sales_and_leases

Apartment Complex Sells for $33.8M in in Puyallup, Washington

by Nellie Day February 14, 2018

PUYALLUP, WASH. — An investor in a 1031 exchange has acquired the 154-unit Willow Springs Apartments in Puyallup for $33.8 million. The community is located at 608 39th Ave. SW. Willow Springs is situated across the street from a Pierce County Transit terminal and South Hill Mall. The gated complex was built in 1996. It contains a mix of one- to three-bedroom apartments. Amenities include a fitness center, swimming pool, Jacuzzi, playground and car wash stations. Timothy Ufkes, Evan McLeod and Jordan Smith of Marcus & Millichap represented both the buyer and seller, a private partnership, in this transaction.

February 14, 2018

Connecticut Northeast Office

GHP Office Realty Sells Office Property in Wilton, Connecticut, for $9.2M

by Amy Works February 14, 2018

WILTON, CONN. — GHP Office Realty has completed the sale of an office and flex building located at 131 Danbury Road in Wilton. A Westchester County, Conn.-based real estate holding company purchased the property for $9.2 million. Omnicom Group and Enterprise Rent-A-Car occupy the 52,500-square-foot building. Elizabeth Smith of Goldberg Weprin Finkel Goldstein represented the seller, while Bill Anson of RM Friedland represented the buyer in the deal. GHP Office Realty, a division of Houlihan-Parnes Realtors, is a leading owner, operator and purchaser of suburban New York commercial space.

February 14, 2018

Multifamily Student Housing Texas

FourPoint Brokers Sale of Three Student Housing Assets Totaling 815 Beds in DFW Area

by Taylor Williams February 14, 2018

DENTON, ARLINGTON AND FORT WORTH, TEXAS — FourPoint Student Housing Investments has brokered the sale of a portfolio of three student housing properties totaling 815 beds in Denton, Arlington and Fort Worth. The portfolio consists of the 432-bed Midtown Denton, the 218-bed Midtown Arlington and the 165-bed Edge 55. The properties, which total 241 units, serve University of North Texas, University of Texas at Arlington and Texas Christian University, respectively. The seller of the portfolio was not disclosed. A partnership between two California-based student housing investment firms, RedBridge Capital and Juniper Ridge Partners, purchased Midtown Arlington and Edge 55 and will implement renovation programs at both properties. The buyer of Midtown Denton was not disclosed.

February 14, 2018

Multifamily Texas

Sterling Acquires 111-Unit Apartment Community in San Antonio

by Taylor Williams February 14, 2018

SAN ANTONIO — Sterling Real Estate Holdings, a joint venture between California-based investment firms Barker Pacific Group and Pacific Real Estate Apartments, has acquired La Fiesta Apartments in San Antonio. Built in 1970, the 111-unit property is located in the Alamo Heights neighborhood. Amenities include picnic areas, a pool, on-site laundry facilities and a garden courtyard. Sterling will invest in capital improvements to the property’s landscaping and common areas. The seller was not disclosed.

February 14, 2018

Industrial Texas

Power Company Leases 110,000 SF at Industrial Property in Metro Houston

by Taylor Williams February 14, 2018

PASADENA, TEXAS — Calpine Corp., a Houston-based power company, has leased 110,000 square feet at an industrial property located at 9311 Bay Area Blvd. in the Houston metro of Pasadena. The property was built in 2008 and consists of 219,000 square feet of net rentable space, according to CoStar Group. Lucian Bukowski of CBRE represented Calpine Corp. in the lease negotiations. The representative of the landlord, Bay Bluff LP, was not disclosed.

February 14, 2018

Michigan Midwest Office

L. Mason Capitani CORFAC International Brokers Sale of 33,092 SF Office Building in Troy, Michigan

by Kristin Harlow February 14, 2018

TROY, MICH. — L. Mason Capitani CORFAC International has brokered the sale of the Tech Arts Office building in Troy. Although the final sales price was not disclosed, the asking price was reportedly $3.6 million. Built in 1986, the 33,092-square-foot property is located at 165 Kirts Blvd. The office building was 86 percent leased at the time of sale. Mason L. Capitani represented the seller, Tech Arts LLC. Jason E. Capitani represented the buyer, Office Ventures Troy I LLC. L. Mason Capitani CORFAC International will continue to oversee leasing at the property, while its affiliate company, Liberty Property & Asset Management, will coordinate all property management services moving forward.

February 14, 2018

Florida Office Retail Southeast

East End Capital, GreenOak Acquire Office, Retail Building in Miami Beach for $38M

by Camren Skelton February 14, 2018

MIAMI BEACH, FLA. — East End Capital and GreenOak Real Estate have acquired 555 Washington Avenue, an office and retail building in Miami Beach. EOSII at 555 Washington LLC, an affiliate of KBS Realty Advisors, sold the asset for $38 million, according to local media reports. Christian Lee and Jose Lobon of CBRE brokered the transaction. Designed by Miami-based architecture firm Arquitectonica, 555 Washington Avenue includes 44,000 square feet of Class A office space, 22,000 square feet of ground-level retail and an attached parking garage with 243 spaces. The office portion of the property was 85 percent leased at the time of sale to tenants such as Warner Music Group, Alacran Records and SKCP Fund Management. The retail portion houses tenants including CVS/pharmacy and Wells Fargo. Steven Hurwitz of CREC is handling the property’s office leasing, while Zach Winkler of JLL is overseeing the leasing of the building’s retail portion.

February 14, 2018

Alabama Multifamily Southeast Student Housing

CREI Sells 574-Bed Student Housing Community Near Auburn University

by Camren Skelton February 14, 2018

AUBURN, ALA. — Capstone Real Estate Investments LLC (CREI) has sold Eagles South Apartments, a 574-bed student housing community located roughly two miles from the Auburn University campus in Alabama. Aspen Heights acquired the property for an undisclosed price. The community offers one- and two-bedroom units with bed-to-bath parity. Shared amenities include a 24-hour fitness center, barbecue grills and picnic areas, a pool, computer lab, outdoor fireplace, clubhouse, sand volleyball courts and a dog park.

February 14, 2018

Industrial South Carolina Southeast

Binswanger Brokers Sale of 310,000 SF Industrial Building in Upstate South Carolina

by Camren Skelton February 14, 2018

LIBERTY, S.C. — Binswanger has brokered the sale of a 310,000-square-foot industrial facility located at 7240 Moorefield Memorial Highway in Liberty, a city in Upstate South Carolina. The single-story building is located roughly 17 miles west of Greenville and 35 miles from the Greer Inland Port. Doug Faris and Shaun Kirchin of Binswanger arranged the transaction on behalf of the buyer, Eliken Property Management LLC. Kidco Liberty LLC sold the property for an undisclosed price. Eliken plans to renovate the property to attract new tenants or investors.

February 14, 2018

Mixed-Use New York Northeast Retail

Cushman & Wakefield Arranges $23M Sale of Development Site in Queens

by Amy Works February 13, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a corner development site located at 141-57 Northern Blvd. in the Flushing neighborhood of Queens. NY EZ Property Holdings LLC acquired the site from 141-57 Northern Boulevard Inc. for $23 million. The 22,663-square-foot lot allows up to 67,989 square feet of mixed-use development. The site currently features a 14,200-square-foot building occupied by a commercial tenant and Bank of America. Stephen Preuss and Stephen Palmese of Cushman & Wakefield represented the seller in the deal.

February 13, 2018

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