more_sales_and_leases

Marcus & Millichap Arranges $10.5M Sale of Mixed-Use Property in Richmond’s Shockhoe Bottom District

by John Nelson June 14, 2017

RICHMOND, VA. — Marcus & Millichap has brokered the $10.5 million sale of Haxall View, a mixed-use property in Richmond comprising 29 one- and two-bedroom apartments and 24,307 square feet of office and restaurant space. Located at 2101 E. Main St. in Richmond’s Shockhoe Bottom district, the two conjoined buildings are situated on 22,815 square feet at the corner of East Main and South 21st streets. The apartments at the former cigar factory feature exposed brick, private balconies, hardwood floors, bay doors and new kitchen appliances. Property amenities include secured parking, a fitness center and a rooftop deck. Christopher Chadwick and Dawson Rinder of Marcus & Millichap’s Washington, D.C., office represented the undisclosed seller in the transaction. The buyer purchased the asset in a 1031 exchange.

June 14, 2017

Industrial Northeast Pennsylvania

Cushman & Wakefield Broker Sale of 58-Acre Industrial Site in Philadelphia

by Amy Works June 14, 2017

PHILADELPHIA — Cushman & Wakefield has arranged the sale of a vacant and foreclosed 58-acre land parcel located at 7777 State Road in Philadelphia. Morris Iron & Steel Co., a local recycling company, acquired the site from 7777 State PA Philadelphia Loan Associates LLC for an undisclosed price. Prior to acquisition, the site was rezoned from residential/mixed-use to industrial use. Brian Hilger and Ned Franke of Cushman & Wakefield handled the transaction.

June 14, 2017

Northeast Office Rhode Island

Sweeney Real Estate Arranges Sale of 10,306 SF Office Building in Providence, Rhode Island

by Amy Works June 14, 2017

PROVIDENCE, R.I. — Sweeney Real Estate & Appraisal has brokered the sale of an office property located at 1165 N. Main St. in Providence. Peach Tree Realty Inc. sold the 10,306-square-foot property to Jewish Family Services Inc. for $600,000. Kevin Casey of Sweeney Real Estate & Appraisal represented the seller, while Stephanie Markoff Cohen of William Raveis Providence represented the buyer in the deal.

June 14, 2017

Retail Texas

TREK Brokers Sale of 48,716 SF Shopping Center in Amarillo

by Taylor Williams June 14, 2017

AMARILLO, TEXAS — TREK Investment Group has brokered the sale of Coronado Shopping Center, a 48,716-square-foot retail center located at 3303 Wimberly Road in Amarillo. Parker Carroll of TREK represented the buyer, Assertive Realty Group LLC, in the transaction. The name and representative of the seller were not disclosed.

June 14, 2017

Multifamily Washington Western

Security Properties, Intercontinental Real Estate Corp. Acquire Echo Lake Apartments in Shoreline

by Nellie Day June 13, 2017

SHORELINE, WASH. — A joint venture between Security Properties and Intercontinental Real Estate Corp. has purchased the 289-unit Echo Lake Apartments for an undisclosed sum. The community is located at 1150 N. 192nd St. Echo Lake contains 9,000 square feet of retail space. It was built in 2009. Security Properties affiliate Madrona Ridge Residential will manage the property.

June 13, 2017

Colorado Multifamily Seniors Housing Western

Pathfinder Buys 104-Unit Independent Living Community Near Denver for $16M

by Nellie Day June 13, 2017

AURORA, COLO. — Pathfinder Partners, a San Diego-based investment firm, has acquired a 104-unit independent living community within the Shalom Park Senior Living Campus in the Denver suburb of Aurora. Pathfinder, along with Denver-based Hillcrest Development Group, paid $16 million for the property and plan to implement $3 million of improvements. The community, which Pathfinder will rebrand as V-Esprit, is situated on approximately 15 acres and includes 104 units consisting of 60 apartments and 44 patio homes averaging 1,050 square feet. The seller was Shalom Park, a Colorado nonprofit that still owns the balance of the Shalom Park Senior Living Campus. V-Esprit residents will continue to have access to the combined campus amenities. The $3 million renovation project is slated to include converting four of the one-bedroom apartment units (leaving 100 units in total) into a clubhouse and card room, and renovating and modernizing the theater room, library, communal dining area and leasing office. Pathfinder also plans to make improvements to the apartment interiors. This is Pathfinder’s first seniors housing acquisition.

June 13, 2017

Multifamily Texas

LYND Acquires 11-Property Multifamily Portfolio in Texas

by Taylor Williams June 13, 2017

SAN ANTONIO — LYND Co., a San Antonio-based investment firm, has acquired a portfolio of 11 multifamily properties located in various markets throughout Texas. The portfolio spans 2,405 units with an average age of 12 years. The largest concentration of the portfolio’s assets is in Dallas, with properties in Houston, Midland, Odessa and El Paso as well.

June 13, 2017

Florida Multifamily Southeast

Inland Private Capital Sells Tampa Bay Apartment Community for $50.5M

by John Nelson June 13, 2017

BRADENTON, FLA. — Inland Private Capital Corp. has sold the 272-unit Lost Creek Resorts at Lakewood Ranch Apartments in the Tampa Bay area. Inland sold the asset through an asset management subsidiary via a 1031 investment program for $50.5 million. Located at 11140 Lost Creek Terrace Lakewood Ranch in Bradenton, the nine-building property features 92 one-bedroom units, 124 two-bedroom units and 56 three-bedroom units. Built in 2012, the community was fully occupied as of May 31, 2017. The buyer was undisclosed.

June 13, 2017

Georgia Office Southeast

Crestlight Capital Buys 11-Story Office Building in Midtown Atlanta

by John Nelson June 13, 2017

ATLANTA — Crestlight Capital LLC has purchased an 11-story, 217,090-square-foot office building located at 730 Peachtree St. in Midtown Atlanta. The private real estate investment firm has tapped Hunter Henritze, Michael Howell and Caroline Cole of Lincoln Property Co. Southeast to lease and manage the Class B asset. The property was 92 percent leased at the time of sale and features loft office build-outs with exposed ceilings and modern finishes. The building is situated within walking distance of the Fox Theatre and the North Avenue and Midtown MARTA stations. The seller and sales price were undisclosed.

June 13, 2017

Massachusetts Mixed-Use Multifamily Northeast Retail

CBRE/NE Facilitates $17.2M Sale of Restaurant Site for Mixed-Use Development

by Amy Works June 13, 2017

SAUGUS, MASS. — CBRE/New England has arranged the sale of the Hilltop Steak House site on Route 1 in Saugus. High Country Investors sold the property to AvalonBay Communities for $17.2 million. The buyer plans to develop the site into a 280-unit luxury rental apartment community with 25,000 square feet of retail space. Community amenities of the mixed-use property will include a landscaped courtyard, pool, fireplaces, grills, a dog park and a clubhouse with a fitness facility. Simon Butler, Biria St. John and Rob Robledo of CBRE/NE represented the seller and procured the buyer in the transaction.

June 13, 2017

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