sales_and_leases

Marcus & Millichap Arranges $2M Sale of 48-Unit Multifamily Property

by Christina Cannon January 4, 2016

WILLMAR, MINN. — Marcus & Millichap has arranged the $2 million sale of a multifamily property in Willmar, approximately 100 miles west of Minneapolis. Foot Lake Estates is a 48-unit apartment complex that was built in 1977. The property was 100 percent occupied at the time of sale and is located at 400 30th St. NW. Cole Harstad, Mox Gunderson and Dan Linnell of Marcus & Millichap listed the property on behalf of the seller and secured and represented the buyer. Both parties were undisclosed private investors.

January 4, 2016

California Retail Western

Marcus & Millichap Arranges $2.8M Sale of 51,010 SF Retail Property in San Bernardino

by Nellie Day December 24, 2015

SAN BERNARDINO, CALIF. — Marcus & Millichap has arranged the sale of Club Business Park, a 51,010-square-foot retail property located at 164-194 W. Club Center Drive and 2211 S. Hunt in San Bernardino. The asset sold for $2.8 million. Drew Wetherholt of Marcus & Millichap represented the seller and the buyer in the transaction.

December 24, 2015

California Retail Western

Faris Lee Investments Completes $9.8M Sale of The Shops at Bear Valley

by Nellie Day December 24, 2015

VICTORVILLE, CALIF. — Faris Lee Investments has brokered the sale of The Shops at Bear Valley in Victorville. A Beverly Hills, Calif.-based investment company purchased the property from Santa Barbara-based Invest West Financial for $9.8 million. Situated on 5.81 acres, the 32,023-square-foot four-building property was 95 percent occupied at the time of sale. Tenants include McDonald’s, Fitness 19, Schools First Credit Union, KinderCare and others. Shaun Riley of Faris Lee Investments represented the buyer and seller in the transaction.

December 24, 2015

Industrial Texas

Colliers Negotiates Trio of Industrial Leases in East Houston

by Haisten Willis December 24, 2015

HOUSTON — Colliers International, on behalf of the landlord, Southwest Texas (Clinton) Industrial Park, has leased three distribution spaces in Clinton Industrial Park to three separate tenants. Stone Paving USA leased 12,735 square feet at 7241 Clinton Drive, with Mike Quint of Jackson Cooksey representing the tenant. Mantua Manufacturing Co. leased 36,560 square feet at 7201 Clinton Drive, and CD Polytech leased 10,820 square feet at 7139 Clinton Drive. Steven O’Connor of Southwest Realty Advisors represented CD Polytech and Mantua Manufacturing. Walter Menuet of Colliers International represented the landlord in all three transactions. The park is now 100 percent leased.

December 24, 2015

Massachusetts Northeast Office Retail

Rockpoint Group Acquires 99 Summer Street in Boston

by Amy Works December 24, 2015

BOSTON — Affiliates of Boston-based Rockpoint Group LLC have acquired 99 Summer Street, an office and retail building located in Boston. Cornerstone Real Estate Advisers sold the 20-story property for an undisclosed price. The 270,000-square-foot Class A building was 95 percent occupied at the time of sale. The property will be managed by a Rockpoint affiliate, Rockhill Management, which provides property management and related services for investments made by Rockpoint-sponsored funds.

December 24, 2015

Illinois Industrial Midwest

Entre Commercial Completes 11,200 SF Industrial Lease in Chicago Suburb

by Christina Cannon December 24, 2015

ELK GROVE VILLAGE, ILL. — Entre Commercial Realty LLC has arranged an 11,200-square-foot industrial lease in Elk Grove Village, approximately 23 miles northwest of Chicago. The lease is for Peet’s Coffee & Tea, which will use the site at 1950 Devon Ave. as distribution space. The building totals 98,445 square feet and can accommodate multiple tenants. The facility is situated on 5.6 acres. The lease space features 18-foot clear heights, two shared docks and a private drive-in door. Dan Benassi, Dan Jones and Mike DeSerto of Entre represented the landlord, Bristol Group Inc. Joe Bronson of NAI Hiffman represented the tenant in the transaction.

December 24, 2015

Midwest Multifamily Wisconsin

Marcus & Millichap Brokers $1.6M Sale of 44-Unit Apartment Portfolio

by Christina Cannon December 24, 2015

MENOMONIE, WIS. — Marcus & Millichap has brokered the $1.6 million sale of a 44-unit portfolio in Menomonie, approximately 25 miles west of Eau Claire. The six-building portfolio consists of five residential buildings that contain 44 total units and one eight-stall garage building. The 44 units are broken down into 36 two-bedroom/one-bathroom units and eight one-bedroom/one-bathroom units. The six buildings were constructed between 1977 and 1987. The apartment assets have undergone upgrades including roof replacement, vinyl siding, and new windows, flooring and appliances. Evan Miller, Mox Gunderson and Dan Linnell of Marcus & Millichap listed the property on behalf of the seller, a private investor. Cole Harstad of Marcus & Millichap procured and represented the buyer, a private investor.

December 24, 2015

California Multifamily Seniors Housing Western

Evans Senior Investments Arranges $37M Sale of 130-Unit Community in Fullerton

by Nellie Day December 23, 2015

FULLERTON, CALIF. — Evans Senior Investments has arranged the sale of Sunnycrest, a private-pay assisted living community in Fullerton in northern Orange County, for $37 million. The community was recently remodeled and includes 130 units, resulting in a price per unit of $284,615. The buyer and seller were not disclosed. Orange County experienced 45 percent growth in the 85+ age demographic between 2000 and 2010, according to the U.S. census. Evans Senior Investments is an investment-banking firm exclusively serving the seniors housing industry.

December 23, 2015

California Industrial Western

Extra Space Storage Buys 1,300-Unit Facility in San Diego for $9.5M

by Nellie Day December 23, 2015

SAN DIEGO — Extra Space Storage has purchased the 1,300-unit Del Sol Self Storage in San Diego for $9.5 million. The space is located at 3055 Del St. The property features nearly 60,000 square feet of self-storage space, as well as 73 RV and boat storage spaces. The seller was M4 Management. Stephen Grossman of NAI Capital executed the transaction.

December 23, 2015

New Jersey Northeast Retail

Advance Realty, Invesco Real Estate Acquire 244,000 SF Retail Portfolio in New Jersey

by Amy Works December 23, 2015

PARAMUS, N.J. — A partnership between Advance Realty and Invesco Real Estate has acquired a four-property, 244,000-square-foot retail portfolio located on Route 17 in Paramus for an undisclosed price. Three of the buildings are situated at 289-315 Route 17 South, while the fourth property is located at 60 Route 17 North. The assets on Route 17 South feature two standalone buildings that are occupied by PGA Tour Superstore and P.C. Richard & Son, while the third property is an older 72,184-square-foot office building that the buyer plans to redevelop. The 60 Route 17 North property is a 74,900-square-foot power center featuring a variety of tenants, including DSW Designer Shoe Warehouse, PetSmart and a 25,000-square-foot Staples store that will be re-tenanted. Christopher Bellapianta of Advance Realty led the joint venture partnership in the acquisition. The name of the seller was not released.

December 23, 2015

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