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Avison Young Brokers $4.5M Sale of Shopping Mall in Norfolk, Nebraska

by Kristin Harlow July 21, 2021

NORFOLK, NEB. — Avison Young has brokered the $4.5 million sale of Sunset Plaza Mall in Norfolk, a city in northeast Nebraska. The 232,347-square-foot shopping center is located at 1700 Market Lane. The property was lender-owned and was roughly 48 percent occupied at close of escrow. Built in 1968 and renovated in 1994, the mall sits on 31 acres and features a mix of 30 regional and national tenants, including JC Penney, Bath & Body Works, Famous Footwear and GNC. Chris Maling and David Maling of Avison Young represented the seller, Wells Fargo Bank, in the value-add transaction. The duo also procured the buyer, Tennessee-based LBD Properties LLC.

July 21, 2021

Acquisitions Industrial New Jersey Northeast

CenterPoint Properties Acquires 274,430 SF Distribution Center in Dayton, New Jersey

by Taylor Williams July 21, 2021

DAYTON, N.J. — CenterPoint Properties, a Chicago-based investment firm, has acquired a 274,430-square-foot distribution center in Dayton, about 45 miles south of New York City. The building is situated on a 27-acre site that includes 10 acres for parking and outdoor storage. In addition, the property, which is leased long-term to a global distribution company, features a clear height of 34 feet and is configured to accommodate parking for 300 trailers and 400 cars. The seller was not disclosed. Marc Duval, Jordan Avanzato and Jose Cruz of JLL brokered the deal.

July 21, 2021

Acquisitions Multifamily Washington Western

Main Street Flats in Bellevue Trades Hands for $232.5M

by Amy Works July 20, 2021

BELLEVUE, WASH. — Hines and a subsidiary of funds managed by Oaktree Capital have purchased Main Street Flats, a multifamily complex located at 1050 Main St. in Bellevue. According to the King County records, the property traded hands for $23.2.5 million. The name of the seller was not released. Developed by Alamo Manhattan in 2015, Main Street Flats features 425 apartments in a mix of studio, one- and two-bedroom layouts, a rooftop terrace, fitness center, resident lounge and 12,000 square feet of ground-floor retail space. The acquisition follows Hines’ recently announced Main Street Place, a 6.75-acre mixed-use development in downtown Bellevue. The project is slated to open in 2023.

July 20, 2021

Acquisitions Georgia Industrial Southeast

Rockefeller Group Sells 222,618 SF Distribution Center in Braselton, Georgia

by Julia Sanders July 20, 2021

BRASELTON, GA. — Rockefeller Group has sold a 222,618-square-foot distribution center in Braselton to Cabot Properties for an undisclosed price. Stewart Calhoun and Casey Masters of Cushman & Wakefield represented the seller in the transaction. Since March 2021, the building, known as Braselton 85, has been fully leased to Duckyang America Inc., a Korean automotive equipment supplier that is using the property for warehousing and light manufacturing. The company manufactures and distributes cockpit modules, instrument panels and door trims for the automotive industry. The property sits along Broadway Avenue near Interstate 85 North. Atlanta-based Pattillo Construction began construction on 85 Braselton in the fall of 2020 and delivered the asset in March. The newly built facility includes an ESFR sprinkler system, 26 onsite trailer drops, 134 auto parking spaces, 47 dock doors with two drive-in doors, 32-foot clear heights and LED lighting.

July 20, 2021

Acquisitions Indiana Midwest Retail

Hanley Investment Group Negotiates Sale of 114,867 SF Shopping Center in Indiana

by Kristin Harlow July 20, 2021

MICHIGAN CITY, IND. — Hanley Investment Group Real Estate Advisors has negotiated the sale of Lake Park Plaza in the northwest Indiana town of Michigan City. The sales price was undisclosed, but the listing price was $6.3 million. Anchored by Hobby Lobby, the 114,867-square-foot shopping center is also home to Joann, Citi Trends and a variety of other tenants. Built in 1992, Lake Park Plaza was 91 percent occupied at the time of sale. Eric Wohl and CJ Kiehler of Hanley, in association with Scott Reid & ParaSell Inc., represented the seller, Atlanta-based RCG Ventures. A private investment company located near Miami was the buyer.

July 20, 2021

Acquisitions Florida Retail Southeast

SRS Arranges Sales of Two Crunch Fitness-Occupied Properties in Florida Totaling $12.1M

by Julia Sanders July 19, 2021

LAKELAND AND MELBOURNE, FLA. — SRS Real Estate Partners has arranged the sale of two Crunch Fitness-occupied properties located in the Central Florida cities of Lakeland and Melbourne. The sales totaled $12.1 million. Matthew Mousavi, Patrick Luther and Patrick Nutt of SRS represented the seller, a Florida-based development firm, in the disposition of both properties to two separate buyers. Mousavi and Luther also represented the undisclosed buyers in the transactions, both of which are private investors based in California. The 18,000-square-foot Lakeland property is located at 5218 Florida Ave. S and sold for $5.9 million. Located at 1257 W. New Haven Ave., the 45,487-square-foot Melbourne property sold for just under $6.2 million.

July 19, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges $11.4M Sale of Seven-Building Multifamily Community in Chicago

by Kristin Harlow July 19, 2021

CHICAGO — Interra Realty has arranged the sale of a seven-building, 39-unit multifamily rental community in Chicago’s Albany Park neighborhood for $11.4 million. The sales price equates to $293,590 per unit. Located on West Montrose Avenue, the property was built in 2013. The community features 26 two-bedroom units and 13 three-bedroom duplexes. Joe Smazal of Interra represented the seller, a private East Coast-based investor, as well as the buyer, Chicago-based HP Ventures Group.

July 19, 2021

Acquisitions California Industrial Western

Colliers Brokers $55M Sale of Single-Tenant Industrial Facility in Burlingame, California

by Amy Works July 19, 2021

BURLINGAME, CALIF. — Colliers International has arranged the sale of a single-tenant industrial property located in the Burlingame submarket of the San Francisco Peninsula. The asset traded hands for $55 million. The names of the seller and buyer were not released. Located at 1649 Adrian Road, the single-story facility features 129,759 square feet of industrial space on 6.6 acres. At the time of sale, the building was 100 percent leased to Lahlouh Inc., an end-to-end communications management services company that has been a tenant since 1996. The building was built in 1957. Tim Maas, Mike Davis, Tony Crossley and Darren Kuiper of Colliers represented the seller in the deal.

July 19, 2021

Acquisitions California Multifamily Western

MWest Holdings Sells Hollywood Tower Apartments in Los Angeles for $20.1M

by Amy Works July 16, 2021

LOS ANGELES — MWest Holdings has completed the sale of Hollywood Tower, a landmark multifamily asset located in Los Angeles’ Hollywood neighborhood. A family partnership acquired the property for $20.1 million, or $386,538 per unit. Built in 1929 and extensively renovated in 2010, the eight-story Hollywood Tower features 51 apartment units in a mix of studio, one- and two-bedroom layouts with vintage French Norman architectural details and modern fixtures and finishes. Joseph Grabiec, Kevin Green and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the deal.

July 16, 2021

Acquisitions New York Northeast Office Retail

Severn Realty Sells Office, Retail Building at 576 Fifth Ave. in Manhattan for $101M

by Taylor Williams July 16, 2021

NEW YORK CITY — Locally based investment firm Severn Realty Partners has sold 576 Fifth Avenue, a 78,564-square-foot office and retail building in Midtown Manhattan, for $101 million. The building is located adjacent to Rockefeller Center in the Diamond District and consists of three levels of retail space totaling 6,247 square feet and 10 floors of office space. Paul Massey, Zach Redding, Dylan Kane, Daniel O’Mahony and Christian Kane of B6 Real Estate Advisors represented Severn Realty Partners in the transaction. Daniel Chun and Adelaide Polsinelli of Compass, along with Sharon Kim Robinson of Silver & Oak Realty, represented the buyer, a Delaware-based limited liability company.

July 16, 2021

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