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Tara Investment Group Acquires 239-Unit Studio 710 in Arizona for $26.7M

by Amy Works March 29, 2019

TEMPE, ARIZ. — San Francisco-based Tara Investment Group has purchased Studio 710, an apartment community located at 710 Hardy Drive in Tempe. Domain Communities sold the property for $26.7 million. Brad Cooke and Cindy Cooke of Colliers International represented the seller, while the buyer was self-represented in the deal. Built in 1975, Studio 710 features 239 apartments spread across 12 buildings totaling 98,500 square feet. Community amenities include two resort-style pools with cabanas, free Wi-Fi, fitness studio, outdoor jogging track, outdoor gathering areas, fire pits, outdoor yoga/Zen space, bike racks and entertainment areas.

March 29, 2019

Acquisitions Development New York Northeast

JLL Negotiates $50M Sale of Waterfront Development Site in Brooklyn

by David Cohen March 28, 2019

NEW YORK CITY — JLL has negotiated the $50 million sale of a waterfront development site in the South Williamsburg neighborhood of Brooklyn. Located at 500 Kent Ave., the nearly three-acre site carries up to 230,500 buildable square feet. The property is located in a M3-1 zoning district, which allows for the development site to be designated for retail, office, light manufacturing or mixed-use. The lot is adjacent to the Brooklyn Navy Yard and the Brooklyn tech triangle. JLL represented the seller, Con Edison, in the transaction. The buyer was undisclosed.

March 28, 2019

Acquisitions Midwest Minnesota Office

TCM Acquires 358,941 SF Office Property in Plymouth, Minnesota

by Kristin Harlow March 28, 2019

PLYMOUTH, MINN. — Ten Capital Management (TCM) has acquired Atria Corporate Center in Plymouth, located about 15 miles west of downtown Minneapolis, for an undisclosed price. The 358,941-square-foot office property was built in the late 1980s and substantially renovated in 2017. Atria offers food service, a complimentary coffee bar, fitness center, locker room with showers, training center, onsite management and heated parking. The seller was not disclosed.

March 28, 2019

Acquisitions Midwest Minnesota Retail

Kraus-Anderson Purchases 324,430 SF Retail Center in St. Paul, Minnesota

by Kristin Harlow March 28, 2019

ST. PAUL, MINN. — Kraus-Anderson Realty has purchased Midway Marketplace in St. Paul for an undisclosed price. Built in 1994, the 324,430-square-foot retail center includes anchor tenants Cub Foods, Walmart, TJ Maxx, LA Fitness and Dollar Tree. Other tenants at the property include Sprint, Leann Chin, The UPS Store, Mother Nature’s Vitamins and Midway Tobacco & Cigar Place. Beachwood, Ohio-based RVI sold the asset.

March 28, 2019

Acquisitions Arizona Multifamily Western

IPA Brokers $41.9M Sale of 198-Unit Multifamily Asset in Arizona’s Southeast Valley

by Amy Works March 28, 2019

MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Premiere at Dana Park, an apartment community located in Mesa. PCS Development sold the property to an undisclosed buyer for $41.9 million, or $211,869 per unit. Completed in 2018, The Premiere at Dana Park features 198 apartment units within walking distance of Village Square at Dana Park, a 365,000-square-foot urban lifestyle center. Steve Gebing and Cliff David of IPA represented the seller in the deal.

March 28, 2019

Acquisitions Office Top Stories Washington Western

Ponte Gadea Acquires 800,000 SF Amazon-Leased Office Block in Seattle for $740M

by David Cohen March 27, 2019

SEATTLE — Real estate investment firm Ponte Gadea has acquired Troy Block, an 800,000-square-foot, Amazon-occupied office complex in Seattle. Although the price was not disclosed, The Puget Sound Business Journal was first to report it at $740 million. The full-block, two-building property is located at 300 Boren Avenue North in the South Lake Union district of Seattle. Miami-based Ponte Gadea is led by Spanish billionaire Amancio Ortega, a fashion mogul whose company is parent to retail brand Zara. Ortega’s net worth is $67 billion, making him the fifth richest person in the world, according to Bloomberg. Seattle-based developer Touchstone purchased the 2.5-acre property for $18.4 million in 2011 and built two L-shaped office buildings on the block, according to The Seattle Times. Amazon leases the entire office portion of the project, which opened in 2016 and 2017. Ground-floor retail at the development also includes an Amazon Go store, Maslow’s restaurant and Cascade Coffee Works. Mark Gibson, Stephen Conley, Manny De Zarraga, Michael Leggett, Gerry Rohm, Coleman Benedict, Kevin Freels and Logan Greer of HFF represented the seller, a partnership between USAA Real Estate and Touchstone, in the transaction. This transaction represents the largest single asset trade by volume in Seattle history, …

March 27, 2019

Acquisitions Midwest Missouri Retail

Berengaria Acquires 226,000 SF Power Center in St. Joseph, Missouri

by Kristin Harlow March 27, 2019

ST. JOSEPH, MO. — Berengaria has acquired The Shoppes at North Village, a 226,000-square-foot retail power center in St. Joseph, about 55 miles north of Kansas City. The purchase price was not disclosed. The 98 percent-leased property is home to 25 tenants, including TJ Maxx, Best Buy, Michaels, Old Navy and Regal Cinema’s Hollywood Theaters. Berengaria partnered with the Africk Family Office on the transaction. This is the third asset the two groups have purchased together. Berengaria is the real estate platform of Marcus Investments.

March 27, 2019

Acquisitions Illinois Midwest Office

SVN | Chicago Commercial Brokers $5.3M Sale of Loft Office Building in Chicago’s Pilsen Neighborhood

by Kristin Harlow March 27, 2019

CHICAGO — SVN | Chicago Commercial has brokered the sale of a 100,544-square-foot loft office building in Chicago’s Pilsen neighborhood for $5.3 million. The property is located at 2201 S. Halsted St. Angelo Labriola and Paul Cawthon of SVN represented the seller. Stephen Cusano and James Mead of SVN represented the buyer.

March 27, 2019

Acquisitions California Industrial Western

CT Realty Sells 1.1 MSF NorCal Logistics Center Building for $105.3M

by Amy Works March 27, 2019

STOCKTON, CALIF. — CT Realty has sold a newly built, 1.1 million-square-foot industrial facility in Stockton. Bentall Kennedy Limited Partnership, on behalf of its U.S. Core Fund, acquired the asset for $105.3 million. The property is the first phase of development at the 342-acre NorCal Logistics Center. Located at 4532 Newcastle Road, the facility was fully leased to Amazon at the time of sale. The second phase of the NorCal Logistics is under construction and includes 2.7 million square feet spread across five buildings in a mix of speculative and build-to-suit projects. The next building — a 709,556-square-foot facility — is slated for completion at the end of August.

March 27, 2019

Acquisitions Arizona Multifamily Western

FSC Realty Buys 225-Unit Alta Midtown Apartment Complex in Phoenix for $52M

by Amy Works March 26, 2019

PHOENIX — FSC Realty has purchased Alta Midtown, a multifamily community located in midtown Phoenix. Wood Partners sold the asset for $52 million, or $231,111 per unit. Developed in 2017, Alta Midtown features 225 apartments with contemporary interiors and nine-foot or taller ceilings. Community amenities include a resort-inspired pool and spa, rooftop lounge and on-site beer garden. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

March 26, 2019

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