sales_and_leases

TownCentre Commons Apartments in Brentwood Sell for $26.4M

by Nellie Day September 4, 2015

LOS ANGELES — The ConAm Group has acquired the 137-unit TownCentre Commons apartments in the Los Angeles submarket of Brentwood for $26.4 million. The community is located at 1275 Central Blvd. TownCentre Commons is currently 98.5 percent leased. ConAm plans to implement a series of interior and exterior upgrades at the property, including the common area amenities. Seth Siegel and Jason Parr of Cushman & Wakefield represented both ConAm and the seller, Ridge Capital Investors, in this transaction.

September 4, 2015

California Retail Western

Landmark Buys Bancroft Center Near UC Berkeley for $18.5M

by Nellie Day September 4, 2015

BERKELEY, CALIF. — Landmark Properties has acquired The Bancroft Center, a mixed-use site that sits adjacent to UC Berkeley, for $18.5 million. The property is located at 2580 Bancroft Way. The center currently houses nine retail tenants. It also contains the Fred Turner Building, a city-designated landmark that will be preserved in any future development. Frank Wheeler, Brandon Geraldo, Tony Crossley and Tim Maas of Colliers represented the seller, Bancroft Center Company.

September 4, 2015

Colorado Office Western

Laramie Energy Company Subleases Space in Downtown Denver

by Nellie Day September 4, 2015

DENVER — Laramie Energy Company has subleased 19,592 square feet of office space in downtown Denver. The space is located at the former offices of Pioneer Natural Resources Company in the Lower Downtown (LoDo) district. The address is 1401 17th St. Laramie Energy has outgrown its space at nearby Writer Square. CBRE’s Greg Holm represented the natural gas exploration and production company.

September 4, 2015

Multifamily New Jersey Northeast

Gebroe-Hammer Associates Arranges Four Multifamily Sales in New Jersey

by Amy Works September 3, 2015

IRVINGTON, MONTCLAIR AND EAST ORANGE, N.J. — Gebroe-Hammer Associates has arranged the sales of four multifamily properties, totaling 176 units, across Essex County, N.J. The Livingston-based firm represented the sellers, private investors, in each transaction. In the first transaction, David Oropeza of Gebroe-Hammer arranged the $5.6 million sale of a two-property multifamily package in Irvington. Located at 336 and 505-515 Stuyvesant Ave., the six-building portfolio features 120 units, on-premise parking, garages, on-site laundry and balconies. Oropeza represented the seller and secured the buyer in the deal. Also in Irvington, David Jarvis of Gebroe-Hammer brokered the sale of a three-story walk-up at 649 Chancellor Ave. The property features 14 renovated studio apartments and two ground-floor retail units. Terms of the sale, including buyer, seller and price, were not released. In the third transaction, a two-building portfolio, located at 97 and 101 Pine St. in Montclair, sold for $4 million. The 28-unit portfolio features a mix of studio, one- and two-bedroom floor plans with modern kitchen and baths, as well as hardwood flooring. Ken Uranowitz and Nicholas Nicolaou of Gebroe-Hammer handled the transaction. The names of the seller and buyer were not disclosed. In the final transaction, Oropeza and Jarvis negotiated the …

September 3, 2015

Florida Office Southeast

CBRE Brokers $111M Sale of Suburban Office Park in Tampa

by John Nelson September 3, 2015

TAMPA, FLA. — CBRE has arranged the $111 million sale of a portfolio of five Class A office properties within Highland Oaks office park in Tampa. The properties total 575,852 square feet and include Highland Oaks I, Highland Oaks II, Highland Oaks III, Highland Oaks IV and Highland Oaks V. Located off of I-75 one exit south of the I-4 interchange, Highland Oaks comprises eight office buildings totaling 1 million square feet and a 150-room Hilton Garden Inn hotel. The other three office properties in Highland Oaks are owned by J.P. Morgan Chase. Originally developed by Duke Realty between 1999 and 2008, the portfolio was 96 percent leased at the time of sale to 46 tenants, including Cognizant, McDonald’s, Mosaic, ConAgra, J.M. Smucker Co., First American Title and John Deere. Dale Peterson, Christian Lee, Amy Julian, Charles Foschini, Jose Lobon and Chris Apone of CBRE represented the undisclosed seller in the transaction. The buyer was undisclosed, but industry sources are saying Prudential Real Estate Investors acquired the portfolio.

September 3, 2015

California Multifamily Western

Sienna Springs Apartments in Phoenix Sells for $20.5M

by Nellie Day September 3, 2015

PHOENIX — Liv Biltmore LLC has acquired the 395-unit Sienna Springs apartment complex in Phoenix for $20.5 million. The Class B community is located at 5120 N. 16th St. It was built in 1973 and renovated in 2006. The seller was P.B. Bell. Brad and Cindy Cooke of Colliers International executed the transaction

September 3, 2015

California Industrial Western

LA Opera Leases Industrial/Flex Space in Downtown Los Angeles

by Nellie Day September 3, 2015

LOS ANGELES — The LA Opera has leased a 27,500-square-foot industrial/flex building in downtown Los Angeles. The opera production organization will use the space as a costume design shop. It is located at 1655 E. 14th St. The company will relocate from the nearby Arts District. The 10-year lease is valued at $4.6 million. Chris Steck, Chris Giordano and John Anthony of Charles Dunn Company represented LA Opera. Major Properties represented the landlord, Danjon Realty.

September 3, 2015

Arizona Office Western

Granite Acquires Office Tower in Phoenix for $9.8M

by Nellie Day September 3, 2015

PHOENIX — Granite Investment Group has purchased a 104,016-square-foot office tower in Phoenix for $9.8 million. The 14-story property is located at 2828 N. Central Ave. It recently underwent a renovation. The building is currently 53 percent occupied. DTZ’s Bob Buckley, Tracy Cartledge, Steve Lindley, Ben Geelan, Mark Stratz and Scott Baumgarten represented the seller, Ironline.

September 3, 2015

Illinois Midwest Retail

11,904 SF Retail Center Sells for $6.1M in Matteson, Ill.

by Amy Works September 2, 2015

MATTESON, ILL. — The Starbucks | T-Mobile Center in Matteson has sold for $6.1 million to an undisclosed buyer. Located at 4800 211th St., the 11,904-square-foot property was constructed in 2014. The property consists of a 4,504-square-foot stand-alone Sleepy’s mattress store and a three-tenant strip center, which is fully occupied by Starbucks Coffee, T-Mobile and Giordano’s Pizza. Austin Weisenbeck and Sean Sharko of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a limited liability company, in the transaction.

September 2, 2015

Connecticut Multifamily Northeast

Chozick Realty Brokers $7.5M Sale of Connecticut Apartment Complex

by Amy Works September 2, 2015

FARMINGTON, CONN. — Chozick Realty Inc. has arranged the sale of Centennial Inn Apartments, located on Spring Lane in Farmington. Mystic Properties Management acquired the property for $7.5 million from Centennial Inns Inc. Originally built in 1987 as a 112-suite extended-stay hotel, 56 of the units were converted to full-time apartment use in 2010, while the remaining suites operate as extended-stay use. The buyer plans to convert the remaining hotel portion into full-time apartment occupancy. At the time of sale the apartment portion was fully occupied, with a waiting list. Rick Chozick of Chozick Realty’s Hartford, Conn., office represented the seller and procured the buyer in the transaction.

September 2, 2015

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