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LVMH Acquires Two Occupied Retail Assets in Waikiki for $72M

by Amy Works November 25, 2019

WAIKIKI, HAWAII — An entity controlled by LVMH Moet Hennessey Louis Vuitton and Mockingbird Interests Waikiki LLC has purchased two commercial units located at 2181 Kalakaua Ave. in Waikiki. The Hawaii-based Moore family trust sold the retail assets for $72 million. Bryan Ley of JLL, in collaboration with Avalon Commercial, represented the sellers in the deal. Cushman & Wakefield, with Sofos Realty Corp. as a local partner, originally listed the property in July 2017 with no asking price. The two units are currently occupied by Quiksilver and First Hawaiian Bank, the latter of which plans to relocate to 1958 Kalakaua Ave. in Waikiki. The assets are located across the street from Tiffany & Co.’s three-story flagship location at Royal Hawaiian Center, while Max Mara and the flagship Louis Vuitton store are located nearby.

November 25, 2019

Acquisitions Mixed-Use Multifamily Oregon Retail Western

C.E. John Co. Divests of The George Besaw Building in Portland for $23.6M

by Amy Works November 25, 2019

PORTLAND, ORE. — Vancouver, Wash.-based developer C.E. John Co. has completed the sale of The George Besaw, a multifamily and retail property located at 2323 NW Savier St. in Portland. An undisclosed buyer acquired the asset for $23.6 million. Located in Northwest Portland’s Alphabet District, The George Besaw features 51 apartment residences above three floors of retail space. Current retail tenants include Pine State Biscuits, Life of Pie, Moberi and The Barbers. The building was completed in 2018. Clay Newton, Jordan Carter and Tyler Linn of Kidder Mathews represented the seller in the transaction.

November 25, 2019

Acquisitions California Industrial Western

Voit Brokers $21.5M Sale of Industrial Park in Rancho Cucamonga, California

by Amy Works November 25, 2019

RANCHO CUCAMONGA, CALIF. — Voit Real Estate Services has directed the sale of a multi-tenant industrial park in Rancho Cucamonga. Newport Beach, Calif.-based Focus Real Estate Services sold the asset to Pasadena, Calif.-based Teamrise International for $21.5 million. Located at 9007-9087 Arrow Route, the property features 138,081 square feet of industrial space. Juan Gutierrez of Voit’s Ontario, Calif., office and Mike Bouma of Voit’s Anaheim, Calif., office represented the seller, while KMBJ Inc. represented the buyer in the deal.

November 25, 2019

Acquisitions California Retail Western

Meridian Sells Newly Built Dialysis Clinic in California for $7.5M

by Amy Works November 25, 2019

STOCKTON, CALIF. — Meridian, a full-service real estate developer and owner of medical real estate, has completed the sale of an outpatient dialysis clinic in Stockton. A Northern California-based private investor acquired the asset for $7.5 million. The 13,600-square-foot property is located at 7500 West Lane. In 2018, Meridian originally acquired a 7,500-square-foot building situated on 2.06 acres to develop the Stockton dialysis clinic. The development team included Walnut Creek, Calif.-based Harriman Kinyon Architects; Livermore, Calif.-based Kier and Wright; and Napa, Calif.-based H2 Builders. Paul Beckwith of Cushman & Wakefield’s Oakland, Calif., office represented the buyer, while Chris Sheldon of Cushman & Wakefield’s San Francisco office represented the seller in the transaction.

November 25, 2019

Acquisitions Iowa Midwest Multifamily

Marcus & Millichap Brokers $2.5M Sale of Apartment Building in Iowa

by Kristin Harlow November 25, 2019

ELDRIDGE, IOWA — Marcus & Millichap has brokered the $2.5 million sale of Deercreek Apartments in Eldridge, north of Davenport and part of the Quad Cities metro area. Built in 1973, the 54-unit property is located at 1 Parkview Drive. David Orton of Marcus & Millichap’s Indianapolis office marketed the property on behalf of the seller, a partnership. Orton also secured and represented the buyer, a limited liability company.

November 25, 2019

Acquisitions Industrial New York Northeast Self-Storage

SVN Commercial Arranges Sale of Two Self-Storage Facilities Totaling 773 Units in Thornwood, New York

by Alex Patton November 25, 2019

THORNWOOD, N.Y. — SVN Commercial Realty has arranged the sale of two adjacent self-storage facilities totaling 773 units in Thornwood, located approximately 30 miles north of New York City. One of the properties, located at 401 Clairmont Ave., represents an adaptive reuse of a 55,000-square-foot warehouse. The other property is a pure-play self-storage facility operated by Safeguard Self Storage. The total price of the sale was $22.3 million. Hans Hardisty and Nick Malagisi of SVN Commercial represented the buyer, a California-based self-storage operator. The team also represented the seller, a local developer.

November 25, 2019

Acquisitions New Jersey Northeast Office

NAI James Hanson Negotiates Sale of 5,000 SF Office Building in Mount Olive, New Jersey

by Alex Patton November 25, 2019

MOUNT OLIVE, N.J. — NAI James Hanson has negotiated the sale of a 5,000-square-foot office building in Mount Olive, located approximately 40 miles west of New York City. The property, located at 425 Sand Shore Road, is a two-story office building that has sat vacant for several years. Joseph Vindigni of NAI James Hanson represented the seller, Mendham Associates LLC, in the transaction. Vindigni also represented the buyer, Snap Creative Marketing LLC. The sales price was undisclosed.

November 25, 2019

Acquisitions Mississippi Retail Southeast

SRS Brokers $8.4M Sale of Starkville Store Leased to Academy Sports + Outdoors

by John Nelson November 22, 2019

STARKVILLE, MISS. — SRS Real Estate Partners has arranged the $8.4 million sale of a 62,916-square-foot store in Starkville fully leased to Academy Sports + Outdoors. The sporting goods retailer recently signed a 15-year lease at the store with scheduled rent increases and options to extend. A private investor based in Southern California purchased the asset in 1031 exchange from the seller, a merchant real estate developer based in the Southeast. The store was built in 2017 at 160 Hollywood Blvd., about five miles west of Mississippi State University. Britt Raymond, Kyle Fant, Matthew Mousavi and Patrick Luther of SRS represented both parties in the transaction.

November 22, 2019

Acquisitions Midwest Ohio Retail

Baum Brokers $1.9M Sale of Staples-Occupied Property in Ohio

by Kristin Harlow November 22, 2019

MIDDLETON, OHIO — Baum Realty Group LLC has brokered the $1.9 million sale of a 22,052-square-foot, single-tenant building occupied by Staples in Middleton, about 30 miles northeast of Cincinnati. Patrick Forkin of Baum represented the seller, a private regional investor. The buyer was undisclosed. Staples has approximately four years remaining on its lease.

November 22, 2019

Acquisitions Multifamily Nevada Western

Compass Acquisition Partners Buys 488-Unit Sandpiper Apartments in Las Vegas for $66M

by Amy Works November 21, 2019

LAS VEGAS — Los Angeles-based Compass Acquisition Partners, a private real estate investment company, has purchased Sandpiper Apartments, a multifamily property at 4650 W. Oakey Blvd. in Las Vegas. Apple Management sold the property for $66 million in an off-market transaction. Situated on 20 acres, the property features 61 two-story buildings offering a total of 488 apartments in a mix of one- and two-bedroom units, with an average unit size of 950 square feet. Built in 1988, Sandpiper Apartments offers three resort-style pools, tennis courts, a clubhouse and fitness center. Compass plans to invest approximately $7.5 million in an extensive program of capital improvements, including completion of the unit renovations, as well as common area and exterior renovations. The buyer plans to upgrade the clubhouse and fitness center, refresh the pool areas, paint and implement new signage. Additionally, Compass plans to add dog parks, a multi-sport court and an outdoor community space with barbecues, outdoor kitchen and seating.

November 21, 2019

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