more_sales_and_leases

Marcus & Millichap Brokers $1.4M Commercial Property Sale in Vermont

by Amy Works January 9, 2015

WATERBURY, VT. — Marcus & Millichap has arranged the sale of a Merchant’s Bank location in Waterbury. A New England-based investor acquired the property, which is located at 994 Waterbury Stowe Road, for $1.4 million. The bank is located off Interstate 89 in an area with 26,000 vehicles passing per day. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the buyer, while Marcus & Millichap’s San Diego office represented the seller. Jeffrey Nick, also of Marcus & Millichap, is the broker of record in Vermont.

January 9, 2015

Florida Multifamily Southeast

Franklin Street Brokers $10.4M Sale of Orlando Apartment Community

by John Nelson January 9, 2015

ORLANDO, FLA. — Franklin Street Real Estate Services has brokered the $10.4 million sale of Waterstone Apartments, a 208-unit multifamily community located at 5224 Long Road in Orlando. Constructed in 1991, the wood-frame complex is comprised of two-, three- and four-bedroom units. Darron Kattan, Robert Goldfinger, Kevin Kelleher and Zachary Ames of Franklin Street represented both the seller, a private company based in California, and the buyer, FVP KP Waterstone LLC. The buyer used agency financing to fund the acquisition, according to Franklin Street.

January 9, 2015

California Office Western

Jay Paul Co. Receives $610M Loan to Build Google’s New Silicon Valley Campus

by Nellie Day January 9, 2015

SUNNYVALE, CALIF. — Jay Paul Company has received a $610-million loan to fund the first phase of construction on Google’s new office campus in Silicon Valley. The campus will be located at the intersection of Moffett Park Drive and Bordeaux Drive in Sunnyvale. The first phase will include 943,056 square feet of office space throughout three, eight-story buildings. It will also include two parking structures with 4,300 spaces, as well as a 52,500-square-foot amenities building. The secured, non-revolving, senior loan will also be used to finance the construction of a new fire station for the City of Sunnyvale. Jay Paul Company was represented by Clayton B. Gantz, Grace S. Yang and Scott B. Johnson of Manatt, Phelps & Phillips.

January 9, 2015

Retail Southeast Tennessee

The Boulder Group Brokers $4.2M Sale of Bank of Bartlett in Germantown

by John Nelson January 9, 2015

GERMANTOWN, TENN. — The Boulder Group has brokered the $4.2 million sale of a Bank of Bartlett branch at 1870 Kirby Parkway in Germantown, roughly 22 miles southeast of Memphis. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Southeast-based partnership, in the transaction. The buyer was an institutional investor based in Tennessee. The bank has five years remaining on its lease.

January 9, 2015

Santa Barbara Arms Pompano Beach Florida

Florida Multifamily Southeast

Marcus & Millichap Brokers $2.9M Sale of Apartment Community in Pompano Beach

by John Nelson January 9, 2015

POMPANO BEACH, FLA. — Marcus & Millichap has brokered the $2.9 million sale of Santa Barbara Arms, a 22-unit apartment community located at 811 and 831 S.E. 22nd Ave. in Pompano Beach. The apartment property sits on one of Lake Santa Barbara’s finger canals. Brandon Rex and Evan Kristol of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor based in Pompano Beach. Felipe Echarte, also with Marcus & Millichap’s Fort Lauderdale office, represented the buyer, a limited liability company based in Avon, Conn.

January 9, 2015

California Office Western

FNIS Holdings Buys Irvine Office Building for $3.4M

by Nellie Day January 8, 2015

IRVINE, CALIF. – FNIS Holdings has acquired a 9,900-square-foot office building in Irvine for $3.4 million. The building is located at 8855 Research Drive. FNIS was represented by Blake Garrett of Cushman and Wakefield. The seller, Research Property LLC, was represented by Bob Rieden of Lee & Associates – Newport Beach.

January 8, 2015

Multifamily Washington Western

Martha Lake Apartments Near Seattle Changes Hands

by Nellie Day January 8, 2015

SEATTLE – The 155-unit Martha Lake Apartments in the Seattle submarket of Lynnwood has sold to Waterton Associates LLC for an undisclosed sum. The community is located at 16626 6th Ave. West, just 15 miles north of Downtown Seattle. This was Waterton’s sixth property acquisition in 2014, and the first community it has owned in the Seattle area since 2004.

January 8, 2015

New Jersey Northeast Office

The Berger Organization Adds 58 Park Place its Portfolio

by Amy Works January 8, 2015

NEWARK, N.J. — The Berger Organization has acquired 58 Park Place in Newark from PPSJ Corp. for an undisclosed price. The 30,000-square-foot office property is 50 percent occupied by the Garden State Ballet and Tempo Networks, a pan-Caribbean media and entertainment company. Habitat for Humanity, which is currently located at 60 Park Place, plans to relocate to the fourth floor of 58 Park Place. This acquisition adds to the company’s current Newark portfolio, which includes 10, 50 and 60 Park Place and 570 and 765 Broad Street. Additional terms of the transaction were not released.

January 8, 2015

Connecticut Northeast Office

O,R&L Brokers $4.63M Sale of Connecticut Office Building Portfolio

by Amy Works January 8, 2015

ROCKY HILL AND BERLIN, CONN. — O,R&L Commercial has brokered the $4.63 million sale of a four-building office portfolio in Berlin and Cromwell. Universal Enterprise LLC purchased the properties, which includes one building in Berlin and three buildings in Cromwell, for $4.63 million from RH Medical Center Associates LLC and Mill Crossing Associates, respectively. The 12,000-square-foot medical office building, located at 546 Cromwell Ave. in Rocky Hill, sold for $1.6 million, and the 35,000-square-foot Mill Crossing, located at 1224 Mill St. in Berlin, sold for $3.03 million. The buyer plans to expand the three-building complex at Mill Crossing to include a fourth building featuring 10,000 square feet of office/medical office space. Jay Morris of O,R&L Commercial represented all parties in the transaction.

January 8, 2015

Maine Northeast

Marcus & Millichap Arranges $1.65M Sale of Maine Retail Property

by Amy Works January 8, 2015

SOUTH PORTLAND, MAINE — Marcus & Millichap has brokered the sale of a Napa Auto Parts retail store in South Portland. A New England-based investor purchased the property for $1.65 million in a 1031 exchange. Located at 65 Market St., the property is located between the Mill Creek Shopping Center and a Shaw’s Supermarket-anchored shopping center. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the buyer, while Marcus & Millichap’s San Francisco office represented the institutional seller. Adrian Harris, also of Marcus & Millichap, is the firm’s broker of record in Maine.

January 8, 2015

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