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Douglas Development Buys Regional Mall Near Buffalo for $30.5M

by Taylor Williams July 16, 2019

AMHERST, N.Y. — Douglas Development Co. has purchased Boulevard Mall, a 961,800-square-foot shopping and dining destination in the Buffalo suburb of Amherst, for $30.5 million. The property was originally built in 1962 and is situated on 64 acres. The mall was renovated in 2000 and is now anchored by tenants such as Dick’s Sporting Goods and Macy’s. Jose Cruz, Kevin O’Hearn, Claudia Steeb, Michael Oliver and Ryan Robertson of JLL handled the transaction in conjunction with Ten-X on behalf of the undisclosed seller. JLL closed the sale, which included an adjacent, eight-acre tract that houses a 120,000-square-foot Wegmans grocery store and commanded a price of $6 million.

July 16, 2019

Acquisitions Multifamily Texas

NorthMarq Arranges Sale of 548-Unit Apartment Community in Irving

by Taylor Williams July 16, 2019

IRVING, TEXAS — NorthMarq has arranged the sale of MacArthur Place Apartments, a 548-unit multifamily community in Irving. Built in 1964 and renovated in 2002, the property offers one-, two- and three-bedroom units and amenities such as two pools, a sports court and onsite laundry facilities. Taylor Snoddy, Philip Wiegand and James Roberts of NorthMarq represented the seller and the buyer in the transaction. In addition, Stephen Whitehead of NorthMarq arranged an undisclosed amount of acquisition financing through a life company for the new owner.

July 16, 2019

Acquisitions Colorado Multifamily Western

Jupiter Equities Acquires 140-Unit Caliber at Cornerstar Apartment Complex in Colorado for $40.7M

by Amy Works July 16, 2019

AURORA, COLO. — Jupiter Equities has purchased Caliber at Cornerstar, a newly built apartment complex located at 15930 E. Briarwood Circle in Aurora. The Garrett Cos. sold the property for $40.7 million. Situated on 4.6 acres, Caliber at Cornerstar features 140 units in a mix of one-, two- and three-bedroom layouts with premium finishes, walk-in closets, full-size washers/dryers, granite or quartz countertops and nine-foot ceilings. Community amenities include a fitness center, attached and detached garages, a clubhouse and a resort-inspired pool. The three-building property was built in 2018. David Potarf, Dan Woodward and Matthew Barnett of CBRE represented the seller in the transaction.

July 16, 2019

Acquisitions Illinois Midwest Multifamily

Monument Capital Management Acquires 176-Unit Multifamily Property in Woodbridge, Illinois

by Kristin Harlow July 16, 2019

WOODBRIDGE, ILL. — Monument Capital Management, an A-Rod Corp. company, has acquired Townhomes at Highcrest in Woodbridge for an undisclosed price. Monument plans to make approximately $1.5 million in capital improvements, including the installation of new flooring, modern appliances, new landscaping and the addition of a fitness center. Built in 1968, the property includes a pool and laundry facilities. This is Monument’s third property in the Chicago area and is part of Monument Opportunity Fund IV, which was launched earlier this year. Highcrest Apartments LLC was the seller.

July 16, 2019

Hilton-Garden-Inn-San-Diego-Mission-Valley-Stadium-CA

Acquisitions California Hospitality Loans Western

Meridian Capital Group Secures $23.1M in Acquisition Financing for Hilton Garden Inn San Diego

by Amy Works July 15, 2019

SAN DIEGO — Meridian Capital Group has arranged $23.1 million in financing for the acquisition of Hilton Garden Inn San Diego Mission Valley Stadium in San Diego. The name of the borrower was not released. Seth Grossman, Steven Adler and Jackie Tran of Meridian Capital Group secured the 10-year CMBS loan, which features a fixed rate and 24 months of interest-only payments followed by a 30-year amortization schedule. Located at 3805 Murphy Canyon Road, the four-story hotel features 178 guestrooms, including 17 upgraded suites. The property was converted from a Holiday Inn into a Hilton Garden Inn with a $10 million renovation, completed in July 2016. Renovations included upgrades to the guest rooms, guest bathrooms, lobby, front desk, 5,000 square feet of meeting space and on-site restaurant and bar. Additionally, the hotel offers a heated outdoor pool and spa, fitness center, business center and guest laundry.

July 15, 2019

Acquisitions Indiana Midwest Multifamily

Cushman & Wakefield Brokers Sale of 184-Unit Multifamily Property Near Indianapolis

by Kristin Harlow July 15, 2019

WARREN TOWNSHIP, IND. — Cushman & Wakefield has brokered the sale of Pheasant Run Apartments in Warren Township, just east of Indianapolis. George Tikijian, Hannah Ott and John Baker of Cushman & Wakefield represented the seller, Birge & Held. Connecticut-based Hamilton Point Investments was the buyer. The firm plans to make common area and exterior improvements, including new LED lighting, landscaping and an updated clubhouse. Units will receive new appliances, flooring, counters and plumbing.

July 15, 2019

Acquisitions Industrial New York Northeast

Cushman & Wakefield Negotiates Sale of $25M Warehouse Property in Queens

by Alex Patton July 12, 2019

NEW YORK CITY — Cushman & Wakefield has negotiated the $25 million sale of a 52,000-square-foot warehouse property in the Long Island City neighborhood of Queens. Cushman & Wakefield’s Stephen Preuss, Joshua King and Andreas Efthymiou represented the buyer, California-based investment trust Alexandria Real Estate Equities Inc., which plans to convert the warehouse into a research and development office with lab space. The seller was Prestone Realty LLC, which has occupied the building since 2005.

July 12, 2019

Acquisitions Northeast Office Pennsylvania

Marcus & Millichap Brokers $4.6M Sale of Office Property in Harrisburg

by Alex Patton July 12, 2019

HARRISBURG, PA. — Marcus & Millichap has brokered the $4.6 million sale of a 73,289-square-foot office building in Harrisburg. The four-story property is located on the corner of Cameron and Walnut streets, and is leased to a mix of community-based, service and nonprofit organizations. Craig Dunkle and Mark O’Shea of Marcus & Millichap’s Philadelphia office represented the seller, investment firm Brickbox Enterprises Ltd. Dunkle also represented the buyer, Halzlucha LLC, a private investment group based in Muncie, New York.

July 12, 2019

Acquisitions California Office Western

Parallel Capital Partners Buys Sky Park Office Plaza in San Diego for $50.6M

by Amy Works July 12, 2019

SAN DIEGO — San Diego-based Parallel Capital Partners has acquired Sky Park Office Plaza, a Class A office complex located at 9275 and 9325 Sky Park Court in San Diego’s Kearny Mesa submarket. Blackstone/Equity Office Properties sold the two-building asset for $50.6 million. Built in 1986, the 203,258-square-foot property features a three- and four-story, glass-and-concrete office complex with steel frame construction and large flexible floor plates. Amenities include an on-site café and full-service gym. At the time of sale, the property was 96 percent leased to a variety of tenants, including Union Bank, Qualcomm, Liberty Mutual Insurance, The Travelers Indemnity Co. and Molina Healthcare. Nick Psyllos and Michael Leggett of HFF represented the seller, while Parallel was self-represented in the transaction.

July 12, 2019

Acquisitions Industrial Midwest Missouri

Stan Johnson Co. Brokers $14M Sale of Industrial Facility in Fenton, Missouri

by Kristin Harlow July 12, 2019

FENTON, MO. — Stan Johnson Co. has brokered the sale of Cassens Business Center in Fenton for $14 million. The multi-tenant industrial facility spans 132,279 square feet and is located at 2391 Cassens Drive. At the time of sale, the property was fully leased to two national tenants as well as a regional company. Zach Harris and Brad Pepin of Stan Johnson represented the seller, Green Street St. Louis, a Missouri-based developer. RCRL LLC, a New Jersey-based individual investor, purchased the building.

July 12, 2019

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