more_sales_and_leases

Avison Young Negotiates $21M Sale of Office/Retail Building in Manhattan

by Amy Works April 28, 2016

NEW YORK CITY — Avison Young has arranged the sale of an office and retail building located at 310 Lenox Ave. in Manhattan’s Central Harlem section. A group of New York-based real estate investors acquired the property for $21 million. Built in 1940 and improved in 2006, the three-story building consists of approximately 24,659 gross square feet of above-grade space and a full basement of approximately 8,493 square feet. Additionally, the property has approximately 9,313 square feet of additional zoning floor area that is expected to be accessed by the new ownership entity. The property’s best-known tenant is Red Rooster, a restaurant led by chef Marcus Samuelsson. Neil Helman, Charles Kingsley, Jon Epstein and Vincent Carrega of Avison Young represented the seller, National Basketball Players Association, in the transaction.

April 28, 2016

Delaware Industrial Northeast Office

NAI Emory Hill Brokers Sale of White Clay Corporate Center in Delaware

by Amy Works April 28, 2016

NEWARK, DEL. — The Emory Hill Companies has completed the second phase of the sale of White Clay Corporate Center, an office and industrial complex in Newark. Shelbourne Global Solutions LLC purchased four of the seven buildings at the complex in 2015, and recently purchased the remaining three buildings to complete the acquisition for an undisclosed sum. The campus totals 493,581 square feet. Neil Killian of NAI Emory Hill represented the undisclosed seller in the transaction. NAI Emory Hill manages the property.

April 28, 2016

New York Northeast Retail

Flexible Format Target Joins Shopping Center on Long Island

by Amy Works April 28, 2016

ELMONT, N.Y. — Target is opening a flexible format store as an anchor tenant at the Home Depot shopping center located at 600 Hempstead Turnpike in Elmont. The 24,500-square-foot store is slated to open late this fall or early spring 2017 in a space formerly occupied by OfficeMax. The new format stores vary in size and assortment, allowing for smaller footprints and locally relevant experiences for shoppers. Jeffrey Howard of Ripco Realty represented the tenant, while Randall Briskin provided in-house representation for the landlord, The Feil Organization.

April 28, 2016

Retail Texas

M&M Arranges Sale of 9,180 SF Net Leased Family Dollar in Houston

by Haisten Willis April 27, 2016

HOUSTON — Marcus & Millichap has arranged the sale of a 9,180-square-foot, net leased Family Dollar located in Houston. Gus Lagos and Nik Kapetanakis of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a partnership. The unnamed buyer utilized a 1031 tax-deferred exchange. Family Dollar is located at 8303 Calhoun Road.

April 27, 2016

Industrial Texas

Lee & Associates Negotiates 25,000 SF Industrial Lease in Metro Dallas

by Haisten Willis April 27, 2016

CARROLLTON, TEXAS — Lee & Associates has negotiated a lease transaction for a 25,000-square-foot industrial space located at 3400 Wiley Post Road in Carrollton. Nathan Denton of Lee & Associates’ Dallas/Fort Worth office represented the tenant, Dallas Auto Sales. Greg Cannon of Colliers International represented the landlord, Futerfas Family LP.

April 27, 2016

Office Texas

ECR Arranges Sale of Office Property in Austin

by Haisten Willis April 27, 2016

AUSTIN, TEXAS — Equitable Commercial Realty (ECR) has arranged the sale of an office property in Austin. 2512 Partners LLC purchased Summit Point, a 24,000-square-foot building located at 2512 S. I-35, for an undisclosed price. Jason Steinberg and Matt Levin with ECR represented the seller.

April 27, 2016

Georgia Mixed-Use Southeast

Stratford Land Sells Two Tracts in Metro Atlanta to Main Event, Children’s Learning Adventure

by John Nelson April 27, 2016

SUWANEE, GA. ¬— Stratford Land, a land investment company based in Dallas, has sold two tracts of land at the Terraces at Suwanee Gateway in Suwanee, a northeast suburb of Atlanta in Gwinnett County. The lots were purchased by Main Event Entertainment, a bowling-anchored entertainment retailer, and Children’s Learning Adventure, an early childhood education provider. Main Event operates 25 entertainment centers that feature bowling lanes, laser tag, gravity ropes courses and interactive games, as well as a full bar for adults and dining areas. Operating in 11 states, Children’s Learning Adventure locations typically include a planetarium, multimedia room with a mock TV studio, library, technology center, art studio, indoor basketball court, bowling lanes, cooking stations, dance studio, ballet studio, outdoor playground and outdoor basketball and tennis courts. Terraces at Suwanee Gateway is bounded by I-85, Satellite Boulevard, Lawrenceville-Suwanee Highway and McGinnis Ferry Road. McDonald’s and Starbucks Coffee have recently opened stores at the mixed-use development after purchasing lots from Stratford Land in 2015. Since purchasing 113 acres at Suwanee Gateway in 2010 and 2011, Stratford Land has sold tracts for a 345-unit apartment community; Salude, a 64-bed skilled nursing facility; and a site for a future data center.

April 27, 2016

Colorado Multifamily Western

Investors Management Group Buys Rolling Hills Apartments for $23.8M

by Nellie Day April 27, 2016

CASTLE ROCK, COLO. — Investors Management Group has acquired the 186-unit Rolling Hills apartments in Castle Rock for $23.8 million. The community is located at 1129 S. Eaton Circle, just southeast of Denver. The property was built in 1987. It was 93 percent occupied at the time of sale. Rolling Hills is situated near Sky Ridge Medical Center, the RidgeGate development, Park Meadows Mall and the DTC Business Corridor, the largest employment center in metro Denver. ARA’s Shane Ozment, Terrance Hunt, Jeff Hawks and Doug Andrews represented the seller, Virtú Investments, in this transaction.

April 27, 2016

California Retail Western

Retail California Brokers Three Retail Leases in California Totaling 6,605 SF

by Nellie Day April 27, 2016

CLOVIS, PISMO BEACH AND ATWATER, CALIF. — Retail California, a division of Pearson Realty, has arranged three retail leases totaling 6,605 square feet. In Clovis, Kevin Cameron leased 1,810 square feet of retail space at 300 W. Shaw Ave. from Nevada Deanza Family Limited Partnership. Michael Kennedy of Retail California brokered the transaction. In Pismo Beach, Brooks Restaurant Group Inc. signed a deal for 1,820 square feet of retail space at 220 Five Cities Drive from Richard Shih and Linda Lee. Kennedy, along with Colliers International, arranged the transaction. In Atwater, Styles For Less Inc. leased 2,975 square feet of retail space at Applegate Ranch Shopping Center from BRE Throne, Applegate Ranch LLC. Nick Frechou of Retail California represented the tenant in the transaction.

April 27, 2016

Massachusetts Northeast Office

Berkeley Investments Acquires 314,176 SF Office Building in Massachusetts for $21.8M

by Amy Works April 27, 2016

MALDEN, MASS. — Berkeley Investments Inc. has acquired an office building located at 200 Exchange St. in Malden. An affiliate of KBS Real Estate Investment Trust Inc. sold the 314,176-square-foot property for $21.8 million. The buyer plans to reposition the property into a mixed-used asset with street-level retail, a state-of-the-art data center and approximately 200,000 square feet of creative office space. Coleman Benedict, Chris Phaneuf, Ben Sayles and Mark Campbell of HFF represented the seller, while Gramercy Property Trust, as asset manager, advised the seller on the transaction.

April 27, 2016

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