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L. Mason Capitani CORFAC International Brokers Sale of Historic Hotel Property in Detroit

by Kristin Harlow March 26, 2019

DETROIT — L. Mason Capitani CORFAC International has brokered the sale of The Royal Palm/Park Avenue Hotel located at 2305 Park Ave. in Detroit. The sales price was not disclosed, but the asking price was $15 million. The 13-story, 180-room hotel was designed by Detroit architect Louis Kamper in 1925 and has been operational ever since. Downtown Hospitality Detroit LLC, which is owned by Mario Kiezi and Mike Abdulnoor, purchased the property. The buyers plan to fully restore the hotel and add two restaurants on the first floor as well as a rooftop bar. Completion of the project is slated for late 2020. Al Lafrate of L. Mason Capitani represented the buyer and the seller, Catharina Harrington, who had operated the hotel with her late husband Wilbur Harrington since 1967.

March 26, 2019

Acquisitions Industrial Texas

Mission Capital Brokers Sale of 484,369 SF Industrial Portfolio in San Antonio, Arranges Acquisition Loan

by Taylor Williams March 25, 2019

SAN ANTONIO — Mission Capital Advisors, a financial intermediary with five offices across the country, has arranged the sale of a 484,369-square-foot industrial portfolio in San Antonio. Four properties located on the northwest side of the city comprise the portfolio, which was 88 percent occupied at the time of sale. Will Sledge and Kyle Kaminski of Mission Capital represented the seller, a CMBS special servicer, in the transaction. Alex Draganiuk and Lexington Henn of Mission Capital arranged acquisition financing on behalf of the buyer, Los Angeles-based Entrada Partners.

March 25, 2019

Acquisitions Arizona Multifamily Western

Cushman & Wakefield Brokers $84.2M Sale of 316-Unit Apartment Community in Phoenix

by Amy Works March 25, 2019

PHOENIX — Cushman & Wakefield has negotiated the sale of Broadstone Roosevelt Row, a multifamily property located at 330 E. Roosevelt St. in Phoenix. AZ Roosevelt Row Apartments LLC, an entity formed by Kirkland, Wash.-based Weidner Investment Services, purchased the apartment community for $84.2 million. Situated in downtown Phoenix’s Roosevelt Row Arts District, the community features 316 units in a mix of studio, one-, two- and three-bedroom floor plans with an average unit size of 865 square feet. Each apartment offers gourmet kitchens with gas cooktops, Energy Star GE stainless steel appliances, quartz countertops, wood-style flooring, front-load washers/dryers, USB-charging outlets and Nest thermostats. Additionally, select units feature 19-foot ceilings, wine refrigerators, walk-in closets, Sonos sound systems and personal balconies or patios. Community amenities include a pool and spa with private cabanas, a fitness facility with an outdoor yoga lawn, furnished rooftop deck with fire pits and barbecues, complimentary resident beach cruisers and a smartphone resident-access system, as well as a two-story clubhouse with chef’s kitchen, coffee bar, oversized television and classic arcades and billiard games. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the undisclosed seller in the deal.

March 25, 2019

Acquisitions Healthcare New York Northeast Office

HFF Brokers $11.4M Sale of Medical Office Building on Long Island

by David Cohen March 22, 2019

GARDEN CITY, N.Y. — HFF has brokered the $11.4 million sale of a medical office building in the Long Island village of Garden City. Located at 224 7th St., the 16,920-square-foot property was built in 1969 and converted to a medical imaging facility in 2007. The facility is currently triple-net leased to the New York University School of Medicine. HFF represented the seller, Meridian Imaging Group, in the transaction. The buyer was undisclosed. Inland Real Estate Acquisitions facilitated the transaction.

March 22, 2019

Acquisitions Arizona Retail Western

Valencia Property Acquires CVS-Occupied Building in Arizona for $4.5M

by Amy Works March 22, 2019

PRESCOTT, ARIZ. — Valencia Properties has purchased a freestanding, single-tenant property located at 901 Willow Lake Road in Prescott. A Southern California-based private investor sold the building for $4.5 million in an all-cash transaction. CVS/pharmacy occupies the 13,186-square-foot drive-thru property, which was built in 2015. The absolute triple-net leased asset is corporate guaranteed by CVS Health Corp. with 22 years remaining. Patrick Luther and Matthew Mousavi of SRS Real Estate Partners’ National Net Lease Group represented the seller, while Gulf Stream Capital Ventures represented the buyer.

March 22, 2019

Acquisitions Illinois Midwest Retail

SVN | Chicago Commercial Brokers $4.4M Sale of Retail Center in Arlington Heights, Illinois

by Kristin Harlow March 22, 2019

ARLINGTON HEIGHTS, ILL. — SVN | Chicago Commercial has brokered the sale of The Esplanade at Arlington Heights for $4.4 million. The 18,419-square-foot retail property is located at 2920-2964 W. Euclid Ave. in Arlington Heights. Subway and Starbucks are the anchor tenants. Tim Franz and John Livaditis of SVN represented the seller, a private real estate investment group. The buyer was not disclosed.

March 22, 2019

Acquisitions New Jersey Northeast Office

HFF Brokers $66M Sale of Office Building in Parsippany, New Jersey

by David Cohen March 21, 2019

PARSIPPANY, N.J. — HFF has brokered the $66 million sale of an office building in Parsippany. Located at 300 Kimball Drive, the five-story property was originally built in 2001 and is LEED Silver certified. The building is currently 78 percent occupied by a tenant roster that includes FM Global, Fiserv, Langan Engineering and Western World Insurance. Kevin O’Hearn, Jose Cruz, Stephen Simonelli and Michael Oliver represented the seller, a large national insurance company, in the transaction. The buyer was a private investor.

March 21, 2019

Acquisitions North Carolina Office Southeast

CBRE Negotiates $40.5M Sale of Bank of America-Anchored Office Building in Uptown Charlotte

by John Nelson March 21, 2019

CHARLOTTE, N.C. — CBRE has negotiated the $40.5 million sale of Gateway Center, a 10-story, 310,745-square-foot office building in Uptown Charlotte. Hamilton EQ, an affiliate of New York-based Hamilton Equity Partners, purchased the asset, which is located at 901 W. Trade St. Gateway Center was 91 percent leased at the time of the sale, with Bank of America occupying 78 percent of the property. The seller was not disclosed, but Charlotte Business Journal reports that Chicago-based GEM Realty Capital sold the tower three years after purchasing it for $30.5 million. Patrick Gildea, Matt Smith and Grayson Hawkins of CBRE represented the seller in the transaction. Hamilton EQ entered the Charlotte market earlier this month with a portfolio acquisition in the suburbs.

March 21, 2019

Acquisitions Retail Utah Western

CIM Sells The Family Center Retail Asset in Utah to CCA Acquisition Co. for $48.2M

by Amy Works March 21, 2019

RIVERDALE, UTAH — CIM has completed the disposition of The Family Center at Riverdale, a shopping center located on 42 acres at 1083 W. Riverdale Road in Riverdale, approximately 35 miles from downtown Salt Lake City. CCA Acquisition Co. acquired the property for $48.2 million. At the time of sale, the 427,828-square-foot property was 97 percent occupied by Target (165,550 square feet), Sportsman’s Warehouse, Best Buy, Pier 1 Imports, Show Carnival, PetSmart, Dollar Tree and Joann Fabrics. The retail center was built in phases from 1995 to 2008. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark Knight Frank, along with Ben Brown and Brandon Goodman of Mountain West, represented the seller. The buyer was self-represented.

March 21, 2019

Acquisitions Office Texas

TerraCap Management Buys 367,543 SF Office Property in Plano

by Taylor Williams March 20, 2019

PLANO, TEXAS — Florida-based TerraCap Management LLC has purchased Preston Park Financial Center, a 367,543-square-foot office property located in the northeastern Dallas suburb of Plano. The Class A complex offers amenities such as a fitness center, deli, conference center and tenant lounge. Gary Carr and Robert Hill of CBRE represented the seller, a joint venture between Griffin Partners and San Francisco-based Stockbridge Capital Group, in the transaction. Dallas-based Lincoln Property Co. has been hired to lease and manage the property. IberiaBank provided debt for the acquisition on behalf of TerraCap.

March 20, 2019

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