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ARA Newmark Brokers $7.6M Sale of Apartment Property in Boulder

by Amy Works August 22, 2018

BOULDER, COLO. — ARA Newmark has arranged the sale of 2037 Walnut, a multifamily asset located one block from Pearl Street in Boulder. An undisclosed buyer acquired the property from Boulder-based Element Properties for $7.6 million. Constructed in 1981 and renovated in 2014, the property features 26 one-bedroom units, averaging 400 square feet, with private patios. Recent renovations included new kitchens and bathrooms, stainless steel appliances, engineering hardwood floors and energy-efficient appliances. Andy Hellman and Justin Hunt of ARA Newmark represented the seller in the transaction.

August 22, 2018

Acquisitions Colorado Retail Western

Quantum Real Estate Arranges $1.2M Sale of Retail Building in Gunnison, Colorado

by Amy Works August 22, 2018

GUNNISON, COLO. — Quantum Real Estate Advisors has arranged the sale of a multi-tenant retail building located at 720-730 N. Main St. in Gunnison. A Crested Butte, Colo.-based individual investor acquired the property for $1.2 million. At the time of sale, the 8,848-square-foot property was fully occupied by a variety of tenants, including Domino’s and Verizon. Zack Hilgendorf of Quantum Real Estate represented the seller, a Phoenix-based individual investor, in the transaction.

August 22, 2018

Acquisitions Office Texas

CBRE Negotiates Sale of Pier 1 Headquarters Building in Fort Worth

by Taylor Williams August 21, 2018

FORT WORTH, TEXAS — CBRE has negotiated the sale of the Pier 1 Imports Building, a 20-story, 409,977-square-foot office property in Fort Worth that has served as the headquarters for the home furnishings and décor retailer since 2008. The building includes a fitness center and yoga studio, as well as a full-service cafeteria. Gary Carr, Evan Stone, John Alvarado, Eric Mackey, Robert Hill and Jared Chua of CBRE represented the seller, Houston-based Hines, which acquired the property in 2014, in the transaction. California-based Hertz Investment Group purchased the asset for an undisclosed price.

August 21, 2018

Acquisitions Florida Office Southeast

Colliers Brokers $22.3M Sale of Former School-Turned Office Building in West Palm Beach

by Camren Skelton August 21, 2018

WEST PALM BEACH, FLA. — Colliers International has arranged the $22.3 million sale of a 66,770-square-foot building located at 2410 Metrocentre Blvd. in West Palm Beach. The property formerly housed the Lincoln College of Technology Campus, but was converted into an office property in 2017 to fit the needs of Belcan Engineering Group, which houses its regional headquarters at the building. Kevin McCarthy and Bastian Laggerbauer of Colliers arranged the transaction on behalf of the seller, a partnership between Tambone Cos. and Catalfumo Cos., and procured the buyer, Czech Republic-based ICP Capital Partners. In addition, the Colliers team secured a $13.5 million acquisition loan on behalf of the buyer.

August 21, 2018

Acquisitions Midwest Missouri

Parking REIT Sells Two Adjacent Surface Lots in Kansas City for $4M

by Kristin Harlow August 21, 2018

KANSAS CITY, MO. — The Parking REIT Inc. has sold two adjacent surface parking lots in Kansas City for a combined price of $4 million. The sale included 1130 Holmes St., a 1.2-acre lot with 164 spaces; and 1101 Cherry St., a half-acre lot with 84 spaces. Block 66 LLC acquired the assets. The Parking REIT, formerly known as MVP REIT II Inc., had acquired the surface lots for approximately $2.8 million in December 2017.

August 21, 2018

Acquisitions Arizona Office Western

Buchanan Street Partners Sells 106,209 SF Office Property in Arizona for $15.6M

by Amy Works August 21, 2018

MESA, ARIZ. — Newport Beach, Calif.-based Buchanan Street Partners has completed the sale of Mesa Corporate Center, an office property located at 1001 W. Southern Ave. in Mesa. Escondido, Calif.-based Buster’s Bounce Texas acquired the property for $15.6 million, or $147 per square foot. Eric Wichterman, Mike Coover, Jerry Noble and Greg Mayer of Cushman & Wakefield Phoenix represented the buyer and seller in the transaction. Constructed in 2000, Mesa Corporate Center is a two-story, multi-tenant property totaling 106,209 square feet of Class A office space on 8.3 acres. At the time of sale, the property was 94.5 percent occupied by a variety of national and local corporations, including Allstate Insurance, Adtalem Global Education, Allied Universal Security, Teledoc and Kimley-Horn.

August 21, 2018

Acquisitions Arizona Multifamily Western

Taylor Street Real Estate Negotiates $3.1M Sale of Apartment Community in Phoenix

by Amy Works August 21, 2018

PHOENIX — Taylor Street Real Estate Advisors has arranged the sale of Campbell Apartments, an apartment community located at 2417 E. Campbell Ave. in Phoenix’s Biltmore area. An undisclosed buyer acquired the asset for $3.1 million, or $131,250 per unit. The buyer plans to renovate the property, which features 24 apartment units. Brian Tranetzki and Eric Thomas of Taylor Street Real Estate Advisors represented the undisclosed seller in the deal.

August 21, 2018

Acquisitions Industrial South Carolina Southeast

Monmouth Acquires FedEx-Leased Industrial Building in Charleston for $47.2M

by Camren Skelton August 20, 2018

CHARLESTON, S.C. — Monmouth Real Estate Investment Corp. has acquired a 265,318-square-foot industrial building located at 6850 Weber Blvd. N. in Charleston for $47.2 million. The name of the seller was not disclosed, but the Post & Courier reports an affiliate of SunCap Property Group completed construction on the warehouse building earlier this year. The property is net-leased for 15 years to FedEx Ground Packaging System Inc. The building is located roughly 18 miles northwest of the Port of Charleston, and less than 10 miles from Charleston International Airport. The transaction marks Monmouth’s fourth acquisition in the Charleston market.

August 20, 2018

Acquisitions Multifamily North Carolina Southeast

Avison Young Brokers $14.8M Sale of Apartment Community in Greenville, North Carolina

by Camren Skelton August 20, 2018

GREENVILLE, N.C. — Avison Young has brokered the $14.8 million sale of Signature Place Apartments, a 171-unit apartment community located at 410 Beasley Drive in Greenville. Craig Cadwallader and Gary Lyons of Avison Young arranged the transaction on behalf of the buyer, CMF Signature Place LLC, a subsidiary of Carter Multifamily. Waterstone Multifamily represented the seller, a joint venture between Taft Family Ventures and Drucker & Falk. Constructed in 1980, Signature Place includes a mix of one- to three-bedroom units and features a pool, dog park, courtyard, grilling area, fitness center and a clubhouse.

August 20, 2018

Acquisitions Florida Office Retail Southeast

HFF Negotiates $9.3M Sale of Retail, Office Building in Palm Beach County

by Camren Skelton August 20, 2018

PALM BEACH GARDENS, FLA. — HFF has brokered the $9.3 million sale of the Shoppes & Offices at PGA West, a retail and office property located in Palm Beach Gardens. Luis Castillo, Danny Finkle, Eric Williams and Nat Scarmazzi of HFF arranged the transaction on behalf of the seller, LNR Partners Inc., and procured the buyer, Juster Development Co. Constructed in 2001, the Shoppes & Offices at PGA West includes 18,348 square feet of retail space and 19,434 square feet of office space. The property was 98.3 percent leased at the time of sale to a mix of experiential retailers, restaurants and boutique office tenants.

August 20, 2018

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