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Newmark Negotiates $70M Sale of Creative Office Building in El Segundo, California

by Amy Works August 16, 2021

EL SEGUNDO, CALIF. — Newmark has brokered the sale of 2221 Park Place, a two-story creative office property located in downtown El Segundo. 2221 Park Place Partners LLC, a partnership between Kyle Ransford of Cardinal Investments and Platform Ventures, sold the asset for $70 million, or $778 per square foot. The undisclosed buyer intends to occupy the 90,000-square-foot building, which was recently constructed. The building features a retractable rooftop, integrated landscaping, natural lighting, three-walled workspaces with open air access, flexible layout throughout, outdoor and upper-level patios and contemporary technology for health and efficiency. Kevin Shannon, Geoff Ludwig, Eric Lastition and Ken White of Newmark represented the seller in the off-market transaction.

August 16, 2021

Mixed-Use Oregon Western

Marcus & Millichap Arranges Sale of Mixed-Use Building in Salem, Oregon for $5.65M

by Madison Pettway August 13, 2021

SALEM, ORE. — Marcus & Millichap has arranged the sale of The Metropolitan Building, a 29,000-square-foot mixed-use property in Salem. The property comprises 17 apartments and more than 9,500 square feet of ground- and basement-level office and retail space. The sales price was $5.65 million. Marcus & Millichap’s Georgie Christensen-Riley and Michael Kapnick represented the seller, an Oregon limited liability company. Christensen-Riley and Kapnick also represented the California-based buyer. Both the buyer and seller entered into the transaction as part of separate 1031 tax-deferred exchanges. Constructed in 1912 and completely remodeled in 2007, The Metropolitan Building is located in downtown Salem near the state capitol. The property underwent additional buildouts in 2019 and 2020. The development’s retail and creative office spaces experienced consistent leasing activity throughout the Covid-19 pandemic due in part to its prime location and finishes, according to Marcus & Millichap

August 13, 2021

California Industrial Western

Lee & Associates Brokers Sale of Industrial Building in San Marcos, California for Nearly $2.6M

by Madison Pettway August 13, 2021

SAN MARCOS, CALIF. — Lee & Associates has negotiated the sale of an 11,650-square-foot industrial building in San Marcos for $2.59 million, or $222 per square foot. The building is located at 2750 S. Santa Fe Ave., approximately 50 miles north of San Diego. Lee & Associates’ Michael Golden and Trent France represented the buyer, Vascan Tile, a tiling contractor based out of Escondido, Calif., in the transaction. Matt Calvet of Kidder Mathews represented the seller, Gill Gregory Trust. The recently remodeled building is situated one block from State Route 78 on South Santa Fe Avenue and is located blocks away from a blend of shops, services, restaurants, and eateries. The property had four competing offers within the first week of being listed.

August 13, 2021

Acquisitions Multifamily Texas

Newmark Brokers Sale of Four Multifamily Properties Totaling 1,103 Units in San Antonio, Houston

by Taylor Williams August 13, 2021

SAN ANTONIO AND HOUSTON — Newmark has negotiated the sale of four multifamily properties totaling 1,103 units that are located within the major medical centers of San Antonio and Houston. Broadstone Oak Hills and Hawthorne House are proximate to the South Texas Medical Center in San Antonio, and 5755 Hermann Park and Equinox are located within the Texas Medical Center in Houston. Alliance Residential sold Broadstone Oak Hills, Hawthorne House and Equinox, and M-M Properties sold 5755 Hermann Park. River Rock Capital purchased the San Antonio properties, and Sun Holdings bought the Houston communities. Patton Jones, Matt Michelson, Zach Springer, David Mitchell and Thomas Alleman of Newmark brokered the deals.

August 13, 2021

Acquisitions Maryland Multifamily Southeast

Peak Management Acquires Ruxton Towers Apartments Near Baltimore for $35.6M

by Julia Sanders August 13, 2021

TOWSON, MD. — Peak Management LLC has acquired Ruxton Towers Apartments, a 144-unit multifamily community in Towson, for $35.6 million. The seller was not disclosed. CBRE represented the buyer and seller in the transaction. Located at 8415 Bellona Lane in Baltimore County, Ruxton Towers features one-, two- and three-bedroom apartments ranging in size from 700 to 1,235 square feet. The property was approximately 99 percent leased at the time of the sale. More than half of the residential units were recently renovated with stainless steel appliances, espresso or oak cabinetry, granite countertops and vinyl or ceramic tile flooring. Community amenities include a swimming pool and sundeck, recently renovated pool house, fitness center, resident lounge, business center, a new barbecue grilling area, tennis courts, dog park, bike storage facility and full concierge services. The community also includes 235 surface parking spaces and 29 garage spaces. Built in 1964, Ruxton Towers is a 10-story building and includes 33,000 square feet of commercial office space located on the ground floor. The office space is currently 98 percent leased to professional services groups such as attorneys, physical therapists, dentists and other medical and healthcare providers. The apartment community is located less than three miles …

August 13, 2021

Acquisitions Illinois Industrial Midwest

Conor Commercial Real Estate Sells North Avenue Commerce Center in Winfield, Illinois

by Kristin Harlow August 13, 2021

WINFIELD, ILL. — Conor Commercial Real Estate has sold North Avenue Commerce Center in Winfield, about 30 miles west of Chicago. The 265,550-square-foot industrial building was 82 percent leased by an e-commerce tenant and a furniture manufacturer at the time of sale. The newly developed facility sits on a 17-acre site. Building features include a clear height of 32 feet, 56 truck docks and four drive-in doors. McShane Construction Co. and Ware Malcomb provided construction and design services for the development. Cushman & Wakefield represented Conor in the sale. The buyer was undisclosed.

August 13, 2021

Acquisitions Multifamily Southeast Tennessee

Nicol Investment Sells Summit at Nashville West Apartment Community for $57M

by Julia Sanders August 12, 2021

NASHVILLE, TENN. — Nicol Investment Co. has sold the Summit at Nashville West, a 190-unit apartment community in west Nashville. New York-based Zurich Alternative Asset Management purchased the property for $57 million. Built in 2014, Summit at Nashville West offers one-, two- and three-bedroom units across three stories. Community amenities include a pool, fitness center, clubhouse, pet play area and a business center. The units feature in-unit washers and dryers, dishwashers, walk-in closets and hardwood floors. Located at 7201 Charlotte Pike, the multifamily community is situated about nine miles from downtown Nashville. Nicol Investment purchased the community in February 2016, and since then, has made improvements to the units and the clubhouse. Walker & Dunlop represented Nicol Investment in the transaction. Chris Edgar and Sean Bannon represented Zurich Alternative Asset Management internally.

August 12, 2021

Acquisitions Multifamily Texas

JLL Negotiates Sale of 200-Unit Remington Apartments in Killeen, Texas

by Taylor Williams August 12, 2021

KILLEEN, TEXAS — JLL has negotiated the sale of The Remington, a 200-unit apartment community located in the Central Texas city of Killeen. The garden-style property features one- and two-bedroom units that range in size from 450 to 1,100 square feet and include private balconies/patios. The amenity package consists of a pool, business center, dog park, fitness center, outdoor grilling stations and onsite laundry facilities. Sean Sorrell, Steven Hahn Jr., Art Barnes, Ryan McBride, Joe Dowdle, Nicole Fontaine and Sam Nichols of JLL represented the seller, California-based NALS Apartments Homes, in the transaction. C.W. Sheehan, Matthew Ctvrtlik and Scott Dickey of JLL originated an undisclosed amount of Fannie Mae acquisition financing on behalf of the borrower, a fund backed by GPI Real Estate.

August 12, 2021

Acquisitions Midwest Office Wisconsin

JLL Brokers $72.2M Sale of Downtown Milwaukee Office Building

by Kristin Harlow August 12, 2021

MILWAUKEE — JLL Capital Markets has brokered the sale of the Rexnord Power Transmission Headquarters building in downtown Milwaukee for $72.2 million. The 150,950-square-foot office building traded at a cap rate just under 5 percent. The property was fully renovated in 2020 to serve as Rexnord Power Transmission’s new headquarters. The building includes a seven-story parking garage and is fully leased. Sam DiFrancesca, Brian Shanfeld, Jason DeWitt, Steven Okon, Jeff Bramson, Jaime Fink, Bruce Miller and Pat Shields of JLL represented the seller, Klein Development Inc. An undisclosed third party was the buyer.

August 12, 2021

California Retail Western

Hanley Investment Group Arranges $4.85M Sale of Single-Tenant Retail Property in Orange County, California

by Madison Pettway August 11, 2021

LAKE FOREST, CALIF. — Hanley Investment Group has arranged the sale of a single-tenant, net-leased retail property occupied by Michaels in Orange County. The Michaels store is located in Foothill Ranch Towne Centre in Foothill Ranch, a suburb of Lake Forest. Hanley represented the sellers, two separate family trusts based in Nevada and Southern California. Lee & Associates represented the buyer, a private investor based in Orange County. The sales price was $4.85 million. The 25,000-square-foot building was constructed in 1994 and is a junior anchor at Foothill Ranch Towne Center. Michaels’ neighboring tenants include Target, Walmart Supercenter and Hobby Lobby. The retail space is located at the intersection of Portola Parkway and Bake Parkway, with an average of 40,100 passing cars per day.

August 11, 2021

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