sales_and_leases

ARA Newmark Closes $52.5M Sale of Multifamily Property in Metro Raleigh

by Camren Skelton July 19, 2017

CARY, N.C. — ARA Newmark has brokered the $52.5 million sale of Cary Greens at Preston, a 292-unit apartment community located in Cary, roughly 10 miles west of Raleigh. Dean Smith and Sean Wood of ARA Newmark arranged the sale on behalf of the seller, Dayton, Ohio-based The Connor Group. New York-based Rivendell Global Real Estate acquired the property. Constructed in 1996, Cary Greens at Preston includes a mix of one-, two- and three-bedroom units and features a resort style pool with a sundeck and cabana, 24-hour fitness center, business center and a playground area.

July 19, 2017

Georgia Mixed-Use Southeast

CGI Strategies Sells Mixed-Use Development in Atlanta’s Sweet Auburn District

by Camren Skelton July 19, 2017

ATLANTA — CGI Strategies has sold City Walk, a mixed-use development located at 171 Auburn Ave. N.E. in Atlanta’s Sweet Auburn Avenue Historic District. The six-story property includes 144 one- and two-bedroom units and approximately 30,500 square feet of street-level retail space. Property amenities include a rooftop tennis court, poolside resident lounge and a 24-hour fitness center. CGI sold the apartment portion of the property to San-Francisco-based FPA Multifamily and the retail portion to a joint venture between Franklin Road Amoco Inc. and Southern Gas Partners LLC. Mike Kemether, Josh Goldfarb and Travis Presnell of Cushman & Wakefield represented both parties in the transaction. The sales price was not disclosed. At the time of sale, the retail portion was leased to Pizza Hut, Sweet Auburn Seafood and Moe’s Southwest Grill.

July 19, 2017

North Carolina Office Southeast

Oberlin Capital Sells Office Building in Raleigh for $9.9M

by Camren Skelton July 19, 2017

RALEIGH, N.C. — Oberlin Capital Acquisition has sold the Occidental Building, a 56,043-square-foot office building located at 1001 Wade Ave. in Raleigh, for $9.9 million. Marcus Jackson of TradeMark Properties represented Oberlin Capital in the sale to Empire Properties. Constructed in 1956, the building is registered and certified with the National Register of Historic Places. At the time of sale, the property was fully leased to tenants including Coldwell Banker Howard Perry and Walston, TradeMark Properties, Wall Templeton and Louis Berger.

July 19, 2017

Industrial Texas

NAI Negotiates 200,000 SF Industrial Lease Renewal in Houston

by Taylor Williams July 19, 2017

HOUSTON — NAI Partners has negotiated a 200,000-square-foot industrial lease renewal at 713 Northpark Central Drive in Houston on behalf of motor manufacturer BasinTek LLC. Nick Peterson and John Ferruzzo of NAI brokered the deal. The transaction is the sixth-largest industrial lease negotiated in Houston this year, according to NAI’s data.

July 19, 2017

Industrial Midwest Wisconsin

Dickman Co. Brokers Sale of 51,600 SF Industrial Building in Oak Creek, Wisconsin

by Kristin Harlow July 19, 2017

OAK CREEK, WIS. — The Dickman Co. Inc./CORFAC International has brokered the sale of a 51,600-square-foot industrial building in Oak Creek, 12 miles south of Milwaukee. The property is located at 440 W. Bell Court. Tower 9 Commercial – Oak Creek LLC purchased the building from K & Z Partners LLC. Samuel D. Dickman and Samuel M. Dickman Jr. of Dickman Co. brokered the transaction.

July 19, 2017

Illinois Midwest Net Lease Retail

Marcus & Millichap Arranges Sale of Retail Property Net Leased to PNC Bank in Chicago for $4M

by Kristin Harlow July 19, 2017

CHICAGO — Marcus & Millichap has arranged the sale of a 7,500-square foot retail property net leased to PNC Bank in Chicago for $4 million. The property is located at a three-way intersection at 6401 North Harlem Ave. Sean R. Sharko, Austin Weisenbeck and Adrian Mendoza of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Joseph Sigal of Marcus & Millichap secured and represented the buyer, a Canadian investment group.

July 19, 2017

Colorado Multifamily Seniors Housing Western

Blueprint Arranges $5.4M Sale of 120-Bed Skilled Nursing Facility in Aurora

by Nellie Day July 18, 2017

AURORA, COLO. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Sable Care and Rehabilitation Center, a 120-bed skilled nursing facility in the Denver suburb of Aurora, for $5.4 million. A publicly traded REIT based in California sold the property to a New York-based investor. The seller was looking to divest a non-core asset as a value-add opportunity. The new owner will lease to facility to a prominent regional operator with an existing footprint in Colorado. The facility is located near the University of Colorado Hospital and CU Anschutz Medical Campus. At the time the property was put on the market, the trailing 12-month operational performance yielded $6 million in total revenue with overall occupancy at 56 percent. The outgoing operator took over the building at a time of operational challenges, but was able to change course towards regulatory compliance and improved operational performance. Blueprint’s Christopher Hyldahl and Gideon Orion were lead advisors on the transaction. The sale price equates to $45,000 per licensed bed.

July 18, 2017

California Net Lease Retail Western

Faris Lee Arranges $2.5M Sale of Building Net Leased to Starbucks in Lake Forest

by Nellie Day July 18, 2017

LAKE FOREST, CALIF. — Faris Lee Investments has arranged the $2.5 million sale of a 1,800-square-foot, single-tenant property occupied by Starbucks Coffee in Lake Forest. The triple-net-leased building features a drive-thru, and is located at 20451 Alton Parkway. Patrick Toomey, Thomas Chichester, Matt Brooks and Joseph Chichester with Faris Lee Investments represented the seller, Irvine-based Shea Homes. Feirstein Law Firm represented the buyer, a private investor from Vietnam.

July 18, 2017

California Multifamily Seniors Housing Western

Cadence Senior Living Acquires Assisted Living Community in Orange

by Nellie Day July 18, 2017

ORANGE, CALIF. — Cadence Senior Living has acquired Kirkwood Orange, an assisted living and memory care community in Orange, just southeast of Los Angeles. The seller was HumanGood, the recently merged and rebranded combination of Califonia nonprofits ABHOW and be.group. The sale price was not disclosed. Cadence is an owner, operator and developer of senior living communities based in Scottsdale, Ariz. Kirkwood Orange is the company’s first California community, joining its portfolio of two Phoenix-area properties.

July 18, 2017

Multifamily New York Northeast

Brooklyn Standard Properties, Cohen Commercial Buy Multifamily Portfolio in the Bronx for $26.5M

by Amy Works July 18, 2017

NEW YORK CITY —  Brooklyn Standard Properties and Cohen Commercial Properties have partnered to acquire a 10-building multifamily portfolio in the Bronx for $26.5 million. LAL Property Management Corp. sold the buildings, which total 104 residential units. The properties are located at 2460-2468 and 2490 Belmont Ave.; 2463 and 2481 Hughes Ave.; and 2454 and 2464 Hoffman St. in the Fordham/Belmont neighborhood of the Bronx. Marco Lala of Marcus & Millichap represented the seller in the deal.

July 18, 2017

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