sales_and_leases

Broadway 152 LLC Purchases 69,876 SF Mixed-Use Property in Manhattan for $27M

by Amy Works April 7, 2015

NEW YORK CITY — Institutional Property Advisors (IPA) has brokered the sale of a mixed-use property located at 3671 Broadway in Manhattan’s Hamilton Heights neighborhood. Broadway 152 LLC purchased the 69,876-square-foot property from G-Way Management LLC for $27 million, or $386 per square foot. Built in 1908, the six-story building features 48 residential units and six ground-level retail spaces. The apartments feature hardwood floors, stainless steel appliances, granite countertops, exposed brick walls and recessed lighting. Peter Von Der Ahe, Scott Edelstein, Joe Koicim, Seth Glasser and Rafi Moskowitz of IPA, a division of Marcus & Millichap, represented the seller in the transaction.

April 7, 2015

California Multifamily Western

Park Laurel Apartments in San Mateo Trades for $10.3M

by Nellie Day April 7, 2015

SAN MATEO, CALIF. – The 26-unit Park Laurel Apartments in San Mateo has sold to MNM Partners LLC for $10.3 million. The community is located at 710 Laurel Ave. It was built in 1959. The seller, the Brenner Family Partnership, was represented by Ted Kokernak of Marcus & Millichap’s Palo Alto office.

April 7, 2015

Arizona Industrial Western

Longust Distribution Center in Mesa Sells for $6.5M

by Nellie Day April 7, 2015

MESA, ARIZ. – Longust Distribution Center, an 81,436-square-foot industrial property in Mesa, has sold to Industrial Property Trust for $6.5 million. The center is located at 2432 W. Birchwood Ave. The institutional-quality warehouse/distribution building is fully occupied by Longust Distributing. Both the buyer and seller, 2432 Birchwood Associates, LLC, an affiliate of EverWest Real Estate Partners, were represented by DTZ’s Will Strong, Andy Markham and Mike Haenel.

April 7, 2015

Arizona Retail Western

The Pizza Studio Opens Second Location in Phoenix

by Nellie Day April 7, 2015

PHOENIX – The Pizza Studio has opened a 2,111-square-foot location in Phoenix. This is the restaurant’s second location in the valley and fourth in Arizona. It is located at 2375 E. Camelback Road. The landlord, Hines, was represented by DTZ’s Brent Mallonee.

April 7, 2015

California Office Western

Sorrento Mesa Office Campus in San Diego Sells for $85.5M

by Nellie Day April 7, 2015

SAN DIEGO — Invesco Real Estate and Cruzan have acquired a 311,305-square-foot office campus in the Sorrento Mesa submarket of San Diego for $85.5 million. The two-building campus is located at 6450 Sequence Drive. Amenities at the campus include secured lobbies, a cafeteria, gym, showers, basketball and volleyball courts, and several patios that serve as outdoor lounge and dining areas. Cruzan plans to renovate the campus. Renovations will include a contemporary café, a fully integrated fitness center, an outside amphitheater, and new passive and active spaces. The buyers represented themselves in this transaction. The seller, a publicly traded company, was represented by CBRE’s Louay Alsadek, Justin Parsonnet, Hunter Rowe, Chris Pascale and Mike Hoeck. Mark McGovern and Scott Peterson of CBRE Debt & Structured Finance secured a $70-million, four-year, variable rate loan for the buyers. It was provided by Cornerstone RE Advisors.

April 7, 2015

Multifamily Texas

Greysteel Arranges Sale of Apartment Complex in Metro Dallas

by Haisten Willis April 6, 2015

EULESS, TEXAS — The Greysteel Co., a Washington, D.C.-based real estate investment services firm, has arranged the sale of Royal Terrace, a 120-unit apartment community located at 306 Martha St. in Euless. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel represented the Copperstream Investments LLC in the sale of Royal Terrace to the buyer, Amar Patel. Royal Terrace offers access to both Dallas and Fort Worth via Highway 183 (Airport Freeway) and Highway 360. The property has undergone recent improvements including new electrical room panels and wiring, new shingle mansards and exterior paint.

April 6, 2015

California Retail Western

Pacific Beach Retail Portfolio Sells for $4.6M

by Nellie Day April 6, 2015

SAN DIEGO – A 9,157-square-foot retail portfolio in the San Diego submarket of Pacific Beach has sold to Dayani Partners for $4.6 million. The property is located at 1036-1038, 1757-1765 and 1775 Garnet. It includes five bungalows adjacent to the PB Fish Shop and an additional parcel several blocks to the west. Kipp Gstettenbauer and Ryan King represented both the buyer and seller in this transaction.

April 6, 2015

California Office Western

Admiral Capital Group Sells Santa Clara Office Building

by Nellie Day April 6, 2015

SANTA CLARA, CALIF. – Admiral Capital Group has sold a 74,276-square-foot office property in Santa Clara for an undisclosed sum. The buyer was not named. The building is located at 4500 Great America Parkway. It was built in 1983. Admiral’s joint venture partner in this transaction was South Bay Development Company.

April 6, 2015

Arizona Industrial Western

Phoenix Industrial Property Sells for $3.1M

by Nellie Day April 6, 2015

PHOENIX – A 61,729-square-foot industrial building in Phoenix has sold to MLCY Investment for $3.1 million. The property is located at 3000 E. Chambers Street. It was built in 1987. The space was previously occupied by Fluoresco. The seller, WE Valoroso Holding Corporation, was represented by DTZ’s Paul Boyle, Rick Danis and Pete Klees. The firm’s Andy Cloud represented the buyer.

April 6, 2015

New Jersey Northeast Retail

Marcus & Millichap Arranges $7.5M Sale of New Jersey Retail Property

by Amy Works April 6, 2015

CRANFORD, N.J. — Marcus & Millichap has brokered the sale of Cranford Square, a retail property located on South Avenue in Cranford. Situated on 2.2 acres, the two-building asset features 34,573 square feet of retail space. Michael Lombardi, Robert Angus and Julienne Pape of Marcus & Millichap represented the seller, a private investor, while Lombardi and Angus represented the undisclosed buyer in the transaction.

April 6, 2015

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