more_sales_and_leases

Stage Equity Partner Sells Medical Office Building in Metro Atlanta for $7.5M

by John Nelson July 24, 2015

MORROW, GA. — Chicago-based Stage Equity Partners LLC has sold a 37,813-square-foot medical office building at 1000 Corporate Center Drive in Morrow, a suburb of Atlanta. The healthcare real estate investment firm sold the fully leased asset to an unnamed private healthcare REIT for $7.5 million in an off-market transaction. The multi-tenant property is anchored by Clayton Eye Center and Atlanta Medical Center. The sale comes upon the completion of Stage Equity’s exterior and interior renovations to the property.

July 24, 2015

Retail Texas

InvenTrust Purchases Highlands of Flower Mound in Metro Dallas for $45.8M

by Haisten Willis July 23, 2015

FLOWER MOUND, TEXAS — InvenTrust Properties Corp. has acquired The Highlands of Flower Mound a 169,447-square-foot shopping center located in Flower Mound, for $45.8 million. Highlands of Flower Mound is 96 percent occupied, with 60 percent of its roster comprising original tenants. The center is shadow anchored by a Super Target and is leased to Bed Bath and Beyond, Cost Plus World Market, Stein Mart, Pier 1, Famous Footwear and Party City. InvenTrust became a self-managed REIT in 2014. The company owns 108 multi-tenant retail properties, comprising 15.5 million square feet of retail space in 24 states.

July 23, 2015

Office Texas

The Richland Cos. Acquires Office Building in Houston

by Haisten Willis July 23, 2015

HOUSTON — The Richland Cos. has acquired 550 Post Oak, an office property located in Houston’s West Loop submarket. The building will become Richland’s new corporate headquarters, replacing its previous location in Memorial Post Oak. The 53,872-square-foot, six-story building sits on one acre at the northeast corner of Post Oak Boulevard and Post Oak Park. The multi-tenant property offers tenants card-key access, on-site management and podium-style parking. Additional amenities will include a gym, car washing services, laundry and dry cleaning pickup, food trucks twice a week and multiple high-end services. Richland plans on taking occupancy in September, with the exterior transformation beginning shortly thereafter. 550 Post Oak becomes Richland’s 14th property in Houston, marking 1.7 million square feet of properties owned and managed by the company.

July 23, 2015

Office Texas

Davis Commercial Arranges Sale of Ground Lease for Historic Houston Building

by Haisten Willis July 23, 2015

HOUSTON — Davis Commercial has arranged the sale of leasehold interest for the historic Sweeney, Coombs & Fredericks building at 301 Main St. in Houston for an undisclosed price. Designed and built by George E. Dickey in 1889, 301 Main St. is one of the last remaining Victorian-style structures in the city. The building is owned by Harris County and a ground lease on the property was assigned to a third party in the early 1990s. Ashley Casterlin of Davis Commercial Real Estate represented the unnamed seller of the ground lease in the transaction. The buyer was also undisclosed. Blini Hoxha with the Salt N Pepper Group plans to open a new restaurant on the first floor. The Salt N Pepper Group is responsible for many Houston concepts, such as Beer Market Co., The Moonshiners, Crisp, Pub Fiction, Celtic Gardens, Shot Bar and Third Floor. The top two floors of the three-story building are being leased to attorneys.

July 23, 2015

Industrial New York Northeast Retail

Kalmon Dolgin Affiliates Arranges 50,000 SF Lease in Brooklyn for Koppers Specialty Chocolate Co.

by Amy Works July 23, 2015

NEW YORK CITY — Kalmon Dolgin Affiliates has arranged a 50,000-square-foot lease at Liberty View Plaza in Brooklyn for Koppers Specialty Chocolate Co. The company is relocating from a 30,000-square-foot space in Greenwich Village to the space at 850 Third Ave. in Brooklyn’s Sunset Park neighborhood. As part of the deal, Empire State Development, New York State’s economic development agency, will provide Koppers with up to $556,000 in performance-based Excelsior Jobs Program Tax Credits, as the company agreed to create at least 27 new full-time jobs over the next five years and keep the position through at least 2025. Neil Dolgin and Jeffrey Unger of Kalmon Dolgin Affiliates, along with Howard Kesseler and Jordan Gosin of Newmark Grubb Knight Frank, represented the landlord, Salmar Properties, in the transaction.

July 23, 2015

Multifamily New York Northeast

Marcus & Millichap Brokers $2.4M Multifamily Property Sale in Long Island City

by Amy Works July 23, 2015

LONG ISLAND CITY, N.Y. — Marcus & Millichap has brokered the sale of a multifamily property located at 34-27 37th St. in Long Island City. A private investor acquired the eight-unit apartment building for $2.4 million. Matthew Fotis, Zachary Golub and Lazarus Apostolidis of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.

July 23, 2015

Multifamily New York Northeast

ARM Real Estate Brokers $1.6M Sale of Residential Building in Queens

by Amy Works July 23, 2015

NEW YORK CITY — ARM Real Estate has brokered the sale of a 5,150-square-foot residential building located at 17-01 Stanhope St. in the Ridgewood neighborhood of Queens. The three-story, six-unit apartment building sold for $1.6 million in an off-market transaction. Anand Melwani and Harrison Zavala of ARM represented both the seller, a long-term owner, and the buyer, Stanhope Purchaser LLC, in the transaction.

July 23, 2015

Illinois Industrial Midwest Retail

MB Real Estate To Manage, Lease Illinois Tollway Oases

by Jonathan Mehall July 23, 2015

CHICAGO — MB Real Estate (MBRE) has won the assignment to manage and lease the Illinois Tollway Oases, six properties servicing commuters and travelers along the Illinois Tollway system. The tollway oases offer patrons a variety of convenient food options, a wide range of services and are directly accessible from the tollway with on-off ramps. Properties include the Belvidere Oasis along I-90; the Lake Forest Oasis on I-94; the DeKalb Oasis on I-88; the Chicago Southland Lincoln Oasis along I-80/I-294; the Hinsdale Oasis on I-294; and the O’Hare Oasis, also on I-294. Current tenants of the oases include the Illinois Tollway, McDonald’s, Starbucks, Best Buy Express, Subway, Illinois Lottery and Sbarro, among others. Kathleen Bertrand of MBRE will serve as the leasing representative for the six properties, which offer a variety of spaces available for lease.

July 23, 2015

Florida Office Southeast

HFF Arranges $12.5M Sale of REO Office Park in Metro Miami

by John Nelson July 23, 2015

WEST KENDALL, FLA. — HFF has closed the $12.5 million real estate owned (REO) sale of Lucky Start Executive Plaza, a two-building office park totaling 55,658 square feet at 8765 S.W. 165th Ave. in West Kendall, a suburb of Miami. The office park comprises two office buildings that are 54.1 percent leased to medical and office tenants, as well as a vacant pad site for the future development of a three-story, 89,000-square-foot office building. HFF marketed the property on behalf of a regional bank, which previously purchased the asset in a foreclosure auction. IMC Property Management Inc. was the buyer. Marty Busekrus, Jorge Portela and Manny de Zárraga of HFF brokered the transaction.

July 23, 2015

Florida Mixed-Use Southeast

Colliers Brokers $10.8M Sale of Mixed-Use Asset in Miami’s Wynwood Neighborhood

by John Nelson July 23, 2015

MIAMI — Colliers International has brokered the $10.8 million sale of a former art gallery located at 2534 N. Miami Ave. in Miami’s Wynwood neighborhood. Built in 1950 and formerly housing the Zadok Art Gallery, the two-story, 18,870-square-foot property includes retail space on the ground floor and office space on the second floor. Ivo Tsinev and Achikam Yogev of Colliers International’s South Florida office represented the seller, Zadok Real Estate Holding, in the transaction. Michael Tobin of Rothman & Tobin PA represented the buyer, Badjer LLC, which plans to lease the vacant building for retail use.

July 23, 2015

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