more_sales_and_leases

Cushman & Wakefield Arranges Sale of Mixed-use Building in Brooklyn

by Amy Works September 3, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use building located at 1260 Broadway in Brooklyn’s Bedford-Stuyvesant neighborhood. Situated between Green and Lexington avenues, the 7,000-square-foot property sold for $2.2 million, or $314 per square foot, in an all-cash transaction. The four-story walk-up building consists of three two-bedroom apartments, three one-bedroom apartments and one retail unit. Renovated in 2000, the property is fully free market with preferential rents. A preferential rent is a rent that an owner agrees to charge that is lower than the legal regulated rent that the owner could lawfully collect. Michael Amirkhanian of Cushman & Wakefield brokered the transaction. The names of the buyer and seller were not released.

September 3, 2015

Industrial New Jersey Northeast

Binswanger Negotiates Long-Term Lease for Iberia Foods in New Jersey

by Amy Works September 3, 2015

SOMERSET, N.J. — Binswanger has arranged the long-term lease of 82,181 square feet of distribution space in Somerset for Iberia Foods of New York. The company plans to use the facility at 95 Clyde Road to support the more than 10,000 supermarkets, club stores, wholesalers and distributors on the East Coast that the company serves. Constructed in 1980, the property features 24-foot clear ceiling heights, a wet sprinkler system, T-8 lighting, eight dock-high doors, one drive-in door and parking for 100 vehicles. Andy Grabis and Jim Panczykowski of Binswanger represented the tenant in the transaction. The landlord is Cabot II-NJ M01 LLC.

September 3, 2015

New Jersey Northeast Office

Colliers Arranges Relocation, Expansion for Babe Ruth League Headquarters

by Amy Works September 3, 2015

HAMILTON, N.J. — Colliers International has arranged the sale of a property located at 1670 White Horse-Mercerville Road in Hamilton to Babe Ruth League Inc., a non-profit educational, baseball organization. The stand-alone property features 8,500 square feet of office space, including a showroom of Babe Ruth memorabilia, and a 1,500-square-foot warehouse. The national organization plans to relocate its headquarters to the property from its former location at 1770 Brunswick Pike in Lawrence, N.J. Vinny Di Meglio and Thomas Romano of Colliers represented Babe Ruth League in the $712,000 transaction. The seller was Hamilton Park Associates LP.

September 3, 2015

Michigan Midwest Retail

Agree Realty Corp. Sells Ferris Commons in Michigan for $5.8M

by Amy Works September 3, 2015

BIG RAPIDS, MICH. — Agree Realty Corp. has sold Ferris Commons, a shopping center located in Big Rapids, about 60 miles north of Grand Rapids. The 173,557-square-foot center sold for $5.8 million to an undisclosed buyer. Agree Realty Corp. originally developed the property, which was 99.5 percent occupied, in 1990. The company has increased its 2015 disposition guidance to a range of $40 million to $50 million, with anticipated dispositions of both non-core shopping centers as well as select net-lease assets. Including this sale, Agree Realty has disposed of approximately $15 million year-to-date.

September 3, 2015

Illinois Midwest Multifamily

Marcus & Millichap Arranges Sale of 13-Unit Apartment Building in Chicago

by Amy Works September 3, 2015

CHICAGO — Marcus & Millichap has arranged the sale of an apartment building located at 926 W. George St. in Chicago. The 13-unit property sold for $3.8 million. Kyle Stengle of Marcus & Millichap’s Chicago office represented the buyer, a private investor, in the transaction. The name of the seller was not released.

September 3, 2015

Healthcare Michigan Midwest Office

NAI Wisinski Brokers Sale of Former Urgent Care Facility in Michigan

by Amy Works September 3, 2015

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of a former urgent care facility, located at 5378 Plainfield Ave. in Grand Rapids. Dr. Russ Curtis acquired the 5,000-square-foot facility from Spectrum Health for an undisclosed price. A portion of the facility has been renovated to serve as Northview Eye Care, while the remainder is available for lease. Doug Taatjes and Hillary Taatjes-Woznick represented the seller and buyer in the transaction.

September 3, 2015

Midwest Restaurant Retail Wisconsin

4,800 SF Panera Bread Location Sells for $2.3M in Southeast Wisconsin

by Amy Works September 3, 2015

DELAVAN, WIS. — An undisclosed developer has acquired a 4,800-square-foot building net leased to Panera Bread in Delavan, approximately 49 miles west of Kenosha, Wis. The purchase price of the property, located at 1905 Geneva St., was $2.3 million. Dominic Sulo and Chad Lieber of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, and secured the buyer in the transaction.

September 3, 2015

Office Texas

Equus Acquires 193,988-Square-Foot Office Building in Houston

by Katie Sloan September 3, 2015

HOUSTON — Equus Capital Partners Ltd., on behalf of Equus Investment Partnership IX LP, has acquired the Comerica Bank Building, a 193,988-square-foot office building located in Houston. The 11-story building was 89 percent occupied at the time of sale, and is situated on 4.5 acres along the north side of U.S. 59 at One Sugar Creek Blvd. The building’s amenities include surface parking and an attached four-level parking garage, an on-site deli and a full-service banking facility. Jared Chua and Bernard Branca of CBRE represented the undisclosed seller in the transaction.

September 3, 2015

Georgia Multifamily Southeast

Multi Housing Advisors Arranges $19.9M Sale of Apartment Community in Augusta

by John Nelson September 3, 2015

AUGUSTA, GA. — Multi Housing Advisors (MHA) has brokered the $19.9 million sale of Century Hills, a 200-unit apartment community located in Augusta. Kole Management Co. purchased the property from an undisclosed seller. Built in 2000, Century Hills is located on Alexander Drive within two miles of Costco, Whole Foods Market, Publix, Kroger, The Fresh Market and Starbucks Coffee. Robert Stickel of MHA represented the seller in the transaction.

September 3, 2015

Georgia Retail Southeast

SRS Brokers $15.7M Sale of Metro Atlanta Power Center via Auction.com

by John Nelson September 3, 2015

DULUTH, GA. — The Southeast investment sales team at SRS has brokered the $15.7 million sale of Venture Pointe, a 335,151-square-foot regional power center situated at the northwest corner of Venture Drive and Steve Reynolds Boulevard in Duluth, a northeast suburb of Atlanta. The power center is located at 3855 Venture Drive near Gwinnett Place Mall and I-85. Venture Pointe’s tenant roster includes anchors Kohl’s, Big Lots and Golfsmith. The seller, Situs Holdings LLC, sold the property via Auction.com. Kyle Stonis and Pierce Mayson of the SRS Atlanta office, along with Tony Bartlett and Chip Sipple of Lincoln Property Co., represented Situs in the sale. The undisclosed buyer was represented internally.

September 3, 2015

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