NEW YORK CITY — Besen & Associates has arranged the $7.6 million sale of 1185 Lebanon Street, a 73,000-square-foot, six-story apartment building located in the Morris Park section of The Bronx. The building includes 75 apartments, seven stores and roof antenna. Amit Doshi of Besen & Associates represented the seller in transaction, while Alex Frants also of Besen & Associates represented the buyer, a local private investor. Constructed in 1928, the property is located on the northwest corner of Morris Park Avenue. Average monthly rent per apartment is $914, with layouts that include 12 two-bedrooms, 54 one-bedrooms and nine studios.
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IRVING, TEXAS — CBRE has brokered the sale of Riverside Commons, a 460,297-square-foot office complex in Irving. The six-building, Class A property, which was 37 percent leased at the time of the sale, is located near the interchange of Riverside Drive and State Highway 114 in the Las Colinas submarket. Gary Carr, Eric Mackey, John Alvarado and Robert Hill of CBRE represented the unnamed seller in the transaction. Brookfield Property Group purchased the asset.
FRISCO, TEXAS — Marcus & Millichap has brokered the sale of a 21,361-square-foot net-leased property occupied by childcare provider Crème de la Crème in the Dallas suburb of Frisco. Located on 3.6 acres at 9375 Legacy Drive, the building is in close proximity to the Dallas North Tollway. At the time of the sale, 10 years remained on the original 15-year triple-net lease. Jason Vitorino of Marcus & Millciahp marketed the property on behalf of the seller, a Texas-based partnership. The asset received multiple offers, generating competition among potential investors and resulting in the seller accepting an offer greater than the listing price.
RICHARDSON, TEXAS — Colliers International has arranged a 25,000-square-foot office lease in the Dallas suburb of Richardson for software company HBS Systems. The tenant will move its headquarters from another property in Richardson to The Points at Waterview, located at 3400 Waterview Parkway, this summer. Daniel Rudd and Billy Vahrenkamp of Colliers represented HBS Systems in the negotiations. Bill Brokaw of Cushman & Wakefield represented the landlord, Cousin Properties. Howard Templin of Colliers is providing management services.
DALLAS — Spire Realty Group LP has arranged a 20,072-square-foot office lease in downtown Dallas for Callison, a global architecture and design firm. The tenant will occupy space at Bryan Tower, a 40-story, 1.1 million-square-foot office tower located at 2001 Bryan Street that is owned, managed and leased by Spire Realty. The property is situated in proximity to the Arts District, a Dallas Area Rapid Transport station and a stop of the M-Line trolley. Andrew Schendle and Allison Johnston of Spire Realty negotiated the lease. Charles Daggett and Stephen Hemphill of Mohr Partners represented the tenant.
SANTA BARBARA, CALIF. — Hersha Hospitality Trust has acquired the 122-room Hotel Oceana in Santa Barbara for $41.7 million. The resort is located at 202 W. Cabrillo Blvd. near Santa Barbara Harbor. The hotel reported a 92 percent occupancy rate in 2013. “We recently completed the sale of 16 non-core assets, and the completion of the Hotel Oceana acquisition is further indication of our commitment to prudently recycle capital,” says Jay H. Shah, Hersha’s CEO. “These initiatives have resulted in a refined pure play transient focused portfolio with exposure to the highest demand gateway markets in the United States. Together with our properties in San Diego, Los Angeles and the San Francisco Bay Area, the company’s West Coast assets are positioned to leverage solid growth fundamentals and limited supply growth in some of the leading markets on the West Coast.” The Oceana acquisition was funded with a portion of the net proceeds from the non-core portfolio sale. It included the assumption of $24.9 million in mortgage debt at a fixed rate of 4.4 percent that will mature in 2023.
LAS VEGAS — Falkor Properties has acquired a 42,246-square-foot retail building in Las Vegas for $6.3 million. The building is located at 5191 W. Charleston Blvd. Falkor was represented by Brendan Keating of The Equity Group. The seller, TME Red Rock Plaza, LLC, was represented by Cathy Jones, Paul Miachika, Jeff Berg, Mica Berg, Jessica Beall and Roy Fritz of Sun Commercial Real Estate.
HUNTINGTON BEACH, CALIF. – A 4,800-square-foot building in Huntington Beach that is triple-net leased to Bank of the West has sold to a 1031 exchange buyer for $4.3 million. The building is located at 6881 Warner Ave. The seller, Big Four, LLC, was represented by Charles DeSantis and Kyle Gulock of Charles Dunn Company.
SAN DIEGO — Gardena Gardens Apartments in Encinitas has sold to Stanford Descendent Trust for $3 million. The community is located at 1141-1195 Gardena Road in the San Diego submarket. It was fully occupied at the time of closing. The seller was the Rubalcaba Family Trust. The acquisition was executed as part of a 1031 exchange. The sale was executed by Eric Comer, Jim Neil and Merrick Matricardi of CBRE’s San Diego Multi-Housing investment team.
PUEBLO, COLO. — The 80-unit Aberdeen apartment complex in Pueblo has sold to an unnamed buyer for $2.6 million. The community is located at 900 W. Abriendo Ave. near Pueblo Community College. It was built in 1961. Jeff Johnson of Pinnacle Real Estate Advisors’ Johnson Ritter Team represented both the buyer and unnamed seller in this transaction.