sales_and_leases

KRE Group, Oxford Realty, Verde Capital Buy 288-Unit Multifamily Property in New Jersey

by Amy Works March 22, 2016

PLAINSBORO, N.J. — The KRE Group, Oxford Realty Group and Verde Capital have acquired Deer Creek, a multifamily community located at 305 Deer Creek Drive in Plainsboro, for $45 million. Situated on 34 acres, the 288-unit property features a mix of one- and two-bedroom apartments. Additionally, the community features an outdoor pool, two tennis courts and access to a nature trail. The new ownership plans to construct a new fitness center, as well as numerous renovations, at the property. Renovations will include granite kitchen countertops, stainless steel appliances and in-unit washer/dryers. This is the second property KRE and Oxford have jointly acquired in the last four months.

March 22, 2016

Indiana Midwest Multifamily

RESOURCE Commercial Real Estate Arranges Sale of 121-Unit Apartment Property in Indianapolis

by Christina Cannon March 22, 2016

INDIANAPOLIS —RESOURCE Commercial Real Estate has brokered the sale of a 121-unit apartment community, Abbey Meadows Apartments, for an undisclosed price. KAG Indy I LLC purchased the property from Brayden James Investments LLC. Abbey Meadows, located in Indianapolis, features all two-bedroom/one-bathroom units, which are approximately 750 square feet. The apartments were constructed in 1960. Michael Wernke of RESOURCE Commercial Real Estate arranged the transaction.

March 22, 2016

Multifamily North Carolina Southeast Student Housing

Pierce Education Properties Acquires Student Housing Property Near East Carolina University for $42M

by John Nelson March 22, 2016

GREENVILLE, N.C. — Pierce Education Properties LP has acquired The Landing, an 888-bed student housing property located near the East Carolina University campus in Greenville, for $42 million. The 288-unit community offers fully furnished two-, three- and four-bedroom apartments with bed to bath parity, stainless steel appliances and washers and dryers. Community amenities include three resort-style pools, a 24-hour, fitness center, an outdoor basketball court, upgraded game room and high-speed Internet. The community is served by a dedicated university-operated shuttle service.

March 22, 2016

California Retail Western

Voit Real Estate Services Negotiates $6M Sale of Retail Property in San Diego

by Nellie Day March 21, 2016

SAN DIEGO — Voit Real Estate Services has arranged the sale of an investment property located at 2576 Clairemont Drive in San Diego. Bella Lago LLC acquired the 25,461-square-foot property from Sunshine Finance Corp. for $6 million. A 7-Eleven and Washman USA currently occupy the asset. Kipp Gstettenbauer and Ryan King of Voit Real Estate Services represented the buyer in the transaction.

March 21, 2016

California Industrial Western

Camisasca Living Trust Buys Industrial Building in California for $3.7M

by Nellie Day March 21, 2016

LAKE FOREST, CALIF. — Camisasca Living Trust has purchased an 18,156-square-foot industrial building in Lake Forest for $3.7 million. The building is located at 20341 Hermana Circle. The trust plans to use the facility to manufacture and distribute car accessories. NGKF’s David L. Kluver represented the seller, Amkly Enterprises LLC, in this transaction.

March 21, 2016

Massachusetts Northeast Office

Joint Venture Acquires Two Office Buildings Totaling 332,194 SF in Suburban Boston

by Amy Works March 21, 2016

NEWTON, MASS. — A joint venture between Angelo Gordon & Co. and Jumbo Capital Management has acquired two office buildings, located at 7-57 and 75-85-95 Wells Ave. in Newton, a suburb eight miles west of Boston, for $62.3 million. The properties total 332,194 square feet. Coleman Benedict and Ben Sayles of HFF represented the undisclosed seller and buyer in the sale. Additionally, HFF worked on behalf of the new owner to secure a five-year, fixed-rate first mortgage financing for $47.1 million, which included funds for the acquisition and a facility for future tenanting and capital costs. Lauren O’Neil and Brett Paulsrud of HFF arranged the financing for the borrower, while Mike Terry and Jonpaul Sallese, also of HFF, represented East Boston Savings Bank in the mortgage transaction.

March 21, 2016

Midwest Retail Wisconsin

Mid-America Arranges Sale of 163,252 SF Retail Center in Wisconsin

by Christina Cannon March 21, 2016

RACINE, WIS. — Mid-America Real Estate Corp.’s investment sales team has arranged the sale of Regency Point Shopping Center, a 163,252-square-foot retail center located in Racine, approximately 30 miles south of Milwaukee. Bed Bath & Beyond, DSW, Hobby Lobby and T.J. Maxx anchor the center. Rick Drogosz, Ben Wineman and Dan Rosenfeld of Mid-America represented the seller, The Redmond Co., in the sale of the property to Bonnie Management Corp. for an undisclosed price.

March 21, 2016

Illinois Midwest Multifamily

Marcus & Millichap Arranges $2.9M Sale of Multifamily Property in Chicago

by Christina Cannon March 21, 2016

CHICAGO — Marcus & Millichap has arranged the sale of a 49-unit apartment property in Chicago for $2.9 million. A private investor purchased the asset from a group of tenant-in-common owners. The property is located at 2231 E. 67th St. in the South Shore neighborhood. The seven-story building was constructed in 1928 and consists of 24 three-bedroom/three-bathroom units, 24 four-bedroom/three-bathroom units and one six-bedroom/six-bathroom penthouse that is two stories.

March 21, 2016

Georgia Office Southeast

Rothenberg-Rosenfield Acquires Flex Office Complex in Metro Atlanta for $36.6M

by John Nelson March 21, 2016

NORCROSS, GA. — Rothenberg-Rosenfield, a private real estate investment firm based in New York, has acquired Oakbrook North, a 700,000-square-foot flex office complex in Norcross, a northeast suburb of Atlanta. The buyer purchased the 11-building complex from Irvine, Calif.-based Sperry Equities for $36.6 million. The property is situated on a 50-acre parcel along Oakbrook Parkway. Rothenberg-Rosenfield plans to invest $1.5 million to upgrade the property, which was 74 percent leased at the time of sale to tenants such as American Megatrends, PulteGroup and YesVideo. Colliers International represented Sperry Equities in the transaction. Reinsurance Group of America provided acquisition financing. The buyer has hired David Nash of Nash Commercial Real Estate to lease the asset. With the addition of Oakbrook North, Rothenberg-Rosenfield is now operating over 1.2 million square feet of commercial assets in Atlanta.

March 21, 2016

Hospitality Top Stories

Marriott Tops Anbang Bid to Acquire Starwood, Raising Offer to $13.6B

by Nellie Day March 21, 2016

STAMFORD, CONN. — Marriott International Inc. (NASDAQ: MAR) has increased its bid to acquire Starwood Hotels & Resorts Worldwide (NYSE: HOT) to $13.6 billion. Marriott had previously offered $12.2 billion to acquire the hospitality company, which owns the Westin, St. Regis, Sheraton and W hotel brands, before being outbid by Beijing-based Anbang Insurance Group at $13.2 billion. The new Marriott offer values Starwood at $79.53 per share, topping Anbang’s offer of $78 per share. Marriott’s initial offer in November would’ve given shareholders 0.92 share of Marriott stock and $2 cash for each share of Starwood they own. The new offer will give shareholders less Marriott stock — 0.8 share — but considerably more cash at $21 per share, according to The New York Times. Under the new agreement, the “break-up fee” — what Starwood will have to pay Marriott if it backs out of the deal — has been increased from $400 million to $450 million. On a conference call this morning, Marriott CEO Arne Sorenson noted that Anbang could still make another offer to disrupt the deal, according to Hotel News Now. The Starwood and Marriott shareholders are both scheduled to vote April 8 on which proposal to accept. “We are pleased that …

March 21, 2016

Newer Posts

Older Posts