sales_and_leases

Progressive Real Estate Partners Brokers $2.2M Sale of Retail/Office Building in Chino

by Nellie Day September 30, 2016

CHINO, CALIF. — Progressive Real Estate Partners has arranged the sale of a mixed-use building located at 4774 Riverside Drive in Chino. A private investor based in Orange County, Calif., sold the 8,000-square-foot property for $2.2 million, or $278 per square foot. A private Chino Hills-based investor acquired the retail/office property, which is fully occupied by Mother’s Nutritional Center, WIC, T-Mobile Cell Tower and two medical office tenants. Frank Vora of Progressive Real Estate Partners represented the seller, while Leo Gao of Reno Business Investment Group represented the buyer in the deal.

September 30, 2016

Massachusetts Northeast Office Retail

Paradigm Properties, Alcion Ventures Sell Office/Retail Building in Boston

by Amy Works September 30, 2016

BOSTON — Paradigm Properties and Alcion Ventures have completed the sale of 101 Tremont, an office and retail building in downtown Boston. GLL Real Estate Partners acquired the property for an undisclosed price. Robert Griffin, Edward Maher and Matthew Pullen of NGKF Capital Markets represented the seller in the transaction. The 11-story building recently underwent extensive base building and tenant area improvements that transformed the asset into a mixed-use property. At the time of sale, the property was 100 percent leased to three innovative healthcare firms and a variety of on-site retailers, including Beantown Pub, Hollywood Nails, Silvertone and Ziggy’s Coffee Bar.

September 30, 2016

Office Texas Top Stories

Gaedeke Buys 17Seventeen Office Tower in Uptown Dallas

by Jeff Shaw September 30, 2016

DALLAS — Gaedeke Holdings XIV Ltd. has purchased 17Seventeen, a 369,017-square-foot office tower in Dallas’ Uptown/Turtle Creek submarket, for an undisclosed price. The 19-floor building includes a 22-story LED illuminated light panel. The property also features a one-acre amenity deck, 1,096-space attached parking garage and views of Klyde Warren Park and the Arts District. Located at 1717 McKinney Ave., 17Seventeen was developed in 2010 on a 2.1-acre tract. Stephan Pyles’ Stampede 66 is the property’s trademark restaurant. Gaedeke acquired the 98 percent-leased property from a joint venture between Granite Properties Inc. and MetLife. 17Seventeen features 361,524 square feet of Class A office space and 7,493 square feet of retail space. Dan Yates of Gaedeke will oversee the building’s new on-site property management team.

September 30, 2016

Multifamily North Carolina Southeast

Inland Affiliate Acquires Apartment Community in Charlotte for $31.7M

by John Nelson September 30, 2016

CHARLOTTE, N.C. — Inland Real Estate Acquisitions Inc. has facilitated the purchase of Vanguard Northlake, a newly built, 204-unit apartment community located at 11010 Northlake Landing in Charlotte. Matthew Tice of Inland Real Estate Acquisitions facilitated the transaction on behalf of an Inland affiliate. According to the Charlotte Business Journal, an affiliate of Covington Realty Partners sold the asset to Inland for $31.7 million. Vanguard Northlake’s unit interiors include granite countertops, 9-foot ceilings, walk-in closets, TVs built into the master bathroom mirrors, washer and dryer units and private balconies or patios. Community amenities include an outdoor saltwater pool, fitness center, outdoor grilling kitchen, fireside lounge, sundeck with cabanas, dog park, bicycle storage and a business center. The property was 95 percent occupied at the time of sale.

September 30, 2016

California Office Western

Sepulveda Center Office Tower in Los Angeles Trades for $68.2M

by Nellie Day September 29, 2016

LOS ANGELES — An affiliate of Swig Co. has acquired Sepulveda Center, a 178,157-square-foot office tower in West Los Angeles, for $68.2 million. The Class A tower is located at 3415 S. Sepulveda Blvd. The 12-story property is 83 percent leased to a mix of media, technology and financial tenants. The new owner will implement a capital improvement plan that will update the lobbies, bathrooms and outdoor facilities. The plan will also expand the common building amenities. The seller was KBS Capital Advisors. HFF’s Ryan Gallagher, Andrew Harper and Michael Leggett executed the sale. The firm also worked on behalf of the new owner to secure a three-year, floating-rate loan through MetLife Real Estate.

September 29, 2016

Multifamily Nevada Western

The Bascom Group Buys Trellis Park Crossroads Apartments in North Las Vegas for $35.3M

by Nellie Day September 29, 2016

NORTH LAS VEGAS — The Bascom Group has purchased the 312-unit Trellis Park Crossroads Apartments in North Las Vegas for $35.3 million. The community is located at 3825 Craig Crossing Drive. Trellis Park was built in 2009. It is situated near the 95 and 215 freeways, less than 10 miles from the Las Vegas Strip. CBRE’s Brian Eisendrath and Annie Rice arranged a $31.5 million loan with Resource Real Estate Funding for the transaction. The firm’s Spence Ballif executed the sale.

September 29, 2016

California Industrial Western

Cornerstone Centre Industrial Facility in Rancho Bernardo Sells for $7.4M

by Nellie Day September 29, 2016

SAN DIEGO — McEwen-Otay LLC and MP McEwen I LLC have acquired Cornerstone Centre, a 43,423-square-foot multi-tenant flex industrial property in the San Diego submarket of Rancho Bernardo, for $7.4 million. The facility is located at 10840 Thornmint Road. Cornerstone Centre was built in 1990. The building was fully occupied by six tenants at the time of sale. Mark McEwen of Colliers International represented the buyers. Randy LaChance, Brian Mulvaney and Josh West of Voit Real Estate Services represented the seller, CRP – 2 San Diego, in this transaction.

September 29, 2016

Civic New York Northeast Office

Amity University Buys 170-Acre University Campus in New York for $22.4M

by Amy Works September 29, 2016

OAKDALE, N.Y. — Amity University, a non-profit international educational organization, has acquired St. John’s University’s 170-acre campus, located at 500 Montauk Highway in Oakdale for $22.4 million. The campus includes 11 buildings totaling 260,000 square feet. The acquisition enables the seller, St. John’s, to continue offering its existing academic programs under a lease agreement through June 2017 as Amity University assumes control of the property immediately. Helen Hwang and Karen Wiedenmann, formerly of Cushman & Wakefield, along with Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Ryan Dowd and David Pennetta of Cushman’s Metropolitan Area Capital Markets group, represented St. John’s in the transaction.

September 29, 2016

Midwest Ohio Retail

Marcus & Millichap Brokers $1.8M Sale of 48,900 SF Self-Storage Facility in Lexington, Ohio

by Amy Works September 29, 2016

LEXINGTON, OHIO — Marcus & Millichap has arranged the sale of Turn Key Storage, a self-storage facility located at 1435 Orchard Park Road in Lexington. An individual/personal trust sold the property to a limited liability company for $1.8 million. Brett Hatcher and Joseph Holloway of Marcus & Millichap represented the seller and the buyer in the transaction. Situated on 5.7 acres, the 48,900-square-foot property features 352 units with 54 expansion-ready units. Facility amenities include steel roll-up doors, paved drives throughout, 24-hour video surveillance and digital gate access.

September 29, 2016

North Carolina Office Southeast

CBRE Brokers $83.5M Sale of Trophy Office Tower in Downtown Raleigh

by John Nelson September 29, 2016

RALEIGH, N.C. — CBRE has brokered the sale of Charter Square, a 243,106-square-foot, Class A office tower located at 555 Fayetteville St. in downtown Raleigh. Highwoods Properties Inc. purchased the building from the seller, a joint venture between Dominion Realty Partners and a global real estate investment manager. The sales price was undisclosed, but the Triangle Business Journal reports that Highwoods plans to invest $83.5 million in the acquisition, including $5.1 million in capital improvements. The office building opened in June 2015 and was certified LEED Platinum earlier this year. The office building was 70 percent leased at the time of sale to 14 tenants, including three ground-floor restaurants: b.good, Living Kitchen and The Haymaker.

September 29, 2016

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