. — Sweeney Real Estate & Appraisal has brokered the sale of the former Woonsocket Glass & Mirror building, located at 500 Pond St. in Woonsocket. T&T Woodworkers acquired the 12,791-square-foot property for an undisclosed price. The property features a drive-in door, loading dock, 18-foot ceiling heights in the warehouse, office space and a showroom area. Thomas Sweeney of Sweeney Real Estate & Appraisal represented the seller, Woonsocket Glass Fabricators, while Larry Steingold of MG Commercial represented the buyers in the deal.

September 1, 2016

Arizona Multifamily Western

Monarch Investment & Management Group Purchases Multifamily Portfolio in Tucson

by Nellie Day September 1, 2016

TUCSON, ARIZ. — Monarch Investment & Management Group has purchased a five-property multifamily portfolio in Tucson for an undisclosed sum. The communities contain 1,004 units totaling 686,314 square feet. The transaction includes the 160-unit Hampton Park, the 254-unit San Mateo, the 152-unit Solano Springs, the 310-unit Lakeside Apartments and the 128-unit Highland Apartments. The latter property is situated in Sierra Vista, while the rest are located in Tucson. The portfolio features an average occupancy rate of 94 percent. The properties were all constructed between 1973 and 1985. This is Monarch’s first purchase in Arizona. Cindy Cooke and Brad Cooke of Colliers International represented the seller, Hamilton Zanze, in this transaction.

September 1, 2016

California Multifamily Western

Vista Investment Group Buys Woodlake Manor Apartments in Baldwin Hills for $44M

by Nellie Day September 1, 2016

BALDWIN HILLS, CALIF. — Vista Investment Group has purchased the 276-unit Woodlake Manor Apartments in the Los Angeles submarket of Baldwin Hills for $44 million. The community is located at 4555 W. Martin Luther King Jr. Blvd. Woodlake Manor is one mile from both the Farmdale and Ethel Bradley Metro Expo line stations, which provide access to key Los Angeles employment hubs, including downtown, Culver City, Santa Monica and the South Bay. The University of Southern California (USC) is a 10-minute train ride away. This was the first time Woodlake Manor Apartments had been on the market in more than 34 years. Select units were upgraded to a mid-luxury standard last year. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both the buyer and seller, Jones & Jones Management Group, in this transaction.

September 1, 2016

California Office Western

Equity Office Sells Office Building in Old Town Pasadena for $30M

by Nellie Day September 1, 2016

PASADENA, CALIF. — An unnamed buyer has purchased a 62,286-square-foot boutique office building in the Old Town section of Pasadena for $30 million. The building is located at 150 E. Colorado Blvd. The building is 89.3 percent leased to tenants in the healthcare, insurance, technology and professional service industries. Notable tenants include OpTerra Energy Services, Companion Hospice, Intelecom Intelligent and American Postal Workers. The property is situated near the 210 and 134 freeways, within walking distance of more than 20 million square feet of retail amenities. Long Dragon Realty represented the buyer, while HFF’s Ryan Gallagher and Andrew Harper represented the seller, Equity Office, in this transaction.

September 1, 2016

Arizona Industrial Western

Cardinal IG Cos. Buys 77 Acres Near Phoenix for New Manufacturing Facility

by Nellie Day September 1, 2016

BUCKEYE, ARIZ. — Cardinal IG Cos. has purchased 77 acres of land in Buckeye, where it plans to develop a 250,000-square-foot advanced glass manufacturing facility. The build-to-suit facility will be situated just south of the southeast corner of Apache Road and Southern Avenue. The purchase price was not disclosed. The space is about three miles south of Interstate 10 and three miles east of Highway 85. Buckeye is a suburb just west of Phoenix. Cardinal IG is a wholly owned subsidiary of Cardinal Glass Industries, a glass manufacturer with more than 6,000 employees and 37 manufacturing locations across the U.S. Its new manufacturing facility will produce high-quality, energy-efficient insulating glass for residential window and door companies across the globe. The site is part of 152 acres controlled by Evergreen Devco Inc. and Evergreen-Apache & Southern LLC. JLL’s Anthony Lydon and Marc Hertzberg represented Evergreen in this transaction. The firm is also marketing the remaining 75 acres on the direct southeast corner of Apache and Southern, situated just north of the Cardinal IG site.

September 1, 2016

Colorado Multifamily Western

HLC, Hampshire Cos. Acquire Sage Brook Apartments in Denver for $26.3M

by Nellie Day September 1, 2016

DENVER — A joint venture between HLC Equity and Hampshire Companies has purchased the 216-unit Sage Brook apartments in Denver for $26.3 million. The Class B community is located at 7201 Leetsdale Drive. Sage Brook is situated three miles from the Cherry Creek neighborhood near three of the region’s largest employment centers, including Downtown Denver, Denver Tech Corridor and the Fitzsimons Innovation Campus. HLC Equity’s management arm will operate the community. The company plans to improve the property and upgrade the general common areas and unit interiors.

September 1, 2016

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