sales_and_leases

CBRE Arranges 11,195 SF Office Lease in Oak Brook, Illinois

by Christina Cannon June 22, 2016

OAK BROOK, ILL. — CBRE has arranged an 11,195-square-foot office lease in Oak Brook, approximately 20 miles west of Chicago. Command Alkon Inc. will occupy the space at Oak Brook 22. The property, purchased by Golub Co. in 2014, has recently undergone renovations such as a redesigned lobby and lounge area, a new fitness center and a new conference center. The Class A building, located at 1211-1315 W. 22nd St., is 95 percent leased. Pete Adamo, Bill Elwood and Tara Torbik of CBRE represented Golub in the transaction. Jon Azulay of Savills Studley represented Command Alkon.

June 22, 2016

Georgia Multifamily Southeast

RADCO Acquires Apartment Community in Metro Atlanta for $31.7M

by John Nelson June 22, 2016

LAWRENCEVILLE, GA. — The RADCO Cos. has purchased The Pointe at Sugarloaf Apartments, a 324-unit multifamily community in Lawrenceville, a northeast suburb of Atlanta in Gwinnett County. RADCO acquired the property for $31.7 million with plans to invest $3.7 million in capital improvements. The Atlanta-based company is using private equity and debt from BBVA Compass to fund the acquisition and renovation of the property, which will be rebranded 2800 at Sweetwater. Built in 1997 on 35.5 acres, the property features one- and two-bedroom apartments and three- and four-bedroom townhomes. The property’s average unit size is 1,002 square feet. Community amenities include a swimming pool with a sundeck, Wi-Fi café, coffee bar, large dog park, playground and a 24-hour fitness center. Berkadia brokered the off-market transaction. RADCO Residential will manage the property.

June 22, 2016

Connecticut Multifamily Northeast

The Silverman Group Acquires 92-Unit Apartment Community in Connecticut for $19.5M

by Amy Works June 22, 2016

NORWALK, CONN. — The Silverman Group has acquired Riverview, an apartment community located on Richards Avenue in Norwalk, for $19.5 million as part of a 1031 exchange. Built in 1991, the 92-unit community features underground garage parking and value-add opportunities to renovate units. Jeffrey Dunne, Gene Pride and Travis Langer of CBRE represented the seller, an institutional owner, in the transaction.

June 22, 2016

California Office Western

Align Real Estate Buys Comcast Office Center in Livermore for $59M

by Nellie Day June 21, 2016

LIVERMORE, CALIF. — Align Real Estate has acquired Comcast Office Center, 219,631-square-foot office campus in Livermore, for $59 million. The three-building campus serves as the regional headquarters for Comcast. The space is located at 3011, 3055 and 3077 Comcast Place in the Tri-Valley region of the greater San Francisco Bay Area. Comcast Office Center features outdoor seating, and volleyball and basketball courts. HFF’s Michael Leggett, Scott Pertel and Gerry Rohm represented the buyer and seller, Gramercy Property Trust, in this transaction.

June 21, 2016

Arizona Industrial Western

BKM Capital Partners Purchases Tempe Commerce Park for $58M

by Nellie Day June 21, 2016

TEMPE, ARIZ. — BKM Capital Partners has purchased Tempe Commerce Park, a 535,976-square-foot industrial asset in Tempe, for $58 million. The five-building park is located at 7410-7419 S. Roosevelt. Tempe Commerce Park was purchased at 30 percent below replacement costs. It is currently fully occupied. The asset was acquired through BKM Industrial Value Fund I L.P. JLL’s Mark Detmer and Bo Miles represented the seller, Invesco, which sold the asset on behalf of its client, Ohio Police and Fire.

June 21, 2016

Arizona Multifamily Western

Continental Realty Advisors Acquires Courtney Village Apartments in Phoenix for $45.5M

by Nellie Day June 21, 2016

PHOENIX — Continental Realty Advisors has purchased the 368-unit Courtney Village apartment complex in Phoenix for $45.5 million. The community is located at 4848 E. Roosevelt St. Courtney Village was built in 2002. It includes two resort-style pools, a spa, 24-hour fitness center, gated access and dog park. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller, Passco, in this transaction.

June 21, 2016

California Multifamily Western

Patio Gardens Apartment Complex in Long Beach Sells for $35.3M

by Nellie Day June 21, 2016

LONG BEACH, CALIF. — Jaison Robinson has purchased the 127-unit Patio Gardens in Long Beach for $35.3 million. The community is located at 4874 E. Los Coyotes Diagonal in the Traffic Circle neighborhood. Patio Gardens is situated on nearly six acres that front Los Coyotes Diagonal. It is also less than two miles from California State University of Long Beach, and three miles from the Belmont Shore neighborhood. The property was built in 1958. It contains 19 two-story buildings. The purchase allowed Robinson to complete a 1031 exchange. Robert Stepp of Stepp Commercial represented Robinson in both transactions. Gregory Harris of Marcus & Millichap represented the seller, Patio Gardens LLC, in this transaction.

June 21, 2016

Illinois Midwest Office

Marcus & Millichap Brokers $5.3M Sale of Office Property in Des Plaines, Illinois

by Christina Cannon June 21, 2016

DES PLAINES, ILL. — Marcus & Millichap has brokered the sale of an office property in Des Plaines, approximately 20 miles northwest of Chicago, for $5.3 million. Touhy Office Plaza, located at 1400 E. Touhy Ave., was built in 1972 and renovated in 2013. J. Emil Anderson & Son Inc. sold the four-story, 126,088-square-foot building. The company will continue to occupy space within the building. The buyer was a Chicago-based private investment group. Stephen Lieberman of Marcus & Millichap represented the seller in the transaction.

June 21, 2016

Florida Office Southeast

Greenstreet, CREC Sell Office Building in Coral Gables for $57.5M

by John Nelson June 20, 2016

CORAL GABLES, FLA. — A joint venture between Greenstreet Partners and CREC has sold 2121 Ponce, a 164,848-square-foot office building in Coral Gables. A member company of Zurich North America purchased 2121 Ponce for $57.5 million. The property was more than 95 percent occupied at the time of sale to tenants such as Goldstein Schechter, Fox Latin America, Valley National Bank, the Consulate of Barbados and CREC. In addition to office space, 2121 Ponce features a five-story, 586-space parking garage and ground-level retail space including restaurant POC. Warren Weiser, Harry Blyden and Andrew Remick of CREC co-brokered the sale with the CBRE team of Christian Lee, Jose Lobon and Andrew Chilgren. Roy Rosenbaum and Sean Bannon of Zurich Alternative Asset Management LLC advised the buyer.

June 20, 2016

Industrial New York Northeast

GHP Office Realty Acquires 81,500 SF Flex Building in New York

by Amy Works June 20, 2016

ELMSFORD, N.Y. — GHP Office Realty LLC has acquired an 81,500-square-foot flex building located at 375 Executive Blvd. within Cross Westchester Executive Park in Elmsford. The building features 75,000 square feet of warehouse space with four loading docks and two drive-in doors, and 6,500 square feet of office space. Andrew Greenspan and Jamie Schwartz of GHP led the acquisition team. The buyer plans to upgrade the property to modernize it and make it more energy efficient. The County of Westchester sold the property for an undisclosed price.

June 20, 2016

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