more_sales_and_leases

Passco Cos. Buys Apartment Community in Metro Atlanta

by John Nelson October 23, 2015

DULUTH, GA. — Passco Cos. LLC has purchased The Estates at Crossroads, a 344-unit apartment property located at 2620 N. Berkeley Lake Road in Duluth, a northeast suburb of Atlanta in Gwinnett County. Built in 2002, the property features one-, two- and three-bedroom units with 9-foot ceilings with crown molding, walk-in closets, ceramic tile flooring, full sized washer and dryer units, custom cabinetry, breakfast bars, garden tubs and a private patio or balcony. The property’s amenities include a resort-style pool with sundeck, clubhouse and cafe, fitness center, business center with Wi-Fi, detached garages and tennis facilities. The apartment complex was more than 97 percent occupied at the time of sale. Chris Black of KeyBank Real Estate Capital arranged an acquisition loan through Fannie Mae on behalf of Passco Cos. The sales price was undisclosed.

October 23, 2015

Multifamily New York Northeast

New York REIT Sells 163 Washington Avenue

by Haisten Willis October 23, 2015

NEW YORK CITY — New York REIT (NYSE: NYRT) has completed the previously announced sale of 163 Washington Avenue in Brooklyn. Located in the Clinton Hill neighborhood, the Class A apartment property includes 49 residential units, a 1,176-square-foot retail unit, and 38 parking spaces. Originally developed as condominiums in 2009, the property’s units average 825 square feet each. Units feature stainless steel appliances, balconies, loft-style ceilings and cityscape views. Rob Rizzi, Jeff Julien and Rob Hinckley of HFF represented the seller.

October 23, 2015

New Jersey Northeast Retail

HFF Brokers $12 Million Sale of Essex Square in Bergen County, N.J.

by Haisten Willis October 23, 2015

LODI, N.J. — Holliday Fenoglio Fowler LP (HFF) has arranged the $12 million sale of Essex Square, a 16,000-square-foot retail strip center located within the Route 17 retail corridor in of Lodi, a suburb of New York City. Chris Munley, Kevin O’Hearn and Jose Cruz of HFF represented the seller, ARC Properties Inc. Capstone Realty Group advised the buyer, Pako Realty Corp., and facilitated a 1031 tax exchange of the center that was acquired in an all-cash transaction. Essex Square is a 100-percent-occupied, regional retail strip center leased to national and regional tenants, including Capital One Bank, 7-Eleven, MedExpress, Jimmy John’s Gourmet Sandwiches, Rita’s, Muscle Maker Grill and Great Clips. The two-building property is located at 184 Essex Street.

October 23, 2015

New Jersey Northeast Retail

CBRE Brokers $23.4M Sale of Clover Square in Hamilton Township, N.J.

by Jaime Lackey October 22, 2015

MERCERVILLE, N.J. — Highglen Lawndale Associates LP, a partnership headed by Abrams Realty & Development, has purchased the Clover Square shopping center on 3100 Mercer-Quakerbridge Road at Sloan Avenue in Mercerville. Valley Forge Investment Corp. sold the 178,850-square-foot property, which was 96 percent occupied at the time of sale, for $23.4 million. The neighborhood shopping center is located in Hamilton Township. Anchor tenants include the 85,000-square-foot health and wellness center associated with Robert Wood Johnson Hospital and the independently owned 33,300-square-foot Risoldi’s supermarket. Additional tenants include Five Guys Burgers and Fries, CitiFinancial, Taco Bell, Sir Speedy, Miracle Ear, Great Clips, Jenny Craig, Smoothie King, and Dunkin’ Donuts. A pad site provides potential for future development. Brad Nathanson and Tom Gorman of CBRE represented the buyer.

October 22, 2015

Hospitality Northeast Pennsylvania

Laurus Affiliate Acquires Doubletree-Green Tree in Pittsburgh

by Jaime Lackey October 22, 2015

PITTSBURGH — Ethika Investments LLC, an affiliate of Laurus Corp., has allocated capital for the acquisition of the DoubleTree by Hilton Hotel – Green Tree in Pittsburgh. The 460-room property is the largest Pittsburgh hotel in the Hilton family of brands and recently underwent a $20 million renovation. Ethika and Laurus plan a $7 million capital plan, including the introduction of the Asado Grill restaurant, to improve customer experience and position the hotel as the go-to location for business meetings, conferences and weddings in the greater Pittsburgh area. The DoubleTree Green Tree features nearly 40,000 square feet of flexible, multi-functional meeting space and a 13,000-square-foot indoor athletic training center. This marks the 16th total capital allocation within Ethika’s Diversified Opportunity Real Estate Fund.

October 22, 2015

Multifamily New York Northeast

Akelius Buys Clinton Hill Apartment Property for $15M

by Jaime Lackey October 22, 2015

NEW YORK CITY — Akelius USA has purchased 415 Washington Avenue in the Clinton Hill neighborhood of Brooklyn for $15 million from DSA Management, which acquired the property for $10.25 million about a year ago. GFI Realty Services arranged the sale of the six-story, 25-unit apartment building in an off-market transaction. Erik Yankelovich and Shawn Sadaghati of GFI brokered the transaction. The pre-war building offers a mix of two-, three-, and four-bedroom residential units, which feature high ceilings, large closets and hardwood floors. Twelve of the apartments are free-market units, while four are rent-controlled, and nine are rent-stabilized.

October 22, 2015

Office Texas

CBRE Arranges Relocation of Vantage College’s South San Antonio Campus

by Haisten Willis October 22, 2015

SAN ANTONIO — CBRE has arranged the relocation of Vantage College’s South San Antonio campus to a 9,000-square-foot building at 1964 Southwest Military Drive. Recently rebranded from Excel Learning Center, Vantage College provides training in occupation fields such as healthcare, information technology and business, along with job placement assistance. The south campus will move from the Harlandale Building to a new location in November. Vantage College doubled the size of its Northwest campus at the end of 2013 in the Cherry Ridge Office Park. The Council on Occupational Education (COE) accredits Vantage College. Carl Salvato with CBRE’s San Antonio office represented Vantage in site selection and lease negotiations.

October 22, 2015

Retail Texas

M&M Arranges Sale of 9,014 SF Net Leased Dollar General in Metro Dallas

by Haisten Willis October 22, 2015

AUBREY, TEXAS — Marcus & Millichap has arranged the sale of a 9,014-square-foot Dollar General in Aubrey. Blake Burnett of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, an out-of-state individual/personal trust. Burnett also procured the buyer, a local limited liability company. Dollar General is located at 990 S. U.S. Highway 377, four miles north of U.S. Highway 380. Constructed in 2004, the asset is situated on one acre. At the time of listing, Dollar General was operating under a new 10-year net lease.

October 22, 2015

Indiana Midwest Multifamily

UMH Properties Acquires Three Manufactured Home Communities in Indiana for $36.1M

by Christina Cannon October 22, 2015

ELKHART, NAPPANEE AND WEST LAFAYETTE, IND. — UMH Properties Inc. has closed on the second portion of its previously disclosed agreement to purchase six manufactured home communities. This tranche consisted of three communities located in Indiana for a total purchase price of $36.1 million. The three communities contain 1,254 developed home sites situated on 316 acres. The average occupancy rate for these communities is 56 percent. Freehold, N.J.-based UMH Properties is a public equity REIT that owns and operates 98 manufactured home communities with approximately 17,800 developed home sites.

October 22, 2015

Midwest Ohio Retail

Marcus & Millichap Arranges $1.4M Sale of 3,482 SF Retail Building in Ohio

by Christina Cannon October 22, 2015

STEUBENVILLE, OHIO — Marcus & Millichap has arranged the $1.4 million sale of a 3,482-square-foot property in Steubenville, approximately 70 miles south of Youngstown. The building is currently net leased by AT&T. Located at 2114 Sunset Blvd., the building is situated on an outparcel in front of a Kroger. The seller, a developer, sold the asset to a California-based private investor. Arthur Kaplan and Lisa Sickinger of Marcus & Millichap represented the seller.

October 22, 2015

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