more_sales_and_leases

Bellomy & Co. Brokers Sale of Locktite Storage in Metro Austin

by Haisten Willis June 20, 2016

CEDAR PARK, TEXAS — Bellomy & Co. has brokered the sale of LockTite Storage – Lakeline in Cedar Park. The Class A facility, renovated in 2013, consists of 351 climate and non-climate-controlled units spanning 56,395 square feet. Cedar Park is located 18 miles northwest of downtown Austin. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. listed the facility on behalf of the Austin-based seller. The trio also procured the buyer, Public Storage, a publically traded REIT headquartered in Glendale, Calif.

June 20, 2016

Dow Chemical Leases 75,920 SF in Deerwood Glen III Office Building

by Haisten Willis June 20, 2016

DEER PARK, TEXAS — The Dow Chemical Co. has leased 75,920 square feet in Deerwood Office III, an office building under construction at 4460 State Highway 225 in Deer Park. Completion of the 98,230-square-foot, two-story building is scheduled for August 2016. Clay Development and Construction, is the developer of Deerwood Office III, the third building in the office park section of Deerwood Glen Business Park, a 150-acre site acquired by Clay in 2008. Deerwood Glen III is now 77 percent leased. A fourth office building is planned in the park. Craig Beyer, Jeff Cutler and Kristian Nielsen of CBRE represented Dow in the transaction, and Charlie Christ of Clay Development & Construction represented the landlord in lease negotiations. Deerwood Office III is located on 8.6 acres and features 50,293-square-foot floorplates. The property has a parking ratio of four spots per 1,000 square feet.

June 20, 2016

Industrial New York Northeast

Avison Young Brokers $32.2M Sale of 52,000 SF Parking Garage in Manhattan

by Amy Works June 20, 2016

NEW YORK CITY — Avison Young has arranged the sale of a seven-story parking garage located at 19 W. 20th St. in Manhattan’s Flatiron District. Extell Development sold the property to 19-25 West 20th Street Property LLC for $32.2 million. The 52,000-square-foot property is under a long-term lease to Icon Parking. Vincent Carrega, Jon Epstein, Neil Helman and Charles Kingsley of Avison Young represented the seller.

June 20, 2016

California Industrial Western

Goodman Birtcher Buys Logistics Portfolio in Los Angeles for $240M

by Nellie Day June 20, 2016

LOS ANGELES — Goodman Birtcher has purchased a 130-acre logistics portfolio that spans two infill sites in the Los Angeles submarkets of Santa Fe Springs and El Monte. The sites were purchased for a reported $240 million. The Santa Fe Springs site contains a six-building logistics campus that totals about 1 million square feet of space over 75 acres. The facility includes 18 acres of trailer parking and ambient refrigerated and freezer facilities suitable for food users, last-mile logistics and ecommerce companies. The transaction also includes a 55-acre site in El Monte that will be developed into a 1.2 million-square-foot, Class A logistics facility. It will be constructed with a flexible and sustainable design for logistics and ecommerce customers. The redevelopment efforts will commence once the sites’ current leases expire. JLL’s Louis Tomaselli, Zach Niles and Mark Detmer executed the transaction.

June 20, 2016

California Retail Western

Champion Real Estate Acquires 85,615 SF Retail Center in Glendora

by Nellie Day June 20, 2016

GLENDORA, CALIF. — Champion Real Estate Co. has acquired a grocery-anchored neighborhood retail center in Glendora for an undisclosed price. Located at 655 S. Grand Ave., the existing 85,615-square-foot property is a vacant grocery building. Champion plans to reconfigure and reposition the property as a smaller 70,500-square-foot, grocery-anchored neighborhood shopping center that will include several national credit tenants. Additionally, the center will include two retail pads in the existing parking field, plus additional supporting retail to expand the tenant base and meet community needs. The name of the seller was not released.

June 20, 2016

Colorado Office Western

Office/Flex Portfolio in Denver Sells for $78.5M

by Nellie Day June 17, 2016

DENVER — A partnership between Investcorp and Griffin Partners has purchased a 10-building office/flex portfolio in Denver for $78.5 million. The portfolio includes 345 Inverness Drive S. and Arapahoe Business Park, comprising a total of 484,737 square feet. The Inverness property is a three-building, 175,287-square-foot complex that was built in 2001. Arapahoe Business Park is a seven-building complex that was completed in two phases from 1998 to 2001. The park contains a total of 309,450 rentable square feet and is situated at the entrance to Centennial Airport Center. Both projects sit east of Interstate 25. The assets are 95 percent leased to 15 tenants. The tenant roster is composed of companies within the technological, research and development, laboratory testing, light manufacturing, distribution and automotive fields. NGKF’s Dave Tilton, David Lee and Jason Addlesperger represented the seller, Hines REIT, in this transaction. The NGKF team was retained to lease and manage the portfolio.

June 17, 2016

California Restaurant Retail Western

Habit Burger Grill, Chipotle Mexican Grill Join Peninsula Shopping Center

by Nellie Day June 17, 2016

ROLLING HILLS ESTATES, CALIF. — Two restaurants have joined Peninsula Shopping Center at 67 Peninsula Center in Rolling Hills Estates. Habit Burger Grill and Chipotle Mexican Grill both opened 2,500-square-foot restaurants across from the Pavilions. The fast-casual chain Habit Burger Grill focuses on its signature Charburgers, salads, sandwiches, shakes and french fries. Chipotle Mexican Grill specializes in Mission burritos, tacos, bowls and salads. Peninsula Shopping Center features more than 45 stores and eateries.

June 17, 2016

Healthcare New York Northeast Office

Delshah Capital Acquires Five-Building Medical Office Portfolio in Manhattan for $111.5M

by Amy Works June 17, 2016

NEW YORK CITY — Delshah Capital has acquired a portfolio of five buildings, totaling 205,000 square feet, from Mount Sinai St. Luke’s for $111.5 million, or $543 per square foot. Eastern Consolidated arranged a $60 million first mortgage bridge loan to finance the acquisition of the portfolio. Bank of the Ozarks provided the $60 million loan to the borrower, which also received a $17.5 million mezzanine loan from Square Mile Capital. The properties are located at 401 West and 411 W. 113th St. and 400 West and 408 W. 114th Street in Manhattan’s Morningside Heights. The buildings formerly housed numerous hospital services that are in the process of being relocated to alternate space within the remainder of the Mount Sinai St. Luke’s campus. Paul Massey, Hall Oster, Teddy Galligan and Andrew Berry of Cushman & Wakefield represented the seller in the transaction. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated secured the bridge loan for the borrower.

June 17, 2016

Multifamily New York Northeast

Cignature Realty Negotiates $45.5M Sale of Three-Property Multifamily Portfolio in Manhattan

by Amy Works June 17, 2016

NEW YORK CITY — Cignature Realty Associates has brokered the sale of a three-property multifamily portfolio in Manhattan’s Washington Heights neighborhood. Prana Investments acquired the portfolio from A&E Real Estate Holdings for $45.5 million. The five-story building are located at 29-45 Sickles St., 30 Sickles St. and 95 Thayer St. The properties total 148,850 square feet. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented the buyer, while Aaron Jungreis of Rosewood Realty Group represented the seller in the transaction.

June 17, 2016

Multifamily New Jersey Northeast

Gebroe-Hammer Brokers $29.3M Sale of 108-Unit Apartment Community in New Jersey

by Amy Works June 17, 2016

RAHWAY, N.J. — Gebroe-Hammer Associates has arranged the sale of Meridia at Waters Edge, an apartment community located at 4 City Hall Plaza in Rahway. 4 City Hall Plaza Urban Renewal LLC acquired the 108-unit property from Meridia’s Water Edge Urban Renewal Rahway LLC for $29.33 million. Built in 2014, the five-story residential building features one- and two-bedroom layouts. On-site amenities include a fitness center, laundry rooms, business center and lounges. Ken Uranowitz and Gehane Triarsi of Gebroe-Hammer represented the seller and identified the buyer in the deal.

June 17, 2016

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