Property Type

Shorenstein Buys Champion Station Office, R&D Campus in San Jose

by Jaime Lackey October 1, 2014

SAN JOSE, CALIF. — Shorenstein Properties LLC has acquired Champion Station, a 426,000-square-foot office and R&D campus in North San Jose, for an undisclosed sum. The low-rise campus is located at 110-180 West Tasman Drive. The acquisition includes the first phase of the station, which contains four buildings that are fully leased to Cisco on a short-term basis. The property is located less than two miles from Levi’s Stadium, the new home of the San Francisco 49ers. The seller was TMG Partners. Champion Station is the first investment completed by Shorenstein Realty Investors Eleven, a closed-end investment fund formed earlier this year with $1.22 billion in committed capital from Shorenstein and its investors.

October 1, 2014

Arizona Office Western

American Traffic Solutions Leases Space at Waypoint Office Campus in Mesa

by Jaime Lackey October 1, 2014

MESA, ARIZ. — American Traffic Solutions has leased Building One at Waypoint office campus in Mesa. The building is located near Phoenix Sky Harbor International Airport and Mesa Riverview, on the borders of Mesa, Scottsdale and Tempe. Waypoint office campus will be a two-building, Class A office campus. The second 150,000-square-foot building will soon be under construction. The landlords, Lincoln Property Company and Harvard Investments, are represented by CBRE’s Dave Carder, Luke Walker and Eric Schultz.

October 1, 2014

Midwest Minnesota Multifamily

M&M Arranges $4M Sale of 24-Unit Apartment Portfolio

by Danielle Everson October 1, 2014

MINNEAPOLIS — Marcus & Millichap has arranged the $4 million sale of a 24-unit apartment portfolio located in Minneapolis. The Billman portfolio near the University of Minnesota consists four properties located at 942 15th Ave. S. Josh Talberg of Marcus & Millichap’s Minneapolis office along with Garrett Nichols, Michael DiSimone and Sean Rosenzweig, of the firm’s Los Angeles office represented the seller, a limited liability company. John Bailey and Bill Bailey of Marcus & Millichap’s Chicago downtown office represented the buyer, a limited liability company.

October 1, 2014

Industrial Utah Western

Lofgren Distribution Warehouse in Salt Lake City Trades Hands

by Jaime Lackey October 1, 2014

SALT LAKE CITY — Lofgren Distribution Warehouse, a 40,328-square-foot industrial building in Salt Lake City, has sold to Engineered Wall Systems (EWS) for an undisclosed sum. The building is located at 250 West 2855. The exterior wall panel systems provider will use the facility as its new company headquarters. EWS was represented by Kelsie Akiyama of Newmark Grubb ACRES. The seller, Lofgren Funiture, was represented by Robert Kingsford of Newmark Grubb ACRES.

October 1, 2014

Loans Multifamily New York Northeast Office

Meridian Capital Arranges $228.5M Construction Loan for Flatotel Conversion

by Amy Works October 1, 2014

NEW YORK CITY — Meridian Capital Group has arranged $228.5 million in construction financing for the condominium conversion of the former Flatotel hospitality property in New York City. A partnership between Chetrit Group and Clipper Equity plan to convert the asset, which is located at 135West 52th St., into a five-story boutique office condominium and a 37-floorluxury residential condominium property. The 55,000-square-foot office component will be located on floors two through seven and approximately 109residential units will span floors eight through 47. The total project is estimated to cost $300 million. Aaron Birnbaum and Emanuel Westfried of Meridian’s New York City headquarters negotiated the two-year, non-recourse, interest-only loan, which features a floating LIBOR-based interest rate and a one-year extension option.

October 1, 2014

Connecticut Multifamily Northeast

IPA Arranges $75.1M Apartment Community Sale in Stamford

by Amy Works October 1, 2014

STAMFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Cornerstone at Bedford in Stamford. Delaware-based Cornerstone Apartments Property Owner LLC purchased the 368-unit apartment community for $75.1 million or $204,000 per unit. Located at 1425-1435 Bedford St., the 13-story property features a swimming pool with sundeck, a fitness center, a clubroom, a business center, a play area and a picnic area with gas grills. Steve Witten and Victor Nolleti of IPA, along with Eric Pentore of Marcus & Millichap, represented the seller, Fairfield Bedford LLC, in the transaction.

October 1, 2014

Multifamily New York Northeast

JV Acquires Brooklyn Multifamily Property for $17.5M

by Amy Works October 1, 2014

NEW YORK CITY — A joint venture partnership between The Kalikow Group and MKRO I LLC, an equity venture fund between Massey Knakal and RiverOak Investment Corp., has acquired a six-story multifamily building located at 68 Richardson St. in Brooklyn’s Williamsburg neighborhood. The partnership purchased the asset for $17.5 million from Dabby Investments. Located near McCarren Park, the 32,500-square-foot property features 24 residential units and one ground-floor commercial space. The new owner plans to renovate the building’s façade and common areas, as well as the individual apartment units.

October 1, 2014

Northeast Pennsylvania Retail

CBRE Arranges Sale of 115,359 SF Shopping Center

by Amy Works October 1, 2014

KUTZTOWN, PA. — CBRE has arranged the sale of Weis Plaza, which is located at 15260 Kutztown Road in Kutztown. New York City-based Nassimi Realty LLC purchased the property from Cincinnati-based Phillips Edison Fund III for an undisclosed price. Constructed in 1972, the 115,359-square-foot shopping center is anchored by a 56,614-square-foot Weis Markets and was 77 percent leased at the time of sale. Additional tenants include Dollar General, Once Again Thrift Store, National Auto Stores and RadioShack. Brad Nathanson of CBRE’s Conshohocken, Pa., office represented the seller in the transaction.

October 1, 2014

Mixed-Use New Jersey Northeast

NAI Hanson Brokers Sale of 2,000 SF Mixed-Used Building

by Amy Works October 1, 2014

RIDGEFIELD PARK, N.J. — New Jersey-based NAI Hanson has brokered the sale of a mixed-use building located in Ridgefield Park. Korean District of the Christian and Missionary Alliance purchased the 2,000-square-foot property, which is located at 169 Main St., for an undisclosed price. The buyer plans to use the property to expand its ministry. The property features 1,000 square feet of ground-floor retail space and two second-floor residential apartments. Anthony Cassano of NAI Hanson represented the seller, Carol Avlon, in the transaction.

October 1, 2014

Florida Retail Southeast

Marcus & Millichap Brokers $22.5M Sale of Gateway to Miami Beach

by John Nelson October 1, 2014

MIAMI BEACH, FLA. — Marcus & Millichap has brokered the $22.5 million sale of The Gateway to Miami Beach, two net-leased retail buildings totaling more than 18,000 square feet in Miami Beach. The property is located at 1100 5th St. on the southeast corner of 5th Street and Alton Road in South Beach’s South of Fifth (SOFI) neighborhood. The two net-leased buildings are fully leased to Pier 1 Imports and Burger King. Scott Sandelin of Marcus & Millichap’s Miami office represented the seller, a Miami Beach-based limited liability company, in the transaction. Jonathan Gerszberg of Marcus & Millichap’s Miami office secured the buyer, a private investor based in New York.

October 1, 2014

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