BLOOMFIELD, N.J. — Marcus & Millichap has brokered the sale of an apartment building located at 210-214 Franklin St. in Bloomfield. The 49-unit property sold for $4.4 million. Nat Gambuzza and John Veniero of Marcus & Millichap represented the seller, a private investor, and secured the buyer, also a private investor, in the transaction.
RENO, NEV. — A privately held investment group has purchased the 350-unit Sundance West Apartments in Reno for $23.4 million. The community is located at 3285 Clover Way. Sundance West is situated near Washoe County Golf Course, Lakeridge Golf Course, Meadowood Mall, the Peppermill Resort Spa Casino and the Atlantis Casino Resort Spa. Kenneth Blomsterberg of Marcus & Millichap and Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of Institutional Property Advisors represented both the buyer and the unnamed seller in this transaction.
LOS ANGELES — Manhattan Towers, 309,734-square-foot office property in the Los Angeles submarket of Manhattan Beach, has sold for $96 million. The unnamed buyer acquired the two-building asset through an online auction at Auction.com. It was the largest single e-commerce transaction to date, according to Guinness World Records. Manhattan Towers is located at 1230 and 1240 Rosecrans Ave. It was built in 1985. The Guinness record was previously held by Mark Cuban, who purchased a Gulfstream V private jet for $40 million in 1999. The office property’s auction concluded July 22. The seller was CWCapital. Eastdil Secured brokered the deal.
SANTA ROSA, CALIF. — TruAmerica Multifamily and Intercontinental Real Estate have purchased the 287-unit Maribelle Apartment Homes in the Napa submarket of Santa Rosa for $59 million. The community is located at 750 Apple Creek Lane. Maribelle Apartments was built in 1987. It is the largest apartment community in Santa Rosa. The property is near US 101 and California State Highway 2. It will also be situated near the Santa Rosa Station of the Sonoma Marin Rail Transit Service once it’s completed. The partnership obtained a seven-year, interest-only, fixed-rate agency loan that was originated by Brian Eisendrath and Cameron Chalfant of CBRE Capital Markets.
CHULA VISTA, CALIF. — Castlerock Investments has purchased a 43,395-square-foot industrial park in Chula Vista for $6.7 million The park is located at 871 Harold Place in the San Diego submarket. Tracy Clark and Kimberly Clark of Voit Real Estate Services’ San Diego office represented the seller, Seymour/Lewis Development.
PORTERVILLE, CALIF. — Retail California, a division of Pearson Realty, has arranged two retail property sales in Porterville. The Stapleton Group sold two properties to Sage Investco Wood LLC for an undisclosed sum. The properties are a 2,400-square-foot retail building at 1132 W. Henderson Ave. and a 3,091-square-foot retail building at 1150 W. Henderson Ave. In both transactions, Nick Frechou of Retail California represented the buyer, while John Hale and Jason Alexander of Colliers International represented the seller.
It’s safe to say that the Rio Grande Valley, now also referred to as Rio South Texas, is one of the most dynamic and fastest growing regions in the state. The four-county region at the southernmost tip of Texas bordering Mexico and hugging the Gulf of Mexico consists of Hidalgo, Cameron, Starr and Willacy counties. With nine ports of entry, five international airports, a first-class deep water port, a population of over 1.2 million and three interstates, it is easy to see why the Rio Grande Valley is one of the largest trade corridors in the world. Growth in all aspects, including retail, office, medical, education, industrial and housing, brought nearly $700 million in construction permits for all of 2014. Retail Sales tax revenue being sent back to the cities continues to increase at a healthy pace. Walmart’s opening of 12 new stores in the region affirms the positive growth and the confidence in the valley. The impact a Super Walmart has is evident with a city’s sales tax revenue. Two new stores in Donna and Elsa increased local sales tax revenue 14 percent and 57 percent, respectively. Retail sales in the region continue to rise, showing the strength of …
WASHINGTON, D.C. — Akridge and Brandywine Realty Trust have partnered to develop 25M Street, a 275,000-square-foot trophy office asset in Washington, D.C.’s Capitol Riverfront district. The asset will be located at the corner of Half and M streets adjacent to Nationals Park, the ballpark for the Washington Nationals. Upon completion, the property will have a large modern lobby, 3,000-square-foot fitness center, rooftop terrace with views of the ballpark and 25,000 square feet of street-level retail, dining and entertainment space. HOK is the architect for the project, which will be located across from the Navy Yard Metro Station. Randy Harrell, Kevin Howard, Joe Coleman and Melissa Byrd of CBRE will be marketing the building on behalf of the partnership. Also underway adjacent to Nationals Park is F1RST, a multifamily and retail asset being developed by Grosvenor Americas.
WASHINGTON, D.C. — Hilton Worldwide and Hyatt Hotels Corp. plan to open a dual-branded, 413-room hotel at The Wharf, a mile-long waterfront mixed-use development in Washington, D.C. The brands include a 175-room Canopy by Hilton and a 238-room Hyatt House. The hotel site includes more than 30,000 square feet of street-level retail and restaurant space and two levels of below-grade parking. The asset will be located between Maine Avenue and Wharf Street, adjacent to 7th Street Park. Upon completion in the fall of 2017, the dual hotel will span 300,000 square feet and will include a cafe/bar and other dining options; 1,100-square-foot fitness center; 2,500 square feet of meeting room space; courtyard with outdoor terraces and water features; outdoor pool; and a rooftop bar with views of the Washington Channel. The penthouse will include an additional 10,000-square-foot lounge area with views of the Potomac River. Hoffman-Madison Waterfront is the master developer of The Wharf, and SmithGroup JJR is the architect of the dual-branded hotel property.
CHARLOTTE, N.C. — Terwilliger Pappas Multifamily Partners and Federal Capital Partners have teamed up to develop Solis Waverly, a 375-unit apartment community located in the Waverly master-planned development in south Charlotte. The community’s amenity package includes attached and detached garages, a fitness center, conference room, pet park and resort-style pool with a bar. Solis Waverly’s first one-, two- and three-bedroom apartments are expected to be completed by spring 2016. The general contractor for the project is Fortune Johnson. Waverly’s 90-acre plan includes a mix of retail, office, medical office and residential offerings. Novant Healthcare will open a facility at Waverly in the fall. Other tenants at Waverly will include Whole Foods Market, Modern Salon, Dresslers, Bad Daddy’s and Novanta Pizzeria Napoletana.
