sales_and_leases

Dalan Management, RWN Real Estate Partners Buy Mixed-Use Property for $14.6M

by Amy Works May 15, 2015

NEW YORK CITY — Dalan Management has partnered with RWN Real Estate Partners to acquire a mixed-use property located at 235 Elizabeth St. in New York City’s Nolita district. Gordon Chin, who owned the property with his family since 1987, sold the property for $14.6 million, or approximately $800 per square foot. The six-story, 18,081-square-foot property features 27 residential apartments and three retail spaces. Daniel Altman of Belkin Burden Wenig and Goldman LLP provided legal counsel for the buyer in the transaction, which was brokered by George Solano of City Limits.

May 15, 2015

Colorado Retail Western

Lincoln Meadows Near Denver Sells for $2.1M

by Nellie Day May 14, 2015

DENVER – Lincoln Meadows, a 10,010-square-foot retail property in the Denver submarket of Parker, has sold to Prime Management LLC for $2.1 million. The center is located at 18366 Lincoln Ave. The four-tenant community shopping center is part of a retail development anchored by Lowe’s. Its current tenants include Sports Clips, Jersey Mike’s, Opa Grill and Pho Vy. Cory Gross of Marcus & Millichap’s Denver office represented both the buyer and the seller, Lee & Park, in this transaction.

May 14, 2015

New Jersey Northeast Office

Cushman & Wakefield Brokers $80M Sale of Three-Property Office Portfolio

by Amy Works May 14, 2015

MORRISTOWN AND MORRIS TOWNSHIP, N.J. — Cushman & Wakefield has brokered the sale of a three-property office portfolio in Morris County, N.J. East Rutherford, N.J.-based Lincoln Equities purchased the 410,000-square-foot portfolio sold for $80 million, or $195 per square foot, from Edison, N.J.-based Alfieri LLC. The portfolio includes the 106,000-square-foot Harding Plaza located at 1200 Mt. Kemble Ave. in Morristown; the 151,400-square-foot 100 Southgate Parkway in Morris Township; and the 151,000-square-foot Patriot’s Plaza at 60 Columbia Turnpike in Morristown. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt of Cushman & Wakefield represented the seller, while the buyer had in-house representation during the transaction.

May 14, 2015

Alabama Retail Southeast

Marcus & Millichap Brokers $16M Sale of Shopping Center in Huntsville

by John Nelson May 14, 2015

HUNTSVILLE, ALA. — Marcus & Millichap has brokered the $16 million sale of University Place, a 168,212-square-foot shopping center located at 6125 University Drive in Huntsville. The center was 37 percent leased at the time of sale to tenants such as 88 Kitchen, United States Armed Forces, Cheddar’s Casual Café, Panda Express, Phil’s Restaurant and Zaxby’s. The anchor tenant, Burlington Coat Factory, was not part of the sale. Joseph French Jr., Schuyler Boylan and Eddie Greenhalgh of Marcus & Millichap represented the seller, a private firm based in New York. The buyer is a private investment firm based in Canada.

May 14, 2015

Retail Texas

Inland Purchases Green Tree Shopping Center in Metro Houston

by Haisten Willis May 13, 2015

KATY, TEXAS — Inland Real Estate Income Trust Inc. has acquired the 147,658-square-foot Green Tree Shopping Center in Katy. Sharon Anderson-Cox and Matthew Tice of Inland Real Estate Acquisitions arranged the purchase of the property on behalf of Inland Income Trust. Located at 231 S. Fry Road, Green Tree Shopping Center is 99.1 percent leased to tenants including T.J. Maxx, PetSmart, Ulta and Party City. The property is shadow-anchored by a Target.

May 13, 2015

Hospitality Massachusetts Northeast

Moody National REIT I to Acquire Hampton Inn Boston for $57M

by Amy Works May 13, 2015

BOSTON — Moody National REIT I Inc. has entered into a contract to acquire Hampton Inn Boston for an aggregate purchase price of $57 million, excluding acquisition costs. The 227-room hotel is located within close proximity to Boston Logan International Airport and five miles from downtown Boston. The acquisition of the hotel is subject to substantial conditions to closing.

May 13, 2015

Florida Mixed-Use Office Retail Southeast

Prudential Real Estate Investors Purchases The Mercato in Naples

by John Nelson May 13, 2015

NAPLES, FLA. — Prudential Real Estate Investors (PREI) has purchased the office and retail portion of The Mercato, a 456,359-square-foot mixed-use development in Naples, on behalf of institutional investors. The terms of the transaction were not disclosed. Mercato’s retail portion is anchored by Whole Foods Market, Nordstrom Rack, a 12-screen Silverspot Theatre, The Capital Grille, McCormick & Schmick’s, Sur La Table and The Paper Source. The office portion is leased to tenants such as Wells Fargo, Bank of America, Merrill Lynch and regional law and financial service firms. PREI has retained Madison Marquette to manage and lease the office and retail portions of Mercato. Daniel Finkle, Manuel De Zárraga, Luis Castillo and Kim Flores of HFF marketed The Mercato on behalf of the seller, a partnership between Madison Marquette, Barron Collier Cos. and The Lutgert Cos. In late November 2013, GE Capital Real Estate provided a $145 million refinance for The Mercato.

May 13, 2015

California Hospitality Western

DiNapoli Buys Marriott City Center in Downtown Oakland

by Nellie Day May 13, 2015

OAKLAND, CALIF. — DiNapoli Capital Partners has acquired the 489-room Marriott City Center in downtown Oakland for a reported $84 million. The hotel is located at 1001 Broadway. The property is attached to the Oakland Convention Center. It is one block from a BART station. The seller, CIM Group, renovated the hotel in 2011, modernizing all common areas and guest rooms. It also partnered with the City of Oakland to renovate the hotel and convention center’s combined 89,000 square feet of meeting space. CIM acquired the Oakland Marriott in 2007. It was the company’s first asset in downtown Oakland. The firm currently maintains a Bay Area portfolio of about 3 million square feet of Class A space. CIM has disposed of a total of 570 residential units, 908 hotel rooms and about 1,420,000 square feet of retail space, including this latest sale, since the beginning of the year.

May 13, 2015

Arizona Multifamily Western

Stone Canyon Apartment Complex in Mesa Sells for $47M

by Nellie Day May 13, 2015

MESA, ARIZ. — The 392-unit Stone Canyon apartments in Mesa has sold to Olen Residential Realty Corp. for $47 million. The community is located at 5210 E. Hampton Ave. Stone Canyon was built in 2000. Community amenities include two resort-style pools, a fitness center, clubhouse and resident lounge, outdoor fire pit with cushioned seating, barbecue grilling stations with entertainment areas, nine-hole putting green, an outdoor water feature, mountain views and gated entrance. Notable employers near the complex include Banner Gateway Hospital, Banner Baywood Hospital and the Boeing Company. Stone Canyon is situated near US-60. The sellers, a group of tenant-in-common co-owners, were represented by CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch. The co-owners were supported throughout their hold period and the sales process by National Asset Services.

May 13, 2015

California Multifamily Western

Kennedy Wilson Buys Montiavo at Bradley Square Near Santa Barbara

by Nellie Day May 13, 2015

SANTA BARBARA, CALIF. — Kennedy Wilson has acquired the 208-unit Montiavo at Bradley Square apartment complex in the Santa Barbara submarket of Santa Maria for $47 million. The community is located at 2460 S. Rubel Way in the master-planned community of Bradley Square. Montiavo offers two- and three-bedroom townhome-style units. Common-area amenities include a grand lobby, fitness center, pool and sundeck, business center and a clubhouse/lounge. The community was built in 2004. Kennedy Wilson will implement a strategic interior renovation plan. The seller, AEW Capital Management/Holland Partners, was represented by Ron Harris, Greg Harris, Kevin Green, Joseph Grabiec, Paul Darrow and Michael DiSimone of Institutional Property Advisors.

May 13, 2015

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