more_sales_and_leases

CBL Adds West Elm, Pieology Pizzeria to Friendly Center’s Tenant Roster in Greensboro

by John Nelson February 11, 2016

GREENSBORO, N.C. — CBL & Associates Properties Inc. has added home retailer West Elm and Pieology Pizzeria to Friendly Center, an upscale shopping center in Greensboro. Existing tenants at Friendly Center include lululemon athletica, Anthropologie, Altar’d State and Whole Foods Market. West Elm and Pieology are part of the center’s new 12,709-square-foot expansion, which will be situated between Anthropologie and Whole Foods facing West Friendly Avenue. Construction on the expansion is underway, and CBL expects the two new retailers to open this fall. A third soon-to-be-named retailer will also occupy space in the center’s expansion.

February 11, 2016

New York Northeast Office

Cushman & Wakefield Arranges Sale of Development Site in Brooklyn

by Amy Works February 11, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a development site located at 431 Carroll St. in Brooklyn’s Gowanus neighborhood. Alloy Development purchased the property from MCP President Street LLC, managed by EcoRise Development, for $2.7 million, or $338 per buildable square foot, in an all-cash transaction. Situated in an M1-2 zoning district, the site allows for approximately 8,200 buildable square feet and offers 50 feet of frontage along Nevins Street and 82 feet of frontage along Carroll Street. The buyer plans to develop the corner site into an office building. Winfield Clifford and Brendan Maddigan of Cushman & Wakefield handled the transaction.

February 11, 2016

New Jersey Northeast Office

JLL Brokers 70,863 SF Office Lease in New Jersey for FC USA

by Amy Works February 11, 2016

MONTVALE, N.J. — JLL has arranged a 15-year lease for FC USA at an office building located at 5 Paragon Drive in Montvale. The company will occupy 70,863 square feet of space at the 119,254-square-foot, Class A office building. FC USA is relocating from 69 Spring St. in Ramsey, N.J., and will occupy a portion of the first floor and the entire second floor at the two-story commercial office building. Phillip Lipper, Thomas Reilly and Scott Lesh of JLL represented the tenant, while Gregory Barkan of CBRE Inc. represented the landlord, Lone Star Funds, in the transaction.

February 11, 2016

Indiana Midwest Multifamily Student Housing

Prime Property Investors Sells Student Housing Portfolio Near Purdue University for $47.2M

by Christina Cannon February 11, 2016

WEST LAFAYETTE, IND. — Prime Property Investors has sold a 25-building student housing portfolio near Purdue University in Indiana for $47.2 million. The portfolio includes a total of 777 beds. Prime Property Investors owned and managed all of the buildings, which include a mix of studio, one-, two-, three- and four-bedroom units. The buildings operated at 100 percent occupancy in the 10 years that Prime Property Investors owned them. Prime Property Investors sold the assets in 18 separate transactions. The undisclosed buyers included a combination of local, national and foreign investment groups. Purdue University had a fall 2015 enrollment of 39,000 students.

February 11, 2016

Indiana Midwest Multifamily Seniors Housing

Greystone Arranges $44.8M Sale of Two Communities near Indianapolis

by Christina Cannon February 11, 2016

INDIANAPOLIS — A private equity investment fund has purchased Traditions at Reagan Park and Traditions at Solana, both independent living, assisted living and memory care communities in the Indianapolis metropolitan area, for $44.8 million. Greystone, a real estate lending, investment and advisory company, arranged the deal through its Real Estate Advisors group. The seller was Leo Brown Group. Traditions at Reagan Park and Traditions at Solana are both newly constructed communities with 81 units and 105 units, respectively.

February 11, 2016

Midwest Multifamily Wisconsin

Colliers International Brokers $8.4M Sale of Apartment Complex in Wisconsin

by Christina Cannon February 11, 2016

LAKE GENEVA, WIS. — Colliers International has brokered the sale of an apartment community in Lake Geneva, for $8.4 million. Geneva Meadows Apartments is a 108-unit apartment complex located at 1157 S. Wells St. Geneva Meadows LLC sold the property, which it has owned since the property’s construction in 1992. GPC Real Estate LLC acquired the complex, which is 97 percent occupied. All units at Geneva Meadows Apartments are two-bedroom/one-bathroom units that are 1,000 square feet. Brian Pohl and Tyler Hague of Colliers International represented the seller in the transaction. Jim Loarie of Oxford Development represented the buyer.

February 11, 2016

Massachusetts Multifamily Northeast

CBRE/NE Negotiates Two Apartment Community Sales Totaling $41M in Massachusetts

by Amy Works February 10, 2016

WELLESLEY AND NEEDHAM, MASS. — CBRE/New England has arranged the sale of Phillips Park, an age-restricted apartment community in Wellesley and Webster Green, an apartment community in Needham. TrueNorth Capital Partners acquired Phillips Park for $15 million and Webster Green for $25.5 million. Built in 1894 and rehabilitated in 1988, the 49-unit Phillips Park features six one-bedroom units and 43 two-bedroom units, which are restricted to households 55 years of age or older. Built in 1985, the 76-unit Webster Green features two one-bedroom units and 74 two-bedroom units. CBRE/NE represented the undisclosed seller and procured the buyer in the transaction.

February 10, 2016

New York Northeast Retail

Cushman & Wakefield Brokers $12.6M Sale of Retail Building in Queens

by Amy Works February 10, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale the sale of retail property located at 163-30 Cross Bay Blvd. in the Howard Bay neighborhood of Queens. The property sold for $12.6 million. Originally built in 2009, the property underwent a substantial renovation in 2014. The 9,767-square-foot property is currently triple-net leased to Duane Reade through October 2028. Duane Reade subsequently subleased the space to Key Foods. Bob Knakal, Jonathan Hageman and Brian Sarath of Cushman & Wakefield handled the transaction.

February 10, 2016

Retail Texas

SHOP Cos. Arranges Sale of 14,680 SF Retail Center in Metro Dallas

by Haisten Willis February 10, 2016

CROSS ROADS, TEXAS — SHOP Cos. Investment Sales has arranged the sale of Crossroads Crossing, a 14,680-square-foot shopping center located in Cross Roads. Crossroads Crossing is situated at the northwest quadrant of US Highway 380 and FM 720. At the time of closing the property was 100 percent leased to tenants including Domino’s, State Farm Insurance, January’s Salon, Cornerstone Dental and Villa Grande Mexican Restaurant. Tommy Tucker with SHOP Cos. represented the seller, a Carrollton-based private partnership, and procured the buyer, a Dallas-based limited liability company.

February 10, 2016

Industrial Texas

Lee & Associates Negotiates 15,406 SF Industrial Sale in Metro Dallas

by Haisten Willis February 10, 2016

ROWLETT, TEXAS — Lee & Associates has negotiated the sale of a 15,406-square-foot industrial building located at 4720 Industrial St. in Rowlett. Brett Lewis of Lee & Associates’ Dallas/Fort Worth office represented the seller, Sarah Hannah Ltd. GatSplat was the buyer.

February 10, 2016

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