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300-Lakeside-Oakland-CA

OAKLAND, CALIF. — Rockpoint Group and The Swig Co. have completed the sale of 300 Lakeside, a Class A office complex located in Oakland’s Uptown District. A venture led by San Francisco-based TMG Partners acquired the asset for an undisclosed price. Rockpoint and Swig will retain an interest in the property on a go-forward basis. Terms of the transaction were not released. Concurrent with TMG Partners’ purchase of the property, the company entered into a long-term lease with Pacific Gas and Electric Company (PG&E) to relocate the utility’s headquarters from its existing downtown San Francisco headquarters. The lease includes a purchase option for PG&E to acquire the property. Swig originally acquired the nearly 1 million-square-foot complex in 2005, then formed a joint venture with Rockpoint to recapitalize the asset in 2016. The partnership modernized the lobby, upgraded the building’s elevators, created a state-of-the-art conference facility and expanded key tenant amenities, including shower and locker facilities, a café and dedicated food truck zone. Additionally, the partnership enhanced the sustainable features of the asset, achieving LEED Platinum certification.

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Aspect-by-Cortland-Austin

AUSTIN, TEXAS — Newmark has brokered the sale of The Aspect by Cortland, a 308-unit apartment community located in the East Riverside district of Austin. According to Apartments.com, the property was built in 2001 and renovated in 2017 and features one-, two- and three-bedroom units. Amenities include a pool, fitness center, business center and a resident clubhouse. Patton Jones of Newmark, which recently rebranded from Newmark Knight Frank, represented the seller, Atlanta-based Cortland, in the transaction. Dallas-based private equity firm CAF Capital Partners acquired the asset for an undisclosed price.

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CHICAGO — Dwelle, a joint venture between Drew Breneman’s firm RiseInvest and Sam Meyer, has acquired a 72-unit apartment building in Chicago for $32.8 million. The fully leased property is located at 1247-1249 W. Madison St. in the West Loop. The property also includes six commercial units and a heated parking garage. Dwelle’s investors are high-net-worth individuals looking to invest in real estate over the long term and generate dividend income in a tax-efficient manner.

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55-Challenger-Road-Ridgefield-Park

RIDGEFIELD PARK, N.J. — Cushman & Wakefield has brokered the sale of a 269,720-square-foot office building located at 55 Challenger Road in Ridgefield Park, located across the Hudson River from Harlem. The Class A building is located within Overpeck Corporate Center, a 60-acre mixed-use development that houses Samsung’s North American headquarters. Amenities include a fitness center, full-service cafeteria and a conference center. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Larkin of Cushman & Wakefield represented the sellers, KABR and Kushner, and procured The Birch Group as the buyer. Cushman & Wakefield also serves as the leasing agent for the building.

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1334-Third-St-Promenade-Santa-Monica-CA

SANTA MONICA, CALIF. — Madison Partners has arranged the sale of 1334 Third Street Promenade, a retail and creative office building in Santa Monica. Third Street Limited sold the asset to Vista Investment Group for $18.7 million, or $847 per square foot. At the time of sale, the 22,131-square-foot property was 64 percent occupied. Tenants include Sunglass Hut, SuperDry and Mobile Deluxe. Bob Safai, Matt Case, Brad Schlaak and Randy Starr of Madison Partners represented the seller in the transaction.

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Agave-Ridge-San-Diego-CA

SAN DIEGO — San Francisco-based Prime Residential has purchased Agave Ridge, a multifamily property located in San Diego’s Kearny Mesa neighborhood. Los Angeles-based Goldrich & Kest sold the property for $107 million. Located at 7901 Harmarsh St., the 368,575-square-foot property features 369 townhome-style units in a mix of two- and three-bedroom layouts, with an average size of 1,000 square feet. On-site amenities include playgrounds, swimming pools and a fitness center. The property was originally built in 1959. Kevin Mulhern, Allen Chitayat, Stew Weston, Dean Zander and John Montakab of CBRE represented the seller, while the buyer was self-represented in the deal.

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PEWAUKEE, WIS. — Zilber Property Group has acquired a 165,000-square-foot industrial building in Pewaukee, located about 18 miles west of Milwaukee. The purchase price was undisclosed. The property is situated within a business park less than two miles north of I-94. It is currently vacant. Zilber plans to make various interior and exterior improvements to the building over the coming weeks. Scott Furmanski of CBRE represented the undisclosed seller. He will also market the property for lease on behalf of Zilber.

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TALLAHASSEE, FLA. — A joint venture between The Preiss Co. and a private equity fund advised by Crow Holdings Capital has acquired Quantum on West Call, a 752-bed student housing community located near Florida State University in Tallahassee. The property offers one-, two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Communal amenities include a 24-hour fitness center, pool, yoga center, clubhouse, theater, cyber lounge, individual study nooks, group study spaces and a sundeck with hammocks and grilling stations. The new ownership plans to begin renovations on half of the 225 units to upgrade vinyl plank flooring in the common areas and improve internet connectivity. Terms of the transaction and the seller were not disclosed.

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3419-Ritner-Highway-Newville-Pennsylvania

NEWVILLE, PA. — Metro Philadelphia-based investment and development firm Exeter Property Group has purchased a 1.2 million-square-foot warehouse and distribution center located at 3419 Ritner Highway in Newville, located west of Harrisburg, for $85 million. The property is situated on 85.3 acres just off Interstate 81 and features a 60-foot loading bay, a 200-foot truck court, 249 automobile parking spaces and 243 trailer parking spaces. Gerry Blinebury, Gary Gabriel and Adam Campbell of Cushman & Wakefield represented the seller, Artemis Real Estate Property, in the transaction. The asset was constructed on a speculative basis and is currently vacant.

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Rustic-at-McKinney

MCKINNEY, TEXAS — Locally based owner-operator Conti Organization has acquired Rustic of McKinney, a 260-unit apartment community located at 2700 N. Brook Drive on the northern outskirts of Dallas. Built in 1997, the garden-style property is situated on 13 acres and offers amenities such as a newly renovated clubhouse, pool, outdoor kitchen and dog park. Taylor Hill, Michael Ware, Jay Gunn, Tom Burns and Will Jarnagin of Berkadia brokered the deal, the seller of which was not disclosed.  

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