more_sales_and_leases

Gaedeke Group Inks Four Office, Retail Leases in Uptown Dallas

by John Nelson January 3, 2018

DALLAS — Gaedeke Group has signed four tenants to leases at three of its office towers in Uptown Dallas. The transactions include Bain & Co. expanding its footprint at 17Seventeen McKinney by 15,122 square feet; Native International Realty leasing 7,000 square feet of office space and Sallio Itallio leasing 5,216 square feet of dining space at One McKinney Plaza; and Priority Management Services leasing 6,780 square feet of office space at Regency Plaza. Elliott Prieur and Allison Johnston represented Gaedeke internally in all four transactions. The tenant representation in all four deals include Charlie Morris of Avison Young representing Bain & Co., Duke Biggers of Swearingen Realty Group representing Native International, Kimberly Rote of Allie Beth Allman & Associates representing Priority Management and John Evans and Emilie Gioia of John T. Evans Co. representing Sallio Itallio. Dallas-based Gaedeke Group’s portfolio spans 3.4 million square feet of Class A office buildings in Arizona, Florida, Tennessee, Texas and Washington, D.C.

January 3, 2018

Multifamily New Jersey Northeast

UMH Properties Acquires Five Manufactured Home Communities in Pennsylvania for $22.8M

by Amy Works January 2, 2018

FREEHOLD, N.J. — Freehold-based UMH Properties has acquired five manufactured home communities located in Pennsylvania for a total purchase price of $22.8 million. The portfolio consists of three all-age communities and two age-restricted communities with a total of 643 developed home sites. The portfolio is situated on approximately 141 acres, with a weighted-average occupancy rate of 72 percent. With this acquisition, UMH now owns and operates 112 manufactured home communities with 20,000 developed home sites throughout New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland and Michigan.

January 2, 2018

New York Northeast Retail

Forest City Realty Trust Converts Ownership of 10 Retail Centers in Metro New York City

by Amy Works January 2, 2018

NEW YORK CITY — Forest City Realty Trust has completed the conversion of its common ownership interest to preferred interest in 10 specialty retail centers in the New York City metro area. The closing covers 10 of the 13 centers that are part of a joint venture between Forest City and Madison International Realty. Final closings on each of the individual centers are expected to occur as Forest City secures replacement assets into which to redeploy its preferred interest. The properties included in this round of closings are Shops at Gun Hill Road (Waring), Shops at Gun Hill Road (Ely) and Castle Center in the Bronx; Harlem Center in Manhattan; The Heights, Atlantic Terminal Mall and Atlantic Center in Brooklyn; Forest Avenue and Shops at Richmond Avenue in Staten Island; and Columbia Park Center in North Bergen, N.J. Closings on the conversions on the remaining two centers — Shops at Northern Boulevard and Queens Place — are expected by the end of the first quarter of 2018. The last center in the joint venture, a retail/entertainment complex on 42nd Street, is expected to transact at a later date upon resolution of the ground lease dispute with the city of New …

January 2, 2018

Connecticut Industrial Northeast

Fischer Commercial Real Estate Brokers $1.5M Sale of Industrial Property in New Haven, Connecticut

by Amy Works January 2, 2018

NEW HAVEN, CONN. — Fischer Commercial Real Estate has arranged the sale of an industrial property located at 300 East St. in New Haven. Space Craft Holdings sold the property to 300 East Street LLC, a title-holding entity whose members are the owners of New Haven-based Luckey Climbers, for $1.5 million. Situated on 2.3 acres, the property features 27,238 square feet of space. Luckey Climbers is a bespoke design-build firm specializing in creating unique and imaginative three-dimensional climbing structures for children-oriented institutional and commercial clients. The firm plans to relocate its manufacturing and executive offices from Chapel Street in New Haven to the new property. Alan Fischer of Fischer Commercial Real Estate represented the seller and buyer in the off-market transaction.

January 2, 2018

Illinois Midwest Retail

Marcus & Millichap Arranges $4.5M Sale of Retail Property in New Lenox, Illinois

by Kristin Harlow January 2, 2018

NEW LENOX, ILL. — Marcus & Millichap has arranged the sale of Calistoga Plaza in New Lenox, about 40 miles southwest of Chicago, for $4.5 million. The 36,839-square-foot retail property is located at 2001-2131 Calistoga Drive. Tenants include Honeycuts, Grapple Games, Italian Fiesta Pizzeria, Arrowhead Ales, Badda Bings, Cedar Way Veterinary Clinic and Tuckers Doggy Delights. All of the tenants are currently operating under net leases. Sean R. Sharko, Austin Weisenbeck and Joseph Sigal of Marcus & Millichap marketed the property on behalf of the seller, a fund manager. Brian Parmacek, also of Marcus & Millichap, secured and represented the buyer, a limited liability company.

January 2, 2018

Retail Texas

Albanese Cormier Sells 76,082 SF Shopping Center in Beaumont

by John Nelson January 2, 2018

BEAUMONT, TEXAS — Albanese Cormier Holdings (ACH) has sold Stadium Shopping Center, a 76,082-square-foot retail center located at 3210 Ave. A in Beaumont. A private investment firm purchased the asset from ACH for an undisclosed price. Kevin Holland of Edge Realty represented ACH in the sale. Built in 1970, Stadium Shopping Center was 82 percent leased at the time of sale to tenants such as Citi Trends, Dollar Tree, Family Dollar, Hibbett Sports and Metro PCS.

January 2, 2018

New York Northeast Office

New York REIT Closes $520M Sale of 1440 Broadway in New York City

by Amy Works December 22, 2017

NEW YORK — New York REIT has completed the previously announced disposition of 1440 Broadway in New York for a total of $520 million to an unaffiliated third party. The office property was encumbered by a $305 million mortgage loan, which was fully satisfied at closing. Separately, New York REIT has entered into three separate contracts to sell its properties located at 306 E. 61st St., One Jackson Square and 350 W. 42nd St. in New York City to third-party buyers for an aggregate amount of $103.1 million. In the aggregate, the three properties are encumbered by approximately $43.4 million of mortgage debt, which will be satisfied in full at the respective closings. The closings are expected to occur in early 2018.

December 22, 2017

Maine Northeast Restaurant Retail

Cardente Real Estate Brokers $1.1M Sale of Restaurant Property in Portland, Maine

by Amy Works December 22, 2017

PORTLAND, MAINE — Cardente Real Estate has arranged the sale of a restaurant property located at 476 Stevens Ave. in Portland. Rock Properties sold the property to 476 Stevens Ave LLC for $1.1 million. Siano’s Pizzeria formerly occupied the 4,091-square-foot restaurant building. Cheri Bonawitz of Cardente Real Estate represented the seller, while Mike Anderson of Malone Commercial Brokers represented the buyer in the deal.

December 22, 2017

Industrial New Jersey Northeast

NAI Hanson Arranges Sale of 15,700 SF Industrial Building in Elmwood Park, New Jersey

by Amy Works December 22, 2017

ELMWOOD PARK, N.J. — NAI James E. Hanson has brokered the sale of an industrial/flex building located at 20 Bushes Lane in Elmwood Park. RH Foster Associates sold the 15,700-square-foot property to 20 Bushes Lane LLC for an undisclosed price. Renovated in 2015, the property features two loading docks with heavy lift levelers and ample parking. The buyer plans to use the property to manufacture valves and regulators. Joshua Levering and Nicholas DePaolera of NAI Hanson represented the seller, while Andrew Somple, also of NAI Hanson, represented the buyer in the deal.

December 22, 2017

Midwest Minnesota Multifamily

Colliers Brokers $27.4M Sale of Two Multifamily Properties Near the University of Minnesota

by Kristin Harlow December 22, 2017

MINNEAPOLIS — Colliers International has brokered the sale of Solhaus and Solhaus Tower in Minneapolis for $27.4 million. The student housing properties, totaling 150 units, are located at 2428 Delaware St. SE and 515 Huron Blvd. SE near the University of Minnesota. Ted Bickel, Jeff Budish and Brady DeVore represented the seller, Denver-based Forum Real Estate Group. San Francisco-based FPA purchased the buildings. FPA now owns 10 multifamily assets in Minneapolis.

December 22, 2017

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