MAPLEWOOD, MINN. — Marcus & Millichap has arranged the $1.6 million sale of a 9,600-square-foot retail property in Maplewood, a suburb of St. Paul. The shopping center, anchored by AutoZone, is located at 2420 White Bear Ave. The property was fully occupied by two tenants at the time of sale. Sean Doyle and Cory Villaume of Marcus & Millichap represented the seller, a limited liability company. Doyle and Villaume also represented the buyer, another limited liability company.
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WASHINGTON, ILL. — The Boulder Group has arranged the $1.2 million sale of a single tenant PNC Bank ground lease in Washington, a suburb of Peoria. The property is located at 1996 Freedom Pkwy. PNC Bank is the sole occupant of the 3,501-square-foot building, which is situated on a 1.3-acre outparcel. There are more than 14 years remaining on the ground lease, which expires in December 2028. The lease includes 14 percent rental escalations every five years throughout the primary term. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based individual. A private investor from the West Coast purchased the property.
WAYNE AND HACKENSACK, N.J. — Schuckalo Realty Corp. has brokered the sale of two buildings in New Jersey for $8.25 million. 280 Holdings LLC purchased 155 Willowbrook Boulevard, a 50,000-square-foot office building in Wayne, for $4.4 million, and 125 State Street, a 40,000-square-foot office building in Hackensack, for $3.85 million. At the time of sale, the property in Wayne was 90 percent occupied and the Hackensack property was 100 percent occupied. The buyer has retained Schuckalo Realty Corp. as the exclusive leasing agency and property manager.
ERIE, PA. — Federal Capital Partners, through its existing joint venture with Horizon Land Co., has purchased Valley Village in Erie. The 174-site manufactured home community is well located within the city and proximate to existing FCP/Horizon communities. The Valley Village acquisition brings the joint venture’s portfolio to a total of 19 mid-Atlantic communities with approximately 2,920 sites. Since closing the joint venture, FCP/Horizon has purchased nine communities representing approximately $80 million in value.
NEW YORK CITY — A joint venture between Witkoff Group, Winthrop Realty Trust, New Valley LLC, Maefield Development and Ian Schrager Company has named CBRE Group as the exclusive leasing agent for the retail portion of 20 Times Square. The 76,000-square-foot retail component features 200 linear feet of wraparound frontage at the corner of 47th Street and Seventh Avenue and a 25-foot tall glass storefront, as well as flexible floor sizes ranging from 10,700 to 14,700 square feet. The retail space will be one component of 20 Times Square, a mixed-use development that will include a 425-room Times Square EDITION hotel and 40,000 square feet of dining, entertainment and event space. Stephen Siegel, Andrew Goldberg and Susan Kurland of CBRE will oversee the leasing efforts for the property.
NEW YORK CITY — Thor Equities has acquired 36 East 61st Street, a townhouse located in New York’s Upper East Side. The seven-story, 15,900-square-foot building features 2,600 square feet on the lower level, 2,500 square feet on the ground floor and 3,600 square feet on the each of the remaining floors. Currently, the property is used as office space, but it offers both commercial and residential opportunities for tenants. The seller, a high net worth family, sold the property for an undisclosed price.
NEW YORK CITY — Marcus & Millichap (NYSE: MMI) has arranged the sales of two apartment buildings totaling $5.13 million in New York City. In the first transaction, a limited liability company sold 481 Saint Marks Avenue, a nine-unit apartment property located in Brooklyn for $1.88 million or approximately $360 per square foot. Patxi Colbern and Shaun Riney from Marcus & Millichap’s Brooklyn office acted on behalf of the seller. In the second transaction, Riney represented a limited liability company in the disposition of 533 Bergen Street, an eight-unit apartment property in Brooklyn. The asset sold for $3.25 million or approximately $463 per square foot.
SAN ANTONIO — CBRE has brokered the sale of The Landings at Brooks City-Base, a 300-unit multifamily complex in San Antonio. Constructed in 2012, the Class A property includes one- and two-bedroom apartments, as well as a swimming pool, fitness center, lounge and gaming area. The community, which is located at 7803 New Braunfels Ave. in the Southeast San Antonio submarket, was 97 percent occupied at the time of the sale. Ryan Epstein, Michael Wardlaw and Charles Cirar of CBRE represented the seller, Pensam Capital LLC, in the transaction. Brooks Apartments Associates Ltd. purchased the asset.
HOUSTON — NAI Houston has brokered the sale of a 58,000-square-foot industrial building in Houston’s Downtown Industrial submarket. Located at 5721 Harvey Wilson Drive, the property features office space, a storage yard, two grade-level doors and clear heights up to 22 feet. John Ferruzzo and Chris Kugle of NAI Houston represented the seller, NIFF LLC, in the transaction. Steven O’Conor and Marc Drumwright of Southwest Realty Advisors represented the buyer, Poroo Baker Investments LLC.
BURKBURNETT, TEXAS — ARA has brokered the sale of Burkburnett Residences, a 90-unit apartment property in Burkburnett, a northern Texas town just south of the state border with Oklahoma. Built in 2007, the community offers one-, two- and three-bedroom residences averaging 978 square feet, as well as a swimming pool, attached and detached garages and on-site storage space. Located at 1111 Red River Expressway, the complex is in proximity to area employers such as Sheppard Air Force Base and Midwestern State University and was 95.6 percent occupied at the time of the sale. Bart Wickard, Steven Hahn and Brian O’Boyle Jr. of ARA marketed the asset on behalf of the unnamed seller. Bozeman, Mont.-based Southwest Montana Properties purchased the property.