SCOTTSDALE — Alvarado Realty has purchased a 50,789-square-foot office building in the master-planned community of McCormick Ranch for $7.7 million. The building is located at 8700 E. Via de Ventura within the Phoenix suburb of Scottsdale. The space is 92.6 percent occupied. It was built in 1986. Bob Buckley, Tracy Cartledge, Steve Lindley and Ben Geelan of Cushman & Wakefield represented the seller, TA Realty, in this transaction.
BUFFALO GROVE, ILL. — Darwin Realty has brokered the sale of a 53,289-square-foot office/industrial property located at 1500 Busch Parkway in Buffalo Grove. JJS Properties sold the property to Knipex Tools for an undisclosed price. The buyer, the North American sales and marketing organization for the German hand-tool manufacturer, plans to relocate its operations from Arlington Heights, Ill., to the facility. Dan Predergast and Adam Haefner of Darwin Realty represented the seller, while Brian Hellgeth of Brian Properties represented the buyer in the transaction.
ENGLEWOOD, COLO. — Angelo, Gordon & Co. has acquired CH2M Global Headquarters, a 370,485-square-foot office campus in Englewood, for $122 million. The three-building campus is located at 9189, 9191, and 9193 S. Jamaica St. within Meridian International Business Center. The campus was built in 2002. It is fully leased to CH2M Hill, an engineering and construction firm. Angelo, Gordon & Co. represented itself in the transaction, while NGKF’s Kevin Shannon, Ken White, and Laura Stumm, Dave Tilton, Jamie Gard and Jeff Castleton represented the seller, Columbia Property Trust. The firm’s David Milestone and Brett Green arranged debt on behalf of the buyer.
KENT, WASH. — MG Properties Group (MGPG) has purchased The Mosaic Hills Apartments in Kent for $51.6 million. The community is located at 10811 S.E. 239th Place. Mosaic Hills was built in 1980. MGPG plans to reposition the property through a multi-million-dollar renovation plan that will include upgrades to the property’s common areas and unit interiors, as well as a capital investment to cure deferred maintenance. MGPG financed the acquisition using a $41.3M Freddie Mac loan that Charles Halladay and Lee Redmond at HFF arranged. Giovanni Napoli and Phillip Assouad at Kidder Mathews represented the seller.
PHOENIX — Pacific Real Estate Partners has purchased the 360-unit Maya Linda apartment complex in Phoenix for $21 million. The community is located at 8222 N. 19th Ave. Maya Linda was built in 1981. It is situated near I-17, Loop 101 and SR-51. Jim Crews and Brett Polachek of Cushman & Wakefield Phoenix represented the owner, MG Properties, in this transaction.
SHREWSBURY, MASS. — CBRE/New England’s Capital Markets team has arranged the sale of Avalon Shrewsbury, a 251-unit garden-style apartment community located in Shrewsbury. Simon Butler and Biria St. John of CBRE/NE exclusively represented the seller, AvalonBay Communities Inc., and procured the buyer, Audubon Shrewsbury LLC, an affiliate of Boston-based Audubon Capital Partners. The Class A community, which was built in 2006, consists of eight three- and four-story garden-style buildings, one two-story garden-style building, five three-story townhouse buildings, two two-story townhouse buildings and one clubhouse building. The 251 units include one-, two- and three-bedroom homes as well as two-bedroom townhomes with an average apartment home size of 1,261 square feet. Community amenities include a freestanding community center, a business center, fitness center, indoor basketball court, while outdoor amenities include a resort-style heated outdoor swimming pool with sun deck, playground and grilling areas. Additionally, there are 36 attached garages with the townhomes and six detached garages.
NEW YORK CITY — Cignature Realty Associates brokered the $19.7 million sale of two adjacent five-story multifamily walk-up rental buildings in the Inwood section of Manhattan to Coney Realty & Management. Hillcrest Acquisitions LLC sold the buildings, which were built in 1926 and renovated in 1988. They are located at 14 and 28 Thayer Street and total 64,255 square feet in 85 apartments: 61 one-bedrooms, 15 two-bedrooms and nine three-bedrooms. They sold for $306 per square foot. Cignature Realty’s Lazer Sternhell and Peter Vanderpool represented both the buyer and seller in the transaction.
PAUL, MINN. — JLL Income Property Trust has acquired The Penfield, a 254-unit apartment complex with a grocery store on the ground floor. The Class A property is located in downtown Saint Paul. The purchase price was $65.5 million.
SANTA ANA, CALIF. — Lee & Associates has arranged the $4.7 million sale of Grovemont Square, a 29,030-square-foot shopping center located in Santa Ana. Jon Selznick and Brant Dorman of Lee & Associates represented the seller, an undisclosed private investor based out of Encino. Selznick and Dorman also represented the buyer, an undisclosed private investor out of Commerce. The property was 85 percent occupied at the time of sale.
MERRITT ISLAND, FLA. — NGKF Capital Markets has arranged the $33 million sale of Merritt Square Mall, an 811,277-square-foot regional mall located at 777 E. Merritt Island Causeway in Merritt Island. Macy’s, Sears, Dillard’s, JC Penney and Cobb Theatres anchor the mall, which is also home to tenants including Bath & Body Works, Kay Jewelers, Rue21, Finish Line, Victoria’s Secret and Journeys. Thomas Dobrowski of NGKF represented LNR Partners and John Mitchell in the sale of the property to Mason Asset Management and Namdar Realty Group. The property was 95.7 percent leased at the time of sale.
