more_sales_and_leases

M&M Arranges Sale of 6,450 SF Property in Rio Grande Valley

by Haisten Willis January 14, 2015

BROWNSVILLE, TEXAS — Marcus & Millichap has arranged the sale of United Rentals, a 6,450-square-foot net-leased property located in Brownsville. Geoff Ficke and Chris Adams of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a developer. Dominic Sulo and Matthew Wenger of the firm’s Chicago Oak Brook office procured the buyer, a private investor. United Rentals is located at the intersection of Old Port Isabel Road and East Ruben M. Torres Sr. Boulevard. Built in 2009, the property is situated on 1.9 acres and was originally occupied by RSC Equipment Rental. United Rentals assumed the property after the company’s acquisition of RSC in 2012. Founded in 1997, United Rentals operates more than 880 rental locations in 49 states and 10 Canadian provinces.

January 14, 2015

Lee & Associates Negotiates 101,500 SF Industrial Lease in Metro Dallas

by Haisten Willis January 14, 2015

IRVING, TEXAS — Lee & Associates has negotiated the lease of a 101,500 square-foot industrial building located at 1800 Hurd Drive in Irving. Nathan Denton of Lee & Associates represented the buyer, Alliance Glass & Metal. John Fulton and Brett Owens with Transwestern Commercial Services represented the seller, Thanestate Investments.

January 14, 2015

California Multifamily Western

The South Orange Grove Apartments in Pasadena Sell for $9.5M

by Nellie Day January 14, 2015

PASADENA, CALIF. – The South Orange Grove Apartments have sold to a Unison Investment Co. for $9.5 million. The 20-unit community is located at 164, 168, 172, 176 and 180 S. Orange Grove Blvd. It was the first multifamily structure to be built on South Orange Grove Boulevard, following a zoning change in 1948. The seller, an entity of City Ventures, was represented by Jim Fisher and Mike Smith of Lee & Associates-LA North/Ventura.

January 14, 2015

Mixed-Use New Jersey Northeast

NAI Hanson Secures Sale of 14,000 SF New Jersey Mixed-Use Property

by Amy Works January 14, 2015

KEANSBURG, N.J. — NAI James E. Hanson has facilitated the sale of a mixed-use property in Keansburg. Father and Sons Building and Remodeling purchased the building, which is located at 19-21 Carr Ave., for an undisclosed price. The 14,000-square-foot building is well suited to be repurposed into a residential property. John Schilp and Joan Cenicola of NAI Hanson represented the undisclosed seller in the transaction.

January 14, 2015

Multifamily New York Northeast

GFI Realty Arranges Sale of Ridgewood Residential Building in Queens

by Amy Works January 14, 2015

NEW YORK CITY — GFI Realty Services has brokered the sale of a three-story, walk-up apartment building located at 17-31 Linden St. in the Ridgewood section of Queens. A local investor purchased the property for $1.5 million, or $250,000 per unit. Built in the 1930s, the property consists of six units, four of which were delivered vacant. Alexandra Rossland of GFI Realty Services represented the seller, a local investor, and Gavin Bolsom, also of GFI, represented the buyer in the transaction.

January 14, 2015

Mixed-Use New York Northeast

TerraCRG Closes Sale of Mixed-Use Building for $1.2M in Brooklyn

by Amy Works January 14, 2015

NEW YORK CITY — TerraCRG has closed the sale of a mixed-use building located at 994 Atlantic Ave. on the border of Crown Heights and Clinton Hill in Brooklyn. The 3,200-square-foot property sold for $1.2 million, or $359 per square feet with a 5.52 percent cap rate. The property features two two-bedroom apartments and ground-floor retail space. The building is zoned M1-1, which means it is overbuilt by 1,600 square feet and is grandfathered in for mixed use. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG negotiated the transaction.

January 14, 2015

Massachusetts Multifamily Northeast

Marcus & Millichap Brokers Sale of 24-Unit Apartment Complex in Massachusetts

by Amy Works January 14, 2015

FALL RIVER, MASS. — Marcus & Millichap has brokered the sale of Jencks/Flint Street Apartments, a multifamily complex located at 311 Jencks St., 322 Flint St. and 309 Flint St. in Fall River. A limited liability company purchased the 24-unit property for $1.1 million. The property features 18 two-bedroom units, six one-bedroom units, laundry facilities in each building and off-street parking. Tony Pepdjonovic of Marcus & Millichap’s Boston office represented the seller, a private investor, and secured the buyer in the transaction, which closed with a 9.69 percent cap rate.

January 14, 2015

North Carolina Retail Southeast

SRS Real Estate Partners Brokers $6.2M Sale of Shopping Center in North Carolina

by John Nelson January 14, 2015

EDEN, N.C. — SRS Real Estate Partners has brokered the $6.2 million sale of Meadow Greens, a 136,927-square-foot grocery-anchored shopping center in Eden. The property is located at 640 S. Van Buren Road at the southeast corner of West Kings Highway and South Van Buren Road. The shopping center’s tenant roster includes Save-A-Lot, Hibbett Sports, Aaron’s and It’s Fashion Metro. RCG Ventures sold Meadow Greens to EH Scott LLC. Kyle Stonis and Pierce Mayson of the SRS Atlanta office represented the seller in the transaction. Scott Ross of Coastal Equities represented the buyer.

January 14, 2015

Industrial Utah Western

Precision Heating and Cooling Leases Space in Salt Lake City

by Nellie Day January 13, 2015

SALT LAKE CITY – Precision Heating and Cooling has leased a 15,000-square-foot manufacturing warehouse in Salt Lake City. The building formerly served as the headquarters of Neilco. It is located at 5780 South 300 West. The commercial heating and cooling contractor plans to use the space as its main Utah headquarters. Robert Kingsford of Newmark Grubb ACRES represented both the tenant and unnamed landlord in this transaction.

January 13, 2015

Multifamily Texas

IPA Brokers Sale of Mid-Rise Apartment Complex in San Antonio

by Haisten Willis January 13, 2015

SAN ANTONIO — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of 1800 Broadway, a 230-unit apartment building located north of downtown San Antonio in the city’s Lower Broadway Corridor. Will Balthrope and Drew Kile of IPA represented the developer, Criterion Property Co. LP, and its equity partner, Cypress Real Estate Advisors. Greystar Real Estate Partners managed the property. Churchill Forge Properties is the buyer. 1800 Broadway is located on the corner of Broadway and Grayson streets directly across from the Pearl Brewery development. Completed in 2013, 1800 Broadway is a four-story, 206,389-square-foot mid-rise development with 230 upscale units and 29 floor plans. Amenities include granite countertops, stainless steel appliances, pendant lighting, a full-size washer and dryer, two-inch blinds and nine- and 11-foot ceilings. Community amenities include a pool, fitness center, two interior courtyards and an indoor/outdoor multimedia space.

January 13, 2015

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