more_sales_and_leases

CBRE Arranges 200,000 SF Industrial Lease Expansion in Atlanta

by John Nelson February 20, 2015

ATLANTA — CBRE has arranged American Building Supply’s 200,000-square-foot lease expansion at its manufacturing and distribution facility at 4475 S. Fulton Parkway in Atlanta. The hardware and door manufacturer and distributor’s lease now totals 635,000 square feet. David Nixon and Chad Burd of CBRE’s Atlanta office represented the tenant, and Will Lombard of Majestic Realty represented the landlord. The overall industrial vacancy in Atlanta dropped to below 10 percent in 2014 for the first time in nearly 14 years, according to CBRE Atlanta Research.

February 20, 2015

Hospitality Texas

AWH Partners Buys 536-Room Westin Dallas Park Central Hotel

by Haisten Willis February 19, 2015

DALLAS — AWH Partners LLC, a privately held real estate investment, development and management firm, has acquired the Westin Dallas Park Central. AWH Partners’ plans to complete more than $20 million in renovations to the 536 rooms and 42,000 square feet of meeting and event space. Spire Hospitality will oversee the renovation of the property and manage operations under a franchise agreement with Starwood Hotels & Resorts. The Westin Dallas Park Central is near two, premier Dallas shopping destinations, NorthPark Center and The Galleria Dallas, and the Dallas Arts District. Dallas/Fort Worth International Airport and Dallas Love Field Airport are within 30 miles. The hotel features 42,000 square feet of event space within a total of 30 flexible meeting rooms. Amenities include a fitness center, an outdoor pool, complimentary transportation within a five-mile radius, a Café In The Park restaurant and a lobby bar.

February 19, 2015

Multifamily Texas

M&M Arranges Sale of 32-Unit Apartment Building in Fort Worth, Texas

by Haisten Willis February 19, 2015

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Oak Tree, a 32-unit apartment property located in Fort Worth. The property is located at 3029 Lackland Road, seven miles west of downtown Fort Worth. Built in 1973, the property consists of four two-story buildings with 32 one-bedroom, 450-square foot floor plans. Prior to listing, the property underwent renovations, which included the addition of new electricity, plumbing, insulation, hard-wired smoke detectors and HVAC units. Unit renovations included new doors, windows, toilets and new appliances. Matt Davis of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, an individual/personal trust. Davis also procured the buyer, a private investor.Chris Parker, associate director in Mark One Capital’s Dallas office, arranged the financing.

February 19, 2015

New Jersey Northeast Office

CBRE Global Investors Acquires Park 80 West in New Jersey

by Amy Works February 19, 2015

SADDLE BROOK, N.J. — A fund sponsored by CBRE Global Investors, an independently operated affiliate of CBRE Group Inc., has acquired Park 80 West, a two-building office complex in Saddle Brook, for an undisclosed price. Located at the junction of Interstate 80 and Garden State Parkway, the 507,480-square-foot asset features a full-service cafeteria, fitness center, boardroom, dry cleaning service, on-site property management and 90-percent covered parking. The property was 73 percent leased at the time of sale; the diverse tenant roster includes several investment-grade companies. The seller was a joint venture between Pearlmark Real Estate Partners and L&L. Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca of CBRE Group Inc. represented the buyer and worked closely with the seller to ensure an expedient transaction prior to a debt maturity for the transaction.

February 19, 2015

Multifamily New York Northeast

Ariel Property Advisors Brokers Sale of Two Bushwick Development Sites

by Amy Works February 19, 2015

NEW YORK CITY — Ariel Property Advisors has brokered the sale of two development sites at 406 Cornelia St. and 1536 Putnam Ave. in the Bushwick section of Brooklyn for $3.8 million, or $157 per buildable square foot. The properties are zoned for residential use and offer a combined total of 24,200 buildable square feet. The site at 406 Cornelia Street offers 13,200 buildable square feet and the site at 1536 Putnam Avenue offers 11,000 buildable square feet. Daniel Tropp, Michael Tortorici, Mark Spinelli and Jonathan Berman of Ariel Property Advisors represented the seller, a private owner, and procured the buyer, a developer, in the transaction.

February 19, 2015

Multifamily New Jersey Northeast

CBRE Arranges $1.32M Sale of Multifamily Building in New Jersey

by Amy Works February 19, 2015

JERSEY CITY, N.J. — CBRE Group Inc. has brokered the sale of an apartment building located at 205-207 Union St. in Jersey City. The 16-unit property sold for $1.32 million. The buyer plans to hold the recently renovated property as an investment while they expand their existing portfolio in New Jersey. Charles Berger, Mark Silverman and Elli Klapper of CBRE represented the undisclosed seller and procured the undisclosed buyer in the transaction.

February 19, 2015

Georgia Office Southeast

Admiral Capital, SDM Partners Sell Atlanta Office Building

by John Nelson February 19, 2015

ATLANTA — Admiral Capital Group and its joint venture partner SDM Partners have sold 200 Ashford Center, a 158,384-square-foot office building in Atlanta’s Central Perimeter submarket. Built in 1989, the office building is located near the intersection of Ashford Dunwoody Road and Mt. Vernon Highway. The buyer was Parmenter Realty Partners, a fully integrated real estate investment, management and development firm headquartered in Miami with more than $1 billion in assets under management. Cushman & Wakefield represented both the buyer and sellers in the transaction.

February 19, 2015

California Industrial Western

JC Paper Extends Lease for Warehouse Space in Fremont

by Nellie Day February 19, 2015

FREMONT, CALIF. – JC Paper has signed a 10-year lease extension for 214,809 square feet of warehouse space in Fremont. The space is located at 47422 Kato Road. The Kato Road complex was built in 1997. JC Paper was represented in-house by Mark Clarke. The landlord, Westcore Properties, was represented by its own Meghan Sandlin.

February 19, 2015

California Retail Western

Ramon Plaza in Los Angeles Sells for $9.1M

by Nellie Day February 18, 2015

LOS ANGELES – Ramon Plaza, a 70,131-square foot retail property in the Los Angeles submarket of Cathedral City, has sold to an unnamed buyer for $9.1 million. The three-building property is located at 68100 Ramon Road. It contains a mix of medical, retail and office uses. The seller, a private investor, was represented by Pablo Rodriguez and Richard Vincent of Marcus & Millichap’s Ontario office.

February 18, 2015

Multifamily New York Northeast

IPA Arranges $15.9M Sale of Multifamily Property in New York

by Amy Works February 18, 2015

MAMARONECK, N.Y. — Institutional Property Advisors (IPA) has brokered the sale of Soundview Apartments, an apartment building overlooking Long Island Sound in Mamaroneck. Bayou Properties Inc. purchased the 86-unit property for $15.9 million, or $184,300 per unit. Located at 151 Fenimore Road and built in 1926, the property features eight studios, 36 one-bedroom units, 41 two-bedroom units and one three-bedroom unit. Additionally, the property features a 21-car parking garage, fitness room, on-site laundry and a private courtyard. Steve Witten, Victor Nolletti, Adam Mancinone and Blake Barbarisi of IPA represented the seller, Soundview Apartments Co., in the transaction. J.D. Parker of Marcus & Millichap is the broker of record in New York. IPA is a division of Marcus & Millichap that specializes in serving institutional and major private real estate investors.

February 18, 2015

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