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Cushman & Wakefield Arranges Sale of Monmouth Shores Corporate Park in New Jersey

by David Cohen April 11, 2018

WALL TOWNSHIP, N.J. — Cushman & Wakefield has arranged the sale of Monmouth Shores Corporate Park, an eight-building office/flex complex totaling 400,000 square feet in Wall Township. Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Frank DiTommaso of Cushman & Wakefield represented the seller, Mack-Cali Realty Corp. The buyer was Monmouth 2 LLC, an affiliate of BHN Associates. Monmouth Shores Corporate Park is one of the largest business parks in the region, according to Cushman & Wakefield, and it was 88 percent leased to 24 tenants at the time of sale. The park is comprised of five single-story flex buildings and three office buildings.

April 11, 2018

Acquisitions Mixed-Use New Jersey Northeast

Marcus & Millichap Negotiates $6.3M Sale of Mixed-Use Building in Red Bank, New Jersey

by David Cohen April 11, 2018

RED BANK, N.J. — Marcus & Millichap has brokered the $6.3 million sale of the Kislin Building, a 23,000-square-foot mixed-use property in Red Bank, four miles south of Middletown. Michael Lombardi and Charles Loccisano of Marcus & Millichap represented the seller, a private investor, and the buyer, also a private investor. Located at 8 East Front St., the Kislin Building is the former home of a sporting goods store, which closed in 2005 after a century of continuous operation. The property was renovated in 2007 and the upper two floors were converted into eight, two-bedroom apartments and two, one-bedroom apartments. The ground floor features 7,500 square feet of retail space. The purchase also included a 6,000-square-foot parking lot across the street.

April 11, 2018

Acquisitions Industrial New York Northeast

Cushman & Wakefield Brokers Sale of Commercial Building in Brooklyn for $12.8M

by David Cohen April 11, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the $12.8 million sale of a commercial building and lot in the Gowanus neighborhood of Brooklyn. Located at 80 4th St., the purchase includes a 180-by-107-foot lot and a 17,942-square-foot, single-story, brick warehouse. Winfield Clifford and William Barrett of Cushman & Wakefield represented the seller, sculptor Tom Otterness, in the transaction. The final closing price of $12.8 million equates to approximately $714.40 per square foot and more than $300,000 above the original asking price. The buyer was The Brooklyn Home Company. The property is located in an M3-1 zoning district, allowing for 35,954 square-feet of commercial development.

April 11, 2018

Acquisitions Midwest Missouri Multifamily

Elite Street, Rialto Acquire 200-Unit Apartment Complex in St. Louis

by Kristin Harlow April 11, 2018

ST. LOUIS — A joint venture between Elite Street Capital and Rialto Capital Management has acquired the Lofts at the Highlands in St. Louis for an undisclosed price. The 200-unit apartment property is situated on 2.8 acres at 1031 Highlands Plaza Drive. Completed in 2006, the property features units that average 1,233 square feet. Amenities include a hot tub, grilling area, courtyard, fitness center, business center and recreation room. The complex was 95 percent occupied at the time of sale. Matthew Lawton, Sean Fogarty, Marty O’Connell and Wickliffe Kirby of HFF marketed the property on behalf of the seller, KBS Legacy Partners Apartment REIT Inc., which is a public, non-traded real estate investment trust sponsored by KBS Capital Advisors LLC and affiliates of Legacy Partners Residential Realty LLC.

April 11, 2018

Acquisitions Florida Southeast

Crocker, JV Partners Acquire 1.8 MSF Office Campus in Boca Raton for $179.3M

by Camren Skelton April 11, 2018

BOCA RATON, FLA. — Crocker Partners, in a joint venture with Rialto Capital and Siguler Guff, has acquired Boca Raton Innovation Campus (BRIC), a 1.8 million-square-foot office complex in Boca Raton. The 125-acre property — the former home of IBM — sold for $179.3 million, according to local media reports. Mike McDonald, Kennedy Hicks and Joe Gibson of Eastdil Secured arranged the transaction on behalf of the sellers, Farallon Capital Management and Next Tier HD. BRIC was originally developed in the 1960s as IBM’s North American Research & Development facility, and is credited as the birthplace of the personal computer. The campus was 73 percent leased at the time of sale to tenants such as Bluegreen Vacations Corp., Johnson Controls Security Solutions, TransUnion, MDVIP and Modernizing Medicine. BRIC’s amenities include a private shuttle to Tri-Rail, the city’s public transportation system, as well as a dining marketplace, conference centers, daycare center, walking trails and a fitness center. The acquisition brings Crocker Partners’ Boca Raton portfolio to 2.9 million square feet.

April 11, 2018

California Industrial Western

BKM Acquires 122,253 SF Industrial Park in Sacramento for $10.1M

by Nellie Day April 10, 2018

SACRAMENTO, CALIF. — BKM Capital Partners has acquired Expo Centre, a 122,253-square-foot, multi-tenant industrial business park in downtown Sacramento for $10.1 million. The seven-building park is located alongside the SR-160 at 1761 to 1791 Tribute Road. Expo Centre is currently 81 percent leased with in-place rental rates that are about 18 percent below market value. BKM plans to implement a series of capital improvements to reposition the property. BKM acquired the property from a private syndication managed by Sperry Equities. Palmer Capital represented the seller in this transaction.

April 10, 2018

Acquisitions

Cushman & Wakefield Brokers $8.7M Sale of Vacant Building in Tribeca

by David Cohen April 10, 2018

NEW YORK CITY — Cushman & Wakefield has arranged the $8.7 million sale of 272-274 Canal St., a 6,600-square-foot vacant building in the Tribeca neighborhood of Manhattan. Will Suarez,Maurice Suede and Sean Rucker of Cushman & Wakefield represented the undisclosed seller in the transaction. The four-story loft building is located on Canal Street between Broadway and Lafayette streets. The foreign buyer, who was undisclosed, plans to transform the property into a boutique office building with 89 feet of wrap-around, ground-floor retail space. The building offers 8,955 buildable square feet.

April 10, 2018

Acquisitions New Jersey Northeast Office

Bergman, Gottesman Acquire 94,000 SF Office Building in Roseland, New Jersey

by David Cohen April 10, 2018

ROSELAND, N.J. — Bergman Real Estate Group and Gottesman Real Estate Partners have acquired 75 Livingston Ave. in Roseland through a joint venture. The sale price was not disclosed. The three-story, 94,000-square-foot office property was purchased from Mack-Cali Realty Corp. Michael DiFede of Bergman and Patrick Leary of Gottesman represented the joint venture in the transaction. TriState Capital Bank provided acquisition financing. The acquisition is the fourth joint venture between Bergman and Gottesman, which plans to invest more than $1.7 million in capital improvements to the building over the next 24 months.

April 10, 2018

Acquisitions Florida Industrial Southeast

Monmouth Acquires 399,440 SF Industrial Building in Daytona Beach for $30.8M

by Camren Skelton April 10, 2018

DAYTONA BEACH, FLA. — Monmouth Real Estate Investment Corp. has acquired a new industrial building located at 1341 N. Clyde Morris Blvd. in Daytona Beach for $30.8 million. The seller, VanTrust Real Estate, completed the 399,440-square-foot, build-to-suit facility for B. Braun Medical Inc. in 2017. The Pennsylvania-based medical device company manufactures, markets and sells healthcare products worldwide and is a subsidiary of B. Braun Melsungen AG, based in Germany. The property is net-leased to B. Braun for 10 years. The building is situated on 27.5 acres, roughly four miles from Daytona Beach International Airport and near Interstate 4.

April 10, 2018

Acquisitions Office Texas

Taconic Capital Acquires 757,000 SF Office Campus in Dallas

by Taylor Williams April 10, 2018

DALLAS — Taconic Capital Advisors LP, an investment firm with offices in New York, London and Hong Kong, has acquired International Plaza I and II, a two-building office campus totaling 757,000 square feet in Dallas. Designed by HKS Inc., the Class A buildings were developed in 1999 and 2002, respectively, and until recently were leased to JPMorgan Chase and Fannie Mae. Both companies have relocated to Plano. Taconic will make capital upgrades to the campus, including new amenities. Other terms of sale were not released. The third building at International Plaza is under separate ownership and was not part of this transaction. Cushman & Wakefield will handle leasing and management of the property.

April 10, 2018

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