sales_and_leases

Castle Lanterra Properties Buys 224-Unit Multifamily Property in New Jersey for $56M

by Amy Works March 24, 2016

RARITAN, N.J. — Castle Lanterra Properties has acquired River Park, a multifamily property located at 100 River Park Drive in Raritan, for $56 million. Constructed in 2007, the property features 224 multifamily units. Cushman & Wakefield’s Metropolitan Area Capital Markets Group represented the seller, a global insurance group, and procured the buyer in the transaction. This transaction is Castle Lanterra’s second New Jersey acquisition in the past five months, following the purchase of Harbor Pointe, a 544-unit property acquired for $147.5 million in October 2015.

March 24, 2016

California Multifamily Seniors Housing Western

Talmadge Gateway Buys Retail Center in San Diego for Conversion to Seniors Housing

by Nellie Day March 23, 2016

SAN DIEGO — Talmadge Gateway LP has acquired a 35,183-square-foot retail center in the San Diego submarket of Talmadge for $2.5 million. Wakeland Housing and Development Corp. will redevelop the site to incorporate a mix of retail and affordable residential units for disabled seniors. Alessio Leasing Corp. sold the property, which includes three parcels. Ricardo Lopez and Keith Courtney of San Diego-based brokerage firm ACI Apartments represented both the buyer and the seller in the transaction. The property was acquired with a mix of public and private financing, including a loan from the San Diego Housing Commission and Wells Fargo bank. Renee Marshal of Chicago Title Co. handled escrow. Chris Ghio of Chicago Title handled the title insurance.

March 23, 2016

Arizona Office Western

Robert C. Penney Buys Parkwood Professional Plaza in Phoenix for $3.2M

by Nellie Day March 23, 2016

PHOENIX — Robert C. Penney has acquired Parkwood Professional Plaza, a 73,514-square-foot medical office plaza in Phoenix, for $3.2 million. The plaza is located at the intersection of 19th Avenue and Missouri Avenue. The property was 40 percent occupied at the time of sale. The new owner plans to implement a capital improvement program before flipping the asset. Nick Miner of ORION Investment Real Estate represented the seller, Parkwood Commercial Properties LLC.

March 23, 2016

California Industrial Western

LAU Enterprises Relocates to Warehouse in Los Angeles

by Nellie Day March 23, 2016

LOS ANGELES — LAU Enterprises has relocated to a 32,356-square-foot warehouse distribution space in the Los Angeles submarket of North Hills. The new space is located at 8321 DeCelis Place. The wholesale picture frame distributor was previously located at Mission Industrial Park in Van Nuys. The new space will serve as the company’s warehouse and corporate headquarters. Matt Ehrlich of NAI Capital represented LAU Enterprises in this transaction.

March 23, 2016

Multifamily New York Northeast

Rosewood Realty Group Negotiates $70M Sale of Apartment Building in Long Island City

by Amy Works March 23, 2016

NEW YORK CITY — Rosewood Realty Group has brokered the sale of an apartment building located at 42-15 Crescent St. in Queens’ Long Island City. World Wide Group acquired the 124-unit property from Meadow Partners for $70 million. Built in 1955, the 102,000-square-foot property recently underwent a conversion from an office and retail building to an 11-story apartment building with 124 market-rate rental apartments and two ground-floor retail spaces. Aaron Jungreis of Rosewood Realty Group represented the buyer and seller in the off-market transaction.

March 23, 2016

Multifamily Texas

Drever Capital Buys Villages at Lake Jackson Apartment Complex

by Haisten Willis March 23, 2016

LAKE JACKSON, TEXAS — Drever Capital Management has acquired The Villages at Lake Jackson, a Class A, 174-unit garden apartment community in Lake Jackson. Drever Capital Management bought the 96 percent occupied multifamily property from Spyglass Capital Partners of Demarest, N.J. The new owner is launching a property improvement program whereby the kitchen bar tops will be lowered to counter height with granite added throughout the kitchen and bathrooms. Stainless steel appliances, plank flooring and two-inch wood blinds will also be added, and the exterior will receive new landscaping, painting, an improved lighted monument sign and enlarged pool area with two gas grills and pool furniture. Tom Cabibi, who rejoined Drever Capital to head up acquisitions, led Drever’s efforts toward the purchase. Ryan Epstein of Berkadia’s Houston office brokered the transaction on behalf of the seller. Brant Smith of Berkadia Commercial Mortgage in Austin arranged acquisition financing through Freddie Mac.

March 23, 2016

Multifamily North Carolina Southeast

Bell Partners Acquires Apartment Community in Durham for $54.6M

by John Nelson March 23, 2016

DURHAM, N.C. — Bell Partners has purchased 605 West, a 340-unit apartment community located near Duke University in Durham, for $54.6 million. The property, which Bell Partners has renamed Bell West End, is walkable to Brightleaf Square, the Warehouse District, Central Park and City Center. Built in 2014, the property features studio, one- and two-bedroom residences with 9- to 10-foot ceilings, track LED lighting, ceiling fans, granite countertops, kitchen islands, breakfast bars, Energy Star stainless steel appliances, washers and dryers, patios/balconies, coat closets, linen closets, walk-in closets and bike storage. Community amenities include a clubhouse, fitness center, yoga studio, conference rooms and meeting nooks, pet park, heated saltwater pool with large screen TVs, outdoor kitchen and lounge area and an outdoor terrace with a fireplace. The purchase of Bell West End is the third multifamily acquisition for Bell Partners in 2016 and is the 19th apartment community in the company’s Raleigh/Durham portfolio.

March 23, 2016

Illinois Industrial Midwest

Avison Young Brokers Sale of 117,000 SF Industrial Property in Chicago Suburb

by Christina Cannon March 23, 2016

NORTHBROOK, ILL. — Avison Young has brokered the sale of a 117,000-square-foot industrial property in Northbrook, approximately 25 miles northwest of Chicago, for an undisclosed price. Molto Properties sold the asset to Atlas Fibre Co. The property, situated on 4.7 acres, is located within the Sky Harbor Industrial Park. The asset features 20-foot clear heights, new mechanical systems, six interior docks, two drive-in doors and 168 parking spaces. Brett Kroner, Keith Puritz and Eric Fischer of Avison Young represented the seller in the transaction.

March 23, 2016

California Office Western

JOSS Realty Partners Acquires Napa Square in Downtown Napa for $39.3M

by Nellie Day March 22, 2016

NAPA, CALIF. — JOSS Realty Partners has acquired Napa Square, a 65,848-square-foot mixed-use asset in downtown Napa, for $39.3 million. Originally built in 1957 and redeveloped in 2009, Napa Square is LEED Gold certified and features 41,010 square feet of office space and 24,848 square feet of ground-floor retail. Wells Fargo, Charles Schwab, U.S. Bank and UPS occupy the 92 percent leased center along with anchor tenants Oenotri, a southern Italian restaurant, and The Norman Rose Tavern, a neighborhood pub. Nicholas Bicardo, Scott Pertel, Danny Reddin and Brandon Rogoff of HFF represented the seller, CDI Companies, in the transaction. Jordan Angel of HFF secured a $22.3 million acquisition loan with J.P. Morgan Asset Management on behalf of JOSS.

March 22, 2016

California Retail Western

Progressive Real Estate Negotiates $5.8M Sale of Retail Center in Moreno Valley

by Nellie Day March 22, 2016

MORENO VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of Plaza De Majorca, a shopping center located at 12220 Pigeon Pass Road in Moreno Valley. A Gardena, Calif.-based private investor acquired the asset from Continental Investment Group for $5.8 million. Circle K and Farmer Boys anchor the 38,872-square-foot retail center. Greg Bedell , Paul Su and Brad Umansky of Progressive Real Estate Partners represented the seller, while William Larson of Sonnocco Real Estate Group represented the buyer in the transaction.

March 22, 2016

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