sales_and_leases

Hawthorne-at-Gillette-Ridge-Bloomfield-CT

White Eagle Property Group Acquires 246-Unit Multifamily Property in Connecticut for $52M

by Amy Works June 1, 2016

BLOOMFIELD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Hawthorne at Gillette Ridge, a multifamily property located at 2 Francis Way in Bloomfield. White Eagle Property Group acquired the 246-unit asset from Bouwfonds Hawthorne LP for $52 million, or $211,000 per unit. The property was constructed on a 612-acre mixed-use campus in 2004 by a partnership between Cigna and The Bozutto Group. Victor Nolletti and Steve Witten of IPA represented the seller and procured the buyer.

June 1, 2016

California Industrial Western

King Shocks Purchases Industrial Building for New HQ in Garden Grove for $9.4M

by Nellie Day May 31, 2016

GARDEN GROVE, CALIF. — King Shocks has acquired a 55,576-square-foot industrial building in Garden Grove for $9.4 million. The facility is located at 12472 Edison Way. The American manufacturer of off-road automotive parts will use the space for its corporate headquarters. Isuzu formerly occupied the property. Mike Bouma, Paul Caputo and Eric Smith of Voit’s Anaheim office represented the seller, LBA RIV-COMPANY XXVII LLC, in this transaction.

May 31, 2016

Arizona Industrial Western

Strategic Storage Growth Trust Buys Self-Storage Facility in Phoenix

by Nellie Day May 31, 2016

PHOENIX — Strategic Storage Growth Trust has acquired an 840-unit self-storage facility in the Phoenix submarket of South Mountain Village for an undisclosed price. The facility is located at 1500 E. Baseline Road. Glacier Development designed the Class A property.

May 31, 2016

New Jersey Northeast Office

Cushman & Wakefield Arranges Sale of 86,000 SF Office Building in New Jersey

by Amy Works May 31, 2016

PARSIPPANY, N.J. — Cushman & Wakefield has brokered the sale of Boulevard Plaza, an office building located at 1055 Parsippany Blvd. in Parsippany. A private investor acquired the five-story office property for an undisclosed sum. The 86,000-square-foot property is 85 percent leased to 33 tenants. The building features 10,000- to 15,000-square-foot floor plates, 24-hour access and a grab & go on café. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, Andrew Schwartz and Frank DiTommaso of Cushman & Wakefield brokered the transaction.

May 31, 2016

Illinois Midwest Multifamily

Steadfast Apartment REIT Acquires 136-Unit Apartment Complex for $7.6M

by Christina Cannon May 31, 2016

GURNEE, ILL. — Steadfast Apartment REIT III Inc. has acquired a 136-unit apartment community in Gurnee, approximately 43 miles northwest of Chicago, for $7.6 million. Carriage House Apartments was built in 1970 and is 98 percent occupied. Situated on 8.4 acres, the apartment complex is comprised of 17 two-story buildings featuring one and two-bedroom units with an average size of 653 square feet. Community amenities include a swimming pool with sundeck, pool house, locker room, picnic area, laundry facilities and addition storage areas. Steadfast plans to upgrade the bathrooms, flooring and kitchen counters. Other improvements will include fresh paint and new appliances. The seller in the transaction was undisclosed.

May 31, 2016

Multifamily Southeast Virginia

Washington REIT Closes $244.8M Purchase of Riverside Apartments in Alexandria

by John Nelson May 31, 2016

ALEXANDRIA, VA. — Washington REIT has closed the previously announced $244.8 million acquisition of Riverside Apartments, a 1,222-unit multifamily property in Alexandria. The property was 98 percent occupied at the time of sale. Comprising three 15-story concrete buildings on approximately 28 acres, Riverside Apartments features a clubhouse with a leasing center and management office, two-story fitness center, exercise studio, social room, outdoor pool with lap pool and an outdoor theater. Washington REIT owns a portfolio of 55 properties totaling approximately 7 million square feet of commercial space and 4,480 residential units, as well as land held for development. The 55 properties consist of 25 office properties, 16 retail centers and 14 multifamily properties.

May 31, 2016

California Multifamily Western

Vista Catalina Apartments in Los Angeles Sells for $40.1M

by Nellie Day May 27, 2016

LOS ANGELES — An undisclosed buyer has purchased the 90-unit Vista Catalina apartment complex in the Los Angeles County submarket of Rancho Palos Verdes for $40.1 million. The community is located at 6507-6510 Ocean Crest Drive. Vista Catalina was built in the early 1970s and renovated between 2010 and 2012. Ron Harris, Paul Darrow and Michael DiSimone of Institutional Property Advisors represented both the buyer and seller in this transaction.

May 27, 2016

New York Northeast Office Retail

Marcus & Millichap Arranges $25M Sale of Office, Retail Building in Manhattan

by Amy Works May 27, 2016

NEW YORK CITY — Marcus & Millichap has brokered the sale of an office and retail building located at 243 Canal St. in Manhattan’s Chinatown neighborhood. The six-story building sold for $25 million, or $1,152 per square foot. The 21,700-square-foot property features two elevators, a full basement with 11-foot ceilings, a ground-floor retail unit and five floors of loft-style office space. Barbara Dansker, Steven Lusby and Zachary Ziskin of Marcus & Millichap represented the seller and procured the buyer. The names of the seller and buyer were not released.

May 27, 2016

Illinois Industrial Midwest Missouri Office

Ten-X Brokers Sale of Two Midwest Properties for a Total of $17.3M

by Christina Cannon May 27, 2016

ST. LOUIS AND HARVARD, ILL. — Ten-X has brokered the sale of two office/industrial properties for a total of $17.3 million. In the first deal, an undisclosed seller disposed of a Class A, 347,399-square-foot office tower in St. Louis for $8 million. AKNO 1010 Market Street St Louis Missouri LLC was the buyer. The 20-story property, built in 1981, is located at 1010 Market St. Amenities include ground-floor retail, a gym, conference room, lounge, covered parking, courtyard, 24-hour security, concierge services and on-site management. In the second deal, Optima Ventures LLC sold a 1.5 million-square-foot office and industrial property in Harvard, Ill. for $9.3 million. The 325-acre Midwest Corporate Campus is located at 2001 North Division St. The property is comprised of five manufacturing, distribution and office buildings and was formerly the regional headquarters for Motorola. The building, constructed in 1997, has been vacant since 2003. Amenities at Midwest Corporate Campus include two on-site daycare facilities, a cafeteria, rooftop and ground-level heliports, fitness center, auditorium, ponds and running and biking trails. Both properties were sold on the Ten-X Commercial online platform.

May 27, 2016

Midwest Ohio Retail

Marcus & Millichap Brokers $6.6M Sale of 153,976 SF Shopping Center in Southern Ohio

by Christina Cannon May 27, 2016

WILMINGTON, OHIO —Marcus & Millichap has brokered the sale of a 153,976-square-foot community shopping center in Wilmington, approximately 50 miles northwest of Cincinnati, for $6.6 million. An Ohio-based developer sold Meadow Park Plaza to a New York-based private investor. Located at 1627-1683 Rombach Ave., Meadow Park Plaza is anchored by Tractor Supply, Ollie’s Bargain Outlet, Goodwill and MC Sports, all with long-term leases in place. Other tenants include GNC, Citi Financial and LA Nails. Craig Fuller, Scott Wiles and Erin E. Patton of Marcus & Millichap listed the property on behalf of the seller and secured and represented the buyer.

May 27, 2016

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