Property Type

NAI Realvest Brokers $3.7M Sale of Three Industrial Facilities in Orlando

by John Nelson February 26, 2015

ORLANDO, FLA. — NAI Realvest has brokered the $3.7 million sale of three industrial facilities totaling 63,000 square feet at the Airport Industrial Center. The assets, which are located at 7452-7466 Narcoossee Road in southeast Orlando, were fully leased at the time of sale. The purchase also included outdoor storage space. Drew Saphos, Christie Alexander, George Livingston, Michael Heidrich and Kristen Kemp of NAI Realvest represented the seller, Boston-based BIEL, REO LLC, in the transaction. The buyer was San Francisco-based IC BP III Holdings XII LLC.

February 26, 2015

Georgia Retail Southeast

Coro Realty Brokers Sale of Retail Center in Metro Atlanta

by John Nelson February 26, 2015

SANDY SPRINGS, GA. — Coro Realty Advisors LLC has brokered the sale of Sandy Springs Crossing, a 133,324-square-foot retail center located at the intersection of Roswell and Abernathy roads in Sandy Springs, a suburb of Atlanta. LA Fitness anchors the center, and other tenants include Rockler Woodworking, Salons by JC, Gwinnett College, Hinton’s Wines, Bride Beautiful and Nori Nori Japanese Restaurant. G&I VII RCG Sandy Springs LLC, an investment fund advised by RCG Ventures, purchased the property for an undisclosed amount. Joe Montgomery and Tony D’Ambrosio of Colliers International represented the unnamed seller in the transaction. RCG Ventures was represented internally by Matt Klump.

February 26, 2015

Market Reports Midwest Midwest Market Reports Missouri Office

A New Round of Office Development Appears Imminent in Metro St. Louis

by Danielle Everson February 26, 2015

The big story in the St. Louis office market is that available Class A space continues to become more scarce. As we watch the larger blocks of space being absorbed, and as Class A asking rates continue to increase, the probability for new development seems inevitable, leaving some property owners wondering if they should move forward and build. Although little new office construction is underway, the tightening market has undoubtedly prompted conversations. Expect projects to surface once developers land their first major tenant. The most likely submarkets for new development are in Clayton and West County, where many tenants requiring more than 25,000 contiguous square feet of office space are looking. You cannot have a full recovery for office occupancy until employment increases and the abundance of empty desks is absorbed. The local unemployment rate reached its peak of 10.9 percent in February 2010. The good news is that the unemployment rate hit a six-year low of 5.4 percent in October 2014. This significant drop can be attributed to the gain of over 11,000 jobs since January 2014 in the professional and business services sector. The St. Louis office market ended the year at a 10.5 vacancy rate, with Class …

February 26, 2015

California Multifamily Western

Lemon Grove Apartment Building Sells for $3M

by Nellie Day February 26, 2015

SAN DIEGO – A 24-unit apartment building in the San Diego submarket of Lemon Grove has sold to Phx CapI LLC for $2.9 million. The community is located at 1790 Dayton Drive. It was fully leased at the time of sale. Curtis Lockey of Voit Real Estate Services’ San Diego office represented both the buyer and seller, Limoncello LLC, in this transaction.

February 26, 2015

California Office Western

Klein and Wilson Law Firm Buys Office Building in Newport Beach

by Nellie Day February 26, 2015

NEWPORT BEACH, CALIF. – Law firm Klein and Wilson has purchased a 7,300-square-foot office building in Newport Beach for $2.9 million. The building is located at 4770 Von Karman, within the Newport Corporate Plaza. The seller, Kearny Real Estate Company, was represented by Joe Winkelmann of Voit. The building is one of five fee-simple buildings acquired by Kearny in June 2014. Klein Wilson was represented by Steve Economos of Jones Lang LaSalle.

February 26, 2015

California Industrial Western

Sasa Group Buys Office, Industrial Building in San Diego for $2.4M

by Nellie Day February 26, 2015

SAN DIEGO – The Sasa Group has acquired a 20,030-square-foot office/industrial property in San Diego for $2.4 million. The building is located at 720 Gateway Center Drive. It is 50 percent leased to Fresenius Medical Care. The buyer will occupy the other half of the building, which was constructed in 1988. Sasa was represented by Mark Lewkowitz of Colliers International. The seller, Urban League of San Diego, was represented by Bob Teglia and Brent Bohlken of Newark Grubb Knight Frank.

February 26, 2015

California Multifamily Western

Pacific Beach Apartment Building Sells for $2M

by Nellie Day February 26, 2015

SAN DIEGO – A 10-unit apartment building in the San Diego submarket of Pacific Beach has sold to Plotts Real Estate LP for $2 million. The community is located at 2030 Diamond Street. Plotts Real Estate was represented by Terry Moore of ACI Apartments. It acquired the property as part of a 1031 tax deferred exchange. The unnamed seller was represented by Ron Hammett of Hammett Properties.

February 26, 2015

California Retail Western

Planet Fitness Leases Space in Downtown LA

by Nellie Day February 26, 2015

LOS ANGELES – Planet Fitness has leased a 28,000-square-foot facility in Downtown Los Angeles. The space is located at 437 South Broadway Street. This lease represents the largest anchor tenant to come to Broadway since Urban Outfitters, according to Kennedy Wilson, which represented the landlord, Broadway Investments Group LLC. The property was built in 1942. It is currently 39 percent occupied. The remainder of the property includes two stories of available creative office space and 3,500 square feet of additional retail space aimed at fast-casual restaurant concepts like a juice bar or coffee house. Planet Fitness was represented by Lauren Smith-Hams Dressler of Crown Retail Services. The Kennedy Wilson team included Lee Shapiro and Justin Weiss.

February 26, 2015

Loans Multifamily New York Northeast

HFF Brokers $98.3M Sale, Financing for Greenwich Village Apartment Building

by Amy Works February 26, 2015

NEW YORK CITY — HFF has arranged the sale of The Nathaniel, an 85-unit residential building located at 138 E. 12th St. in Manhattan’s Greenwich Village neighborhood. The firm also arranged financing for the $98.3 million acquisition. Wafra Residential Value Invest I, a fund managed by Wafra Investment Advisory Group Inc., purchased the asset from YYY Third Avenue LLC, a joint venture affiliate of Joy Construction Corp. Designed by Karl Fischer Architect and built in 2014, the nine-story, 49,741-square-foot property features 10,000 square feet of ground-floor retail space, 8,000 square feet of below-grade retail space, floor-to-ceiling windows, a 24-hour doorman, resident lounge with TV/media center and billiards, rooftop reflecting pool, sunset terrace, fitness center and bike storage. Andrew Scandalios, Erin Anton, Jose Cruz, Jeffrey Julien and Rob Hinckley of HFF represented the seller in the transaction. Steven Klein and Jennifer Keller, also of HFF, arranged the acquisition financing for the borrower.

February 26, 2015

Loans Multifamily New York Northeast

Oak Grove Capital Arranges $82M Loan for Manhattan Apartment Building

by Amy Works February 26, 2015

NEW YORK CITY — Oak Grove Capital has arranged $82 million in refinancing for 33 West End Avenue Apartments, a 211-unit apartment building located on Manhattan’s Upper West Side. The floating-rate loan has a 20-year term with a 35-year amortization and a one-year lockout. The 25-story apartment building features a variety of amenities, including 24-hour concierge services, a fitness center, a tenant lounge, shuttle services to the train station, in-unit and ground-floor laundry rooms and an outdoor terrace. C.W. Early of Oak Grove Capital arranged the Fannie Mae loan for the borrower, Atlantic Development.

February 26, 2015

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