more_sales_and_leases

HFF Arranges Sale of Office Building in Houston

by Haisten Willis December 17, 2014

HOUSTON — HFF has arranged the sale of Sam Houston Crossing I, a Class A office building totaling 159,175 square feet in northwest Houston. HFF marketed the property on behalf of the sellers, Duke Realty Corp. and Chambers Street properties. SH Crossing I LP, a joint venture between Fuller Realty Partners LLC and Independencia was the buyer. The property is located in Houston’s West Belt Corridor off Sam Houston Parkway at 10343 Sam Houston Park Drive. The three-story building was completed in 2007. The building is fully leased to tenants including U.S. Steel, Farmers Insurance Exchange, CH Robinson Project Logistic, Brock Enterprises Inc., Axon EP Inc. and AMEC Oil & Gas Inc. Dan Miller, Martin Hogan and John Rogers of HFF represented the seller.

December 17, 2014

Weiss Realty Brokers Sale of 12,324 SF New Jersey Warehouse Facility

by Amy Works December 17, 2014

FORT LEE, N.J. — Weiss Realty has arranged the sale of a warehouse facility, located at 1253 Inwood Terrace in Fort Lee. Baron Verizon Fort Lee sold the 12,324-square-foot property to BCU/Madeline Housing Partners LLC (c/o Bergen County’s United Way) for $2.75 million. The one-story building features two overhead drive-thru doors, private offices, a secured 40-car paved parking area and access to Manhattan via the George Washington Bridge. Jaime Weiss of Weiss Realty represented the seller in the transaction.

December 17, 2014

Multifamily New York Northeast

Marcus & Millichap Arranges $2.3M Sale of Brooklyn Apartment Building

by Amy Works December 17, 2014

NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 80 New York Ave. in Brooklyn. The eight-unit property sold for $2.3 million. Derek Bestreich, Lucien Sproviero and Steve Reynolds of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both private investors, in the transaction.

December 17, 2014

Arizona Industrial Western

Marco Display Specialists Leases Warehouse Space in Phoenix

by Nellie Day December 17, 2014

PHOENIX – Marco Display Specialists has leased 67,697 square feet of warehouse space in Phoenix. The space is located at 4141 W. Van Buren Street. It was built in 1998. The new lease brings the 243,039-square-foot industrial building to full occupancy. The U.S. grocery market merchandising manufacturer was represented by Rebecca Roberts of Green Street Commercial. The landlord, 4141 W. Van Buren LLC, was represented by Don MacWilliam and Payson MacWilliam of Colliers International.

December 17, 2014

Florida Office Southeast

CBRE Brokers $51M Sale of Office/Industrial Park in Deerfield Beach

by John Nelson December 17, 2014

DEERFIELD BEACH, FLA. — CBRE has arranged the $51 million sale of Quorum Business Center, a 408,000-square-foot distribution and office portfolio located in Fort Lauderdale’s Deerfield Beach submarket. The park is located at the intersection of S.W. 10th Street and Military Trail near I-95. Greenwich, Conn.-based Ivy Realty purchased the office/industrial park from New York-based KTR Capital Partners. Quorum Business Center was 87 percent occupied at the time of sale. KTR Capital has executed 154 leases and invested $4.5 million in tenant improvements since 2005. Christian Lee, Jose Lobon, Charles Foschini and Chris Apone of CBRE represented the seller in the transaction. Tom O’Loughlin of CBRE assisted the CBRE team with market leasing.

December 17, 2014

Georgia Multifamily Southeast

MHA Brokers $21.2M Sale of Apartment Community in Macon

by John Nelson December 17, 2014

MACON, GA. — Multi Housing Advisors (MHA) has brokered the $21.2 million sale of Adrian on Riverside, a 224-unit apartment community located at 5243 Riverside Drive in Macon. Robert Stickel of MHA’s Atlanta office represented the seller, Adrian Park LLC, the developer of the community. PEM Real Estate Group was the buyer. The apartment community was 95 percent occupied at the time of sale. The property’s amenity package includes a putting green, theater, playground, covered car wash center, fitness center, billiard room and a pool with a sundeck and picnic pavilion.

December 17, 2014

Multifamily Texas

MIG Acquires 256-Unit Apartment Complex in Houston

by Haisten Willis December 16, 2014

HOUSTON — MIG Real Estate has acquired Alta Heights, a 256-unit apartment complex in Houston. Alta Heights is located at 145 Heights Blvd., three miles from downtown Houston, and has direct access to I-10 and I-45. The property consists of a four-story building that includes studio, one- and two-bedroom floor plans and a five-story parking structure. Amenities include a pool, courtyard with gas grills, a dog park, two-story clubhouse, gym and business center.

December 16, 2014

Hospitality Texas

Equity Inc. & Investors Acquires Huebner Medical Center in San Antonio

by Haisten Willis December 16, 2014

SAN ANTONIO — Equity Inc., Equity Velocity Fund I and 2GR Equity LLC have formed a joint venture to acquire Huebner Medical Center I & II. The 166,167-square-foot medical center is situated on 11 acres at the South Texas Medical Center located at 9150 Huebner Road in San Antonio. A major tenant is Methodist Ambulatory Surgical Hospital, which operates a 48,000-square-foot, 28-bed hospital on site.

December 16, 2014

New York Northeast Retail

Kimco Realty to Acquire Blackstone’s Interest in 39-Property Retail Portfolio for $512.3M

by Amy Works December 16, 2014

NEW HYDE PARK, N.Y. — A subsidiary of Kimco Realty Corp. (NYSE: KIM) has executed a contract to acquire the remaining 66.7 percent interest in the 39-property “Kimstone” portfolio from its joint venture partner, a subsidiary of Blackstone Real Estate Partners VII (BREP). The deal is valued at $925 million, which includes the assumption of approximately $426.7 million in mortgage debt. Kimco will pay approximately $512.3 million to acquire BREP’s interest using a combination of proceeds from recently completed and pending property sales in the U.S. and Latin America, as well as availability under its existing $1.75 billion revolving credit facility. Upon closing, which is expected in the first quarter of 2015, Kimco will own 100 percent of the portfolio. The 5.6 million-square-foot portfolio is approximately 97 percent occupied and comprises grocery-anchored shopping centers and power centers. The properties in the portfolio are concentrated in the core markets of New York, Virginia, Texas, Florida, California and Maryland. The portfolio includes four signature assets: • 280 Metro Center, a 228,000-square-foot property located in the San Francisco Bay Area of Colma, Calif. The 95-percent-occupied center is supported by a well-known list of anchors that includes Nordstrom Rack, Marshalls, Bed Bath & Beyond …

December 16, 2014

Multifamily Southeast Virginia

CBRE Global Investors Buys Apartment Community in Metro D.C.

by John Nelson December 16, 2014

SPRINGFIELD, VA. — CBRE Global Investors has acquired the Residences at Springfield Station, a Class A, 631-unit garden and mid-rise apartment community in Springfield, a suburb of Washington, D.C. The property is located at 6802 Junction Blvd. adjacent to the Franconia-Springfield Metro Station. Springfield Station was 94 percent occupied at the time of sale. CBRE Global Investors plans to rehab the property’s interiors with updating lighting and plumbing fixtures, two-inch window blinds, stainless steel appliance packages, two-tone paint, new carpets, upgraded cabinets and hardware and new countertops. Common area improvements will include a modernized clubhouse and fitness center, enhancements to the resort-style pool deck, the addition of a dog park and improvements to the accessibility of mass transit.

December 16, 2014

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