sale1

Marcus & Millichap Brokers $23.6M Sale of Crestwood Corporate Plaza Office Building in Metro Seattle

by Amy Works March 5, 2020

BELLEVUE, WASH. — Marcus & Millichap has arranged the sale of Crestwood Corporate Plaza, an office building located in Bellevue. A West Coast-based private equity investor acquired the property from an undisclosed seller for $23.6 million, or $317 per square foot. Constructed in 2001, Crestwood Corporate Park offers 74,442 square feet of office space adjacent to the Interstate 90 light rail station. At the time of sale, a variety of technology companies and regional service offices had the property to 60 percent occupancy.

March 5, 2020

Acquisitions Healthcare Illinois Midwest

Avison Young Arranges Sale-Leaseback of 60,231 SF Medical Office Building in Bloomington, Illinois

by Kristin Harlow March 5, 2020

BLOOMINGTON, ILL. — Avison Young has arranged the sale of a 60,231-square-foot medical office building in Bloomington for an undisclosed price. The seller, McLean County Orthopedics, will lease back the building on a long-term basis. The facility, located at 1111 Trinity Lane, was constructed as a build-to-suit for McLean in 2016. The property is attached to Advocate Healthcare’s wellness center. Mike Wilson, Erik Foster and Jim Kornick of Avison Young represented the seller. Hammes Partners purchased the asset.

March 5, 2020

Acquisitions Michigan Midwest Office

L. Mason Capitani Brokers Sale of 36,000 SF Office Building in Troy, Michigan

by Kristin Harlow March 5, 2020

TROY, MICH. — L. Mason Capitani CORFAC International has brokered the sale of the Summit Centre office building located at 575 E. Big Beaver Road in Troy. The sales price was undisclosed. California-based LREH Michigan LLC purchased the fully leased, 36,000-square-foot asset. Mason L. Capitani brokered the transaction. L. Mason Capitani will continue serving as leasing agent for the property. The company’s management arm, Liberty Property & Asset Management, will assume day-to-day operations of the property.

March 5, 2020

Acquisitions Massachusetts Northeast Retail

Marcus & Millichap Brokers Sale of 12-Screen AMC Theater in Tyngsboro, Massachusetts

by Alex Patton March 5, 2020

TYNGSBORO, MASS. — Marcus & Millichap has brokered the $7 million sale of a 12-screen AMC Theater in Tyngsboro, located approximately 35 miles northwest of Boston. Located at 440 Middlesex Road, the 39,474-square-foot theater originally opened in 1991. The building was recently renovated to improve all 12 screening rooms, the roof and the parking lot, and now includes a full bar. Glen Kunofsky, Josh Kanter and Anthony D’Ambrosia of Marcus & Millichap represented the undisclosed seller in the transaction. Russell Wachtler, also with Marcus & Millichap, represented the buyer, a publicly traded institutional investor based in Florida.

March 5, 2020

Development Multifamily New Jersey Northeast

Walters Nears Completion of 60-Unit Multifamily Property in West Creek, New Jersey

by Alex Patton March 4, 2020

WEST CREEK, N.J. — The Walters Group has completed three of the five buildings at its 60-unit Cornerstone at Grassy Hollow development in West Creek, located approximately 55 miles southeast of Philadelphia. The property offers one-, two- and three-bedroom floor plans and amenities including a community clubhouse, fitness center and picnic area. Walters expects to complete the remaining two buildings this spring.

March 4, 2020

Acquisitions Retail Texas

Baker Katz Acquires 139,926 SF North Park Plaza Shopping Center in Beaumont

by Taylor Williams March 4, 2020

BEAUMONT, TEXAS — Houston-based retail brokerage and investment firm Baker Katz has acquired North Park Plaza, a 139,926-square-foot shopping center in Beaumont. The property is situated on 14.3 acres across from Parkdale Mall, which is being redeveloped by Tennessee-based CBL Properties. Target anchors the center, which also houses tenants such as Kirkland’s, Spec’s Wine & Spirits, Skechers, Mattress Firm and Longhorn Steakhouse. Ryan West of JLL represented the seller, Weingarten Realty Investors, a Houston-based REIT, in the transaction.

March 4, 2020

Acquisitions Arizona Multifamily Western

Cushman & Wakefield Arranges $54.1M Sale of Mission Springs Apartments in Arizona

by Amy Works March 4, 2020

TEMPE, ARIZ. — Cushman & Wakefield has arranged the sale of Mission Springs Apartments, a multifamily property located at 1311 W. Baseline Road in Tempe. TruAmerica Acquisitions III acquired the asset from 29SC Mission Springs LP for $54.1 million, or more than $176,000 per unit. Built in 1987, the two-story, 216,168-square-foot property comprises 25 buildings offering a total of 306 apartments featuring private balconies or patios, washers/dryers and outside storage spaces. Community amenities include three swimming pools, a spa, dog park, fitness center, business lounge, picnic areas, package lockers and gated access. At the time of sale, the property was 95 percent occupied. Jim Crews and Jeems Lochridge of Cushman & Wakefield’s Southwest Multifamily Advisory Group represented the seller in the transaction.

March 4, 2020

Acquisitions Illinois Industrial Midwest

Transwestern Arranges $7.1M Sale of Flex Industrial Property in Schaumburg, Illinois

by Kristin Harlow March 4, 2020

SCHAUMBURG, ILL. — Transwestern Commercial Services has arranged the sale of the Willow Lake Tech Center in Schaumburg for $7.1 million. The 105,007-square-foot flex industrial property is located at 400-444 State Parkway. Built in 1997, the two-story asset offers both warehouse and office space. It is currently 96 percent leased by multiple tenants. Gary Nussbaum and Paige Gunn of Transwestern represented the seller, Ascendance Partners. Gunn and Nussbaum worked with Ryan Morris of Cohen Financial, a division of SunTrust Bank, to secure acquisition financing with LoanCore Capital LLC. Joe Karmin, Justin Lerner and Ross Lehrman of Transwestern will market the property for lease on behalf of the new owner, Los Angeles-based Dos Lagos Asset LLC. Zach Kitkowski and Gia Dato of Transwestern will provide property management services.

March 4, 2020

Acquisitions Arizona Multifamily Western

IPA Brokers $49.6M Sale of Country Club Verandas Multifamily Community in Arizona

by Amy Works March 3, 2020

MESA, ARIZ. — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of Country Club Verandas, a multifamily property located along Country Club Drive in Mesa. Weidner Apartment Homes sold the asset to Bridge Investment Group for $49.6 million, or $142,529 per unit. Constructed in 1985, Country Club Verandas features 348 apartments and a swimming pool on a 13-acre site. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

March 3, 2020

Acquisitions Florida Office Southeast

Joint Venture Acquires 247,947 SF Office Complex in Downtown Sarasota

by Alex Tostado March 3, 2020

SARASOTA, FLA. — A joint venture between Feldman Equities LLC, Tower Realty Partners and Equity Street has acquired Sarasota City Center, a two-building, 247,947-square-foot office complex located at 1819 Main St. in downtown Sarasota. The complex was 82 percent leased at the time of sale. The buyers plan to renovate and lease-up the property over the next two years. Equity Street will finance an undisclosed amount for the acquisition. Bryan Clark and Daniel Pinkus of JLL arranged financing through NXT Capital on behalf of the joint venture for the acquisition and renovation plans. The asset comprises the 13-story North Tower, the three-story South Tower and a six-story parking garage with 611 spaces. The property features green floor-to-ceiling reflective glass, a tenant lounge, onsite restaurant, fitness center, hair salon and spa, shoe repair and landscaped courtyard with tables and chairs. Sarasota City Center was delivered in 1989 and renovated most recently in 2018. Hermen Rodriguez, Ike Ojala and Matthew McCormack of JLL represented the seller, The Dilweg Cos., in the transaction.

March 3, 2020

Newer Posts

Older Posts