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Lee & Associates Arranges $4.2M Sale of Surgery Center in Ontario, California

by Amy Works January 30, 2020

ONTARIO, CALIF. — Lee & Associates Orange has arranged the sale of a commercial asset located at 4480 Ontario Mills Parkway/745 Franklin Ave. in Ontario. Almaz Investment & Management sold the building to a private individual for $4.2 million. Allen Buchanan, Joshua Harper of Lee & Associates’ Orange, Calif., office and David Mudge of Lee & Associates’ Riverside, Calif., office represented the seller, while Greg Martin of Lee & Associates’ Ontario, Calif., office represented the buyer in the deal. At the time of sale, the two-unit, 9,545-square-foot building was a fully built-out surgery center that had only one tenant.

January 30, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Negotiates $7.5M Sale of Chicago Retail Center

by Kristin Harlow January 30, 2020

CHICAGO — Marcus & Millichap has negotiated the sale of Courtesy Plaza in Chicago for $7.5 million. Built in 1987, the 42,346-square-foot retail center is located at 5160 S. Pulaski Road. It is fully leased. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a developer. The team also procured the buyer, a private investor.

January 30, 2020

Acquisitions Multifamily New York Northeast

CW Realty Acquires 20,000 SF Multifamily Development Site in Brooklyn

by Alex Patton January 29, 2020

NEW YORK CITY — CW Realty has acquired 251 Front Street, a 20,000-square-foot development lot in the Vinegar Hill neighborhood of Brooklyn, for $20 million. CW plans to build a five-story multifamily building comprising 59 units, a fitness center and a parking garage. Construction is slated to begin in June. Brendan Maddigan and Ethan Stanton of JLL represented the seller, Tocci Brothers, in the transaction. The team also procured CW Realty as the buyer.

January 29, 2020

Acquisitions Industrial Massachusetts Northeast

CBRE Brokers Sale of Two Industrial Properties in Northborough, Massachusetts

by Alex Patton January 29, 2020

BROCKTON, MASS. — CBRE has brokered the sale of two industrial properties located at 1150 and 1120 W. Chestnut St. in Brockton, about 25 miles south of Boston, for $7.7 million and $1.4 million, respectively. The first property is a 100-square-foot warehouse that was 89 percent leased to two tenants at the time of sale. The second property is a 1.7-acre lot that was fully leased for truck and vehicle parking at the time of sale. Scott Dragos, Doug Jacoby and Chris Skeffington led a CBRE team that represented the seller, a partnership between CIP 1120 Realty LLC and MA Industrial Brockton LLC. The team also procured the buyer, Northbridge Partners.

January 29, 2020

Acquisitions Multifamily Texas

Bell Partners Acquires Two Apartment Communities Totaling 722 Units in Frisco

by Taylor Williams January 29, 2020

FRISCO, TEXAS — Bell Partners Inc., a North Carolina-based multifamily investment firm, has acquired The Emerson and Emerson Court, two adjacent communities in Frisco totaling 410 and 312 units, respectively. Both properties offer a resort-style pool with grilling stations and cabanas, indoor and outdoor gaming lounges and a fitness center. Bell Partners will merge the two properties, both of which were built within the last five years, into a single community that will be rebranded as Bell Frisco Market.

January 29, 2020

Acquisitions Colorado Multifamily Western

CBRE Brokers $46.2M Sale of Torrey Pines Apartment Complex in Denver

by Amy Works January 29, 2020

DENVER — CBRE has arranged the sale of Torrey Pines, a multifamily property located at 7575 E. Arkansas Ave. in Denver. Greenwood Village, Colo.-based Vukota Capital sold the asset to Los Angeles-based Marble Partners for $46.2 million. Dan Woodward, David Potarf and Matt Barnett of CBRE represented the seller in the deal. Built in 1980, the 15-building community features 203,640 square feet of rentable space across 235 apartments. Community amenities include 58 covered parking spaces, 353 open parking spaces, a clubhouse, fitness center, swimming pool and fenced dog park.

January 29, 2020

Acquisitions California Office Western

Buchanan Street Partners Buys 99,716 SF Newark Tech Park in Bay Area

by Amy Works January 29, 2020

NEWARK, CALIF. — Buchanan Street Partners has purchased Newark Tech Park, an office and life sciences asset in Newark. New York-based Time Equities sold the property for $26.2 million. Located at 8000 and 8100 Jarvis Ave., the two-building project features 99,716 square feet of space. Built in 2001, the park offers efficient floor plates, 16-foor clear heights and building spaces that can accommodate tech and biotech space. Buchanan financed the acquisition through assuming an in-place CMBS loan on the building at 8000 Jarvis Ave. and secured a new bank loan for the building at 8100 Jarvis Ave. Peter Thompson of JLL assisted with the bank financing. Grant Lammersen, Steve Golubchik, Tyler Myerdirk and Edmund Najera of Newmark Knight Frank represented the seller in the transaction.

January 29, 2020

Acquisitions Arizona Retail Western

TriGate Capital Sells Crossroads at Tolleson Shopping Center in Arizona for $24.5M

by Amy Works January 29, 2020

TOLLESON, ARIZ. — TriGate Capital has completed the sale of Crossroads at Tolleson, a regional shopping center located at 9897 W. McDowell Road in Tolleson. An undisclosed buyer acquired the asset for $24.5 million, or $248 per square foot. At the time of sale, the 98,598-square-foot center was 96 percent leased by a variety of tenants. Current retailers include NAPA Auto Parts, Sherwin-Williams, Cricket Wireless, Sprint, Verizon, OneMain Financial, DXL and Firehouse Subs. Chad Tiedeman and Steven Underwood of Phoenix Commercial Advisors represented the seller in the deal. Zach Pace, Nick DeDona and Drew Butler, also of Phoenix Commercial Advisors, handled leasing for the property.

January 29, 2020

Acquisitions Florida Healthcare Office Southeast

Cushman & Wakefield Negotiates $24.3M Sale of Medical Office Building in West Palm Beach

by John Nelson January 28, 2020

WEST PALM BEACH, FLA. — Cushman & Wakefield has negotiated the $24.3 million sale of Gardens Medical Pavilion, a 75,424-square-foot medical office building (MOB) in West Palm Beach. Charlottesville, Va.-based Anchor Health Properties acquired the building for $24.3 million, or $322 per square foot, from Gardens Medical Pavilion LLC. The five-story MOB was built in 1991 at 3401 PGA Blvd., which is situated near Palm Beach Gardens Medical Center, Jupiter Medical Center and the North County Surgery Center. Gardens Medical Pavilion was 84 percent leased at the time of sale to tenants including Florida Cancer Specialists, the University of Miami, Gastro Group of the Palm Beaches and Pediatric Partners. Scott O’Donnell, Michael Ciadella, Dominic Montazemi, Greg Miller, Miguel Alcivar, Anthony Librizzi and Michael Feldman of Cushman & Wakefield represented the seller in the transaction.

January 28, 2020

Acquisitions Retail Texas

Weitzman Arranges Sale of 100,000 SF Lake Highlands Village in Dallas

by Taylor Williams January 28, 2020

DALLAS — Weitzman has arranged the sale of Lake Highlands Village, a 100,000-square-foot retail and office property located at 9090 Skillman St. in Dallas. Shadow-anchored by a Tom Thumb grocery story, the property’s tenant roster includes The UPS store as well as several restaurant, service and medical users. Derek Schuster and Kevin Butkus of Weitzman represented the seller in the transaction. The buyer was Dallas-based JAH Realty LP, which plans to renovate the 50,000-square-foot retail building and upgrade the office component.

January 28, 2020

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