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Confluent, Harbor Retirement Break Ground on New Assisted Living Property in Stuart, Florida

by John Nelson May 30, 2019

STUART, FLA. — Confluent Senior Living and Harbor Retirement Associates (HRA) have broken ground on HarborChase of Stuart, a 128,000-square-foot assisted living and memory care facility located at 786 N.W. Federal Highway in Stuart. HarborChase of Stuart will offer 96 assisted living and 38 memory care apartments available in one- and two-bedroom units. Confluent Senior Living, a subsidiary of the Denver-based real estate investment and development firm Confluent Development, serves as the project owner. HRA will manage HarborChase of Stuart. The project is anticipated to open in summer 2020. Confluent Senior Living and HRA previously co-developed and opened their first Florida seniors housing community in Wildwood in 2018.

May 30, 2019

Cooley-Ranch-Professional-Center-Colton-CA

Acquisitions California Office Western

Marcus & Millichap Arranges $1.2M Sale of Cooley Ranch Professional Center in the Inland Empire

by Amy Works May 29, 2019

COLTON, CALIF. — Marcus & Millichap has arranged the sale of Cooley Ranch Professional Center, an office property located in Colton. An individual/personal trust sold the property to an undisclosed buyer for $1.2 million. Located at 1325 E. Cooley Dr., the two-story building features 16,554 square feet of office space. Drew Wetherhold and Kevin Struve of Marcus & Millichap’s Ontario, Calif., office represented the seller in the deal.

May 29, 2019

Acquisitions Midwest Retail Wisconsin

SRS Arranges $5M Sale of Walgreens-Occupied Property in Plymouth, Wisconsin

by Kristin Harlow May 29, 2019

PLYMOUTH, WIS. — SRS Real Estate Partners has arranged the $5 million sale of a single-tenant property occupied by Walgreens in Plymouth near Sheboygan. The 14,490-square-foot freestanding building is located at 2455 Eastern Ave. Built in 2004, the property is situated on 1.5 acres. Walgreens has 11 years remaining on its lease term. Dan Elliot and Sean Lutz of SRS represented the seller, Torrington Development Inc. MEI Realty purchased the building.

May 29, 2019

Acquisitions Office Texas

Equus Capital Sells 193,998 SF Office Building in Metro Houston to Glazer Properties

by Taylor Williams May 29, 2019

SUGAR LAND, TEXAS — Equus Capital Partners Ltd., a Philadelphia-based private equity firm with five other offices around the country, has sold One Sugar Creek Center, a 193,998-square-foot office building located in the southwestern Houston suburb of Sugar Land. The asset was sold to Glazer Properties, an investment firm headed by Tampa Bay Buccaneers co-owner Kevin Glazer. The 11-story, Class A property was built in 1983 on 4.5 acres and was renovated in 2017 to feature a new lobby, added security systems, elevator cab upgrades, a new conference center and refreshed landscaping. Additional amenities include a deli, bank branch and an outdoor patio and cornhole court. The property was 90 percent leased at the time of sale to tenants such as Comerica Bank, Wholesome Sweeteners and Amerex Brokers Natural Gas. Christopher Locatell, Mark Ledger and Greg Chapin of Equus handled the transaction for their firm along with Dan Miller, Marty Hogan and Johnny Kight of HFF.

May 29, 2019

Acquisitions Illinois Industrial Lee & Associates Midwest Office

Lee & Associates Negotiates Sales of Office, Industrial Buildings in St. Charles, Illinois

by Kristin Harlow May 28, 2019

ST. CHARLES, ILL. — Lee & Associates has negotiated the sale of two buildings in St. Charles for undisclosed prices. The first was a 5,100-square-foot office building located on School Road. Jay Farnam of Lee & Associates represented the buyer, AMI Group Inc. The second transaction was the sale of a 13,250-square-foot industrial building located at 2541 DuKane Drive. Mike Androwich Jr. of Lee & Associates represented the buyer, El Milagro.

May 28, 2019

Acquisitions Illinois Midwest Restaurant Retail

SVN Brokers $1.1M Sale of Restaurant Property in Algonquin, Illinois

by Kristin Harlow May 28, 2019

ALGONQUIN, ILL. — SVN | Chicago Commercial has brokered the sale of a 7,549-square-foot restaurant property in Algonquin for $1.1 million. The freestanding building is located at 2561 County Line Road. Tim Rasmussen and Olivia Czyzynski of SVN brokered the transaction. The buyer, an operator of Mexican restaurants, plans to open a casual Mexican concept, according to Rasmussen.

May 28, 2019

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Arranges $1.1M Sale of Chicago Apartment Buildings

by Kristin Harlow May 28, 2019

CHICAGO — Marcus & Millichap has arranged the $1.1 million sale of two apartment buildings spanning 25 units in Chicago’s Chatham neighborhood. The buildings are located at 700 E. 81st St. and 8055 S. Langley Ave. James Ziegler and KJ Zelenika of Marcus & Millichap marketed the properties on behalf of the seller. The pair also represented the buyer.

May 28, 2019

Acquisitions California Multifamily Western

Colliers Negotiates $46M Sale of The Gershwin Apartments in Hollywood

by Amy Works May 28, 2019

LOS ANGELES — Colliers International has facilitated the sale of The Gershwin Apartments, a landmark mixed-use property located at 5533 Hollywood Blvd. in Los Angeles’ Hollywood neighborhood. A local development, management and investment firm acquired the property for $46 million in an all-cash transaction. Kitty Wallace of Colliers represented the buyer and seller, a private real estate investment company, in the deal. Built during the 1920s and originally known as the St. Francis Hotel, the five-story building was renovated over the years and transformed into a mixed-use asset with 163 residential units, nine neighboring bungalows, a 17,000-square-foot surface parking lot and 10,565 square feet of ground-floor retail space. The apartments feature a mix of layouts from micro lofts with kitchenettes to two-bedroom bungalows with private yards. A total of 119 of the units have been completely renovated.

May 28, 2019

Acquisitions New York Northeast Office Top Stories

Savanna Acquires Office Tower in Midtown Manhattan for $381M

by John Nelson May 28, 2019

NEW YORK CITY — Savanna, a real estate owner and developer based in New York City, has purchased a 39-story office tower in Midtown Manhattan for $381 million. The nearly 500,000-square-foot building is located at 521 Fifth Ave., which is near the corner of 43rd Street and one block from Grand Central Station in New York City. The seller is a joint venture between SL Green Realty Corp., Quantum Global Real Estate and LaSalle Investment Management. Bill Shanahan, Darcy Stacom, David Fowler and Doug Middleton of CBRE represented the joint venture in the sale. Built in 1929, the office tower is LEED Gold-certified and Energy Star-rated, but Savanna plans to make significant capital improvements to the asset. More specifically, the renovation includes a complete entrance and lobby overhaul, new signage, selective systems upgrades and common corridor work. “After we make a few select cosmetic improvements, we believe this property will be well-positioned for a successful leasing campaign,” says Andrew Fichte, managing director of Savanna. Savanna has selected a CBRE team led by Peter Turchin and David Hollander as the leasing agent for the office tower. At year-end 2018, the build was more than 96 percent leased to tenants including China …

May 28, 2019

Acquisitions New York Northeast Office Retail

GFP Real Estate Acquires 311,000 SF Office, Retail Building in Manhattan

by Taylor Williams May 24, 2019

NEW YORK CITY — Locally based investment and development firm GFP Real Estate has acquired 675 Avenue of the Americas (AOA), a 311,000-square-foot office and retail building located in the Flatiron District of Manhattan. Originally constructed in 1901 to house the Adams Dry Goods department store, the Class A property houses the headquarters of several major companies, including Weight Watchers, Nielsen and Trader Joe’s. GFP partnered on the sale with tech firm Guidepoint, which will occupy a 50,000-square-foot headquarters space within the building and retain minority ownership in it. Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer and Paul Talbot of Newmark Knight Frank arranged an undisclosed amount of acquisition financing through Signature Bank for the deal. The seller and sales price were not disclosed.

May 24, 2019

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