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CBRE Negotiates $53M Sale of Grocery-Anchored Shopping Center in New Jersey

by David Cohen May 16, 2018

EDISON, N.J. — CBRE has negotiated the $53 million sale of Festival Plaza, a 151,763-square-foot, grocery-anchored shopping center in Edison. Asian grocer H Mart anchors the center, which is located at 1711-1783 Lincoln Highway. Other tenants include C2 Tutoring, China Trust Bank and Sunbright Hair Salon. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller, Edison I LLC, in the transaction. The buyer was a local private investor. The population within three miles of the center is 131,555, according to CBRE.

May 16, 2018

Acquisitions Mixed-Use New York Northeast

Greystone Development Sells Historic Former Public Bath in Brooklyn for $10M

by David Cohen May 16, 2018

NEW YORK CITY — TerraCRG has arranged the $10 million sale of 227 4th Ave., a historic former public bath in the Park Slope neighborhood of Brooklyn. TerraCRG represented the seller, New York-based Greystone Development, in the transaction. The buyer was undisclosed. The building was first constructed in 1910 as Public Bath No. 7 to serve the largely immigrant population of Park Slope. The building was the last of Brooklyn’s public baths and was designed in Renaissance Revival style by architect Raymond F. Almirall. In 1937 the building was converted into a gymnasium and was placed on the National Register of Historic Places in 1985. Greystone acquired the 16,700-square-foot property in 2014 and completed renovations and restorations to the property. The building is currently leased to Blink Fitness.

May 16, 2018

Acquisitions Maryland Multifamily Southeast

Rittenhouse Brokers $21.9M Sale of Apartment Community in Northern Maryland

by Camren Skelton May 16, 2018

ELKTON, MD. — Rittenhouse Realty Advisors has arranged the $21.9 million sale of The Apartments at Iron Ridge, a 156-unit multifamily community in the northern Maryland city of Elkton. The community offers a mix of one-, two- and three-bedroom units and features a fitness center, pool, playground and a tennis court. The names of the buyer and seller were not disclosed.

May 16, 2018

Acquisitions Industrial Loans Office Washington Western

CBRE Arranges Sale, Financing of Eight-Building Flex Portfolio in Redmond, Washington

by Amy Works May 16, 2018

REDMOND, WASH. — CBRE Capital Markets has brokered the sale of Redmond East Business Campus, an eight-building office and flex portfolio located near downtown Redmond. A closed-end fund managed by Kennedy Wilson acquired the asset for an undisclosed price. Thomas Pehl and Lou Senini of CBRE’s Seattle office represented the undisclosed seller in the deal. Brad Zampa, Mike Walker and Megan Woodring of CBRE’s San Francisco office arranged $34.5 million in balance-sheet bank financing for the buyer. A national financial services company provided the seven-year, non-recourse, full-term, interest-only, floating-rate acquisition financing. Located at 6724-6565 185th Ave. NE and 18758-18640 NE 67th Court, Redmond East is a 292,100-square-foot, institutional quality property currently 98 percent leased to nine tenants.

May 16, 2018

Acquisitions Midwest Net Lease Ohio Retail

Marcus & Millichap Brokers $1.1M Sale of Property Net Leased to Advance Auto Parts in Ohio

by Kristin Harlow May 16, 2018

LONDON, OHIO — Marcus & Millichap has brokered the $1.1 million sale of a 6,790-square-foot property net leased to Advance Auto Parts in London, about 25 miles southwest of Columbus. The property is located at 246 Lafayette St. The tenant recently exercised an early lease extension. Nathan Coe and Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The buyer was not disclosed.

May 16, 2018

Acquisitions Multifamily Student Housing Texas

Marcus & Millichap Brokers Sale of 324-Bed Student Housing Asset in Tyler, Texas

by Taylor Williams May 15, 2018

TYLER, TEXAS — Marcus & Millichap has brokered the sale of The Reserve Apartments, a 324-bed student housing asset in Tyler, about 100 miles east of Dallas. The property is located approximately one mile from the University of Texas at Tyler and features amenities such as a pool, fitness center and study rooms. Evan Burke, Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller, an out-of-state private investor, in the transaction. The trio also procured the buyer, an undisclosed higher education system.

May 15, 2018

Acquisitions Idaho Multifamily Student Housing Western

Marcus & Millichap Negotiates Sale of 1,546-Bed Student Housing Portfolio in Idaho

by Amy Works May 15, 2018

REXBURG, IDAHO — Marcus & Millichap has arranged the sale of an eight-property student housing portfolio located in Rexburg. A Seattle-based firm sold the 1,546-bed portfolio to a Utah-based company for an undisclosed price. The portfolio includes the 288-bed Somerset; the 252-unit Alpine Chalet; the 146-bed Brookside Village; the 238-unit Rockland; the 120-bed Autumn Winds; the 72-bed Georgetown; the 24-bed Birchwood; and the 406-bed Birch Plaza. Although the affiliated school was not named, the small city of Rexburg is home to Brigham Young University Idaho. Danny Shin and Brock Zylstra of Marcus & Millichap represented the seller and procured the buyer in the deal.

May 15, 2018

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of 666,079 SF Industrial Portfolio in Metro Chicago

by Kristin Harlow May 15, 2018

CHICAGO — Colliers International has brokered the sale of a five-building, 666,079-square-foot industrial portfolio in metro Chicago for an undisclosed price. The properties include: 550 and 600 North Commons in Aurora; 710-854 Foster Ave. in Bensenville; 1400-1538 Elmhurst Road in Elk Grove Village; 3456 Ridge Ave. in Arlington Heights; and 8220 Austin Ave. in Morton Grove. At the time of sale, the buildings were 85 percent leased to a roster of 77 tenants including Advocate Health, Amazon and Crawford Murphy & Tilly. Patrick Turner, Tom Rodeno and Matthew Stauber of Colliers represented the buyer, Clear Height Properties. American Landmark Properties was the seller.

May 15, 2018

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Brokers $72.5M Sale of Multifamily Community in Atlanta’s Buckhead District

by Camren Skelton May 15, 2018

ATLANTA — Cushman & Wakefield has brokered the sale of 32Hundred Lenox, a 431-unit apartment community located in Atlanta’s Buckhead district. Travis Presnell, Tyler Averitt and Mike Kemether of Cushman & Wakefield arranged the transaction on behalf of the seller, Elite Street Capital. A joint venture between Torchlight Investors and Wilkinson Corp. acquired the asset. The sales price was not disclosed, but the Atlanta Business Chronicle reports the community sold for $72.5 million. The new owners plan to renovate 32Hundred Lenox, which was originally constructed in 1967. The community is located adjacent to the Lenox MARTA station and features a barbecue area, swimming pool, children’s play area, fitness center, spa and a business center.

May 15, 2018

Acquisitions New York Northeast Office

GHP Office Realty Acquires 182,630 SF Office Complex Near New York City

by David Cohen May 14, 2018

MOUNT PLEASANT, N.Y. — GHP Office Realty has acquired 115-117 Stevens Ave., a two-building office complex totaling 182,630 square feet in Mount Pleasant, nearly 40 miles north of New York City in Westchester County. Jeffrey Dunne, Steven Bardsley and Stuart MacKenzie of CBRE represented the seller, Reckson, a division of SL Green Realty Corp.,in the transaction. The buyer was a White Plains-based commercial real estate firm.The first property, 115 Stevens Ave., is a three-story, 130,630-square-foot office building. Totaling 52,000 square feet, 117 Stevens Ave. is a two-story office building. GHP intends to invest $3.5 million of new capital into the buildings. Amenities at the buildings include a fitness facility, full service café and conference center. Current office tenants include Retriever Medical Dental Payments Inc., Archcare, Cardinal McCloskey Community Services and Utopus Insights.

May 14, 2018

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