more_sales_and_leases

Marcus & Millichap Brokers $14.8M Sale of Vacant Office Building in Queens

by Amy Works April 17, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of an office building located at 90-75 Sutphin Blvd. in the Jamaica neighborhood of Queens. Arbern Sutphin Properties Corp. sold the 80,400-square-foot six-story property for $14.8 million, or $185 per square foot, to Flushing, N.Y.-based Ampiera Group. The property features three elevators, a 13,000-square-foot basement and a 70-car, 10,000-square-foot underground parking garage. Scott Plasky of Marcus & Millichap negotiated the transaction.

April 17, 2015

New York Northeast Retail

Eastern Consolidated Arranges Two Retail Sales Totaling $7.3M in NYC

by Amy Works April 17, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of two retail properties totaling $7.3 million in separate transactions. In the first deal, Walter & Samuels purchased a 3,541-square-foot retail condominium in the Flatiron District from Diamond Properties for $4.7 million. Located at 40 East 20th St., the property features 1,921 square feet of ground-level space and 1,620 square feet of basement space. The property is currently occupied by Flûte Bar & Lounge. Adelaide Polsinelli of Eastern Consolidated represented the buyer, while Peter Hauspurg, David Schechtman, Abie Kassin and Evan Papanastasiou, also of Eastern Consolidated, represented the seller. In the second transaction, a national buyer acquired a 5,200-square-foot mixed-use building located at 3914-3924 13th Ave. and 1267 40th St. in Brooklyn’s Borough Park. A local family sold the asset for $2.6 million. The two-story building features 4,034 square feet of unused and intact air rights and 95 feet of frontage along 13th Avenue. The property is currently occupied by Kid Dy No Mite Furniture, Robert’s Beauty Salon, Ari Universal Cell Phone Store and Community Home Care. Polsinelli represented the seller, while Ronda Rogovin of Eastern Consolidated represented the buyer in the transaction.

April 17, 2015

Colorado Retail Western

MVG, Confluent Merge to Create Large Private Development Firm in Colorado

by Nellie Day April 17, 2015

DENVER — MVG Development and Confluent Development Services have merged to create a single private commercial development firm in Colorado. It will operate as Confluent Development. The new firm has about $500 million in ongoing industrial, office, retail, multifamily and seniors housing developments across the U.S. Burton will lead Confluent Development’s expanded team, which is currently composed of 25 real estate and construction professionals. John Shaw was also recently awarded a seat on the firm’s Board of Directors. MVG is a full-service real estate development firm specializing in retail and seniors housing projects.

April 17, 2015

California Multifamily Western

Linda May Manor in Los Angeles Sells for $5.7M

by Nellie Day April 17, 2015

LOS ANGELES – Linda May Manor, a 32-unit apartment building in Los Angeles, has sold to an unnamed buyer for $5.7 million. The community is located at 456 South Cochran Ave., in the area’s Miracle Mile district. The seller was not named, but the property was listed as being “owned by the same family for more than 40 years.” The family was represented by Rich Johns of KW Commercial.

April 17, 2015

New Mexico Retail Western

West Central Plaza Shopping Center in Albuquerque Sells for $12M

by Nellie Day April 16, 2015

ALBUQUERQUE, N.M. – West Central Plaza Shopping Center, a 123,048-square-foot retail center in Albuquerque, has sold to Heslin Holdings for $12 million. The center is located at 4208 Central Ave. SW. The property was formerly home to Kmart, which vacated the space last year. It also includes a number of smaller retail tenants in an adjacent multi-tenant building. A restaurant occupies a third building. Heslin will re-tenant the 104,000-square-foot facility vacated by Kmart. The company will likely re-configure the space to accommodate multiple tenants. The smaller buildings will also be upgraded and expanded. The seller, West Central Plaza, was represented by CBRE’s Jeremy Nelson, Lia Armstrong and Jim Dountas. The CBRE retail team was retained by Heslin to assist in the center’s leasing and redevelopment efforts. The firm made a $12-million investment in the property, which includes the costs of acquisition, redevelopment and re-tenanting, as part of a value-add investment strategy.

April 16, 2015

Multifamily Utah Western

The Hills at Sandy Station Changes Hands in Utah

by Nellie Day April 16, 2015

SANDY, UTAH – The Hills at Sandy Station, a 70,000-square-foot luxury apartment complex in Utah, has sold to an unnamed buyer for an undisclosed sum. The community is located at 234 Sego Lily Drive in Sandy, on Utah’s East bench. The Hills was originally built as condos before it went into foreclosure and was ultimately converted into apartments. The initial development contained 61 condos, though the city later approved the development of 146 additional units. The seller, The Hills at Sandy Station LLC, was represented by Mark Jensen and Greg Ratliff of ARA, a Newmark Company.

April 16, 2015

Office Texas

Lincoln Harris CSG Brokers Sale of Medical Office Portfolio in Dallas

by Haisten Willis April 16, 2015

DALLAS — Lincoln Harris CSG has brokered the sale of a portfolio of medical office buildings in Dallas-Fort Worth. Webber Beall, Brian Bacharach and Rhodes Baker of Lincoln Harris CSG represented the buyer, Health Care REIT, in the purchase of five on-campus medical office buildings, surgery centers and the sale-leaseback of additional on-campus development sites in the DFW Metroplex. The seller was Rainier Medical Investments, a healthcare and hospitality developer focused on physician co-invested real estate with healthcare systems. The stabilized Class A portfolio contained approximately 196,000 square feet and approximately seven acres of land that was leased back by Rainier for future on-campus medical and hospitality developments.

April 16, 2015

District of Columbia Retail Southeast

Divaris Real Estate Brokers $5.5M Sale of Shopping Center in D.C.

by John Nelson April 16, 2015

WASHINGTON, D.C. — Divaris Real Estate Inc. has brokered the sale of Brookland Plaza, an 18,000-square-foot shopping center located at 3730 10th St. N.E. in Washington, D.C. Urban Investment Partners purchased the asset from Jan and Anna Slamen Family Trust for $5.5 million. Joseph Farina, John Camp and Amit Grover of Divaris represented the buyer and seller in the transaction.

April 16, 2015

Mixed-Use New York Northeast

Affinity Health Plan, Fresenius Medical Care North America Leases Brings Metro Center Atrium to Full Occupancy

by Amy Works April 16, 2015

NEW YORK CITY — Simone Development Cos. has fully leased its new 370,000-square-foot mixed-use complex, Metro Center Atrium in the Bronx. Affinity Health Plan has leased 102,507 square feet at the property and 2,000 square feet of storage space on the Hutch Metro Center campus, and Fresenius Medical Care North America has leased 21,105 square feet at the complex. With these leases the 370,000-square-foot Metro Center Atrium is fully occupied. Retail and healthcare tenants include LA Fitness, Applebee’s, Dunkin Donuts, Children’s Corner, Montefiore Medical Center, Calvary Hospital, Hanger Prosthetics, Parkchester Oral & Maxillofacial Surgery and Ophthalmologist Dr. Eric Wolf. Situated within Simone Development’s Hutchinson Metro Center, Metro Center Atrium features three floors of Class A office and medical space, retail and restaurant space, and a Marriott hotel.

April 16, 2015

Industrial New Jersey Northeast

Roddy Inc. Brokers Acquisition of 109,000 SF Industrial Property in New Jersey

by Amy Works April 16, 2015

DELRAN, N.J. — Roddy Inc. has brokered the acquisition of an industrial property located at 1813 Underwood Blvd. within Millside Industrial Park in Delran. AJ Real Holdings LLC, an entity related to Billows Electric, purchased the 109,000-square-foot property from Vosson LLC for an undisclosed price. The property will be leased, in its entirety, to Billows Electric. Situated on 6 acres, the property features 16 tailgate loading docks, 20-foot ceiling heights sloping to 18-foot clear heights and 5,700 square feet of office space. Sean Durkin of Roddy Inc. represented the buyer in the transaction.

April 16, 2015

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