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First Washington Realty Acquires Fairmont Shopping Center in Pacifica, California

by Amy Works August 22, 2019

PACIFICA, CALIF. — Bethesda, Md.-based First Washington Realty (FWR) has purchased Fairmont Shopping Center, a community shopping center located in Pacifica. Terms of the acquisition, including seller’s name and price, were not released. Situated at the intersection of Hickey and Skyline boulevards, Fairmont Shopping Center features 102,982 square feet of retail space, with Safeway and Rite Aid as anchor tenants. FWR currently owns 103 shopping centers with a value of more than $5.5 billion located in 22 states and the District of Columbia. The company’s centers contain approximately 13.8 million square feet with approximately 2,500 tenants.

August 22, 2019

Acquisitions New Jersey Northeast Retail

Hanley Investment Group Brokers $6.6M Sale of Retail Center on Long Island

by Alex Patton August 22, 2019

HICKSVILLE, N.Y. — Hanley Investment Group (HIG) has brokered the $6.6M Sale of a 13,300-square-foot retail center in Hicksville. The center was 100 percent leased at the time of sale with tenants including Dunkin’, Pizza Hut and DTE Window Tinting. The final sale also included a single-family home near the property. Dylan Mallory and Jeff Lefko of HIG along with Marty Sass of New York-based Silber Investment Properties represented the seller, Riark LLC, in the transaction. Robert Sharfstein of RPS Capital Management represented the buyer, a local investor.

August 22, 2019

Acquisitions Multifamily Texas

Passco Acquires 384-Unit Apartment Community in Metro Houston

by Taylor Williams August 21, 2019

BAYTOWN, TEXAS — California-based apartment investment firm Passco Cos. has acquired Boterra Bay Apartments, a 384-unit multifamily community located in the eastern Houston suburb of Baytown. The Class A property will be rebranded Sapphire Bay Apartments. Floor plans consist of one-, two- and three-bedroom units that feature granite countertops, stainless steel appliances and walk-in closets. Amenities include a pool with a tanning deck, a fitness center with yoga and spin studios, outdoor kitchen with grilling stations, dog park, business center and a resident clubhouse. Thomas Alleman and Brandon Miller of Newmark Knight Frank represented the seller, a joint venture between Houston-based The Boterra Group and Dallas-based Edison Capital Holdings, in the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital secured acquisition financing on behalf of Passco.

August 21, 2019

Acquisitions Retail Washington Western

Hanley Investment Arranges $3.7M Sale of New Retail Building in Metro Seattle

by Amy Works August 21, 2019

FEDERAL WAY, WASH. — Hanley Investment Group Real Estate Advisors has negotiated the sale of a newly constructed retail building located at 164 SW Campus Drive in Federal Way. A Kirkland, Wash.-based buyer acquired the property from an affiliate of Henderson, Nev.-based Covenant Real Estate Group for $3.7 million. Situated on 1.2 acres, the 4,980-square-foot freestanding building is located at the signalized entrance to the WinCo Foods-anchored shopping center. The two-tenant building is occupied by a 2,104-square-foot Starbucks Coffee and a 2,876-square-foot Pacific Dental Services-supported dental office. Jeff Lefko and Bill Asher of Hanley Investment Group represented the seller, while Scott Clements of Seattle-based Orion Commercial Partners represented the buyer in the deal.

August 21, 2019

Acquisitions Affordable Housing Illinois Midwest Multifamily

Avanath Acquires Two Affordable Housing Properties in Chicago for $43.7M

by Kristin Harlow August 20, 2019

CHICAGO — Avanath Capital Management LLC has acquired two affordable housing properties in Chicago for $43.7 million. Avanath purchased Scotland Yard Apartments in the Buena Park neighborhood for $28.3 million. Built in two phases in 1915 and 1917, the 156-unit property was renovated in 1982. Avanath plans to make a number of improvements to the property. The second community is Renaissance North, a 59-unit property that Avanath purchased for $15.4 million. Constructed in 2003, the community features one-, two- and three-bedroom units in addition to first-floor retail space. Renaissance North, built in conjunction with the Chicago Housing Authority, offers both market-rate and affordable units. Avanath will also make a series of upgrades to this property.

August 20, 2019

Acquisitions Multifamily New Jersey Northeast

CBRE Arranges $7.3M Sale of Multifamily Property in Orange, New Jersey

by Alex Patton August 20, 2019

ORANGE, N.J. — CBRE has arranged the $7.3 million sale of a multifamily property in northern Orange, a western suburb of New York City. The property, 12-20 Canfield Street, consists of 47 apartment units and one retail unit. Nat Gambuzza, John Veniero, Trevor Fiebel and Manny Sanghera of CBRE represented the undisclosed seller in the transaction. The CBRE team also procured the buyer, a local investor.

August 20, 2019

Acquisitions Arizona Multifamily Western

Acacia Capital Acquires 224-Unit Multifamily Community in Tempe for $58.5M

by Amy Works August 20, 2019

TEMPE, ARIZ. — Acacia Capital Corp. has purchased San Marquis, an apartment property located at 577 E Baseline Road in Tempe. A joint venture between Sequoia Equities and Mark-Taylor Residential sold the asset for $58.5 million. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the sellers in the transaction. The Class A multifamily community features a palm tree-lined, resort-style swimming pool with ramadas and an outdoor entertainment kitchen; a fitness center with stone and travertine finishes; and a resident clubhouse. The property features 224 units in a mix of one-, two- and three-bedroom layouts with nine-foot ceilings, decorative crown molding, recessed lighting, granite countertops in the kitchens and bathrooms, stainless steel appliances and full-size washers/dryers.

August 20, 2019

Acquisitions New York Northeast Property Type Retail Top Stories

Alibaba Co-Founder Joseph Tsai Agrees to Purchase Barclays Center in Brooklyn for $700M

by John Nelson August 20, 2019

NEW YORK CITY — Joseph Tsai, co-founder of Chinese e-commerce giant Alibaba, has agreed to purchase Barclays Center, a 670,000-square-foot sports and entertainment arena that sits at the crossroads of Atlantic and Flatbush avenues in Brooklyn. The multi-purpose stadium is the home of the Brooklyn Nets NBA franchise and the NHL’s New York Islanders. Previous owner Mikhail Prokhorov, through his company Oneexim Sports and Entertainment Holding USA Inc., sold the arena to an entity controlled by Tsai for approximately $700 million, according to the New York Post. In a separate deal, Prokorov sold his 51 percent ownership in the Brooklyn Nets to Tsai, who purchased a 49 percent stake in the NBA franchise back in 2018. Multiple media outlets report the combined Nets and Barclays Center transactions will total more than $2 billion, bringing Tsai’s total investment to more than $3 billion. The transaction requires the approval of the NBA Board of Governors. Tsai is set to become the sole governor of the Nets franchise and owner of Barclays Center once the deal closes, which is expected by the end of September. “We are committed to maintaining Barclays Center’s iconic status by bringing together culture, community and entertainment for our …

August 20, 2019

Massachusetts Northeast Office

Bulfinch Acquires 193,000 SF Office Building in Cambridge, Massachusetts

by Alex Patton August 19, 2019

CAMBRIDGE, MASS. — Bulfinch, a Boston-based investment firm, has acquired a 193,000-square-foot office building in Cambridge. The office is located within the 27-acre Cambridge Discovery Park (CDP) development, and is 100 percent leased to market research company Forrester Research. With the acquisition, Bulfinch now owns all of CDP’s lab, office research and development facilities. People’s United Bank provided long-term financing for the acquisition.

August 19, 2019

Acquisitions Industrial Michigan Midwest

Stan Johnson Co. Negotiates $14.9M Sale of Industrial Property Near Flint, Michigan

by Kristin Harlow August 19, 2019

GRAND BLANC, MICH. — Stan Johnson Co. has negotiated the sale of Waretech Industrial Park in Grand Blanc for $14.9 million. The multi-tenant industrial property is located at 7075 S. Dort Highway in suburban Flint. JASCO International, Joshen Paper & Packaging and WGS Global Services fully occupy the 667,000-square-foot property. Rob Gemerchak and BJ Feller of Stan Johnson represented the seller, Dallas-based developer Covington Group. Triyar Cos. LLC, a Los Angeles-based private equity group, purchased the asset.

August 19, 2019

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