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Investors Realty Brokers $7.2M Sale of Two-Building Office Property in Omaha

by Kristin Harlow March 30, 2020

OMAHA, NEB. — Investors Realty has brokered the sale of a two-building office property in Omaha for $7.2 million. The two adjacent buildings, located at 16945 and 17055 Frances St., span 36,740 square feet. The property was fully leased at the time of sale to Creighton University, Insurance Solutions, Frost Periodontics and Midwest Allergy & Asthma Clinic. Ember Grummons of Investors Realty represented the buyer, Heiskell Properties LLC. Tracy Earnest of NAI/NP Dodge represented the seller, RFW Properties LLC.

March 30, 2020

Acquisitions Illinois Midwest Retail

Valore Ventures Sells 7,784 SF Retail Center in Evergreen Park, Illinois

by Kristin Harlow March 30, 2020

EVERGREEN PARK, ILL. — Valore Ventures has sold Evergreen Park Towne Center in Evergreen Park, about 15 miles south of Chicago. The sales price was undisclosed. The 7,784-square-foot retail property is located at 8730 S. Kedzie Ave. It is fully leased to tenants such as Boost Mobile and Edible Arrangements. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented Valore in the sale. The buyer was undisclosed.

March 30, 2020

Acquisitions California Retail Western

Kidder Mathews Arranges $20.5M Sale of High-Street Retail Property in West Hollywood

by Amy Works March 30, 2020

WEST HOLLYWOOD, CALIF. — Kidder Mathews has facilitated the sale of a high-street retail property located at 8532 Melrose Ave. in West Hollywood. Blatteis & Schnur, a Century City, Calif.-based real estate investor, acquired the property from a New York-based investor for $20.5 million. Situated in a top-tier commercial corridor of Los Angeles, the building features 4,946 square feet of retail space. The current tenant is Lululemon Athletica. Imperial Capital represented the buyer, while Tanel Harunzade, Darrell Levonian and Brittney McCarthy of Kidder Mathews represented the seller in the transaction.

March 30, 2020

Acquisitions California Office Top Stories Western

TMG Partners Acquires 410,106 SF The Quad Office Campus in Santa Clara, California

by Alex Patton March 27, 2020

SANTA CLARA, CALIF. — TMG Partners, a San Francisco-based developer, has acquired The Quad, a 410,106-square-foot office campus in Santa Clara, a suburb of San Jose. J.P. Morgan Chase sold the property for an undisclosed price. Located at 3001 Tasman Drive, The Quad consists of seven two-story buildings that were constructed in 1982. Multiple owners and operators have acquired and renovated the property since its construction. The property is adjacent to the VTA Light Rail station three blocks from Levi’s Stadium, home of the NFL’s San Francisco 49ers. The Quad is also located four blocks from the upcoming Related Santa Clara, a 9.2 million-square-foot mixed-use project by Related Cos., which is also developing the high-profile Hudson Yards in Manhattan. Amenities include an outdoor courtyard, coffee shop, bocce ball court, food truck court and fitness center. The site is also entitled for an additional 150,000 square feet of construction. “TMG Partners was attracted to this property because of its stable, long-term cash flow; the Santa Clara location; our understanding of the need to provide office space for the many different size requirements of today’s tenants; and the existing suite of amenities,” says Ben Kochalski, regional partner with TMG Partners. “We will …

March 27, 2020

Acquisitions California Multifamily Western

Berkshire Residential Investments Divests of 438-Unit Multifamily Asset in Los Angeles

by Amy Works March 27, 2020

LOS ANGELES — Berkshire Residential Investments has completed the sale of One Santa Fe, a mixed-use, core-plus apartment community situated in Los Angeles’ Arts District. A Canada-based institutional investor acquired the property for an undisclosed price. Completed in 2015, One Santa Fe features 438 units in a mix of studio, one- and two-bedroom layouts and The Yards at One Santa Fe, an 81,000-square-foot retail component. Community amenities include a zero-edge swimming pool, custom cabanas, an outdoor dining area with grills, entertainment kitchen, resident lounge, billiards, CYBEX fitness center, private yoga and Pilates studio, outdoor theater, fireside retreat, electric car charging stations and concierge service. The asset is the final tranche of a 13-property multifamily portfolio that JLL marketed on Berkshire’s behalf. The sale of the other 12 properties, which totaled 3,904 units across six U.S. markets, was announced in July 2019. Blake Rogers, Matthew Lawton and Sean Deasy of JLL Capital Markets represented the seller in the deal.

March 27, 2020

Acquisitions Multifamily New York Northeast

Muss Development Acquires Multifamily Building in Scarsdale, New York, for $29.2M

by Alex Patton March 27, 2020

SCARSDALE, N.Y. — Muss Development has acquired The Glass House, a 51-unit multifamily building in Hartsdale, a northern suburb of New York City. Also known as GlassHouse 250, the property is located at 250 South Central Ave. and features one- and two-bedroom floor plans, a fitness center, two theater rooms and a 95-space parking facility. Itan Rahmani and Jacob Stavsky of Venture Capital Properties LLC represented Muss Development in the transaction. Elana Tsyganko, Max Kostikov and Richard Horowitz of Cooper Horowitz represented the undisclosed seller.

March 27, 2020

Acquisitions Multifamily Texas

NKF Negotiates Sale of 284-Unit Hawthorne at the District Apartments in Austin

by Taylor Williams March 27, 2020

AUSTIN, TEXAS — Newmark Knight Frank (NKF) has negotiated the sale of Hawthorne at the District, a 284-unit multifamily community located in the East Riverside area of Austin. Built in 1987, the property features one- and two-bedroom units and amenities such as a pool, fitness center, clubhouse with a lounge and coffee bar, outdoor grilling areas, a dog park and Amazon package lockers. Patton Jones of NKF represented the sellers, North Carolina-based Hawthorne Residential Partners and New York-based Midway, in the transaction. Austin-based Wildhorn Capital purchased the asset for an undisclosed price. Patrick Short of NKF arranged acquisition financing on behalf of the new ownership, which will implement a value-add program at the property. Hawthorne at the District was 97.5 percent occupied at the time of sale.

March 27, 2020

Acquisitions Illinois Midwest Office

Colliers Brokers $3.8M Sale of Two-Building Office Center in Bannockburn, Illinois

by Kristin Harlow March 27, 2020

BANNOCKBURN, ILL. — Colliers International has brokered the $3.8 million sale of Bannockburn Office Court in Bannockburn, about 30 miles north of Chicago. The office property, comprised of two 20,000-square-foot buildings, is located at 2201-2231 Lakeside Drive. Built in 1981, the office complex has recently undergone improvements to its landscaping, parking lot and sidewalk. The asset was 77 percent leased at the time of sale. John Homsher and Alissa Adler of Colliers represented the seller, North Shore OpCo LLC. North Park Property Management LLC purchased the property.

March 27, 2020

Acquisitions Multifamily New York Northeast

JLL Brokers $13.8M Sale of Two Multifamily Properties in Manhattan

by Alex Patton March 26, 2020

NEW YORK CITY — JLL has brokered the $13.8 million sale of two multifamily buildings in the Lennox Hill neighborhood of Manhattan. The five-story building at 1364 York Ave. is a 9,180-square-foot property that features 18 residences and two ground-floor retail spaces totaling 608 square feet, which are occupied by Orlando News and Jamil Liquors. The five-story building at 1368 York Avenue is a 11,191-square-foot property that features 19 residences and two ground-floor retail spaces totaling 4,184 square feet, which are occupied by JSK Produce and Green Produce. Guthrie Garvin and Tom Gammino led a JLL team that represented the seller, Caro Enterprises, in the deal. The buyer was undisclosed.

March 26, 2020

Acquisitions Maryland Office Southeast

Bridge Investment Group Acquires 235,210 SF Office Building Near D.C.

by Alex Tostado March 26, 2020

ROCKVILLE, MD. — Bridge Investment Group has acquired 77 Upper Rock, a 235,210-square-foot office building in Rockville. The property is situated near the interchange of Interstate 270 and Shady Grove Road, 23 miles north of downtown Washington, D.C. Originally built in 2005, 77 Upper Rock recently underwent a $6.5 million capital improvement program to update the lobby, conference center, restrooms and elevators. In addition, the property’s amenity package includes outdoor seating and a new fitness center with a yoga studio, locker rooms and Peloton bicycles. Bridge plans to invest in further capital projects that include common area refurbishment, upgrading the existing amenity space and the buildout of 16,000 square feet of spec suites. Tenants at 77 UpperRock include M&T Bank Corp., Aurinia Pharmaceuticals, Cisco Systems Inc., Nutricia North America and Potomac-Hudson Engineering. Bridge Commercial Real Estate LLC, the operating company for Bridge Investment, will oversee property management and redevelopment work at 77 Upper Rock. Renovations will begin immediately. Tommy Spinosa internally represented the buyer in the transaction. Andrew Weir of JLL represented the undisclosed seller.

March 26, 2020

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