Property Type

Eastern Consolidated Arranges $8M Sale of SoHo Mixed-Use Property

by Amy Works November 9, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of a five-story, mixed-use property located at 61 Sullivan St. in SoHo. The Estate of Leo Rabkin sold the building for $8 million, or $1,470 per square foot, to a private investor experienced in townhouse conversions. The property consists of 5,474 square feet above grade; four floor-through, free-market residential rental apartments; ground-floor retail space; a 500-square-foot private garden; and 3,000 square feet of unused development rights. R. Stuart Gross, Peter Carillo and Jonathan Schwartz of Eastern Consolidated represented the seller, while Azita Aghravi, also of Eastern Consolidated, represented the buyer in the transaction. Chris Matousek of Eastern Consolidated served as analyst on the deal.

November 9, 2015

Connecticut Northeast Office

Coastal Construction Group Buys 5,000 SF Building in Connecticut

by Amy Works November 9, 2015

WESTPORT, CONN. — Coastal Construction Group LLC has acquired a mixed-use property located at 785 Post Road East in Westport. Situated on 2.5 acres, the 5,000-square-foot property sold for $1.2 million. The buyer plans to use the building for additional office space. Jon Angel of Angel Commercial represented the seller, George Essenfeld Trustee and Lewis Meriwether, in the transaction.

November 9, 2015

Retail Southeast Virginia

Marcus & Millichap Brokers $54.9M Sale of Walmart Neighborhood Market Portfolio

by John Nelson November 9, 2015

ATLANTA — Marcus & Millichap’s Atlanta office has brokered the $54.9 million sale of a portfolio of five Walmart Neighborhood Markets. Three of the stores are located in Roanoke, Va., one is in Lawton, Okla., and one is in Dell City, Okla. Russell Malayery, Drew Hines and Walter Chapman of Marcus & Millichap’s Atlanta office represented the buyer, a Florida-based private investor, in a 1031 exchange. The seller is a merchant developer. Tom Mann of Marcus & Millichap’s Tulsa, Okla., office is Marcus & Millichap’s broker of record in Oklahoma. Bryn Merrey of Marcus & Millichap’s Washington, D.C., office is the firm’s broker of record in Virginia. Wal-Mart Stores Inc. has a 20-year lease at all five stores.

November 9, 2015

North Carolina Office Southeast

Federal Capital Partners, Strategic Capital Partners to Develop Spec Office Building in Raleigh

by John Nelson November 9, 2015

RALEIGH, N.C. — Federal Capital Partners (FCP), along with joint venture partner Strategic Capital Partners (SCP), has acquired a development site near the I-40 and I-540 intersection in Raleigh. The joint venture partners have selected Brasfield & Gorrie to construct a new office building known as Forty540 at the development site, which is located in Raleigh’s RTP/I-40 office submarket. The five-story office building will span 198,481 square feet and will feature 41,000-square-foot floorplates for prospective tenants. FCP and SCP have retained Edward Pulliam, Brad Corsmeier and Lee Clyburn of CBRE|Raleigh to lease the office project. Brasfield & Gorrie expects to deliver Forty540 in the first quarter of 2017.

November 9, 2015

Hospitality Southeast Virginia

Songy Highroads Acquires Hyatt Hotel in Metro D.C.

by John Nelson November 9, 2015

FAIRFAX, VA. — An affiliate of Atlanta-based Songy Highroads LLC has purchased the Hyatt Fairfax at Fair Lakes in Fairfax, roughly 19 miles west of Washington, D.C. The 14-story hotel was constructed in 1989 and features 316 guestrooms, a 24-hour fitness center, heated indoor pool, jogging trails, the NoVa Market convenience store, patio for outdoor events and 9,000 square feet of meeting space, which includes a 4,140-square-foot ballroom. The hotel also features the NoVa Grill and NoVa Bar as dining options for guests. Songy Highroads plans to implement a $14 million renovation to the hotel, which will include updating the pool and fitness center, upgrading rooms and corridors to Hyatt Regency standards and converting 30 to 60 of the guestrooms into extended stay rooms. Future improvements could include enhancing the hotel entrance and adding new meeting space. Songy Highroads hired Ambridge Hospitality to manage the hotel.

November 9, 2015

North Carolina Retail Southeast

Inland Real Estate Corp., MAB Purchase Retail Center in Asheville MSA

by John Nelson November 9, 2015

WEAVERVILLE, N.C. — Inland Real Estate Corp. has formed a joint venture with MAB American Retail Partners LLC to acquire Weaverville Plaza, a 49,000-square-foot shopping center located in the Asheville suburb of Weaverville. The joint venture has signed a lease with Publix for the ground-up development of a new 49,000-square-foot grocery store at the property. The new owners also plan to invest roughly $21.6 million to redevelop the center, which will include demolition of existing retail space for the new Publix store, repositioning of in-line shop space and construction of a new outlot at the center. The completed redevelopment is expected to total approximately 139,000 square feet. Construction is expected to commence in the first quarter of 2016, with the new Publix store anticipated to open in 2017.

November 9, 2015

Retail South Carolina Southeast

SRS Brokers Sale of Walmart Neighborhood Market in South Carolina

by John Nelson November 9, 2015

ANDERSON, S.C. — SRS Real Estate Partners has brokered the sale of a newly constructed, 41,369-square-foot Walmart Neighborhood Market located at 2003 E. Greenville St. in Anderson. The store is situated at the northwest corner of Greenville Street and Reed Road directly across the street from AnMed Health Medical Center. Kyle Stonis, Pierce Mayson, and John Topping, Jr. of SRS’ Atlanta office represented the seller, Cypress Equities, in the transaction. The buyer, VEREIT Inc., was self-represented. The purchase price was undisclosed.

November 9, 2015

Illinois Midwest Office

GlenStar Properties Acquires 420,613 SF Office Complex in Bannockburn, Illinois

by Christina Cannon November 9, 2015

BANNOCKBURN, ILL. — GlenStar Properties has acquired a 420,613-square-foot office complex in Bannockburn, approximately 30 miles northwest of Chicago, for an undisclosed amount. Bannockburn Lakes is a Class A complex that is comprised of four buildings that are located at 2333, 2345, 2355 and 2201 Waukegan Road. The complex was previously owned by two different entities. Wells Fargo Bank sold buildings I, II and IV. Lonestar sold building III. GlenStar has plans for a $10 million capital improvement plan that includes renovating restrooms and common areas, repaving the parking lots, adding new signage and enhancing landscaping. GlenStar will also build a new amenity center that will feature food service, a tenant lounge, fitness center and conference center.

November 9, 2015

Midwest Minnesota Multifamily

Marcus & Millichap Arranges $2.1M Sale of Multifamily Property in St. Paul Suburb

by Christina Cannon November 9, 2015

COTTAGE GROVE, MINN. — Marcus & Millichap has arranged the sale of a 24-unit apartment property in Cottage Grove, a southeastern suburb of St. Paul. Cottage Grove Estates sold for $2.1 million and is located at 7505 79th St. South. The property consists entirely of three-bedroom / two-bathroom units. Each unit has an attached tuck under garage and two balconies. The complex was built in 1986 and was 100 percent occupied at the time of sale. Mox Gunderson, Dan Linnell and Annie Arneberg of Marcus & Millichap represented the seller, a private investor. Gunderson and Linnell also secured and represented the buyer, also a private investor.

November 9, 2015

Midwest Ohio Retail

CBRE Brokers Sale of Net-Leased Retail Building in Metro Cincinnati for $1.9M

by Christina Cannon November 9, 2015

NORTHGATE, OHIO — CBRE Group has arranged the sale of a long-term, net-leased Burger King restaurant in Northgate, 20 miles northwest of Cincinnati. The purchase price was $1.9 million. The 2,600-square-foot property is situated on an outparcel within the Northgate Mall development. Mall tenants include ULTA, Marshalls, Michaels, XScape Cinemas, hhgregg and Burlington Coat Factory. Hank Davis of CBRE represented the seller, Tabani Group. Barry Silver of Silver Group represented the undisclosed buyer. GPS Hospitality operates the Burger King.

November 9, 2015

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