more_sales_and_leases

Marcus & Millichap Brokers $12.3M Sale of Retail Property in South Beach

by John Nelson May 24, 2016

MIAMI BEACH, FLA. — Marcus & Millichap has arranged the $12.3 million sale of Plaza 1600 South Beach, a 6,090-square-foot retail property located in Miami Beach’s South Beach neighborhood. The property is located at the intersection of 16th Street and Alton Road, roughly one block from Lincoln Road Mall. Built in 1959 and renovated in 2000, Plaza 1600 South Beach’s current tenants include Lyon Frères Petit Marché, Dunkin’ Donuts and Pizza Hut. Scott Sandelin and Alejandro D’Alba of Marcus & Millichap’s Miami office represented both the seller, a partnership from Miami Beach, and the buyer, a limited liability company from Miami.

May 24, 2016

Massachusetts Mixed-Use Multifamily Northeast Retail

Marcus & Millichap Negotiates $1.6M Sale of Mixed-Use Asset in Boston

by Amy Works May 24, 2016

BOSTON — Marcus & Millichap has arranged the sale of a mixed-use property located at 46-50 Blue Hill Ave. in Boston. A private investor sold the property to an undisclosed private investor for $1.6 million. The property features six apartments and three retail spaces. Evan Griffith of Marcus & Millichap represented the seller and procured the buyer in the deal.

May 24, 2016

Georgia Retail Southeast

Franklin Street Arranges $7M Sale of Shopping Center in Metro Atlanta

by John Nelson May 24, 2016

MARIETTA, GA. — Franklin Street has brokered the $7 million sale of Whitlock Village, a 61,180-square-foot shopping center in Marietta. The center was 96 percent leased at the time of sale to tenants such as Goodwill, Dollar Tree and Hibbett Sporting Goods. John Tennant and Bryan Belk of Franklin Street represented the seller, American National Insurance Co., in the transaction. The buyer is a private local investor, Snellville Plaza LLLP, a partnership controlled by Atlanta-based M&P Shopping Centers. The buyer was represented internally by Simon Engler and Jeremy Rosenthal.

May 24, 2016

Office Texas

M&M Negotiates Sale of 54,000 SF Office Building in Dallas

by Haisten Willis May 23, 2016

DALLAS — Marcus & Millichap has negotiated the sale of Walnut Hill West, a 54,000-square-foot office property located in Dallas. Ron Hebert and Zachary Ryan of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Hebert and Ryan also procured the buyer, a limited liability company based in California. The buyer acquired the asset through a 1031 tax-deferred exchange. Walnut Hill West is located at 2639 Walnut Hill Lane near Shady Trail and Harry Hines Boulevard. The two-story office asset was built in 1971 on 2.8 acres and has been periodically updated between 2001 and 2015. At the time of listing, Walnut Hill West was 75 percent leased.

May 23, 2016

Industrial Texas

Lee & Associates Brokers Sale of Industrial Development in Metro Houston

by Haisten Willis May 23, 2016

LEAGUE CITY, TEXAS — 1251 Butler Road LLC has purchased a 9,000-square-foot multi-tenant industrial building from Owl Freeway Properties LLC. The property is located at 1251 Butler Road in League City and was 100 percent occupied at the time of sale. Lee & Associates’ Reed Vestal and Taylor Schmidt represented the seller, and NAI’s John Ferruzzo represented the buyer.

May 23, 2016

Hospitality New York Northeast

TJM Properties Acquires 276-Room Crowne Plaza Syracuse

by Amy Works May 23, 2016

SYRACUSE, N.Y. — TJM Properties has acquired Crowne Plaza Syracuse, located at 701 E. Genesee St. in Syracuse, for an undisclosed price. The hotel offers 276 guest rooms and 12,243 square feet of conference space. The property will retain the Crowne Plaza flag and continue to offer all the amenities and incentive programs of the Crowne Plaza brand. The name of the seller was not released. This purchase is the latest expansion of the TJM Properties and its fourth hotel in the Northeast. TJM plans to add approximately three hotels per year to its growing portfolio.

May 23, 2016

Multifamily New York Northeast

Marcus & Millichap Brokers $12.3M Sale of Three-Building Multifamily Portfolio in Brooklyn

by Amy Works May 23, 2016

NEW YORK CITY — Marcus & Millichap has arranged the sale of a three-building multifamily portfolio located in the Bedford-Stuyvesant neighborhood of Brooklyn. The assets sold for $12.3 million, or $514,000 for unit. Located at 293 Stuyvesant Ave., 3 MacDonough St. and 5 MacDonough St., the portfolio totals 29,872 square feet and features 24 multifamily units. Shaun Riney, Peter Von Der Ahe, Joe Koicim and Thomas Shihadeh of Marcus & Millichap represented the undisclosed seller and procured the undisclosed buyer.

May 23, 2016

Industrial New Jersey Northeast

Denholtz Associates Acquires, Redevelops 74,325 SF Manufacturing Facility in New Jersey

by Amy Works May 23, 2016

FRANKLIN, N.J. — Denholtz Associates has acquired the former manufacturing home of Acme Tube, located 655 Howard Ave. in Franklin. The 74,325-square-foot building had been foreclosed upon and has been vacant for a number of years. Denholtz plans to remediate the site and will invest $1.5 million into a complete rehabilitation of the property, including a new roof, heating, lighting, landscaping, electric, parking lot and paint. The industrial property, which will be available for occupancy in August, is already being marketed for sale or lease by Zimmel Associates.

May 23, 2016

Florida Multifamily Southeast

Colliers Arranges $17M Sale of Apartment Complex in Jacksonville

by John Nelson May 23, 2016

JACKSONVILLE, FLA. — Colliers International has brokered the $17 million sale of Villas at Dames Point, a 180-unit apartment complex located at 8291 Dames Point Crossing Blvd. in Jacksonville. VMHF Jacksonville LLC, an entity controlled by Washington, D.C.-based The Republic Family of Cos., purchased the asset from Dames Point Partners LLC. Built in 2007, the gated complex features four floor plans ranging in size from 844 to 1,151 square feet. The community was 93 percent occupied at the time of sale. Bradley Coe and Douglas Blair of Colliers International’s Northeast Florida office brokered the transaction.

May 23, 2016

Mississippi Multifamily Southeast Student Housing

Capstone Real Estate Acquires Student Housing Community Near Ole Miss

by John Nelson May 23, 2016

OXFORD, MISS. — Capstone Real Estate Investments LLC has acquired Old Taylor Place Apartments, a 224-bed student housing community located 0.3 miles away from the University of Mississippi campus in Oxford. The newly renovated property consists of 112 two-bedroom units and features community amenities including a fully equipped fitness center, swimming pool, outdoor lounge and grilling pavilion and an outdoor gaming area with basketball and volleyball courts, shuffleboard and horseshoes. Over the coming weeks, Capstone intends to convert the property from an apartment complex into a condominium community. Old Taylor Place was acquired in an off-market transaction for an undisclosed price.

May 23, 2016

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