more_sales_and_leases

BRC Brokers 92,000 SF Industrial Lease in Riverside, N.J.

by Haisten Willis April 5, 2017

RIVERSIDE, N.J. — Bussel Realty Corp. (BRC) has brokered a 92,000-square-foot industrial lease for Keymar Warehouse Inc. at 301 W. Washington St. in Riverside. The leased space is part of a 250,000-square-foot industrial property. Leo Esses and David Posner of BRC represented the landlord, Remy Investments LLC, in the transaction. Colliers International represented Keymar Warehouse. The property, 301 W. Washington St., is located near Exit 5 of the New Jersey Turnpike and I-295. It features 18-foot to 24-foot ceiling heights, 15 tailboards and two drive-in doors for loading. The property has 100,000 square feet of space available, and an additional 100,000 square feet of new space can be constructed on the site.

April 5, 2017

California Industrial Office Western

TA Realty Sells 45-Property Industrial, Office Portfolio for $854.5M

by Jeff Shaw April 4, 2017

LOS ANGELES, DALLAS, CHICAGO AND WASHINGTON, D.C. — Boston-based investment management firm TA Realty, acting on behalf of The Realty Associates Fund IX LP, has sold a 45-property industrial and office portfolio for $854.5 million to Brookfield-managed real estate funds. The industrial and office properties in the portfolio total 8.6 million square feet across 12 states. The majority of the properties are leased to investment-grade tenants in Los Angeles, Dallas, Chicago and Washington, D.C. The full list of properties was not released. The Realty Associates Fund IX LP is a commingled fund with $1.49 billion in equity capital. According to CoStar Group, among the Brookfield funds reported to be the buyers is its core real estate investment fund, Brookfield Premier Real Estate Partners, which launched last November. By the end of 2016, Brookfield had raised more than $1 billion for the fund. TA Realty is still pursuing sales of the fund’s remaining assets through individual and pooled transactions, according to managing partner Tom Landry. “We believe the outcome of this transaction represents an attractive risk-adjusted return on invested capital, and we look forward to distributing the proceeds to our investors,” says Landry. JLL represented TA Realty in the transaction. Nicole Dutra …

April 4, 2017

Multifamily New York Northeast

Rosewood Realty Brokers $31.5M Sale of Apartment Properties in NYC

by Haisten Willis April 4, 2017

NEW YORK CITY — Rosewood Realty has brokered the $31.5 million sale of two apartment properties in Queens. A local investor purchased the contiguous properties, which are located at 71-05 and 71-11 37th Ave. in the Jackson Heights neighborhood. Benson Co. was the seller. The six-story buildings, which were built in 1920, include a combined 106 apartments and span 85,856 square feet. The average rent at the properties is $1,477 per month. Aaron Jungreis of Rosewood Realty Group represented both the buyer and seller in the transaction.

April 4, 2017

Industrial New York Northeast

ABC Carpet & Home Leases 78,000 SF Industrial Space in NYC

by Haisten Willis April 4, 2017

NEW YORK CITY — ABC Carpet & Home has leased 78,000 square feet in Industry City, the 16-building, 6 million-square-foot innovation and manufacturing complex located in the Sunset Park neighborhood in Brooklyn. ABC Carpet & Home, a New York-based seller of home goods, is consolidating its operations — currently located in Hackensack, N.J., and the Bronx — into the space at Industry City’s building 19. Industry City’s director of leasing, Kathe Chase, led the deal alongside Chase Welles of The Shopping Center Group, which was brought onto the project to lease the property’s ground-floor spaces. ABC Carpet was represented internally.

April 4, 2017

Georgia Mixed-Use Office Southeast

Hines, Cousins Sign Office Lease with Spaces at Avalon in Metro Atlanta

by John Nelson April 4, 2017

ALPHARETTA, GA. — Hines and Cousins Properties have executed a 34,000-square-foot, 11-year lease transaction with Spaces, a co-working office space provider owned by Regus. Spaces will occupy the first two floors of 8000 Avalon, a nine-story, 224,000-square-foot office building underway within Boulevard East, the second phase of the Avalon mixed-use development in Alpharetta. Hines and Cousins entered into a joint venture to develop the $73 million office building, which will also be home to Microsoft. David Demarest, Brannan Moss and Jennifer Ziegler of JLL represented Spaces in the lease deal. In other Avalon news, Apple has confirmed plans to relocate the Apple Store at nearby North Point Mall to Boulevard East. The new store will open at 10 a.m. on Thursday, April 13.

April 4, 2017

Florida Multifamily Southeast

Berkadia Brokers $19.4M Sale of Multifamily Community in Orlando

by John Nelson April 4, 2017

ORLANDO, FLA. — Berkadia has arranged the $19.4 million sale of The Park at Salerno, a 200-unit multifamily community located at 2100 S. Conway Road in Orlando. Tampa-based Palm Harbor Property Holdings LLC sold the asset to a partnership between Reno, Nev.-based Goldelm at Salerno LLC and Jacksonville, Fla.-based Michaelson Real Estate Group. Community amenities at The Park at Salerno include a clubhouse, coffee bar, resident lounge, business center, fitness center, two pools, tropical landscaping, planned social activities and gated access.

April 4, 2017

North Carolina Retail Southeast

Kite Realty Adds Hobby Lobby, Opens Stein Mart at Shopping Center in Metro Raleigh

by John Nelson April 4, 2017

CARY, N.C. — Kite Realty Group Trust has signed a lease with Hobby Lobby and opened a new Stein Mart store at Parkside Town Commons, a two-phase shopping center located at the intersection of North Carolina Highway 55 an Interstate 540 in Cary. The 50,000-square foot Hobby Lobby and 32,000-square foot Stein Mart join existing retailers including Target, Harris Teeter, Frank Theatres CineBowl & Grille, Petco, Golf Galaxy and Guitar Center. The signing of Hobby Lobby puts the second phase of Parkside Town Commons at 90 percent leased.

April 4, 2017

Midwest Ohio Retail

Cooper Commercial Arranges $13.1M Sale of Shopping Center in Aurora, Ohio

by Kristin Harlow April 4, 2017

AURORA, OHIO — The Cooper Commercial Investment Group has arranged the sale of Barrington Town Center in Aurora, about 30 miles southeast of Cleveland, for $13.1 million. The 112,631-square-foot shopping center is shadow anchored by Heinen’s Grocery and is home to Cinemark, Dollar Tree, University Hospitals, Howard Hanna, Great Clips, Pizza Hut, The UPS Store, Subway and GNC. Dan Cooper of Cooper Commercial represented the institutional seller and secured the buyer, a private investment group based in the Northwest.

April 4, 2017

California Multifamily Western

The Bascom Group Acquires Villas at Tustin Apartments in Santa Ana for $94M

by Nellie Day April 3, 2017

SANTA ANA, CALIF. — The Bascom Group has purchased the 406-unit Villas at Tustin Apartments in Santa Ana for $94 million. The community is located at 2414 N. Tustin Ave. It was built in 1972. The property has access to the 55, 22, 91, and 5 freeways. Notable employers in the area include Xerox, T-Mobile and CoreLogic. HFF’s Sean Deasy and Ryan Fitzpatrick executed the transaction. The firm also arranged a $66.5 million loan with California Bank & Trust in connection with the sale.

April 3, 2017

California Office Western

Hudson Pacific Properties Sells Santa Monica Office Building for $35M

by Nellie Day April 3, 2017

SANTA MONICA, CALIF. — Hudson Pacific Properties has sold a 50,687-square-foot office building in Santa Monica for $35 million. The sale included the redeveloped property and related development land. The firm will use the net proceeds from the sale toward its pending acquisition of Hollywood Center Studios, which is expected to close on May 1.

April 3, 2017

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