Property Type

Marcus & Millichap Brokers $2M Sale of West Harlem Apartment Building

by Amy Works November 19, 2014

NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 533 W. 142nd St. in New York City’s West Harlem neighborhood. The seven-unit building sold for $2 million. The property has been completely renovated to turnkey condition and is now 100 percent free market. Peter Von Der Ahe, Scott Edelstein, Matthew Fotis and Seth Glasser of Marcus & Millichap’s Manhattan office represented the seller, a private investor, and the buyer, a private investor, in the transaction.

November 19, 2014

Civic New Jersey Northeast

CBRE Group Brokers $1.24M Sale of New Jersey Church Facility

by Amy Works November 19, 2014

PLAINFIELD, N.J. — CBRE Group has brokered the sale of 1020 West Seventh St. in Plainfield. The 14,632-square-foot church facility sold for $1.24 million. The new owner plans to occupy the church, which includes a fellowship hall, kitchen, offices and classrooms. Charles Berger and Elli Klapper of CBRE Tri-State Investment Properties represented the seller in the transaction. Both the seller and buyer were not disclosed.

November 19, 2014

Industrial New Jersey Northeast

Bussel Realty Corp. Arranges 225,000 SF Industrial Lease in New Jersey

by Amy Works November 19, 2014

SOUTH BRUNSWICK, N.J. — Bussel Realty Corp. (BRC) has arranged the lease of 225,000 square feet of industrial space at 15 Thatcher Road in South Brunswick. Leo Esses of BRC represented the tenant and landlord, which were both undisclosed, in the transaction. The property features 30-foot ceiling heights, 36 trailer docks and one drive-in door for loading, ESFR sprinklers, 2,500 amps of electric power and more than 100 trailer and car parking spaces.

November 19, 2014

Hospitality Western

Strategic Hotels Buys Four Seasons Resort Scottsdale at Troon North for $140M

by Nellie Day November 19, 2014

SCOTTSDALE, ARIZ. — Strategic Hotels & Resorts has purchased the 210-room Four Seasons Resort Scottsdale at Troon North for $140 million. The AAA Five Diamond resort is located at 10600 E. Crescent Moon Drive. The transaction includes 13.8 acres of developable land that is zoned for an additional 88 rooms, among other things. The hotel features 22 suites, 24,000 square feet of indoor meeting space, a 14-treatment room spa, four food and beverage outlets and contractual access to 36 holes of championship golf at the adjacent Troon North Golf Club. Four Seasons will continue to manage the property. The seller was an affiliate of Walton Street Capital.

November 19, 2014

Industrial Maryland Southeast

Chesapeake Real Estate Group Breaks Ground on Warehouse/Distribution Center in Baltimore County

by John Nelson November 19, 2014

WHITE MARSH, MD. — Chesapeake Real Estate Group LLC has begun construction on a speculative 100,685-square-foot warehouse/distribution center located at 11501 Pocomoke Court in White Marsh, an unincorporated community in Baltimore County, roughly 12 miles northeast of Baltimore. The property will be located in the Baltimore Crossroads @95 business community, a 1,000-acre mixed-use business park. Carpet Consultants, a provider of residential and commercial flooring products, signed a lease with Chesapeake for roughly 18,000 square feet of space, or 20 percent of the building. The company will relocate its entire operation to the project upon completion. The property will feature 28-foot clear heights, 21 rear-loading docks, two drive-in doors, a 125-foot truck court and a surface parking lot. Chesapeake plans to deliver the property in the first quarter of 2015.

November 19, 2014

California Multifamily Western

Rockwell Condo Development Breaks Ground in San Francisco

by Nellie Day November 19, 2014

SAN FRANCISCO — Oyster Development Corp. and Tricon Capital have broken ground on Rockwell, a 260-unit condominium development in the Pacific Heights neighborhood of San Francisco. The twin, 13-story towers will be located at 1634-1690 Pine Street. The development will include a 4,000-square-foot, ground-floor retail component and one level of below-grade parking for 201 cars. The first tower is scheduled for completion in July 2016. Sales will commence next April. JLL’s John Manning and Alex Witt secured $143.5 million in construction financing for the project. It was provided by National Real Estate Advisors.

November 19, 2014

Alabama Multifamily Southeast

MHA Brokers $33.1M Sale of Birmingham Apartment Complex

by John Nelson November 19, 2014

BIRMINGHAM, ALA. — Multi Housing Advisors (MHA) has brokered the $33.1 million sale of Springs at Trussville, a 328-unit apartment community located at 3539 Mary Taylor Road in Birmingham. Jimmy Adams of MHA’s Birmingham office represented the seller, Continental 166 Fund LLC, in the transaction. The buyer was Somerset Partners LLC. Built in 2007, the gated apartment community features a clubhouse, car care center, 24-hour fitness center, resort-style pool and a business center with free WiFi and computer access.

November 19, 2014

California Multifamily Western

StarPoint Buys Lafayette Parc Apartments in West Covina for $51.7M

by Nellie Day November 19, 2014

WEST COVINA, CALIF. — StarPoint Properties has purchased the 259-unit Lafayette Parc Apartments in West Covina for $51.7 million. The community is located at 624 South Glendora Ave. Lafayette Parc was built in 1964. It is currently 97 percent occupied. Community amenities include seven pools, a fitness center, tennis and basketball courts, on-site laundry, barbecues and a picnic area. The renovation will focus on many common-area upgrades. The community will receive a new leasing office, an upgrade and expansion of the main pool, including cabanas and a new barbecue/lounge area, a new spa, a new fitness center to overlook the pool, a sand volleyball court, resurfacing of the existing basketball and tennis courts, and the installation of a soccer field, dog park and theatre. Lafayette Parc’s seller was not named.

November 19, 2014

Retail Southeast Tennessee

Landmark Brokers $22.8M Sale of Shopping Center in Tennessee

by John Nelson November 19, 2014

HIXSON, TENN. — Landmark Commercial Real Estate Services Inc.’s investment sales group has brokered the $22.8 million sale of Oak Park Town Center, a 178,384-square-foot shopping center in Hixson. The property’s tenant roster includes Marshalls, Gander Mountain, Burke’s, Office Depot, Petco and Shoe Carnival. A Walmart Supercenter shadow anchors the property. Kevin Baker and Daniel Kukes of Landmark Commercial Real Estate Services represented the buyer, a non-traded REIT, and the seller, a private developer based locally.

November 19, 2014

Georgia Retail Southeast

Crossman & Co. Brokers $8.8M Sale of Publix-Anchored Center

by John Nelson November 19, 2014

HOSCHTON, GA. — Crossman & Co. has brokered the $8.8 million sale of West Jackson Crossing, a Publix-anchored shopping center in Hoschton. The 68,649-square-foot center’s tenant roster includes Verizon Wireless, Pizza Hut and Great Clips. John Zielinski and Mark Thompson of Crossman & Co. represented the undisclosed seller in the transaction.

November 19, 2014

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