sales_and_leases

Joint Venture Acquires Six-Store Walmart Neighborhood Market Portfolio in Louisiana for $78M

by Camren Skelton July 14, 2017

MORRISTOWN, N.J. — The Hampshire Cos., in a joint venture with Seoul, South Korea-based Hana Asset Management Co., has acquired a six-store Walmart Neighborhood Market portfolio in southern Louisiana. The sales price was not disclosed, but Columbus Business First reports SkilkenGold Real Estate Development sold the assets for $78 million. The portfolio, totaling 255,968 square feet, consists of six newly constructed, freestanding stores located in Houma, Meraux, New Iberia, Opelousas, Prairieville and Thibodaux. Walmart’s Neighborhood Market concept features smaller stores that focus on offering a full suite of groceries, pharmacy, health and beauty aids and a limited selection of general merchandise.

July 14, 2017

Georgia Office Southeast

Praelium Commercial Real Estate, South Street Partners Purchase Office Park in Metro Atlanta for $54M

by Camren Skelton July 14, 2017

MARIETTA, GA. — A joint venture between Praelium Commercial Real Estate and South Street Partners has acquired Newmarket Business Park, a six-building, 471,486-square-foot office park in Marietta, a suburb of Atlanta. The sales price was not disclosed, but the Atlanta Business Chronicle reports the asset sold for $54 million. The joint venture plans to rebrand the property and market the remaining vacant space to stabilize the asset above 90 percent occupancy. Mark Strauss of Walker & Dunlop arranged acquisition financing through ACORE Capital. Colliers International represented the undisclosed seller in the transaction and will handle office leasing and management on behalf of the joint venture. Newmarket Business Park was 85 leased at the time of sale, with The Home Depot occupying 66 percent of the park.

July 14, 2017

Florida Multifamily Southeast Student Housing

The Preiss Co. Acquires 840-Bed Student Housing Community Near University of Central Florida

by Camren Skelton July 14, 2017

ORLANDO, FLA. — The Preiss Co., in a joint venture with a private investor, has acquired Mercury 3100, an 840-bed, 228-unit student housing community located roughly one mile from the University of Central Florida (UCF) in Orlando. The sales price and seller were not disclosed. The property features an outdoor swimming pool with sundeck, sand volleyball court, fitness center, tanning beds, basketball court, UCF shuttle service, recreation center, bike storage and on-site parking. Individual units are fully furnished and feature private bathrooms, private bedrooms and full-size washer and dryer units. The Preiss Co. plans to renovate both the interior and exterior with new flooring, upgraded lighting, new paint and roofing, HVAC replacements, parking lot resurfacing and pool enhancements.

July 14, 2017

Mixed-Use Multifamily New York Northeast Retail

Rosewood Realty Negotiates $82.8M Sale of Seven-Building Mixed-Use Portfolio in Queens

by Amy Works July 14, 2017

NEW YORK CITY — Rosewood Realty Group has facilitated the sale of a seven-building mixed-use portfolio in the Queens neighborhoods of Flushing, Sunnyside, Astoria and Elmhurst. A&E Real Estate Holdings purchased the portfolio from Ares Management for $82.8 million. Built between 1913 and 1941, the portfolio features a total of 343 apartments and six retail spaces. The portfolio includes 40-11-40-19 79th St. and 42-29 Judge St. in Elmhurst; 41-41 44th St. and 47-07 39th St. in Sunnyside; 151-10 35th Ave. and 132-70 Sanford Ave. in Flushing; and 22-73 41st St. in Astoria. Aaron Jungreis of Rosewood represented the buyer and the seller in the deal.

July 14, 2017

Illinois Midwest Office

Golub & Co., Alcion Ventures Acquire 536,000 SF Office Building in Chicago

by Kristin Harlow July 14, 2017

CHICAGO — Golub & Co., in partnership with Alcion Ventures, has acquired 300 South Wacker, a 536,000-square-foot office property in Chicago. The purchase price was not disclosed. Built in 1971, the 36-story building is located along the Chicago River. The new owners plan to expand on a 2014 renovation of the building with a focus on the lobby, indoor and outdoor common areas and a new tenant amenity lounge. JLL represented the seller, Beacon Partners, in the transaction. Keith Largay of JLL arranged the acquisition financing through Deutsche Bank.

July 14, 2017

Midwest Minnesota Multifamily Student Housing

Doran Sells Two Student Housing Properties at University of Minnesota for $93M

by Kristin Harlow July 14, 2017

MINNEAPOLIS — Doran Cos. has sold The Bridges and The Knoll, two student housing properties at the University of Minnesota in Minneapolis, for $93 million. Opened in 2013, The Knoll consists of 101 units and is located at 1101 University Ave. Southeast. The Bridges, opened in 2014, consists of 210 units and is located at 930 University Ave. Southeast. TH Real Estate was the buyer. Doran, which built a total of six student housing properties at the university, has now completed the sale of this portfolio through a series of transactions. Doran plans to focus on building multifamily projects in the future.

July 14, 2017

Michigan Midwest Office

L. Mason Capitani CORFAC International Brokers Sale of 30,760 SF Office Property in Troy, Michigan

by Kristin Harlow July 14, 2017

TROY, MICH. — L. Mason Capitani CORFAC International has brokered the sale of a 30,760-square-foot office property in Troy. Built in 2004, the multi-tenant building is located at 2150 Butterfield Drive. This is the sixth property acquisition in the Detroit area for California-based LSTC Michigan LLC. Mason L. Capitani represented both the buyer and seller, Wilson Real Estate II LLC. He will also continue to oversee leasing at the property for the new owner under the property’s new name, Butterfield Park Place. The final sales price was not disclosed, but the asking price was $3.99 million.

July 14, 2017

California Retail Western

Partnership Sells Dual Grocery-Anchored Shopping Center in Chula Vista for $42M

by Nellie Day July 14, 2017

CHULA VISTA, CALIF. — A partnership between Brixton Capital and ALTO Real Estate Funds has completed the disposition of Gateway Marketplace, a grocery-anchored shopping center located at 40 N. Fourth Ave. in Chula Vista. An affiliate of American Assets Trust purchased the 127,861-square-foot property free and clear of existing debt for $42 million. Smart & Final and Aldi anchor the property, which was constructed in 1997 and redeveloped in 2016. Additional tenants at the 98.7 percent-leased center include Party City, Hobby Lobby, Mattress Firm, Little Caesars and AT&T. Gleb Lvovich and Bryan Ley of HFF represented the seller, while Mike Moser of Retail Insite assisted as a local market contact in the transaction.

July 14, 2017

California Retail Western

Marcus Millichap Negotiates $6M Sale of 11,190 SF Retail Property in Burbank

by Nellie Day July 14, 2017

BURBANK, CALIF. — Marcus & Millichap has brokered the sale of a vacant retail property located at 200 N. San Fernando Blvd. in Burbank. Marketblock LLC acquired the property from an individual/personal trust for $6 million. Brandon Michaels and Jonathan Braier of Marcus & Millichap represented the seller, while Michaels also secured and represented the buyer in the deal. The buyer plans to renovate and reposition the asset.

July 14, 2017

California Retail Western

MCA Realty Sells 13,072 SF Retail Showroom Property in Santa Ana for $3.3M

by Nellie Day July 14, 2017

SANTA ANA, CALIF. — MCA Realty has completed the disposition of the Brookhollow Freeway Showroom Center with the sale of the property’s fourth building. WTW Properties LLC purchased the building, located at 154 E. Warner Ave., for $3.3 million. Wine Exchange currently occupies the 13,072-square-foot building. Joe Winkelmann, Nick Velasquez and Michael Hartel of Colliers International represented the seller, while Ryan Swanson and Chris Conway of Lee & Associates represented the buyer in the transaction.

July 14, 2017

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