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Upland Arranges $4.6M Sale of PetSmart-Occupied Property in Lakeville, Minnesota

by Kristin Harlow August 13, 2018

LAKEVILLE, MINN. — Upland Real Estate Group Inc. has arranged the $4.6 million sale of a retail property occupied by PetSmart in Lakeville, a southern suburb of Minneapolis. The 18,007-square-foot building is located at the southeast corner of 160th Street and Pilot Knob Road. Nearby retail stores include a HyVee supermarket and Target. Keith Sturm, Deborah Vannelli and Amanda Leathers of Upland represented the undisclosed seller. The California-based buyer completed a 1031 tax-deferred exchange.

August 13, 2018

Acquisitions Industrial Midwest Wisconsin

Colliers Brokers $4.3M Sale of Industrial Building in Hartland, Wisconsin

by Kristin Harlow August 13, 2018

HARTLAND, WIS. — Colliers International has brokered the $4.3 million sale of a 58,828-square-foot industrial building in Hartland, a western suburb of Milwaukee. Printing company JTS Direct LLC fully occupies the property, which is located at 1180 Walnut Ridge Drive. Tom Shepherd, Jennifer Huber-Bullock and Steve Sewart of Colliers represented the seller, SH 1180 Walnut Ridge LLC. Kashou Brothers LLC purchased the asset.

August 13, 2018

Acquisitions California Retail Western

Vestar Acquires 340,000 SF Bay Area Shopping Center for $55M

by Amy Works August 13, 2018

PETALUMA, CALIF. — Vestar has purchased East Washington Place, a shopping center located at 401 Kennilworth Drive in Petaluma, for $55 million. The name of seller was not released. Totaling more than 340,000 square feet, East Washington Place shopping center is LEED Silver certified. Current tenants include Target, TJ Maxx/HomeGoods, Sprouts Farmers Market, ULTA Beauty, Dick’s Sporting Goods and PetSmart. With this acquisition, the company’s portfolio crossed the 30 million-square-foot threshold.

August 13, 2018

Loans Multifamily New Jersey

NYLREI Provides $131M Loan for Multifamily Tower in Jersey City

by David Cohen August 10, 2018

JERSEY CITY, N.J. — New York Life Real Estate Investors (NYLREI) has provided a $131 million loan for the Marbella Apartments, a 40-story multifamily tower in Jersey City. The 412-unit community was originally developed in 2004. The borrower was Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corp. Keith Duane of NYLREI served as loan officer in the transaction, in providing an eight-year, fixed-rate loan for the borrower.

August 10, 2018

Acquisitions Industrial Self-Storage Texas

Bellomy Arranges Sale of 941-Unit Self-Storage Facility in Houston

by Taylor Williams August 10, 2018

HOUSTON — Bellomy & Co. has arranged the sale of Sentry Self Storage, a 941-unit facility in Houston. Built in 2006, the property is situated on five acres and features climate-controlled units that total 104,025 net rentable square feet. Hugh Horne of Los Angeles-based Charmel Storage Capital, along with Bill Bellomy and Michael Johnson of Bellomy & Co., represented the seller in the transaction. The team also procured the buyer, Public Storage, a self-storage operator and REIT based in Glendale, Calif.

August 10, 2018

Acquisitions California Retail Western

Avison Young Brokers $4.1M Sale of La Brea Avenue Property in Los Angeles

by Amy Works August 10, 2018

LOS ANGELES — Avison Young has negotiated the sale of 819 N. Le Brea Ave., an iconic retail property located in Los Angeles’ La Brea neighborhood. Flora M Kinyon Trust sold the property to Santa Monica Corridor LLC for $4.1 million. Built in 1928 as a ribbon factory and renovated in 2015, the 5,106-square-foot, single-tenant property features an enclosed courtyard and gated parking lot with 19 spaces, as well as 105 feet of frontage along La Brea Avenue. Rick Owens’ currently occupies the property with its West Coast flagship store. Christopher Bonbright and Brandon Mason of Avison Young represented the buyer and seller in the transaction.

August 10, 2018

Acquisitions Michigan Midwest Self-Storage

Marcus & Millichap Brokers Sale of 94,115 SF Self-Storage Facility in Suburban Detroit

by Kristin Harlow August 10, 2018

ROCHESTER HILLS, MICH. — Marcus & Millichap has brokered the sale of Rochester Mini Storage in Rochester Hills, about 25 miles north of Detroit. The sales price was not disclosed. The 94,115-square-foot self-storage facility includes units that range in size from 25 to 400 square feet. Both climate-controlled and non-climate-controlled options are available. Brian Kelly, Brett Hatcher and Gabriel Coe of Marcus & Millichap brokered the transaction. An out-of-state buyer purchased the asset. The seller was a local owner.

August 10, 2018

Acquisitions Florida Office Southeast

Cushman & Wakefield Brokers $52M Sale of Office Portfolio in Tampa

by Camren Skelton August 10, 2018

TAMPA, FLA. — Cushman & Wakefield has brokered the $52 million sale of The Collection at Sabal Park, a 435,837-square-foot office portfolio in Tampa. The portfolio includes eight buildings located at 10117, 10002, 9950 and 9720 Princess Palm Ave. and 3923-3295, 3901, 3829 and 3922 Coconut Palm Drive. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield arranged the transaction on behalf of the seller, IP Capital Partners. Priam Capital acquired the assets, which are located within Sabal Park, a 4.8 million-square-foot, master-planned business park located less than 10 miles northeast of downtown Tampa. The portfolio was 86 percent leased at the time of sale to tenants such as Coca-Cola, Permanent General, U.S. Army Corps of Engineers, Sodexo, Advantage Sales & Marketing and Taylor Morrison. Priam Capital has retained Mercedes Angell and Lauren Coup of Cushman & Wakefield to handle the portfolio’s leasing assignment. The team was originally awarded the listing when IP Capital Partners acquired the portfolio in 2014.

August 10, 2018

Acquisitions Multifamily Student Housing Texas

ARA Newmark Arranges Sale of 864-Bed Student Housing Asset Near Texas A&M, Blinn College

by Taylor Williams August 9, 2018

BRYAN, TEXAS — ARA Newmark has arranged the sale of Z Islander, an 864-bed student housing community in Bryan that serves Texas A&M University and Blinn College. The community totals 380 units in one-, two-, three- and four-bedroom configurations. Amenities include a pool, fitness center, outdoor fire pits, spa and sauna, theater room, volleyball and basketball courts, game room and community car wash stations. Ryan Lang and Brandon Buell of ARA Newmark represented the seller, Virginia-based ILM Capital, in the transaction. Florida-based Waypoint Residential purchased the asset for an undisclosed price.

August 9, 2018

Acquisitions Massachusetts Multifamily Northeast

Colliers Negotiates $42.5M Sale of Apartment Community in Boston

by David Cohen August 9, 2018

BOSTON — Colliers International has negotiated the $42.5 million sale of Trac 75, an 80-unit apartment community in Boston’s Allston neighborhood. Located at 75 Braintree St., the property consists of a mix of studio, one-, two- and three-bedroom units. Colliers represented the seller, a joint venture between affiliates of The Grossman Cos. and The Waypoint Cos. Coldwell Banker Residential Brokerage represented the buyer, a private family office. Dolben will continue to manage Trac 75.

August 9, 2018

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