sale1

Kidder Mathews Arranges Sale of Four-Building Retail Property in California’s Central Valley

by Amy Works July 17, 2018

VISALIA, CALIF. — Kidder Mathews has brokered the sale of The Shops at Visalia Pavilion, located at 3833, 3837, 3927 and 4015 W. Caldwell Ave. in Visalia. Toor Capital purchased the four-building property for $8.7 million. At the time of sale, the 33,000-square-foot asset was 95 percent occupied by a variety of tenants, including Starbucks Coffee, T-Mobile and Papa Murphy’s Pizza. Peter Beauchamp, Darren Tappen and Jenette Bennett of Kidder Mathews represented the seller, a New York-based private equity firm, in the deal.

July 17, 2018

Acquisitions Illinois Industrial Midwest

Midwest Industrial Funds Acquires 600,000 SF Industrial Complex in Hodgkins, Illinois for $17M

by Kristin Harlow July 17, 2018

HODGKINS, ILL. — Midwest Industrial Funds has purchased a 600,000-square-foot, two-building industrial complex in Hodgkins, about 17 miles southwest of Chicago, for more than $17 million. The company plans to renovate and reposition both buildings at a total cost of $15 million. Midwest Industrial plans to tear down part of the building at 6600 River Road in order to modernize the property with 45 additional exterior docks, new glass façade, new office space, a new roof and HVAC. Once renovated, the 408,000-square-foot building will be named Hodgkins Center of Commerce and feature 62 dock doors, onsite trailer parking and a clear height of 26 feet. The smaller property at 6620 River Road will remain 110,000 square feet and undergo an exterior renovation. Walter Murphy of Lee & Associates represented the undisclosed seller. Steve Roth of CBRE secured construction financing for the project. Harris Architects will provide architectural services and Spaceco is the civil engineer.

July 17, 2018

Acquisitions Multifamily North Carolina Southeast

Dominion Realty Sells Newly Built Apartment Community in Uptown Charlotte for $68.8M

by Camren Skelton July 16, 2018

CHARLOTTE, N.C. — Dominion Realty Partners (DRP) has sold Centric Gateway, a 297-unit apartment community located at 1010 W. Trade St. in Uptown Charlotte. An affiliate of TH Real Estate acquired the property for $68.8 million. Justin Good, Allan Lynch and Jeff Glen of HFF arranged the transaction on behalf of DRP, which completed construction on the property in December 2017. Individual units feature quartz countertops, private balconies, exterior storage and keyless entry. Community amenities include a central courtyard with a saltwater pool, activity lawn, automated package delivery system, fitness center with an interactive studio and a game room. Centric Gateway was 43 percent occupied at the time of sale.

July 16, 2018

Acquisitions Hospitality New York

New York REIT to Sell Viceroy Hotel in Manhattan for $41M

by David Cohen July 16, 2018

NEW YORK CITY — New York REIT (NYSE: NYRT) has entered into a contract to sell the Viceroy Hotel in Manhattan for $41 million. The buyer is Arden Group. After the sale of the Viceroy Hotel, New York REIT, which is in the process of liquidating, will have sold all properties aside from a remaining 50.1 percent interest in Worldwide Plaza in Manhattan. Located at 120 W. 57th St., the 29-story, 240-room hotel features a rooftop lounge and bar, fitness center and restaurant. The transaction is expected to close by the end of the third quarter.

July 16, 2018

Acquisitions Illinois Midwest Multifamily

Interra Brokers $10.1M Sale of Three Multifamily Buildings in Chicago Area

by Kristin Harlow July 16, 2018

CHICAGO AND EVANSTON, ILL. — Interra Realty has brokered the sale of three multifamily buildings in the Chicago area for $10.1 million. Located in Evanston, 222-240 Asbury Ave. is a three-story, 34-unit condominium building. Joe Smazal, Patrick Kennelly and Paul Waterloo of Interra brokered the $4.8 million deconversion sale. An Illinois-based investor purchased the asset from 222-240 Asbury Condominium Association with the intent to convert the units into rentals. The second transaction was a 23-unit apartment building located at 3149 N. Springfield Ave. in Chicago’s Avondale community. The property, built in 1932, was 96 percent occupied at the time of sale. Smazal represented the buyer and the seller, both of which were Illinois-based investors. The asset sold for $3.1 million. A third building, a 19-unit multifamily building in Chicago’s Rogers Park neighborhood, sold for $2.2 million. Built in 1917 and located at 7735-57 N. Sheridan Road, the property features 16 studios and three one-bedroom units. The buyer plans to upgrade some of the units in the building, which is 95 percent occupied. Smazal represented the buyer and the seller, both of which were Illinois-based investors.

July 16, 2018

Acquisitions Illinois Industrial Lee & Associates Midwest

Lee & Associates Negotiates $5M Sale of Industrial Building in Bensenville, Illinois

by Kristin Harlow July 16, 2018

BENSENVILLE, ILL. — Lee & Associates has negotiated the $5 million sale of a 73,594-square-foot industrial building in Bensenville, about 20 miles northwest of Chicago. The multi-tenant property is located at 100-300 Devon Ave. At the time of sale, the property was 97 percent leased to 16 tenants. Jay Farnam and Terry Grapenthin of Lee & Associates represented the seller, VJW Investments LLC. A private buyer purchased the asset.

July 16, 2018

Acquisitions California Mixed-Use Office Retail Western

LPC West Buys 57,253 SF Mixed-Use Property Near San Diego for $27.5M

by Amy Works July 16, 2018

DEL MAR, CALIF. — LPC West has acquired Polo Plaza, a mixed-use property located at 3702 and 3790 Via De La Valle in Del Mar, approximately 20 miles north of San Diego. An undisclosed local seller sold the property for $27.5 million. At the time of sale, the two-building 57,253-square-foot property was 92 percent occupied. Ben Tashakorian and Bradley Peters of Marcus & Millichap represented the seller, while LPC West represented itself in the transaction. LPC West plans to renovate the Mediterranean-style office and retail property to include a new paint scheme, monument sign, exterior lighting, furniture and landscaping, as well as complete parking lot upgrades. The renovated property will feature small ExecuOffices and on-site amenities, including a café offering coffee, breakfast and lunch.

July 16, 2018

Acquisitions California Retail Western

HFF Brokers Sale of 281,240 SF Shopping Center in Southern California for $51.1M

by Amy Works July 13, 2018

SIMI VALLEY, CALIF. — HFF has arranged the sale of Mountaingate Plaza, a value-add shopping center located in Simi Valley. A joint venture between Investcorp International Realty and ScanlanKemperBard sold the property to Merlone Geier Partners for $51.1 million. Situated on 24.8 acres at 1197-1301 E. Los Angeles Ave. and 2022-2090 First St., the property comprises eight buildings and outparcel pads. Tenants at the center include Valley Marketplace, Rite Aid, 99 Cents Only, dd’s Discounts, Black Bear Diner, Smash Burger, El Pollo Loco, Jersey Mike’s Subs, Starbucks Coffee, U.S. Armed Forces and Ventura County Health Care Agency. Gleb Lvovich, Bryan Ley and Daniel Tyner of HFF represented the seller in the transaction.

July 13, 2018

Acquisitions Florida Retail Southeast

HFF Brokers $29M Sale of Grocery-Anchored Center in Tampa Bay Area

by Camren Skelton July 13, 2018

PLANT CITY, FLA. — HFF has brokered the $29 million sale of Lake Walden Square, a 244,529-square-foot shopping center in the Tampa Bay community of Plant City. Eric Williams, Daniel Finkle and Luis Castillo of HFF arranged the transaction on behalf of the seller, Retail Value Inc. JBL Asset Management acquired the property. Winn-Dixie anchors Lake Walden Square, which was 93.3 percent leased at the time of sale. Additional tenants include Ross Dress for Less, Marshalls, Michaels, PetSmart, Ulta Beauty, Five Below, Famous Footwear, Continuecare Medical, Amscot Financial, Cricket Wireless, Queen Nails and Firehouse Subs.

July 13, 2018

Acquisitions Industrial Midwest Ohio

Sealy Acquires 478,190 SF Industrial Building in Columbus, Ohio

by Kristin Harlow July 13, 2018

COLUMBUS, OHIO — Sealy & Co. has acquired a 478,190-square-foot industrial building in Columbus for an undisclosed price. The building is currently 53 percent occupied by a startup company known as Le Tote, which is a personalized clothing subscription company. The property, known as CenterPoint #6, is located within CenterPoint Business Park. The 4 million-square-foot industrial park is located near I-270. The seller was not disclosed.

July 13, 2018

Newer Posts

Older Posts