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Newmark Knight Frank Negotiates $25.1M Sale of The Colony Apartments in Phoenix

by Amy Works July 11, 2019

PHOENIX — Newmark Knight Frank (NKF) Multifamily has arranged the sale of The Colony Apartments, a garden-style asset located at 4337 N. 53rd Lane in Phoenix. Vancouver, Canada-based Western Wealth Capital acquired the value-add property for $25.1 million, or $106,355 per unit. Built in 1979, The Colony Apartments features 236 units spread across 41 one- and two-story buildings. Brett Polachek, Brad Goff and Chris Canter of NKF Multifamily represented the seller, San Diego-based CALCAP Advisors, in the transaction.

July 11, 2019

Acquisitions California Industrial Lee & Associates Western

Lee & Associates Brokers $3.9M Sale of Industrial Building in San Marcos, California

by Amy Works July 11, 2019

SAN MARCOS, CALIF. — Lee & Associates has arranged the sale of an industrial building, located at 307 E. Carmel St. in San Marcos. James 2002 Revocable Trust sold the property to 307 E Carmel LLC for $3.9 million. The 18,452-square-foot building features 30 percent showroom, 30 percent office and 40 percent warehouse space. The new owner leased the property to Chefs Toys LLC. Marko Dragovic and Isaac Little of Lee & Associates – North San Diego County and Jim Snyder of Lee & Associates – Newport Beach represented the buyer, while Colliers International represented the seller in the deal.

July 11, 2019

Acquisitions Iowa Midwest Retail

Loja Real Estate Acquires Shopping Center in Des Moines for $52M

by Kristin Harlow July 11, 2019

DES MOINES, IOWA — Loja Real Estate has acquired Water Tower Place in Des Moines for $52 million. The community shopping center is anchored by Whole Foods Market and Best Buy. Other tenants include buybuy Baby, Famous Footwear, Marshalls and Ulta. Located at 4100 University Ave., the asset spans nearly 400,000 square feet. Pegasus Investments represented the undisclosed seller in the transaction.

July 11, 2019

Acquisitions Multifamily New York Northeast

Harbor Group, Image Capital Acquire Multifamily Asset in Brooklyn for $117M

by Alex Patton July 10, 2019

NEW YORK CITY — A partnership between privately owned investment firm Harbor Group International and Image Capital LLC has acquired The Frederick, a multifamily property in Brooklyn, for $117 million. The Class A property, which was built in 2017, offers 193 units equipped with high-end kitchens and appliances. Amenities include a fitness center and a tenant lounge. The Frederick is located near Prospect Park, as well as several mass transit lines and retail options. Westwood Realty Associates brokered the deal. The seller was Heritage Equity Partners.

July 10, 2019

Acquisitions Michigan Midwest Retail

Marcus & Millichap Arranges $5.7M Sale of Retail Center in Woodhaven, Michigan

by Kristin Harlow July 10, 2019

WOODHAVEN, MICH. — Marcus & Millichap has arranged the sale of Woodhaven Village Square for $5.7 million. The 50,414-square-foot retail center is located in Woodhaven, a southern suburb of Detroit. The property is fully leased to Michaels, PetSmart, Cato and Dance Nation. Ashish Vakhariya and Seth Haron of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The buyer was not disclosed.

July 10, 2019

Acquisitions Multifamily Nevada Western

CRA, The Roxborough Group Sell Las Vegas Multifamily Portfolio for $137.5 Million

by Jeff Shaw July 10, 2019

LAS VEGAS — Continental Realty Advisors (CRA) and The Roxborough Group have sold a three-community multifamily portfolio spanning 1,194 units in Las Vegas. The price was $137.5 million. The buyer was not disclosed. The Las Vegas portfolio includes: the 440-unit Stonegate Apartments, which was constructed in 1991; the 402-unit Loma Vista Apartments, constructed in 1998; and the 352-unit Viridian Palms (formerly Stonegate West) constructed in 1990. In recent years, the sellers invested over $5 million in repairs and improvements at the properties.

July 10, 2019

Acquisitions Colorado Retail Washington Western

Loja Real Estate Acquires Pair of Western Shopping Centers for $34.4M

by Jeff Shaw July 10, 2019

LITTLETON, COLO., AND WOODINVILLE, WASH. — Loja Real Estate has acquired two shopping centers in Colorado and Washington for a combined $34.4 million. Loja purchased Village West in the Denver suburb of Littleton for $19.4 million. TJ Maxx anchors the property. Palmer Capital represented the unnamed seller in the transaction. Loja bought Woodgate Center in the Seattle-area city of Woodinville for $15 million. Capital Pacific represented the unnamed seller in the transaction.

July 10, 2019

Acquisitions California Retail Western

Marcus & Millichap Arranges $3M Sale of Vacant Auto Dealership in Inland Empire

by Jeff Shaw July 10, 2019

VICTORVILLE, CALIF. — Marcus & Millichap has arranged the $3 million sale of a vacant, 21,108-square foot auto dealership in Victorville. Drew Wetherholt and Emily Brun of Marcus & Millichap’s Ontario office marketed the property on behalf of the seller and secured and represented the buyer, both limited liability companies. The dealership is located at 14673 Civic Drive.

July 10, 2019

Acquisitions Multifamily New York Northeast

Camber, Belveron Acquire Multifamily Property in The Bronx for $77M

by Alex Patton July 9, 2019

NEW YORK CITY — A partnership between two local investment firms, Camber Property Group and California-based Belveron Partners, has acquired Highbridge House, a 400-unit multifamily property in The Bronx, for $77 million. The property is located at 113 Ogden Ave. and originally opened in 1972. The new ownership plans to convert the property into an affordable housing complex and invest $3 million in capital improvements to the building’s elevator and utility systems. Aaron Jungreis of Rosewood Realty Group represented the seller, Stellar Management, and the buyers in the transaction. New York Community Bank provided a $57 million acquisition loan for the deal.

July 9, 2019

Acquisitions Northeast Office Pennsylvania

Marcus & Millichap Negotiates $3.9M Sale of Office Property in Camp Hill, Pennsylvania

by Alex Patton July 9, 2019

CAMP HILL, PA. — Marcus & Millichap has negotiated the sale of a 26,541-square-foot office property in Camp Hill, Pennsylvania. The property is located at 355 N. 21st St and Cumberland Blvd. The sales price was $3.9 million. The building offers 16 office suites leased to tenants in an array of industries, including medicine, finance and law. Craig Dunkle of Marcus & Millichap’s Philadelphia office represented the seller, 355 N. 21st Camp Hill Associates, as well as the buyer, Thank You Hashem, in the transaction.

July 9, 2019

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