sales_and_leases

Jamestown, Clarion Partners Acquire Westside Provisions District in Atlanta for $130M

by John Nelson November 1, 2016

ATLANTA — A joint venture between Jamestown LP and Clarion Partners LLC has acquired Westside Provisions District, a mixed-use development located in Atlanta. The development was acquired for $130 million, according to reports by the Atlanta Business Chronicle. The 261,742-square-foot development consists of two projects, White Provision and Westside Urban Market, which are connected via a pedestrian bridge. Situated in Atlanta’s popular West Midtown district off Howell Mill Road, Westside Provisions District features retail and loft office space that will be managed by the joint venture. Jamestown acquired the White Provision portion of the development from Atlanta-based developers Michael Phillips and Kathleen Walker in 2007. This deal will unify the district under one ownership entity. Westside Provisions’ office tenants include Base Brands, Canstruction, Fried & Bonder, Knoll, Waypoint Homes, WestRock and the German American Chamber of Commerce of the Southern U.S. Inc. Retail tenants include Anthropologie, Free People, J. Crew, lululemon athletica, Warby Parker, Brick + Mortar, Peridot West and Crafted Westside. The project is also home to restaurants and bars such as Jeni’s Ice Creams, Little Trouble, Taqueria Del Sol, Bacchanalia Star Provisions and JCT Kitchen + Bar. Clarion Partners made its investment on behalf of a commingled fund …

November 1, 2016

Georgia Multifamily Southeast

Passco Purchases Apartment Community in Metro Atlanta for $72M

by John Nelson November 1, 2016

DUNWOODY, GA. — Passco Cos. has purchased Two Blocks, a Class A, 400-unit midrise apartment community located at 4000 Dunwoody Park in Dunwoody, a suburb of Atlanta in DeKalb County. Passco bought the asset for $72 million using a Fannie Mae acquisition loan arranged by Chris Black of KeyBank Real Estate Capital. Developed in 2008 by Atlanta-based Pollack Shores Real Estate Group, Two Blocks was more than 95 percent occupied at the time of sale. The property is situated near Atlanta’s Central Perimeter office submarket and within three miles of Atlanta’s Pill Hill hospital district. Passco plans to implement a series of upgrades to the interior and exterior of Two Blocks, including installing granite countertops in the kitchens and bathrooms, expanding and updating the fitness center and improving the property’s curb appeal. John Weber, Dan Phelan and Bo Moore of ARA Newmark’s Atlanta office represented the seller in the transaction.

November 1, 2016

Industrial Washington Western

BKM Capital Partners Acquires Andover Executive Park in Washington for $19.8M

by Nellie Day October 31, 2016

KENT, WASH. — BKM Capital Partners has purchased Andover Executive Park, a 181,163-square-foot industrial business park in the Kent submarket of Tukwila for $19.8 million. The park is located at 400-774 Industry Drive. BKM plans to implement a series of capital improvements to the business park, which was built in 1974. Upgrades will include the buildings’ roofs, exterior paint, landscaping, facades and signage. CBRE represented the seller, ScanlanKemperBard, in the transaction.

October 31, 2016

California Multifamily Western

MBK Rental Living Buys Buena Vista Apartments in California for $5.8M

by Nellie Day October 31, 2016

PASO ROBLES, CALIF. — MBK Rental Living has purchased the 144-unit Buena Vista Apartments in Paso Robles for $5.8 million. The community is located at 708-1002 Experimental Station Road. MBK plans to upgrade the property. The company represented itself in this transaction, while Marty Indvik of Lee & Associates and Jim Fisher and Michael Smith of Berkadia, represented the seller, Arjun Buena Vista Properties LLC.

October 31, 2016

California Retail Western

Wet Seal to Open 13 Pop-Up Stores for the Holiday Season

by Nellie Day October 31, 2016

IRVINE, CALIF. — Wet Seal will open 13 pop-up locations during the 2016 holiday season at GGP regional shopping centers throughout the United States, including Arizona and Washington. The temporary locations are slated to open simultaneously on Nov. 3. The stores will range from 3,000 to 5,000 square feet. The Tucson Mall in Tucson, Ariz., will receive a pop-up shop, as will Northtown Mall in Spokane, Wash. The Wet Seal LLC is an Irvine, Calif.-based specialty retailer of young contemporary women’s apparel and accessories with over 160 stores in the United States. Chicago-based General Growth Properties, Inc. (GGP) is an S&P 500 company focused on owning, managing, leasing and redeveloping high-quality retail properties throughout the United States.

October 31, 2016

Midwest Minnesota Retail

Mid-America Brokers Sale of 130,000 SF Shopping Center in St. Cloud, Minnesota

by Kristin Harlow October 31, 2016

ST. CLOUD, MINN. — Mid-America Real Estate-Minnesota LLC has brokered the sale of Division Place, a 130,000-square-foot shopping center in St. Cloud. Division Place is located on the corner of Division Street West and 27th Avenue South. Tenants include TJ Maxx, Dollar Tree and Famous Footwear. Joe Girardi and Mark Robinson of Mid-America Real Estate Corp. were the exclusive brokers in the transaction on behalf of the seller, Vanbarton Group. An affiliate of Core Acquisitions LLC purchased the center, and hired Mid-America Real Estate-Minnesota as the exclusive leasing and management firm.

October 31, 2016

New Jersey Northeast Office

Vision Real Estate, Rubenstein Partners Sells 185,000 SF Office Building in Hanover, New Jersey, for $95M

by Amy Works October 31, 2016

HANOVER, N.J. — Vision Real Estate Partners and Rubenstein Partners has completed the sale of the MetLife Investments Global Headquarters property located at 67 Whippany Road in Hanover. Salus Government Properties acquired the One MetLife Way property for $95 million. Part of the 194-acre Alcatel-Lucent Campus redevelopment, the 14-acre property features a 185,000-square-foot office building that was built to suit for MetLife under a lease agreement. Robert Donnelly, Rob Donnelly Jr., Marc Rosenberg, Andrew Merin, David Bernhaut, Gary Gabriel and Brian Whitmer of Cushman & Wakefield represented Vision and Rubenstein in the redevelopment and sale.

October 31, 2016

Office Southeast Top Stories Virginia

Atlantic Realty, Angelo, Gordon Acquire Office Complex in Virginia for $78.8M

by John Nelson October 31, 2016

TYSONS, VA. — Atlantic Realty Cos. and New York-based Angelo, Gordon & Co. LP have purchased Tysons Concourse, two Class A office buildings located at 1593-1595 Spring Hill Road in Tysons. The California State Teachers’ Retirement System (CalSTRS) sold the 347,684-square-foot complex for $78.8 million. Situated one block from the newly opened Spring Hill station on Metrorail’s Silver Line, Tysons Concourse features a café, lighted basketball courts, theater-style conference center, fitness center with spa-style locker rooms and covered and surface parking. The buildings, joined by a shared atrium, were 76 percent leased at the time of sale to tenants such as Frontpoint Security, Konica Minolta and MassMutual. The new ownership group plans to invest $6 million in capital improvement to Tysons Concourse. The property’s lobby will be upgraded with marble flooring, a concierge desk and interactive touchscreen directories. Renovations will also include upgrades to the front and rear entrances, new interior finishes and a redesigned tenant entertainment center. The improvement program will also include the transformation of part of the existing sports area into an outdoor lounge with seating and an additional court for playing paddle tennis. Eastdil Secured represented CalSTRS in the transaction. — John Nelson

October 31, 2016

California Retail Western

Faris Lee Arranges $56.6M Sale of Shopping Center in Rancho Santa Margarita

by Nellie Day October 28, 2016

RANCHO SANTA MARGARITA, CALIF. — Faris Lee Investments has arranged the sale of Plaza El Paseo at Rancho Santa Margarita Town Center, located at the corner of El Paseo and Alma Aldea in Rancho Santa Margarita. K&G El Paseo 1 & 2 LLC sold the property to Plaza El Paseo Center LLC for $56.6 million. Built in 2002, the 107,000-square-foot property is anchored by Bed, Bath & Beyond, BevMo and Wood Ranch BBQ. Rick Chichester, Nicholas Coo and Chris DePierro of Faris Lee represented the seller and buyer in the deal.

October 28, 2016

California Office Western

Marcus & Millichap Brokers $16.7M Sale of Retail/Medical Office Property in Santa Ana

by Nellie Day October 28, 2016

SANTA ANA, CALIF. — Marcus & Millichap has arranged the sale of Hacienda Plaza, a retail and medical office property located at the corner of West 17th Street and College Avenue in Santa Ana. A private 1031 exchange investor acquired the 77,610-square-foot asset for $16.7 million, or $215 per square foot. The two-building property comprises a 28,800-square-foot retail/medical building on 17th Street and a 29,310-square-foot medical/warehouse building on 19th Street. Built in 1976, the properties are occupied by Northgate Market, Don Roberto Jewelers and Hacienda Restaurant. Michael Lawrence and Michael Woolbright of Marcus & Millichap represented the seller, while Rob Duong, also of Marcus & Millichap, represented the buyer in the transaction.

October 28, 2016

Newer Posts

Older Posts