sales_and_leases

Chai LP Buys Industrial Building in San Francisco for $14.2M

by Nellie Day December 14, 2015

SAN FRANCISCO — Chai LP has purchased a 34,400-square-foot industrial building in San Francisco for $14.2 million. The building is located at 2650 18th St. in the city’s Mission District. Weston Wear previously occupied the space, though Zesty just signed a new lease. Zesty is a catering company that delivers, sets up and serves restaurant-made meals to businesses throughout San Francisco. Weston Wear has relocated to 389 Oyster Point where it now occupies approximately 12,000 square feet. Jason James of TRI Commercial/CORFAC International represented Weston Wear, Zesty and the building’s seller in all transactions.

December 14, 2015

California Retail Western

Marcus & Millichap Arranges $10.9M Sale of Retail Property in Fullerton

by Nellie Day December 14, 2015

FULLERTON, CALIF. — Marcus & Millichap has brokered the sale of a retail property located at 101 N. Harbor Blvd. in Fullerton for $10.9 million, or $858 per square foot. Bolü Bakery & Café, Salon Technique and Fuoco Pizzeria Napoletana occupy the 12,765-square-foot, absolute-net leased property. It was built in 1956 and refurbished with an extensive rebuild and retrofit in 2010. Paul Bitoni of Marcus & Millichap’s Newport Beach, Calif., office represented the seller, a local developer, in the transaction. The name of the buyer was not released.

December 14, 2015

Office Southeast Virginia

Columbia Property Trust Sells Office Property in Suburban Virginia for $65M

by John Nelson December 14, 2015

RESTON, VA. — Columbia Property Trust has sold a 244,565-square-foot office property in Reston, a Virginia suburb of Washington, D.C., for $65 million. The Class A office building is located at 1881 Campus Commons. Columbia Property Trust sold the office property to a real estate advisor based in Boston. Columbia Property Trust acquired the office building as part of a portfolio in January 2015 and since has increased the property’s occupancy from 79 percent to 91 percent. Columbia Property Trust, a publicly traded REIT, has a roughly $5 billion portfolio spanning 27 office properties in San Francisco, New York and Washington, D.C.

December 14, 2015

Midwest Ohio Retail

Cooper Commercial Arranges $2.3M Sale of 116,843 SF Retail Center In Akron, Ohio

by Christina Cannon December 14, 2015

AKRON, OHIO — The Cooper Commercial Investment Group has arranged the $2.3 million sale of Chapel Hill Crossing, a 116,843-square-foot retail center in Akron. Tenants at Chapel Hill Crossing, located about 40 miles south of Cleveland, include Gold’s Gym and Roses Discount Store. Bob Havasi and Dan Cooper of Copper Commercial represented the seller in the transaction, a large institutional group based in Tennessee. The undisclosed private investment buyer is based in Texas.

December 14, 2015

Multifamily Texas

M&M Arranges Sale of 134-Unit Apartment Building in Irving

by Haisten Willis December 11, 2015

IRVING, TEXAS — Marcus & Millichap has arranged the sale of Villa France, a 134-unit apartment property located in Irving. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office represented the seller, a limited liability company. Fluellen and Hoover also procured the buyer, a partnership. Villa France is located at 1831 W. Pioneer Drive. Built in 1970, the asset is situated on 5.2 acres. The unit mix of Villa France includes 24 one-bedroom/one-bath, 22 one-bedroom/one-and-one-half-bath, 20 two-bedroom/one-bath, 63 two-bedroom/two-bath and five three-bedroom/one-bath units.

December 11, 2015

California Retail Western

Hanley Investment Completes $2.4M Ground Lease Sale in Palm Desert

by Nellie Day December 11, 2015

PALM DESERT, CALIF. — Hanley Investment Group has arranged the sale of a single-tenant Bank of America corporate ground lease in Palm Desert. Los Angeles-based Sariel Investments LLC purchased the asset from Irvine, Calif.-based Passco Washington Square for $2.4 million. Built in 2015, Bank of America occupies a 3,515-square-foot building located at 39355 Washington St. Bill Asher and Ed Hanley of Hanley Investment Group represented the seller and buyer in the transaction.

December 11, 2015

Industrial Northeast Pennsylvania

Stream Capital Partners Arranges $13.2M Sale Leaseback for Markel Corp. in Pennsylvania

by Amy Works December 11, 2015

PLYMOUTH MEETING, PA. — Stream Capital Partners has brokered the $13.2 million sale-leaseback of Markel Corp.’s corporate headquarters. Located in Plymouth Meeting, the 166,667-square-foot industrial/flex building has served as Markel’s headquarters for more than 40 years. Markel is leasing the building back on a long-term absolute triple-net lease with periodic rental increases and multiple renewal options from the buyer, a private industrial group based in the Midwest. Jonathan Wolfe and Jordan Shtulman of Stream Capital represented the seller, Markel Corp., in the transaction.

December 11, 2015

Illinois Loans Midwest Office

HFF Brokers $168.2M Sale of Office Building in Chicago

by Christina Cannon December 11, 2015

CHICAGO — Holliday Fenoglio Fowler (HFF) has arranged the $168.2 million sale of an office building in Chicago’s West Loop. 200 West Adams is a 32-story, LEED Gold-certified building that spans 683,730 square feet. Sterling Equities and Lincoln Property Co. sold the asset to Gerding Edlen. The buyer also secured a $133.9 million acquisition loan through AEW Capital Management LP. The floating-rate loan is for a period of three years. 200 West Adams is located at the northwest corner of Adams and Wells Streets and was built in 1985. The building is 91 percent occupied by tenants such as the Government Services Administration, BMO Harris Bank and law firm Lowis & Gellen. The retail space on the lobby level is leased to Starbucks, Walgreens and Au Bon Pain. Jeff Bramson and Jaime Fink of HFF represented the seller in the transaction. Tim Joyce of HFF originated the loan.

December 11, 2015

Arizona Multifamily Western

West Glen Apartments in Phoenix Sells for $2.7M

by Nellie Day December 10, 2015

PHOENIX — Yotam Shochat at NOY Investments LLC has purchased the 38-unit West Glen apartment complex in Phoenix for $2.7 million. The community is located at 911 and 917 W. Glendale Ave. It was built in three phases in 1954, 1959 and 1963. Zack Mishkin of Orion Investment Real Estate represented the buyer. Bill Hahn of Colliers HSK Multifamily represented the seller, Cal DeSouza at Sonoma West Villas LLLP.

December 10, 2015

Maine Multifamily Northeast

CBRE Negotiates $50.2M Sale of Three-Property Multifamily Portfolio in Maine

by Amy Works December 10, 2015

PORTLAND AND SCARBOROUGH, MAINE — CBRE/New England and CBRE – The Boulos Company has arranged the sale of the Casco Bay Portfolio, a three-property multifamily portfolio located in Portland and Scarborough. An affiliate of Chestnut Realty Management acquired the assets from an affiliate of Resource Real Estate for $50.2 million. The 309-unit portfolio includes the 115-unit Tamarlane Apartments in Portland; the 104-unit Foxcroft Apartments in Scarborough; and the 90-townhome Coach Lantern Apartments in Scarborough. Simon Butler and Biria St. John of CBRE/NE, along with Joe Porta of CBRE – The Boulos Company, represented the seller and procured the buyer in the transaction.

December 10, 2015

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