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IRA Capital Buys Medical Office Building in Orange County for $38.4M

by Amy Works May 19, 2020

SANTA ANA, CALIF. — Irvine, Calif.-based IRA Capital has acquired a medical office property located at 2212 E. Fourth St. in Santa Ana. St. Joseph Hospital of Orange and affiliated entities sold the asset for $38.4 million. St. Joseph Hospital of Orange is the anchor tenant of the 56,809-square-foot property. The three-story building recently underwent an $8.5 million specialized medical improvement program and features excess land that can accommodate an additional medical office building. Gary Stache, Anthony DeLorenzo, Doug Mack, Bryan Johnson and Chris Martin of CBRE represented the seller, while the buyer was self-represented in the transaction.

May 19, 2020

Acquisitions Industrial Texas

NAI Partners Fund Acquires 245,495 SF Avera Commerce Center in Metro Houston

by Taylor Williams May 19, 2020

HOUSTON — NAI Partners Investment Fund III has acquired Avera Commerce Center, a 245,495-square-foot industrial flex property located in the southwestern Houston suburb of Stafford. The property consists of 16 buildings that are situated on a 14.5-acre tract. Andrew Pappas and Adam Hawkins of NAI Partners closed the deal on behalf of the fund. The seller was not disclosed. Amegy Bank provided acquisition financing for the transaction. Following this acquisition, NAI Partners’ Investment Fund platform now spans more than 1 million square feet of commercial space.

May 19, 2020

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Associates Arranges $43.4M Sale of Apartment Community in South Amboy, New Jersey

by Alex Patton May 18, 2020

SOUTH AMBOY, N.J. – Gebroe-Hammer Associates has arranged the $43.4 million sale of Bayside Cove, a 125-unit luxury apartment community in South Amboy, a southwestern suburb of New York City. Located at 100 Celecki Dr., the property was constructed in 2018 and features one- and two-bedroom floor plans as well as 106 townhomes. Joseph Brecher, Greg Pine and Stephen Tragash of Gebroe-Hammer represented the undisclosed seller in the transaction. The team also procured the buyer, a private investor.

May 18, 2020

Acquisitions Illinois Midwest Office

Thor Equities Sells 98,000 SF Office Building in Chicago’s Fulton Market

by Kristin Harlow May 18, 2020

CHICAGO — Thor Equities Group has sold 905 W. Fulton Market in an off-market transaction to Germany-based Deka Immobilien. Located on the corner of West Fulton Market and North Peoria Street in the heart of Chicago’s Fulton Market, the new building spans nearly 98,000 square feet over five stories. Mondelez International’s global headquarters anchors the property and occupies floors two through five. Hospitality and events company DineAmic Hospitality recently leased 8,000 square feet. There is more than 6,500 square feet of retail space on the ground floor. Thor Equities was not represented by a broker. Tom Sitz, Cody Hundertmark, David Knapp, Josh McGee, Paul Lundstedt and Dan Deuter of Cushman & Wakefield assisted the buyer.

May 18, 2020

Acquisitions Retail Washington Western

CBRE Brokers $13.4M Sale of Woodinville Mall in Washington

by Amy Works May 18, 2020

WOODINVILLE, WASH. — CBRE has arranged the sale of Woodinville Mall, a retail property located at 17414 139th Ave. NE in Woodinville. Leona G. Himmelspach sold the property to an undisclosed buyer for $13.4 million. Situated on 93,681 square feet of land, Woodinville Mall features 24,739 square feet of retail space spread across six buildings. At the time of sale, 19 tenants occupied the property, including Allstate Insurance, Goodyear and Seattle Optometric Physicians. Dino Christophilis of CBRE’s Seattle office represented the seller in the deal.

May 18, 2020

Acquisitions North Carolina Office Southeast

Cushman & Wakefield Arranges $58.5M Sale of Office Building in Charlotte

by Alex Tostado May 15, 2020

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the $58.5 million sale of a 182,169-square-foot office building in Charlotte. Corning Optical Communications fully leases the building and has 14 years remaining on the lease. The building offers employee lounges, outdoor patio seating areas, a café with grab-and-go options and on-site walking trails. The property is situated near the intersection of Interstate 485 and N.C. Highway 16, 10 miles northwest of downtown Charlotte. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller, Beacon Partners, in the transaction. An affiliate of Costa Mesa, Calif.-based Crown Realty & Development acquired the property in an all-cash deal.

May 15, 2020

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 240-Unit Regency Square Apartments in Corpus Christi

by Taylor Williams May 15, 2020

CORPUS CHRISTI, TEXAS — Berkadia has arranged the sale of Regency Square, a 240-unit apartment community in Corpus Christi. The property features one-, two- and three-bedroom units and amenities such as a pool, playground and onsite laundry facilities. Kelly Witherspoon and Justin Cole of Berkadia represented the seller, Minnesota-based S&H Realty Management, in the transaction. The buyer was Texas-based 3CM Multifamily.

May 15, 2020

Acquisitions New Jersey Northeast Office

EverWest Sells 303,000 SF Office Complex in Berkley Heights, New Jersey

by Alex Patton May 15, 2020

BERKLEY HEIGHTS, N.J. — EverWest Real Estate Investors, a Denver-based developer, has sold Mountain Heights Corporate Center, a Class A office complex totaling approximately 303,000 square feet in the western New York City suburb of Morristown. Located at 420 and 430 Mountain Ave., the two-building property offers convenient access to Manhattan and Newark Liberty Airport. The property was 80 percent leased at the time of sale. Jose Cruz and Kevin O’Hearn led a JLL team that represented EverWest in the transaction. The team also procured the undisclosed buyer. The sales price was undisclosed.

May 15, 2020

Acquisitions California Net Lease Retail Western

Marcus & Millichap Negotiates $22.1M Sale of Alberstons-Occupied Retail Asset in San Diego

by Amy Works May 15, 2020

SAN DIEGO — The Mansour Group of Marcus & Millichap has arranged the sale of a single-tenant retail condominium located at 655 14th St. in downtown San Diego. A Los Angeles-based private investor acquired the asset from a San Diego-based ownership group for $22.1 million. Albertsons grocery store occupies the 43,000-square-foot property on a long-term, triple-net lease basis. Alvin Mansour and Kevin Mansour of Marcus & Millichap’s The Mansour Group, along with Pasquale Ioele and Michael Burton of Flocke & Avoyer represented the seller in the deal.

May 15, 2020

Acquisitions Northeast Pennsylvania Retail

Colliers Brokers Sale of 31,450 SF Shopping Center in Bethlehem, Pennsylvania

by Alex Patton May 14, 2020

BETHLEHEM, PA. — Colliers International has brokered the $4.5 million sale of Bethlehem Village Shoppes, a 31,450-square-foot retail center in Bethlehem, an eastern suburb of Allentown. At the time of sale, tenants included the Northampton County Court of Common Pleas, H&R Block and several restaurants. Jeff Algatt, Derek Zerfass and Scott Horner represented the seller, a locally based private investor, in the transaction. W.C. Weiss of Equis Commercial Real Estate represented the undisclosed buyer. QNB Bank provided acquisition financing.

May 14, 2020

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