sales_and_leases

Verandah Publix Super Markets Fort Myers

Continental Realty Sells Shopping Center in Fort Myers for $14.4M

by John Nelson February 3, 2015

FORT MYERS, FLA. — Baltimore-based Continental Realty Corp. (CRC) has sold The Shops at Verandah, a 72,795-square-foot shopping center located at 11961 Palm Beach Blvd. in Fort Myers for $14.4 million. The Shops at Verandah was 98 percent leased to tenants such as Advance America, Principal Life Insurance, Subway, Pizza Hut, H&R Block, Beef O’Brady’s and Allstate. CRC sold the Publix-anchored shopping center to Publix Supermarkets Inc. Jim Michalak and Mike Cvetetic of Plaza Advisors represented CRC in the transaction. The Shops at Verandah was built in 2005 as part of Verandah, a 1,500-acre premier master-planned community that includes two 18-hole golf courses designed by Bob Cupp and Jack Nicklaus.

February 3, 2015

Mixed-Use New York Northeast

Eastern Consolidated Arranges $20M Sale of Commercial Loft Building in NYC

by Amy Works February 2, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of a commercial loft building located at 34 West 17th St. in New York City’s Flatiron District. Extell Development sold the 25,000-square-foot property for $20 million to Atkins & Breskin Co. The 10-story, pre-war building features ground-level and basement retail components. Additionally, the currently vacant property is zoned for residential, office, retail or mixed-use development. Ronald Solarz, Chris Matousek and Michael Levine represented the seller and procured the buyer in the deal.

February 2, 2015

Office Southeast Virginia

American Real Estate Partners, Square Mile Capital Buy Reston International Center for $35M

by John Nelson February 2, 2015

RESTON, VA. — American Real Estate Partners and funds managed by Square Mile Capital Management LLC have formed a joint venture to acquire Reston International Center for $35 million. The property is a 15-story, 179,000-square-foot office building located at 11800 Sunrise Valley Drive in Reston. The office tower is located within the mixed-use Reston Heights development and is within walking distance of the planned Reston Parkway Silver Line Metrorail station. Upon completion, Reston Heights will contain approximately 400 multifamily units and 95,000 square feet of retail space in addition to the office building. The joint venture partners are planning a $10 million renovation of Reston International Center, including the addition of a three-and-a-half story parking deck, and will fully renovate the lobby and building common areas. The Reston International Center acquisition is American Real Estate Partners’ third investment through its American Real Estate Partners Strategic Office Fund.

February 2, 2015

Multifamily Texas

Dougherty Arranges $3.6M Loan for Apartment Complex in Dallas

by Haisten Willis February 2, 2015

DALLAS — Dougherty Mortgage LLC has arranged a $3.6 million Fannie Mae loan for the refinancing of Oak Hollow Apartments, a 160-unit multifamily affordable housing property located in Dallas. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Dallas office arranged the loan for the borrower Dallas Oak Hollow Apartments Ltd.

February 2, 2015

Arizona Hospitality Western

Holiday Inn Debuts New Hotel in Scottsdale

by Nellie Day February 2, 2015

SCOTTSDALE, ARIZ. – Holiday Inn has debuted the new 117-room Holiday Inn Hotel & Suites Scottsdale North-Airpark. The 75,000 square-foot hotel is located at 14255 N. 87th Street. The property was formerly a Wingate by Wyndham. The new hotel is owned by Northsight Hospitality and managed by Henderson Hospitality Management. The hotel is franchised by an affiliate of IHG.

February 2, 2015

Arizona Retail Western

Metro Commons in Phoenix Sells for $7.7M

by Nellie Day February 2, 2015

PHOENIX – Metro Commons, a 17,755-square-foot retail center in Phoenix, has sold to Roseben MC LLC for $7.7 million. The Class A center is located at 3121 W. Peoria Ave. It is fully leased to tenants like Verizon, Smashburger, the Joint, Potbelly’s, Menchie’s, Mod Pizza and Yogi’s Grill. The seller, an entity formed by Jacor Partners, was represented by CBRE’s Andrew Fosberg, Cam Stanton, Chris Ackel and Molly Busch.

February 2, 2015

California Office Western

Meridian Buys the Atrium Office Building in Pleasanton

by Nellie Day February 2, 2015

PLEASANTON, CALIF. – Meridian Property Company has purchased the Atrium, a 74,000-square-foot office building in Pleasanton, for an undisclosed sum. The building is located at 5776 Stoneridge Mall Road. It was built in 1982. Meridian was represented by Simon Vogt of Lee & Associates-East Bay. The seller, Downtown Properties, was represented by CBRE’s Katherine J. Kelleher.

February 2, 2015

Retail Texas

Disney Arranges Sale of Lake Forest Crossing Shopping Center in Metro Dallas

by Haisten Willis January 30, 2015

MCKINNEY, TEXAS — Disney Investment Group (DIG) has arranged the sale of Lake Forest Crossing in McKinney. Lake Forest Crossing is a 29,897-square-foot shopping center shadow-anchored by Walmart Supercenter and located at the intersection of McKinney Ranch Parkway and Lake Forest Drive. Lake Forest Crossing was developed in 2005 and is in close proximity to Craig Ranch, a 2,200-acre, master-planned community under development. McKinney recently ranked No. 2 on Money Magazine’s “Best Places to Live in America” list. David Disney and Adam Crockett of DIG represented the seller, Los Angeles-based Westwood Financial Corp., in the transaction, and also procured the Texas-based private buyer.

January 30, 2015

Multifamily New York Northeast

Marcus & Millichap Brokers $12.6M Manhattan Apartment Building Sale

by Amy Works January 30, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale an apartment building located at 425-431 West 205th St. in Manhattan’s Inwood neighborhood. The six-story, 72-unit elevator building sold for $12.6 million, or $175,000 per unit. Peter Von Der Ahe, Scott Edelstein, Seth Glasser and Rafi Moskowitz of Marcus & Millichap’s Manhattan office represented the seller, a private individual, and the buyer, a family partnership, in the transaction.

January 30, 2015

California Multifamily Western

Ivanhoé Cambridge, Veritas Buy 11 Multifamily Properties in San Francisco

by Nellie Day January 30, 2015

SAN FRANCISCO — Ivanhoé Cambridge and partner Veritas Investments have acquired 11 multifamily properties in San Francisco for a total of $190 million. These acquisitions are part of Ivanhoé’s ongoing residential property aggregation strategy in San Francisco through the exclusive partnership it created with Veritas in 2014. Though the addresses were not divulged, Ivanhoé says the properties are located “in some of the most favorable neighborhoods in the center of San Francisco, ranging from the traditional exclusive districts of Lower and Upper Nob Hill and Russian Hill, to the trend-setting lifestyle neighborhoods of NOPA, Noe Valley and the Mission.” The partnership now owns 20 properties in San Francisco, for a total of 580 housing units. The initial nine properties the partnership had previously acquired are valued at nearly $50 million. Ivanhoé cites the demand for space among technology and creative companies as the driving force behind its strategy to snatch up multifamily properties in the city’s favorable neighborhoods.

January 30, 2015

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