more_sales_and_leases

O,R&L Commercial Negotiates Sale of Office, Industrial Complex in New Haven, Connecticut

by Amy Works December 13, 2016

NEW HAVEN, CONN. — O,R&L Commercial has arranged the sale of a 150,000-square-foot office and industrial complex, located at 85 Willow St. in New Haven. Willow Street Equities LLC acquired the property, known as Marlin Business Center, from 85 Willow Street NH LLC for $4.5 million. The buyer plans to continue to operate the property as an office and industrial complex with 40 tenants in 16 separate buildings. The complex was originally built for Marlin Firearms in the 1800s and converted to a multi-tenant facility in the late 1970s. Rich Lee of O,R&L Commercial brokered the transaction.

December 13, 2016

Office South Carolina Southeast

RealOp Investments Buys Bank of America Plaza in Downtown Greenville for $22.5M

by John Nelson December 13, 2016

GREENVILLE, S.C. — RealOp Investments has purchased Bank of America Plaza, a 15-story, 196,152-square-foot office tower located at 101 N. Main St. in downtown Greenville. Renovated in 2014, the office building is connected to an Aloft Hotel and two parking structures on either side of the building. The property was 80 percent leased at the time of sale to tenants such as Bank of America, IBM, iHeartMedia and Next on Main, a shared office space provider. The building’s ground-floor retail space is leased to Methodical Coffee, TAZ Boutique and the iStore, an Apple reseller. Ryan Clutter, Scot Humphrey, Chris Lingerfelt and Zach Drozda of HFF represented the seller, Hughes Development Corp., in the sale. Travis Anderson and Brent Bowman of HFF arranged a $17.3 million, floating-rate acquisition loan on behalf of RealOp Investments.

December 13, 2016

Retail Southeast Virginia

KLNB Retail Arranges $15.9M Sale of Retail Center in Virginia

by John Nelson December 13, 2016

WINCHESTER, VA. — KLNB Retail’s investment sales group has brokered the $15.9 million sale of Pleasant Valley Marketplace, a 104,703-square-foot retail center located at 2021-20165 S. Pleasant Valley Road in Winchester. Andy Stape and Vito Lupo of KLNB Retail represented both the seller, Pleasant Valley Marketplace LLC, and the undisclosed 1031 buyer in the transaction. Built in 1995, Pleasant Valley Marketplace was fully leased at the time of sale to tenants such as Hobby Lobby, Staples, Dollar Tree, Jimmy John’s, Cici’s Pizza and Verizon Wireless.

December 13, 2016

Georgia Retail Southeast

Franklin Street Brokers $11M Sale of Publix-Anchored Shopping Center in Georgia

by John Nelson December 13, 2016

GAINESVILLE, GA. — Franklin Street has brokered the $11 million sale of Robson Crossing, a Publix-anchored shopping center located at 3446 Winder Highway in Gainesville, roughly 40 miles northeast of Atlanta and minutes from Lake Lanier. Since opening in 1998, Robson Crossing has maintained an occupancy rate at or above 90 percent. The 99,170-square-foot center’s current tenant roster includes GNC, The UPS Store, Ace Hardware, O’Reilly Automotive, Sonic and Chick-fil-A. John Tennant and Bryan Belk of Franklin Street’s Atlanta office represented the Gainesville-based seller, Robson Crossing LLC, in the transaction. The buyer, Ontario, Canada-based SUSO 3 Lovingston LP, plans to upgrade the center and extend the lease with Publix.

December 13, 2016

Illinois Industrial Midwest

Brown Commercial Brokers Sale of 30,500 SF Industrial Building in Elk Grove Village, Illinois

by Kristin Harlow December 13, 2016

ELK GROVE VILLAGE, ILL. — Brown Commercial Group has brokered the sale of a 30,500-square-foot industrial building in Elk Grove Village, about 25 miles northwest of Chicago. The sales price was not disclosed. The buyer, Gorilla Paper, purchased the property as part of an expansion of its distribution capability. The new space is four times the size of the former facility and will serve as the paper roll manufacturer’s new distribution headquarters. The building is located at 1125 Lunt Ave. Mike Antonelli of Brown Commercial completed the transaction.

December 13, 2016

Maryland Multifamily Southeast

Federal Capital Partners Sells Multifamily Portfolio in Metro D.C. for $328M

by John Nelson December 12, 2016

CHEVY CHASE, MD. — Federal Capital Partners (FCP) has completed the largest multifamily transaction in the Washington, D.C., metropolitan area in 2016 with the $328 million sale of a five-community apartment portfolio. The portfolio includes: • Cypress Creek in Hyattsville, Md. (760 units) • Penn Landing in Forestville, Md. (598 units) • Cambridge Apartments at New Carrollton Station in New Carrollton, Md. (466 units) • Summerlyn Place in Laurel, Md. (424 units) • Toledo Plaza in Hyattsville, Md. (242 units) FCP sold the 2,490-unit portfolio through the firm’s Funds I and II. CBRE represented FCP in the portfolio sale to the undisclosed buyer.

December 12, 2016

Connecticut Northeast Office Retail

Press/Cuzzo Commercial Services Arranges $10M Sale of Office, Retail Complex in Hamden, Connecticut

by Amy Works December 12, 2016

HAMDEN, CONN. — Press/Cuzzo Commercial Services’ Stephen Press and Ted Schaffer have completed the off-market sale of Hamden Center II, an office and retail complex located at 2321 Whitney Ave. in Hamden. Hamden Realty Associates sold the asset to HC2 LLC for $10 million. The property features 80,000 square feet of office space and 20,000 square feet of retail space. Stephen Press of Press/Cuzzo represented the seller, while Ted Schaffer, also of Press/Cuzzo, represented the buyer in the transaction.

December 12, 2016

New York Northeast Retail

Marcus & Millichap Negotiates Sale of 53,952 SF Self-Storage Facility in Carthage, New York

by Amy Works December 12, 2016

CARTHAGE, N.Y. — Marcus & Millichap has facilitated the sale of Carefree Storage, a 53,952-square-foot self-storage facility located at 10889 State Route 26 in Carthage. A private investor sold the property for an undisclosed price. Built in 1986, the property features 443 storage units, ranging in size from 50 square feet to 200 square feet. Michael Mele, Luke Elliot and Kevin Menendez of Marcus & Millichap represented the seller, while Mele and Elliott also represented the buyer, a private investor, in the deal.

December 12, 2016

Industrial Kansas Midwest

Block & Co. Negotiates 20,970 SF Lease for Baseball, Softball Training Academy in Lenexa, Kansas

by Kristin Harlow December 9, 2016

LENEXA, KAN. — Block & Co. Inc. has negotiated the lease of a 20,970-square-foot industrial building in Lenexa in the Kansas City metro area for D-BAT Baseball & Softball Training Academy. D-BAT Kansas City signed a 10-year lease for the space at 16150 W. 110th Street. There are over 40 D-BAT locations nationwide. In addition to private baseball and softball lessons, the company offers pitching machines, a fully stocked pro shop, camps and clinics. D-BAT Kansas City, which opens later this month, is owned and operated by former professional baseball player Curt Lowry. Max DiCarlo and David M. Block of Block & Co. represented D-BAT Kansas City LLC in the transaction.

December 9, 2016

Multifamily New Jersey Northeast Seniors Housing

Starkman Realty Group Brokers $5M Sale of Seniors Housing Property in Atlantic City, New Jersey

by Amy Works December 9, 2016

ATLANTIC CITY, N.J. — Starkman Realty Group has arranged the sale of Best of Life Park Apartments, a seniors housing property located in Atlantic City. Radiant Property Management acquired the property from a non-profit entity for $5 million. The 14-story building features 208 units and 73 parking spaces. Jason Starkman of Starkman Realty Group represented the seller in the transaction.

December 9, 2016

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