Property Type

Katz Properties Acquires Somerset Square in Glastonbury, Connecticut, for $26.6M

by Amy Works October 27, 2016

GLASTONBURY, CONN. — Katz Properties has purchased Somerset Square, a retail center in Glastonbury, for $26.6 million. Situated on 15.3 acres, the 112,414-square-foot property is fully leased to a variety of tenants, including Stop & Shop, Barnes & Noble Bookstore, FedEx and the Paper Store. Tim Breda of Goedecke & Co. arranged mortgage financing for the acquisition. Winslow Property Management will provide leasing and property management services for the retail center. The name of the seller was not released.

October 27, 2016

Massachusetts Multifamily Northeast

CBRE/NE Brokers Sale of 171-Unit Multifamily Community in Quincy, Massachusetts

by Amy Works October 27, 2016

QUINCY, MASS. — CBRE/New England has arranged the sale of 5 Hundred Falls, a garden-style apartment community located in Quincy. An affiliate of Mill Creek Residential acquired the 171-unit property from Fairfield Faxon Park LLC for an undisclosed price. The buyer acquired the asset with an institutional partner and has renamed the community Alister Quincy. Originally built in 1997 and renovated in 2012, the property offers a variety of one-, two- and three-bedroom layouts, with an average size of 1,027 square feet. Community amenities include a clubhouse with fitness center and clubroom, a resort-style heated outdoor pool with sun deck, playground and grilling areas, and 42 detached garages. Simon Butler and Biria St. John of CBRE/NE represented the seller in the deal.

October 27, 2016

Connecticut Northeast Retail

SH Corp. Completes $10.8M Sale of 65,303 SF Retail Property in Orange, Connecticut

by Amy Works October 27, 2016

ORANGE, CONN. — SH Corp. has completed the disposition of a retail property located at 249/259 Bull Hill Lane in Orange. AS Realty LLC acquired the 65,303-square-foot property for $10.8 million. Situated on seven acres, the property is fully leased to ShopRite through a 20-year net lease and an auto repair shop. Jim Koury of HFF represented the seller and procured the buyer in the deal.

October 27, 2016

New York Northeast Office

Oxford Properties, Crown Acquisitions Completes 175,000 SF Lease with NBA in Midtown Manhattan

by Amy Works October 27, 2016

NEW YORK CITY — Oxford Properties Group and Crown Acquisitions has completed a 175,000-square-foot lease extension through 2035 with the National Basketball Association (NBA) at Olympic Tower, located at 646 Fifth Ave. in Midtown Manhattan. The property owners plan to significantly modernize the office property’s lobby and public space to deliver a more engaging, customer-focused experience. Adam Frazier of Oxford, along with Paul Amrich, Howard Fiddle, Neil King and Patrice Meagher of CBRE, represented the owners, while Mary Ann Tighe, Gregory Tosko, Andrew Sussman and Munish Viralam of CBRE represented the tenant in the transaction.

October 27, 2016

Industrial Northeast Pennsylvania

J.G. Petrucci Co. Acquires 49,000 SF Industrial Building in Bethlehem, Pennsylvania

by Amy Works October 27, 2016

BETHLEHEM, PA. — J.G. Petrucci Co. has acquired a fully-occupied industrial building located at 1990 Highland Ave. within Lehigh Valley Industrial Park IV in Bethlehem, for an undisclosed price. Hygrade Components sold the property for $2.7 million in a sale-leaseback transaction. In 1996, J.G. Petrucci Co. completed the design/build of the property for Hygrade Components, which has signed a long-term lease for the property.

October 27, 2016

Civic Massachusetts Northeast

The Triad Group Brokers 100,000 SF Long-term Lease for Former Kindred Hospital Campus in Massachusetts

by Amy Works October 27, 2016

BRAINTREE, MASS. — The Triad Group has arranged the 20-year lease for the former Kindred Hospital campus, located at 2001 Washington St. in Braintree. CATS Academy, a United Kingdom-based prep school, has leased the 100,000-square-foot facility from 2001 Washington Street LLC. The landlord completely renovated the former hospital facility, which was built in 1918, and built 400 dorm rooms to accommodate students on the property. Andrew Mann of The Triad Group represented the tenant, while David Stubblebine, James Stubblebine and Micah Stubblebine of The Stubblebine Company represented the landlord in the transaction.

October 27, 2016

California Industrial Western

Bentall Kennedy Buys Anaheim Concourse Industrial Property for $188.2M

by Nellie Day October 27, 2016

ANAHEIM, CALIF. — Bentall Kennedy has purchased Anaheim Concourse, a 965,255-square-foot industrial property, for $188.2 million. The facility is situated on North Miller Street in Anaheim. The seven-building, Class A project was completed last year. The space is currently 86 percent leased. The lease rollover is staggered, with the first lease expiring in January 2021. CBRE’s Val Achtemeier arranged acquisition financing. The firm’s Darla Longo, Barbara Emmons, Michael Kendall, Rebecca Perlmutter, Brad Bierbaum and Ryan Peterson represented the sellers, Panattoni and Clarion Partners, on behalf of a separate account managed by the firm.

October 27, 2016

California Multifamily Western

Amerige Pointe Apartments in Fullerton Trades for $115M

by Nellie Day October 27, 2016

FULLERTON, CALIF. — A global fund has purchased the 292-unit Amerige Pointe apartments in Fullerton for $115 million. The Class A community is located at 1001 Starbuck St. within the master-planned community of Amerige Heights. The property also contains 10,300 square feet of retail space. The buyer plans to upgrade the unit interiors, as well as some common area spaces. Joe Leon, Jeff Rowerdink and Dean Zander of Berkadia represented both the buyer and original owner and developer in this transaction.

October 27, 2016

California Retail Western

Colliers Brokers $19.8M Sale of Town Center Plaza in Palm Desert

by Nellie Day October 27, 2016

PALM DESERT, CALIF. — Colliers International has arranged the $19.8 million sale of Town Center Plaza, an 82,000-square-foot shopping center located in Palm Desert. Tenants at the center include Trader Joe’s, Michaels, Banner Mattress, Tuesday Morning, Fisherman’s Market and Grill, The Palms Café and Uncle Don’s Hobbies. Bill Barnett and Doug Hogan of Colliers represented the buyer, Citivest Commercial Investments LLC, in the acquisition of the property from Town Center Plaza LP.

October 27, 2016

California Multifamily Retail Western

CBRE Arranges $13.4M Sale of Shops on Hill in Pasadena

by Nellie Day October 27, 2016

PASADENA, CALIF. — CBRE has arranged the $13.4 million sale of Shops on Hill, a 32,685-square-foot mixed-use center in Pasadena. The two buildings are located on opposite corners of the intersection of East Washington Boulevard and North Hill Avenue, and feature 12 apartments with ground-floor retail. Shops on Hill LLC, an entity controlled by Engine Real Estate, acquired the property.

October 27, 2016

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