YONKERS, N.Y. — AMS Acquisitions has purchased a 50,000-square-foot development site in Yonkers for $18.3 million. The property is located at 55 Buena Vista Ave. AMS plans to build a 400,000-square-foot, 24-story, 361-unit residential building at the site, which is the former Teutonia Music Hall. AMS acquired the property from seller Kohl Construction. The AMS portfolio includes approximately two million square feet of retail, residential and office space in the tri-state region.
VISTA, CALIF. — BLT Enterprises has purchased a corporate headquarters-quality industrial manufacturing and warehousing facility located at 3250 Business Park in Vista, a suburb northwest of San Diego. DENSO Wireless Systems America sold the property for $31.1 million in the sale-leaseback transaction. Built in 1997 by DENSO, the 221,660-square-foot facility is fully leased by the company, a supplier of advanced automotive technology, systems and components. The property features 28-foot to 30-foot clear heights, 12,000 amps of power and a backup generator system. Additionally, the property features sculptured concrete, reflective glass, a stylish canopy entry and a two-story glass-clad lobby. Situated on 16 acres, the asset also includes a yard and vehicle parking area, as well as a 3.7-acre parcel that is currently unpaved, offering the opportunity for future development. Rob Jacobsen of SD Realty Partners represented the buyer, while Aric Starck of Cushman & Wakefield represented the seller in the deal.
SALT LAKE CITY — Los Angeles-based Gelt Inc. has completed the sale of Monaco Apartments, a multifamily property located at 4115 S. 430 East in Salt Lake City. Bridge Investment Group acquired the property for an undisclosed price. Built in two phases in 1973 and 1978, the property is situated on 10.5 acres and features 23 three-story buildings offering 247 units in a mix of one- and two-bedroom layouts. Units features stainless steel appliances, walk-in closets and private balconies/patios. Additionally, select units offer fireplaces and washers/dryers. On-site amenities include a sport court and dog park, leasing office, clubhouse and fitness center. Gelt acquired the property in 2014 and made significant improvements to the asset, including rebranding the property with a new name and signage. Danny Shin and Brock Zylstra of Marcus & Millichap represented the buyer and seller in the deal.
BEND, ORE. — Compass Commercial Real Estate Services has arranged the sale of Deschutes Business Center, located at 20332-20370 Empire Ave. in Bend. An undisclosed buyer acquired the property for $6.1 million. Situated on 5.5 acres, the asset features 54,508 square feet of mixed-use space. Robert Raimondi, Russell Huntamer and Paul Weaver of Compass Commercial Real Estate, along with John Keba of Compass Commercial Asset & Property Management, represented the undisclosed seller. Weaver, Gardner Williams and Peter May of Compass Commercial represented the buyer.
CHARLESTON, S.C. — LRC Properties LLC has acquired Ashley Overlook, a 104,610-square-foot office building located at 4390 Belle Oaks Drive in Charleston that serves as Select Health of South Carolina’s headquarters. Stan Johnson Co. brokered the deal between New York-based LRC and the seller, a group of individual investors based in San Jose, Calif. The property was 81 percent leased at the time of the October sale. The sales price was undisclosed.
LOUISVILLE, KY. — The Kirkland Co. (TKC) has brokered the sale of Amherst Place, an 84-unit apartment complex in Louisville, for $8.4 million. TKC’s Brian Devlin and Brandon Wilson brokered the deal between the undisclosed seller and buyer. Amherst Place was built in 1984 and features two-bedroom townhomes.
NEWARK, N.J. — Goldman Sachs Asset Management Private Real Estate and Madison Marquette have acquired Springfield Avenue Marketplace, a newly constructed, 112,000-square-foot retail center in Newark. The sales price was not disclosed. The fully occupied property is anchored by a ShopRite grocery store and includes a mix of restaurant, retail and medical tenants. The seller was not disclosed. Springfield Avenue Marketplace is located at the intersection of Springfield Avenue and Jones Street, approximately one mile from Newark Penn Station.
ST. LOUIS — Marcus & Millichap has arranged the sale of an 89,564-square-foot office building occupied by the regional field office of the Federal Bureau of Investigation (FBI) in St. Louis. The sales price was $21 million, according to the St. Louis Business Journal. The two-story building was completed as a build-to-suit for the FBI in 1999 and was expanded by approximately 15,000 square feet in 2008. Geoff Ficke of Marcus & Millichap represented the buyer, a government-focused real estate fund. The buyer plans to retain ownership through the end of the nine years left on the lease. The seller was not disclosed.
LAKEWOOD, COLO. — Bridge Investment Group, in partnership with Denver-based DPC Cos., has acquired Denver West Business Park, a 20-building flexible office campus located near downtown Denver, for an undisclosed price. Situated in Lakewood, the 82-acre asset features 14 buildings on the south side of Interstate 70 and six buildings on north side of the interstate. Originally built between 1974 and 1981, Denver West has undergone more than $25 million in capital improvements since 2014 and was 78 percent occupied at the time of sale. Recent renovations include roof replacement for all 20 buildings, base building repairs and $8.1 million in accretive cosmetic investment. Bridge and DPC plans to invest $14 million over the next three to four years in additional capital improvements. Planned renovations include modernizing the lobbies, elevators, restrooms, entrances, corridors, landscaping and existing amenities. New amenities will include paddle boarding, lakeside gazebos and other activities that resonate with the live-work-play workforce. DPC Cos. will oversee all leasing, property management and redevelopment work.
LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Vue Hollywood, an apartment building located at 1425 N. Alta Vista Blvd. in Los Angeles’ Hollywood neighborhood. Phoenix Group purchased the property from a private multifamily investment firm for $45 million, or $489,326 per unit. Built in 1987, the property features 92 non-rent-controlled apartments. The building features mostly two-bedroom units with an average size of 966 square feet. Since 2015, the asset has undergone significant exterior, common area and apartment interior improvements. Kevin Green, Greg Harris and Joseph Grabiec of IPA represented the seller and procured the buyer in the deal.
