sales_and_leases

Deka Immobilien Acquires 717,000 SF Amazon Gateway Distribution Center Near St. Louis for $42.3M

by Kristin Harlow January 9, 2017

EDWARDSVILLE, ILL. — Deka Immobilien Investment GMBH, a real estate investment company based in Germany, has acquired the Amazon Gateway Distribution Center in Edwardsville near St. Louis for $42.3 million. The 717,000-square-foot building was developed by a joint venture between Tristar Cos. and Pacific Coast Capital Partners (PCCP). Robert Stamm of Colliers International led the negotiation of the transaction. In addition, Brian Corrigan, Brandon McMenomy, Andres Roldan and Steven Ward of Colliers represented Deka. Steve Disse and Jeff Devine of Colliers Chicago represented Tristar and PCCP.

January 9, 2017

Midwest Office Wisconsin

CBRE Brokers $4.5M Sale of Office Building in Brookfield, Wisconsin

by Kristin Harlow January 9, 2017

BROOKFIELD, WIS. — CBRE has brokered the sale of Corporate Woods in Brookfield, a suburb of Milwaukee, for $4.5 million. The 55,456-square-foot office building is located at 375 Bishops Way on a 4.1-acre site along Bluemound Road. The building, completed in 1987, features 19 underground climate-controlled parking spaces, a 164-stall surface lot and a two-story lobby. The building was 98 percent occupied at the time of sale. Eric Rapp, Patrick Gallagher and Judd Welliver of CBRE arranged the sale on behalf of the owner, Somerset Properties. Corporate Woods LLC, a Milwaukee-based investor, was the buyer. Somerset Properties will retain management of the building.

January 9, 2017

Midwest Minnesota Multifamily

Marcus & Millichap Arranges $4.4M Sale of Multifamily Portfolio in Edina, Minnesota

by Kristin Harlow January 9, 2017

EDINA, MINN. — Marcus & Millichap has arranged the sale of Interlachen Manor and Oaklawn Estates, a 31-unit apartment portfolio located in the Minneapolis suburb of Edina, for $4.4 million. Interlachen Manor includes 17 units and is located at 5220 Interlachen Blvd. Oaklawn Estates includes 14 units and is located at 4401 Valley View Road. Josh Talberg, Mox Gunderson and Dan Linnell of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The Marcus & Millichap team also secured and represented the buyer, a private investor.

January 9, 2017

Arizona Retail Western

Cypress Equities Purchases Flagstaff Mall in Arizona

by Nellie Day January 9, 2017

FLAGSTAFF, ARIZ. — Cypress Equities has acquired Flagstaff Mall, a 388,000-square-foot enclosed regional mall located in Flagstaff for an undisclosed price. JCPenney, Dillard’s and Sears anchor the mall, which is also home to tenants including Bath & Body Works, GameStop, GNC, Victoria’s Secret and Foot Locker. The center was originally developed in 1979, and underwent renovations in 2007. Cypress is currently looking to sell or lease up three undeveloped outparcel pads totaling 18,000 square feet. The company is also considering the redevelopment of inline retail space.

January 9, 2017

California Retail Western

CBRE Facilitates $11M Sale of Scripps Mesa Retail Center in San Diego

by Nellie Day January 9, 2017

SAN DIEGO — CBRE has arranged the sale of Scripps Mesa Retail Center, located at 9801-9841 Mira Mesa Blvd. in the Scripps Ranch submarket of San Diego. Shah Family Trust acquired the 25,721-square-foot property from Hendricks Commercial Properties for $11 million. The property recently underwent a $1.7 million renovation. At the time of sale, 18 tenants fully occupied the retail center. Reg Kobzi, Joel Wilson and Michael Peterson of CBRE represented the seller and buyer in the deal.

January 9, 2017

California Retail Western

Trion Properties Repositions, Sells Retail Property in Valencia for $9.8M

by Nellie Day January 9, 2017

VALENCIA, CALIF. — Trion Properties has repositioned and sold Valencia Town Center Plaza, a retail strip center located at 24510 Town Center Drive in Valencia. A private real estate investor acquired the property for $9.8 million. Trion Properties originally acquired the 26,168-square-foot property in 2013. Joshua Levy and Matthew Dobson of Arbor Realty Capital Advisors represented the seller and buyer in the deal.

January 9, 2017

Industrial Texas

Marcus & Millichap Brokers Sale of 20,000 SF Industrial Park in Converse, Texas

by Amy Works January 6, 2017

CONVERSE, TEXAS — Marcus & Millichap has arranged the sale of Converse Business Park, an industrial property located at 9314-9318 Converse Business Lane in Converse. The park features 20,000 square feet of industrial space. The facility has performed at a near zero vacancy rate since its construction in 2006. Joshua Murphy of Marcus & Millichap represented the seller, a private investor, in the deal. The name of the buyer and acquisition price were not released.

January 6, 2017

New Jersey Northeast Office

Alexander Property Holdings Acquires 135,000 SF Office Building in New Jersey for $20M

by Amy Works January 6, 2017

LYNDHURST, N.J. — Alexander Property Holdings has acquired CityView Corporate Center, an office building located at 160 Chubb Ave. in Lyndhurst. Rugby Realty Co. sold the 135,000-square-foot property for $20 million. Situated on 8 acres, the property was constructed in 1979 and renovated in 2006 and 2012. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Ryan Larkin and Curtis Foster of Cushman & Wakefield brokered the transaction.

January 6, 2017

Midwest Retail Wisconsin

Marcus & Millichap Arranges $22.2M Sale of Net-Leased Whole Foods Property in Milwaukee

by Kristin Harlow January 6, 2017

MILWAUKEE — Marcus & Millichap has arranged the sale of a retail building net leased to Whole Foods on Milwaukee’s east side for $22.2 million. The 53,875-square-foot store is located at 2305 N. Prospect Ave. Adam Connor of Marcus & Millichap represented the seller, Irgens. The buyer was a Seattle-based private investor. Irgens is a Milwaukee-based real estate developer.

January 6, 2017

Florida Retail Southeast

Regency Centers Purchases Shopping Center Along Orlando’s ‘Restaurant Row’ for $92.5M

by John Nelson January 6, 2017

ORLANDO, FLA. — Jacksonville, Fla.-based Regency Centers Corp. and its co-investment partner have purchased Plaza Venezia, a 201,000-square-foot, Publix-anchored shopping center in Orlando. The seller and sales price were undisclosed, but Orlando Business Journal reports that U.S. Cities Fund Operating LP, an affiliate of New York-based Team Core Property Funding Operating LP, sold the asset to Regency Centers for $92.5 million. Plaza Venezia is situated along Orlando’s “Restaurant Row,” one of the top trade areas in the market for investors. Plaza Venezia serves the nearby Doctor Phillips and Bay Hill submarkets. In addition to Publix, existing tenants at Plaza Venezia include Eddie V’s Prime Seafood, Starbucks Coffee, Tijuana Flats, Sylvan Learning Center, Majestic Cleaners, State Farm Insurance, Supercuts, Scottrade, T-Mobile and Orlando Family Dentistry.

January 6, 2017

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