more_sales_and_leases

Bauman & Co. Buys Three Medical Office Buildings in the Southeast for $25M

by John Nelson May 3, 2016

ATLANTA — Atlanta-based Bauman & Co. has purchased three medical office buildings in Orlando; Macon, Ga., and Chattanooga, Tenn., for a combined $25 million. The properties include the Lake Lurna Professional Center in downtown Orlando, the Coliseum Cancer Center in Macon that is being renamed the Coliseum Drive Physicians Building and the Spring Creek Medical Center in Chattanooga that is being renamed the Spring Creek Physicians Building. The Orlando and Macon buildings were fully leased at the time of sale and the Chattanooga property was 82 percent leased. Bauman & Co., Siemens Financial Services, Capital One Healthcare and a small group of private investors provided acquisition financing for the portfolio transaction.

May 3, 2016

Healthcare Southeast Virginia

Marcus & Millichap Brokers $5.4M Sale of Medical Office Building in Metro Richmond

by John Nelson May 3, 2016

MIDLOTHIAN, VA. — Marcus & Millichap has arranged the $5.4 million sale of Tower Medical, a 20,028-square-foot medical office building located at 13520-13540 Hull St. in the Midlothian suburb of Richmond. Tower Medical’s tenants include Bon Secours Health Systems and Sheltering Arms Hospital. Chandler Pace of Marcus & Millichap led the team in representing the seller, the original developer that built the asset in 2005, and securing the buyer, a 1031 investor based in Washington, D.C. The Marcus & Millichap team included Robert Filley, Christopher Chadwick, Dawson Rinder, Josh Feldman and Ian Ruel.

May 3, 2016

New Jersey Northeast Office

Mack-Cali to Acquire Two Office Buildings in New Jersey Totaling $317M

by Amy Works May 3, 2016

HOBOKEN AND EDISON, N.J. — Mack-Cali is under contract to acquire two office buildings in New Jersey for a total purchase price of $317 million in separate transactions. In the first deal, Mack-Cali will acquire a 566,215-square-foot office building located at 111 River St. in Hoboken from Equity Commonwealth. The asset is being sold for $235 million and the transaction is slated to close in June. In the second deal, the company is purchasing a 10-story office building located at 101 Wood Ave. South in Metropark in Edison. Expected to close in May, the asset will be acquired for $82.3 million.

May 3, 2016

Northeast Office Pennsylvania

Broadstone Net Lease Acquires Two Office Properties in Pennsylvania for $54.6M

by Amy Works May 3, 2016

HARRISBURG AND HARLEYSVILLE, PA. — Broadstone Net Lease (BNL) has acquired two office buildings tenanted by Nationwide Mutual Insurance Co. via a sale-leaseback transaction for a combined purchase price of $54.6 million. Located in Harrisburg and Harleysville and totaling 385,000 square feet, the mission-critical properties are tenanted under one master lease for an initial term of 12 years. Steve Marzullo, Justin Marlowe, Adam Silverman, Doug Jackson, Jeremy Shyk and Michael Curran of CBRE represented the seller, Nationwide, while Tones Vaisey PLLC represented BNL.

May 3, 2016

Connecticut Industrial Northeast

Colliers Arranges Sale of Industrial Building in Connecticut for $8.3M

by Amy Works May 3, 2016

GREENWICH, CONN. — Colliers International has arranged the sale of a historical industrial building located at 330 Railroad Ave. in Greenwich. 330 Railroad Avenue LLC, a partnership between Rich Granoff and Jeff Mendell, acquired the property for $8.3 million. The buyer is planning a complete renovation and repositioning of the building by converting the Depression Era-built industrial asset into a boutique high-end office building with approximately 30,000 square feet of office space. Granoff Architects will be the anchor tenant of the renovated property. Jeff Williams, Enzennio Mallozzi and Hollis Pugh of Colliers represented the buyer and undisclosed seller in the deal.

May 3, 2016

Industrial New Jersey Northeast

The Stro Companies Acquires Three-Building Industrial Portfolio in New Jersey for $7M

by Amy Works May 3, 2016

TETERBORO AND NORTHVALE, N.J. — The Stro Companies has acquired a three-building industrial portfolio totaling 95,000 square feet for $7 million. The portfolio includes a three-unit, 27,000-square-foot flex industrial property located at 370 North St. in Teterboro; a three-unit, 50,000-square-foot flex industrial property located at 235 Pegasus Ave. in Northvale; and a single-tenanted, 18,000-square-foot industrial building located at 245 Pegasus Ave. in Northvale. The Teterboro property is fully occupied and 235 Pegasus Avenue is 80 percent occupied, with the majority of the building being leased to Deluxe Media. Lori Zuck and Alex Previdi of Transwestern brokered the transaction. The name of the seller was not disclosed.

May 3, 2016

California Retail Western

Oak Park Properties Acquires 29,950 SF Lifestyle Center in Conejo Valley for $11.9M

by Nellie Day May 2, 2016

CONEJO VALLEY, CALIF. — Oak Park Properties LLC has acquired Oak Park Plaza, a lifestyle center located at 702-706 Lindero Canyon Road in Conejo Valley. Oak Park Assets LLC sold the property for $11.9 million. Tenants at the 29,950-square-foot retail property include Subway, On the Thirty, Stevenson Fitness and Margarita’s Mexican Restaurant. Jeff McGuire and Slavic Zlatkin of Lee & Associates – LA North/Ventura represented the seller, while Zlaktin also represented the buyer in the off-market transaction.

May 2, 2016

California Retail Western

Hanley Investment Group Arranges $6.7M Sale of Solana Beach Shopping Center

by Nellie Day May 2, 2016

SOLANA BEACH, CALIF. — Hanley Investment Group has brokered the sale of Gateway @ Cedros, a coastal retail center located in Solana Beach. A Canada-based real estate investment fund acquired the multi-tenant retail building from an Encinitas, Calif.-based private investment company for $6.7 million, or $837 per square foot. Located at 100-116 S. Cedros Ave. and 121-129 Lomas Santa Fe Drive, the 8,035-square-foot property fully occupied and anchored by Peet’s Coffee. Eric Wohl of Hanley Investment represented the seller and buyer in the transaction.

May 2, 2016

Maryland Multifamily Southeast

TruAmerica Multifamily Acquires Apartment Portfolio in Metro Baltimore for $187M

by John Nelson May 2, 2016

BALTIMORE — TruAmerica Multifamily, in partnership with MSD Capital LP, has purchased a 1,004-unit apartment portfolio in suburban Baltimore for $187 million. The acquisition is Los Angeles-based TruAmerica’s first purchase east of Colorado and includes the 158-unit Bayshore Landing in Annapolis, the 634-unit Sherwood Crossing in Eldridge and the 212-unit Southfield in Nottingham. Each property features resort-style pool areas, clubhouses, fitness centers and other recreational facilities. The apartment communities were built between 1984 and 1990. TruAmerica will complete an interior renovation plan started by the undisclosed seller that includes faux-wood flooring, granite countertops, updated cabinetry and new appliance packages. TruAmerica’s business plan also calls for upgrades to the portfolio’s common area amenities.

May 2, 2016

Alabama Georgia Retail South Carolina Southeast

Preferred Apartment Communities Purchases Grocery-Anchored Retail Portfolio for $68.7M

by John Nelson May 2, 2016

ATLANTA — Preferred Apartment Communities Inc. (PAC) has purchased six grocery-anchored retail properties in Georgia, South Carolina and Alabama for $68.7 million. The portfolio spans 535,000 square feet and comprises five Publix-anchored centers and one Walmart Supercenter-anchored property. PAC purchased the six properties through its wholly owned subsidiary New Market Properties LLC. PAC used roughly $25 million in debt from Unum Life Insurance Co. of America, Colonial Life & Accident Insurance Co. and First Unum Life Insurance Co. to purchase four of the properties. PAC used available funds to purchase the remaining balance of the four properties and to purchase the other two retail centers completely without debt.

May 2, 2016

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