Property Type

Crestview-Garden-Apartments-Tryko-Partners

Tryko Partners Acquires 184-Unit Multifamily Community

by Amy Works October 3, 2014

NEW CASTLE, PA. — Brick, N.J.-based Tryko Partners has acquired Crestview Garden Apartments, located at 1139 Pin Oak Dr. in New Castle, for an undisclosed price. The apartment community features 184 affordable residential units. Tryko plans to immediately invest $1 million in improvements to the property, including common area renovations, a new property-wide security system, and kitchen and bathroom improvements in individual units. CBRE Capital Market’s Philadelphia office arranged financing for the acquisition through TriState Capital Bank. Tryko Partners is a private equity real estate group that specializes in project-based Section 8 Homeowners Assistance Program transaction and property repositionings.

October 3, 2014

Connecticut Multifamily Northeast

Marcus & Millichap Arranges $4.45M Multifamily Property Sale

by Amy Works October 3, 2014

SEYMOUR, CONN. — Marcus & Millichap has arranged the sale of Maplewood Commons, a 50-unit apartment property located in Seymour. Built in 1970, the garden-style apartment community consists of four detached wood-frame buildings. The buyer plans enhance the property with modest kitchen, bath and hallway upgrades. Blake Barbarisi, Adam Mancinone and Gary Witten of Marcus & Millichap’s New Haven, Conn., office listed the property on behalf of the seller, a limited liability company and secured the buyer, a private investor.

October 3, 2014

Industrial Northeast Pennsylvania

KarMar Realty Group Brokers Sale of 24,000 SF Flex Building

by Amy Works October 3, 2014

ASTON, PA. — KarMar Realty Group has brokered the sale of a flex building, located at 2626 Market St. in Aston. Keenan Auto Body purchased the property from I&I Sling Inc. for an undisclosed price. Situated on 1.93 acres, the 24,000-square-foot property features 20-foot ceilings, two tailgate docks, heavy power, ample parking and gas heat. Donald Grimes of KarMar Realty Group represented the seller in the transaction.

October 3, 2014

California Retail Western

Inglewood Plaza Shopping Center Sells for a Total of $27.4M

by Jaime Lackey October 2, 2014

INGLEWOOD, CALIF. — Inglewood Plaza, a 101,329-square-foot community shopping center in the Los Angeles submarket of Inglewood, has sold to two buyers for a total of $27.4 million. The four-building center is located at 3100 – 3180 W. Imperial Highway. Three of the plaza’s four buildings sold to CCPT IV for $25.1 million. These buildings contain a total of 96,874 square feet. The remaining 4,455-square-foot building sold to G3H Investments LLC for $2.3 million. The seller, Howard Building LLC, was represented by Darrell Levonian, Justin D. Mendelson and Fred A. Sheriff of Charles Dunn Company. The team also worked directly with the two buyers. The center was built in 2008. It is situated near the Hollywood Park redevelopment project. That site will eventually include a hotel, renovated casino, offices, residences and two lakes.

October 2, 2014

California Multifamily Western

La Mesa Apartment Building Sells for $2M

by Jaime Lackey October 2, 2014

SAN DIEGO – A 12-unit apartment building in the San Diego submarket of La Mesa has sold to Ginsburg Family Trust for $1.9 million. The community is located at 4345 Lowell Street. The trust was represented by Aaron Bove of Marcus & Millichap’s San Diego office. The seller was Wahl Property Group LLC & Wahl Parker LLC.

October 2, 2014

Arizona Industrial Western

Elontec Leases Space at Freeport Industrial Center in Phoenix

by Jaime Lackey October 2, 2014

PHOENIX — Elontec has leased 28,231 square feet of space at Freeport Industrial Center in Phoenix. The center is located at 5502 W. Buckeye Ave. The female-owned office furniture, relocation and cabling company will be consolidating and relocating from nearby 5402 W. Roosevelt Street. The new lease brings the 103,400-square-foot center to full occupancy. Elontec was represented by Ted Liles of Cresa. The landlord, Environmental Development, was represented by Justin LeMaster, Mike Gilbert and Paul Sweetland of Cushman & Wakefield’s industrial division.

October 2, 2014

Arizona Restaurant Retail Western

Popeyes Louisiana Kitchen to Open New Tempe Location

by Jaime Lackey October 2, 2014

TEMPE, ARIZ. — Popeyes Louisiana Kitchen will open a new 23,000-square-foot location at Elliot Plaza in Tempe. The new space will be located at the southwest corner of Elliot Road and Priest Drive. Popeyes’ second Tempe location is scheduled to open by the end of this year. The chain was represented by Velocity Retail Group. The landlord, TPP JV Maricopa LLC, was represented by Cliff Johnston, John Appelbe, Brad Douglass and Chris Hollenbeck of Cassidy Turley. Popeyes was founded in New Orleans in 1972. It is the world’s second largest quick-service chicken concept.

October 2, 2014

California Retail Western

New Retail Team Joins CBRE Ontario

by Jaime Lackey October 2, 2014

ONTARIO, CALIF. — A new retail duo has joined CBRE’s Ontario office. Ryan Gast and Dan Samulski will focus on projects of more than 100,000 square feet throughout the Inland Empire. The team has represented a variety of landlords in shopping centers throughout Southern California.

October 2, 2014

Multifamily Texas

NorthMarq Negotiates $28.5 Million Refinancing of Apartment Complex in Metro Houston

by Haisten Willis October 2, 2014

PEARLAND, TEXAS — NorthMarq Capital has arranged the $28.5 million refinancing of The Reserve at Tranquility Lake, a 314-unit apartment complex in Pearland, southeast of Houston. Greg Duvall of NorthMarq arranged financing. The 10-year loan includes a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.

October 2, 2014

Office Texas

Business Center Changes Hands in Metro Dallas

by Haisten Willis October 2, 2014

GRAPEVINE, TEXAS — Carpenter Business Center, a 15,064-square-foot office/medical building located at 1340 Main St. in Grapevine has been sold to a local investor. The property, 20 miles northwest of Dallas, sits near the DFW International Airport. Mark Boone of Realty Capital management represented the seller in the transaction. Realty Capital is the property manager at Carpenter Business Center.

October 2, 2014

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