Property Type

Grubb Properties Buys 380,000 SF Office Campus in North Carolina for $6.1M

by John Nelson August 11, 2016

GREENSBORO, N.C. — Charlotte-based Grubb Properties has purchased a 380,000-square-foot, Class A office campus located on 46.7 acres at 4161 Piedmont Parkway in Greensboro. Grubb Properties purchased the asset from Cornerstone Real Estate Advisers, which was acting on behalf of an institutional investor, for $6.1 million, according to the Triad Business Journal. Originally built in 1994 as a build-to-suit for NationsBank, Bank of America leases roughly 75 percent of the three-story building. On-site amenities include a cafeteria, high-tech infrastructure, conference and training rooms and a card-reader security system at all entrances. Jonathan Smith of CBRE|Triad and Ben Kilgore of CBRE|Raleigh represented Cornerstone Real Estate Advisers in the transaction.

August 11, 2016

Mixed-Use Multifamily New York Northeast Retail

Marcus & Millichap Brokers $2.1M Sale of Mixed-Use Building in Brooklyn

by Amy Works August 11, 2016

NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use building located at 5617 Fifth Ave. in Brooklyn. An individual/personal trust purchased the 5,836-square-foot property from a private investor for $2.1 million. John Brennan of Marcus & Millichap represented the buyer and seller in the deal.

August 11, 2016

District of Columbia Multifamily Southeast

Marcus & Millichap Brokers Sale of Multifamily Development Site in D.C.

by John Nelson August 11, 2016

WASHINGTON, D.C. — Marcus & Millichap has brokered the sale of a 10,780-square-foot tract of land located at 2027 Rhode Island Ave. N.E. in Washington, D.C. The site currently houses a 3,739-square-foot mixed-use property. An unnamed developer purchased the site for $1.9 million with plans to develop more than 30 multifamily residences. Benjamin Wilson, Ryan Smith and Josh Feldman of Marcus & Millichap represented the seller in the transaction. Wilson, Smith and Feldman, along with Cameron Webb of Marcus & Millichap’s Washington, D.C., office, secured the buyer.

August 11, 2016

Arizona Retail Western

Cushman & Wakefield Brokers $47M Sale of Silverstone Marketplace in Scottsdale

by Nellie Day August 11, 2016

SCOTTSDALE, ARIZ. — Cushman & Wakefield has arranged the $47 million sale of Silverstone Marketplace, a newly constructed, 78,000-square-foot shopping center located in Scottsdale. The Sprouts-anchored shopping center is fully leased to tenants including Einstein Bagels, Verizon, Mattress Firm, 1st Bank, Tenet Urgent Care, Massage Green, Eddie Merlot’s Steakhouse, Firehouse Subs and Pacific Dental. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the buyer, Chicago-based LaSalle Investment Management. Ryan Amato and Jason Eisenberg of the Eisenberg Co. of Phoenix represented the seller, RHVT Limited Partnership.

August 11, 2016

California Multifamily Seniors Housing Western

Blueprint Arranges $25M Sale of 148-Unit Independent Living Community in Costa Mesa

by Nellie Day August 11, 2016

COSTA MESA, Calif. — Blueprint has arranged the $25 million sale of an undisclosed 148-unit independent living community in the Orange County submarket of Costa Mesa. The community was built in 1990. The seller was a local family that acquired the community in 1995 and has operated it since. The buyer is an East Coast-based private equity firm. The community was 68 percent occupied at the time of sale. The purchase price equates to $169,000 per unit. Jacob Gehl and Gideon Orion of Blueprint were lead advisors on the transaction.

August 11, 2016

California Retail Western

CBRE Negotiates $7.9M Sale of Retail Center in Torrance

by Nellie Day August 11, 2016

TORRANCE, CALIF. — CBRE has arranged the sale of the Artesia & Prairie Center, a triple-net-leased retail property located at 3931 and 3971 Artesia Blvd. in Torrance. A local private investor acquired the property from Makena Great American Prairie for $7.9 million. At the time of sale, the center was 100 percent leased to 12 tenants. Alex Kozakov and Patrick Wade of CBRE represented the seller, while Lee & Associates represented the buyer in the deal.

August 11, 2016

Retail Washington Western

Capital Pacific Arranges $19.3M Sale of Marketplace at Lynden in Washington

by Nellie Day August 11, 2016

LYNDEN, WASH. — Capital Pacific has arranged the $19.3 million sale of The Marketplace at Lynden, a 70,442-square-foot shopping center located in Lynden. Safeway anchors the fully occupied property, located at the corner of Guide Meridian and Birch Bay-Lynden Road. Capital Pacific secured a West Coast-based private buyer to complete the acquisition. The seller was undisclosed.

August 11, 2016

California Loans Multifamily Seniors Housing Western

CBRE Negotiates Refinancing of 84-Unit Independent Living Community Near Sacramento

by Nellie Day August 11, 2016

GRASS VALLEY, CALIF. — CBRE has arranged the refinancing of Hilltop Commons, an 84-unit independent living community in the Sacramento suburb of Grass Valley. The total value of the loan was not disclosed. Sacramento-based Ray Stone Inc. operates the community and is the borrower. The fixed-rate loan was secured through Fannie Mae. Aron Will of CBRE National Senior Housing and Kevin Randles of CBRE’s Debt and Structured Finance office in Sacramento arranged the financing.

August 11, 2016

New Jersey Northeast Office Top Stories

Korean Investor Buys 760,000 SF Office Campus in New Jersey for $305M

by Nellie Day August 11, 2016

PLAINSBORO, N.J. — Hana Asset Management Co., a Korean investor, has purchased a 762,000-square-foot office campus in New Jersey for $305 million. The Class A campus is located in Plainsboro, approximately midway between Philadelphia and New York City and nearby to Princeton University. The 58-acre property was originally built for Merrill Lynch in 1985. Novo Nordisk currently occupies 563,000 square feet of the campus, with expansion rights through April 2031, no termination rights and a 10-year renewal option. The pharmaceutical company has occupied the campus since 2013, when the property underwent a full redevelopment. The acquisition marks the largest single-asset sale in New Jersey so far in 2016, according to Cushman & Wakefield’s Metropolitan Area Capital Markets Group, which represented the seller. The firm’s Andrew Merin, David Bernhaut, Gary Gabriel and Brian Whitmer executed the transaction on behalf of a partnership between Ivy Equities, LCOR Inc. and Intercontinental Real Estate Corp. Ken Lorman of Lee & Associates represented the buyer. John Alascio, Alexander Hernandez and Alex Lapidus of Cushman & Wakefield Equity, Debt & Structured Finance’s team arranged acquisition financing and future funding for Novo Nordisk’s planned expansion at the campus. The campus is situated in the Princeton Forrestal Center …

August 11, 2016

Market Reports Michigan Midwest Midwest Market Reports Retail

Michigan Retailers Are Expanding, Rents Are Growing, Investors Are Capitalizing

by Christina Cannon August 11, 2016

Chances are you have read the stories in the news lately about the challenges facing Michigan, the City of Detroit, or more recently the state’s seventh largest city, Flint. Between the chronicles of a once ailing automotive industry, the Chapter 9 bankruptcy filing by the City of Detroit in 2013 — the largest municipal bankruptcy in history — and most recently lead-tainted city water in Flint, there have been dozens of national headlines, sharp sound bites, and a litany of negative press coverage over the past few years. In short, over the past decade we have witnessed a roller coaster of economic events that have created a rather palpable investor stigma for Detroit and the State of Michigan as a whole. Despite the negative tone surrounding investment opportunities in Michigan, the state’s strong commercial real estate market is creating value for investors acquiring retail assets. Historically, Michigan shopping centers have traded at cap rates 50 to 100 basis below their national peers. Is this discount still warranted? Tide turns in Great Lakes As a brokerage firm dedicated to the sale of investment properties and retail tenant representation, Landmark Investment Sales and its parent company, Landmark Commercial Real Estate Services Inc., …

August 11, 2016

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