more_sales_and_leases

Greysteel Brokers $6.6M Sale of Affordable Housing Community in D.C.

by John Nelson December 1, 2016

WASHINGTON, D.C. — Greysteel has arranged the $6.6 million sale of Brookland Place, an affordable multifamily community located at 617 Hamlin St. N.E. in Washington, D.C. Built in 1950, the 80-unit property is situated near Catholic University and within walking distance of two Metrorail stations in Washington, D.C.’s Brookland neighborhood. Ari Firoozabadi, Kyle Tangney, Rawles Wilcox, Alicia Orkisz and Herbert Schwat of Greysteel represented the seller, Jair Lynch Development Partners. The buyer, Wesley Housing Development Corp., will preserve the community’s affordability using financing from the DHCD and Enterprise Community Partners Inc.

December 1, 2016

New Jersey Northeast Retail

O,R&L Commercial Arranges $4.3M Sale of Retail Property in Norwich, Connecticut

by Amy Works November 30, 2016

NORWICH, CONN. — O,R&L Commercial has brokered the sale of Briar Hill Plaza, a retail strip center located at 201 Salem Turnpike in Norwich. Easter Seals Goodwill Industries acquired the property from Suncrest LLC for $4.3 million. Built in 2008, the 22,600-square-foot property is anchored by Goodwill. Tim Mahon of O,R&L Commercial represented the seller and procured the buyer in deal.

November 30, 2016

Civic New York Northeast Office

Dowling College Files for Chapter 11, Plans to Sell Two New York Campuses

by Amy Works November 30, 2016

OAKDALE AND BROOKHAVEN, N.Y. — Dowling College has filed for Chapter 11 bankruptcy protection, and has retained A&G Realty Partners and Madison Hawk to manage the sale of two campuses formerly occupied by the university in Oakdale and Brookhaven. Dowling plans to sell the campuses through two separate, sealed bids as part of its bankruptcy filing. The partnership is currently accepting bids for the university’s 25-acre, waterfront campus in Oakdale. The campus includes over 200,000 square feet of space in six educational, administrative and student housing buildings, including the former W.K. Vanderbilt Estate. The 101-acre Brookhaven campus will be offered for sale in the first quarter of 2017. The property was home to the college’s aviation program, and includes a state-of-the-art athletic complex, a two-story, 65,000-square-foot building and a 10,000-square-foot airplane hangar with runway access to Brookhaven Airport. RSR Consulting is managing the dissolution of the Dowling College estate.

November 30, 2016

California Office Western

Lincoln Property, Rockwood Capital Purchase Gateway El Segundo Office Campus in LA for $120M

by Nellie Day November 30, 2016

LOS ANGELES — A joint venture between Lincoln Property and Rockwood Capital has purchased Gateway El Segundo, a 355,000-square-foot office campus, for $120 million. The campus is located at 300, 360, 390, 400 and 460 N. Sepulveda Blvd. in the Los Angeles submarket of El Segundo. The campus includes three Class B office buildings, two single-story retail buildings and outdoor meeting spaces. The office buildings are currently 52 percent leased, while the retail space is fully leased to six fast-casual and quick-service restaurants. The JV plans to undertake a multi-million-dollar renovation at Gateway El Segundo to transform it into a creative office campus. Upgrades will include an improved central courtyard, spec suites for smaller creative tenants seeking move-in-ready spaces, and modernized lobbies, restrooms and fitness center. Renovations are expected to be completed by fall 2017.

November 30, 2016

Multifamily Texas

Marcus & Milichap Arranges Sale of 209-Unit Apartment Complex in Dallas

by Amy Works November 30, 2016

DALLAS — Marcus & Millichap has brokered the sale of Cornerstone Apartments, a multifamily property located at 9709 Starlight Road in Dallas. The 209-unit property sold for an undisclosed sum. Built in two phases in 1968 and 1972, Cornerstone Apartments features three on-site laundry facilities, two swimming pools and a gated entry. Al Silva and Ford Braly of Marcus & Millichap represented the undisclosed seller and procured the undisclosed buyer in the deal.

November 30, 2016

Healthcare Office Texas

Origin Investments Sells 90,000 SF Medical Office Building in Houston Suburb

by Amy Works November 30, 2016

KINGWOOD, TEXAS — Origin Investments has completed the disposition of Kingwood Medical Arts, a medical office building located at 300-350 Kingwood Medical Drive in Kingwood. A healthcare REIT acquired the property for an undisclosed price. The 90,000-square-foot property is anchored by a 30,000-square-foot surgical center operated by a venture between Memorial Hermann Health System and United Surgical Partners.

November 30, 2016

Industrial Midwest Missouri

Cushman & Wakefield Negotiates 81,997 SF Industrial Lease in Kansas City, Missouri

by Kristin Harlow November 30, 2016

KANSAS CITY, MO. — Cushman & Wakefield has negotiated the lease of 81,997 square feet of industrial space in Building III at Three Trails Industrial Park in Kansas City. Shuttlewagon Inc., a designer and manufacturer of mobile railcar movers for aggregate, mining and refining industries, will occupy the space located at 8701 Elmwood Ave. for 15 years. At least 60 employees are expected to work in the building. Joe Accurso and Rob Holland of Cushman & Wakefield represented Shuttlewagon in the transaction. Mark Fountain and Nick Tinnel of True North Industrial Realty LLC represented the landlord, NPIF2 Three Trails Building III LLC.

November 30, 2016

Michigan Midwest Office

Friedman Negotiates 26,607 SF Office Lease for MetLife in Southfield, Michigan

by Kristin Harlow November 30, 2016

SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has negotiated the lease of 26,607 square feet of office space for Metropolitan Life Insurance Co. in Southfield. Galleria Office Center is located at 300 Galleria Road. David Friedman and Robert Gagniuk of Friedman represented the landlord, Galleria Owner LLC, in the transaction.

November 30, 2016

Georgia Office Southeast

Stein Investment Purchases Two Office Assets in Metro Atlanta for $18M

by John Nelson November 30, 2016

SANDY SPRINGS AND MARIETTA, GA. — Stein Investment Group has purchased two office properties in metro Atlanta for a combined $18 million. The Atlanta-based buyer purchased both properties from Baltimore-based Alex Brown Realty. The assets include the 120,000-square-foot Northside Tower located at 6065 Roswell Road in Sandy Springs and the five-building, 60,000-square-foot East Cobb Office Complex located at 1000 Johnson Ferry Road in Marietta. Northside Tower was 95 percent leased at the time of sale to 70 tenants, including Signature Bank. East Cobb Office Complex was 80 percent leased to office and healthcare tenants such as Atlanta Falcons Physical Therapy Centers, Allstate Insurance, Sheffrin Men’s Health and Creative Dentistry. Stein Investment plans to invest $2 million to upgrade Northside Tower and $1 million to update East Cobb Office Complex.

November 30, 2016

North Carolina Office Southeast

Stan Johnson Brokers $12M Sale of Office Building in Charlotte

by John Nelson November 30, 2016

CHARLOTTE, N.C. — Stan Johnson Co. has brokered the $12 million sale of a 76,899-square-foot, freestanding office building and call center located at 14401 Carowinds Blvd. in Charlotte. The property is leased on a long-term basis to iQor, an outsourcing firm that employs more than 1,000 agents at the facility. Britton Burdette of Stan Johnson’s Atlanta office represented the developer, 14401 Southlake Crossing LLC, in the transaction. The buyer was a private investor.

November 30, 2016

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