sales_and_leases

IPA Brokers $63.1M Sale of Multifamily Property in Hamden, Conn.

by Haisten Willis April 24, 2017

HAMDEN, CONN. — Marcus & Millichap’s Institutional Property Advisors (IPA) division has brokered the $63.1 million sale of Seramonte Apartments, a 451-unit multifamily community in Hamden. The sales price equates to just under $140,000 per unit. Victor Nolletti of IPA’s Northeast and Florida team was the lead advisor on the transaction. Seramonte was built between 1965 and 1968. Nolletti, Steve Witten, Eric Pentore and Wes Klockner of Marcus & Millichap’s New Haven office represented the seller, Seramonte Associates LLC, and procured the buyer, Detail Management LLC. Seramonte Apartments is located on more than 30 acres at 1 Kaye Plaza, just off exit 60 on the Merritt Parkway/Route 15.

April 24, 2017

Arizona Office Western

Kramer-Wilson Buys Scottsdale Executive Office Center for $37.5M

by Nellie Day April 21, 2017

SCOTTSDALE, ARIZ. — Kramer-Wilson Co. has acquired Scottsdale Executive Office Center, a 181,238-square-foot office campus in Scottsdale, for $37.5 million. The Class A campus is located at 15880, 15990 and 16100 N. Greenway-Hayden Loop. It was built in 1997. Kramer-Wilson recently has purchased four office properties in the greater Phoenix market since November, totaling nearly a 500,000 square feet.

April 21, 2017

California Retail Western

Savills Studley Negotiates Sale of Terraces Shopping Center in Rancho Palos Verdes

by Nellie Day April 21, 2017

RANCHO PALOS VERDES, CALIF. — Savills Studley has negotiated the sale of the Terraces, a 172,913-square-foot regional shopping center in Rancho Palos Verdes. A subsidiary of Retail Opportunity Investments Corp. (ROIC), a publically traded REIT, purchased the property for an undisclosed price. Terraces Subsidiary LLC, a joint venture of Combined Properties and Saban Capital Group Inc., was the seller. Built in 1959 and renovated in 1988, 2008 and 2016, The Terraces is located at 28821-28901 S. Western Ave., with frontage along the Western Avenue Retail Corridor. The center is 89 percent leased to tenants including Trader Joe’s, Marshalls, LA Fitness and Starlight Cinemas. Savills Studley’s Bill Bauman and Kyle Miller handled the transaction negotiations. Bauman and Miller also represented the seller of the center in 2013.

April 21, 2017

California Retail Western

Progressive Real Estate Partners Arranges $3.2M Sale of Retail Center in San Bernardino

by Nellie Day April 21, 2017

SAN BERNARDINO, CALIF. — Progressive Real Estate Partners has arranged the $3.2 million sale of a 7-Eleven-anchored retail center at 1935 S. Waterman Ave. in San Bernardino. The property was sold in an all-cash 1031 tax-deferred exchange. Progressive’s Greg Bedell and Pablo Velasco represented the buyer, a private investor. Built in 2012, the 4,208-square-foot center features a 7-Eleven with 10 years remaining on its lease term, a Chase ATM and a vacant shop space.

April 21, 2017

Retail Texas

EDGE Closes Sale of 12,327 SF Retail Property in Dallas

by Taylor Williams April 21, 2017

DALLAS — EDGE Realty Capital Markets has arranged the sale of Wylie Crossing, a 12,327-square-foot, multi-tenant retail center located at the corner of Country Club Road and West Brown Street in Wylie, a northeastern suburb of Dallas. Brandon Beeson and John Mungioli of EDGE represented the seller, Wylie Building LP, in the transaction. Greg Cagle of Coldwell Banker represented the buyer, WinWin Holdings LLC.

April 21, 2017

Office Texas

Stream Realty Secures 8,223 SF Office Lease in Addison

by Taylor Williams April 21, 2017

ADDISON, TEXAS — Stream Realty Partners has secured an 8,223-square-foot office lease at Spectrum Center in the Dallas-Fort Worth metro of Addison on behalf of research and consulting firm Parks Associates. Located at 5080 Spectrum Drive, the building offers 598,250 square feet of Class A office space. Todd Noonan of Stream represented Parks Associates in the transaction. Avery Bush and Aarica Mims were the in-house representatives for the landlord, Granite Properties.

April 21, 2017

Illinois Midwest Office

Caterpillar Moves Global Headquarters to Deerfield, Illinois

by Kristin Harlow April 21, 2017

DEERFIELD, ILL. — Caterpillar Inc. has unveiled plans to move its global headquarters from Peoria to Deerfield, a northern suburb of Chicago. The new building is located near Chicago O’Hare International Airport. Caterpillar arranged a multi-year leasing agreement with Corporate 500 office park. While the majority of employees will not be relocating, the company expects about 100 workers will move to the new building this year. The company says about 300 employees will be in the new headquarters when it is fully operational in mid-2018.

April 21, 2017

Mixed-Use Multifamily New York Northeast Retail

Rosewood Realty Group Negotiates $76.3M Sale of Kushner Astoria Portfolio

by Haisten Willis April 21, 2017

NEW YORK CITY — Rosewood Realty Group has negotiated the $76.3 million sale of a four-building multifamily and retail portfolio in the Astoria neighborhood of Queens for $76.3 million. Rosewood’s Aaron Jungreis represented the seller, Kushner Cos., in the transaction. Queens-based investor Karan Singh was the buyer. The portfolio includes 21-80 38th St., 21-81 38th St., 23-05 30th Ave. and 23-15 30th Ave., totaling 143 apartments and 11 retail spaces across 123,500 square feet. Former owner RockFarmer Properties purchased the portfolio in 2013 for $32 million and sold it to Kushner for $51 million in January 2015. About 60 percent of the portfolio’s apartments are free-market. Kushner Cos. reportedly invested about $10 million in the buildings over the past two years.

April 21, 2017

California Retail Western

Cushman & Wakefield Arranges $26.5M Sale of 17.7-Acre Retail Site in Carlsbad

by Nellie Day April 20, 2017

CARLSBAD, CALIF. — Cushman & Wakefield has arranged the $26.5 million sale of a retail site in the San Diego suburb of Carlsbad. Shea Properties LLC/Shea Homes San Diego LP acquired the 17.7-acre undeveloped land tract in the city’s Bressi Ranch area and plans to construct a mixed-use development. The property consists of lots 29 through 32 in Bressi Ranch. Aric Starck and Dennis Visser of Cushman & Wakefield’s Carlsbad office represented the buyer and seller in the transaction. The development will consist of 125 luxury condominiums, a food market, drive-through drug store and other retail shops along Palomar Airport Road. The retail center will feature a Main Street-like entry leading to shops, services and restaurants. It will be accented by patios, plazas, terraces and courtyards.

April 20, 2017

California Multifamily Western

Nine-Unit Apartment Building in Northridge Sells for $1.9M

by Nellie Day April 20, 2017

NORTHRIDGE, CALIF. — 8351 Amigo Apartments LLC has acquired a nine-unit apartment building in Northridge for $1.9 million. The community is located at 8351 Amigo Ave. It was built in 1962. The property contains one- and two-bedroom units. Clyde Isaacson of Marcus & Millichap represented the buyer. The seller was not disclosed.

April 20, 2017

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