sales_and_leases

CBRE/NE Negotiates $40.4M Sale of Apartment Community in Massachusetts

by Amy Works August 19, 2016

ANDOVER, MASS. — CBRE/New England has arranged the sale of Andover Place Apartments, a garden-style apartment community located at 650 Bulfinch Drive in Andover. A joint venture between Taymill Partners and LEM Capital acquired the 220-unit property from Andover Place Apts. LLC, an affiliate of Roseland Residential, for $40.4 million. Built in 1989 and situated on 34.3 acres, Andover Place Apartments features two studio units, 132 one-bedroom apartments, 74 two-bedroom apartments and 12 three-bedroom units, ranging from 518 square feet to 1,225 square feet. Simon Butler and Biria St. John of CBRE/New England represented the seller and procured the buyer in the deal. Roseland Residential Trust is a subsidiary of Mack-Cali Realty Corp.

August 19, 2016

Florida Multifamily Southeast

Harbor Group Sells Two Apartment Communities in South Florida for $105.6M

by John Nelson August 19, 2016

WEST PALM BEACH AND FORT LAUDERDALE, FLA. — Affiliates of Harbor Group International (HGI) have sold Turtle Cove Apartments in West Palm Beach and Serramar in Fort Lauderdale for a combined sales price of $105.6 million. HGI purchased both assets in June 2012 for a combined $67.8 million. Turtle Cove was built in 1986 and contains 444 units. Amenities include a clubhouse, swimming pool, fitness center, sports courts, gazebo/picnic area and a car care center. The property is currently 95 percent occupied. Serramar was also built in 1986 and contains 302 units. Amenities include a clubhouse, two swimming pools, fitness center, sports court, cyber café, playground and a car care center. The property is currently 96 percent occupied.

August 19, 2016

Industrial Michigan Midwest

Friedman Brokers Sale of 8,084 SF Industrial Property in Metro Detroit

by Christina Cannon August 19, 2016

FARMINGTON HILLS, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of an 8,084-square-foot industrial building in Farmington Hills, approximately 25 miles northwest of Detroit, for an undisclosed price. Sebastian & Sam Land Development Company LLC sold the property, located at 32945 Folsom Road, to Excalibur Managements and Investments LLC. The facility was previously occupied by a tow truck manufacturing company and was used as a truck repair shop for a waste management company before that. The new buyers will use the facility to store construction equipment and materials. Robert Frank of Friedman Integrated Real Estate Solutions represented the seller in the transaction.

August 19, 2016

Arizona Retail Western

ORION Arranges $1.4M Sale of Spanish Village Retail Center in Arizona

by Nellie Day August 19, 2016

CAREFREE, ARIZ. — ORION Investment Real Estate has arranged the $1.4 million sale of Spanish Village, a 22,819-square-foot retail center located in Carefree. The property was 26 percent occupied at the time of sale. Braxton Glass of ORION represented the buyer, Raskin Partners, in the transaction. Danny Gardiner of Phoenix Commercial Advisors represented the seller, Spanish Village Holdings LLC.

August 19, 2016

Michigan Midwest Office

NAI Wisinski of West Michigan Brokers Sale of Two Office Buildings in Grand Rapids

by Christina Cannon August 18, 2016

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of two office buildings in Grand Rapids. The properties, 2504 Ardmore and 2505 Burton, are located near the Brenton Village Mall corridor. Mark Morrow Properties LLC sold the buildings to a local investor, Tony Pearson, who intends to make minor renovations and begin marketing the property for lease this September. Each building totals 5,835 square feet and was built in 1971. Hillary Woznick and Doug Taatjes of NAI Wisinski represented the seller in the transaction.

August 18, 2016

Industrial Midwest Wisconsin

The Dickman Company Negotiates Sale of 272,000 SF Industrial Property South of Milwaukee

by Christina Cannon August 18, 2016

KENOSHA, WIS. — The Dickman Company Inc./CORFAC International has negotiated the sale of a 272,000-square-foot industrial building in Kenosha, approximately 35 miles south of Milwaukee, for an undisclosed price. Phoenix Kenosha LLC purchased the building, which is located at 3122 14th Ave., from Walnut & Vine Properties II LLC. Nick Keys of The Dickman Company represented the buyer in the transaction, and Brad Thompson of Millennium Properties represented the seller.

August 18, 2016

Illinois Midwest Retail

Store Net Leased to American Mattress in Chicago Changes Hands for $1.5M

by Christina Cannon August 18, 2016

NEW LENOX, ILL. — A Chicago-based private real estate investor in a 1031 exchange has purchased a 4,000-square-foot retail building in New Lenox, approximately 40 miles southwest of Chicago, for $1.5 million. A California-based development company sold the property, which is leased to American Mattress. The property is located at 751 E. Lincoln Highway and was built in 2015. The building is situated on an outparcel to the New Lenox Town Center, a development anchored by Walmart Supercenter and featuring other tenants such as Ross Dress for Less, T.J. Maxx, Goodwill, Aldi, AutoZone, Discount Tire, PepBoys, Chase Bank and Physicians Immediate Care. The New Lenox Town Center was built in 2010. The 10-year lease for American Mattress expires in 2025. Chad Firsel of Quantum Real Estate Advisors Inc. represented the buyer in the transaction. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller.

August 18, 2016

Georgia Multifamily Southeast

Steadfast Apartment REIT Buys Apartment Community in Metro Atlanta for $55.8M

by John Nelson August 18, 2016

MARIETTA, GA. — Steadfast Apartment REIT Inc. has purchased 1250 West, a 468-unit apartment community in Marietta, about 20 miles north of downtown Atlanta, for $55.8 million. Constructed in two phases in 1987 and 1995 on 49 acres, 1250 West is a garden-style community featuring one-, two- and three-bedroom apartment homes that range from 736 to 1,200 square feet. Average in-place rents are $980. The property is currently 95 percent occupied. Community amenities, include two swimming pools with sun decks, a 24-hour fitness center, on-site lake, coffee bar, lakeside gazebo and picnic area, dog park, car wash area, business center and game room. The previous owner initiated an $8 million value-add program between 2013 and 2015, which included new flooring, cabinets, appliances, countertops, fixtures and lighting in all of the apartment homes, plus a renovated clubhouse and pools. With 1250 West, Steadfast Apartment REIT has invested $322 million in six apartment communities in the Atlanta area. It is the REIT’s second apartment community in Marietta, and joins the 180-unit Rosemont at East Cobb, just 15 minutes east. The REIT now owns 33 properties in 11 states for an aggregate purchase price of $1.43 billion.

August 18, 2016

New Jersey Northeast Office

Allergan Relocates Headquarters to 431,495 SF Property in Madison, New Jersey

by Amy Works August 18, 2016

MADISON, N.J. — Allergan plc, a global pharmaceutical giant, has leased the entire 431,495-square-foot property at 5 Giralda Farms in Madison for a 13-year term. The company will consolidate three of its existing New Jersey office facilities in Parsippany, Bridgewater and Jersey City, bringing 1,800 employees together at the state-of-the-art headquarters facility. Owned by Lincoln Equities Partnership, 5 Giralda Farms is a modern corporate headquarters facility located on 50 acres at the Giralda Farms office campus in Madison. The facility features a main building, an on-site daycare facility, carriage house, six large conference facilities, a 345-seat dining room and a 15,000-square-foot fitness center with full basketball court. Daniel Loughlin and Jodie Mathews of JLL represented Allergan, while David Simson of Newmark Grubb Knight Frank represented the landlord in the deal.

August 18, 2016

Retail Utah Western

Time Equities Inc. Acquires Newgate Mall in Utah for $69.5M

by Nellie Day August 18, 2016

OGDEN, UTAH — Time Equities Inc. has acquired Newgate Mall, a 718,035-square-foot regional mall located in Ogden, for $69.5 million. Tenants at the 98 percent occupied mall include Dillard’s, Burlington Coat Factory, Sears, Cinemark, Bath & Body Works, Famous Footwear, Kay Jewelers, Express, Gymboree, Buckle, Victoria’s Secret and Journeys. Coldwell Banker Commercial Advisors will oversee leasing efforts for incoming tenants, while The Woodmont Co. will be in charge of management, marketing and specialty leasing. Thomas Dobrowski of NGKF Capital Markets represented the seller, General Growth Properties, in the transaction.

August 18, 2016

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