sales_and_leases

Oceanside Commerce Center Sells for $7.5M

by Nellie Day January 26, 2015

SAN DIEGO – Oceanside Commerce Center, a 70,000-square-foot industrial center in the San Diego submarket of Oceanside, has sold to SR Commercial for $7.5 million. The center is located at 4747, 4749 and 4751 Oceanside Blvd., and 1818 and 1820 Peacock Blvd. The property was 85 percent occupied at the time of purchase. It was built in 1987. SR Commercial plans to immediately enhance the interiors and exterior. The property was acquired as part of a 1031 exchange. It will be held as a long-term cash-flow asset for SR Commercial. The company was represented by Michael Hartel and Joe Winkelmann of Voit Real Estate Services’ Irvine office. The seller, Bob Voit, was represented by Randy LaChance of Voit Real Estate Services’ San Diego office.

January 26, 2015

Arizona Office Western

Phoenix Heart Buys Talavi Building in Mesa

by Nellie Day January 26, 2015

MESA, ARIZ. – Phoenix Heart, the valley’s leading cardiology group, has purchased the Talavi Building in Mesa for $6.2 million. The 35,904-square-foot building is located at 5859 W. Talavi Blvd., within the Talavi Business Park. Phoenix Heart currently occupies half of the building. The remaining space is fully occupied by tenants like Credit Union West, John C. Lincoln and Wallick & Volk. Phoenix Heart was represented by Marcus Muirhead of Colliers International. The seller, Credit Union West, was represented by JLL’s Brian Ackerman.

January 26, 2015

Multifamily New York Northeast

Rosewood Realty Group Brokers $14.8M Sale of Brooklyn Apartment Building

by Amy Works January 26, 2015

NEW YORK CITY — Rosewood Realty Group has arranged the sale of an apartment building located at 2215 Newkirk Ave. in Brooklyn’s Flatbush neighborhood. The 117,564-square-foot property sold for $14.8 million, or 13 times its current rent roll. Built in 1927, the six-story building features 79 apartments. Aaron Jungreis of Rosewood represented the seller, 2215 Properties LLC, and David Berger, also of Rosewood, represented the buyer, Newkirk 2215 LLC, in the transaction.

January 26, 2015

3800 N.E. Miami Court Poltrona Frau Group Miami

Florida Retail Southeast

RKF Brokers $26M Sale of Retail Property in Miami’s Design District

by John Nelson January 26, 2015

MIAMI — RKF has brokered the sale of a 22,248-square-foot retail property located at 3800 N.E. Miami Court in Miami’s Design District. Poltrona Frau Group Miami, a luxury furniture retailer, is the sole tenant of the newly constructed, two-story property. Benjamin Mandell, John Ellis and Marty Arrivo of RKF represented the buyer, Chicago-based L3 Capital LLC, in the transaction. The seller, Tirrenia Developments LLC, was represented in-house.

January 26, 2015

Hospitality Loans New York Northeast

HFF Closes $22.4M Ground Sale/Leaseback, Secures $21M Loan for Holiday Inn Manhattan View

by Amy Works January 23, 2015

NEW YORK CITY — HFF has brokered the $22.4 million sale/leaseback and arranged $21 million in financing for Holiday Inn Manhattan View, a full-service hotel located in Long Island City in Queens. A New York-based private investor purchased the land under the hotel and then leased it back to the seller, Queens Plaza North LLC, for 99 years. HFF secured the fixed-rate loan through Cantor Commercial Real Estate (CCRE for Queens Plaza North LLC. Located at 39-05 29th St., the 16-story, 136-key hotel features a full-service restaurant, lounge with patio space, state-of-the-art fitness center, business center, 800 square feet of meeting space, concierge services, on-site parking and views of Manhattan. Robert Delitsky, KC Patel, Jackie Ferrer and Cindy True of HFF represented the seller in the transaction.

January 23, 2015

California Multifamily Western

Woodmont Cos. Pays Record Price for Casa Roja Apartments in Mill Valley

by Nellie Day January 23, 2015

MILL VALLEY, CALIF. — Woodmont Companies has acquired the 38-unit Casa Roja Apartments in Mill Valley, just 14 miles north of San Francisco. Though the purchase price was not disclosed, the deal set a new record for the price paid per square foot for a multifamily property in Marin County, according to Colliers International, which represented the seller. The sales price equates to about $570 per square foot, while the in-place cap rate was in the low 4 percent range. Casa Roja is located at 396 Pine Hill Road. It is situated just 10 minutes from the Golden Gate Bridge. The community underwent an extensive renovation over the past 18 months. Common-area amenities include a pool terrace and laundry facilities. The seller, Red Island Real Estate LLC, was represented by Ryan Wagner, Brad Lagomarsino and James Devincenti of Colliers International.

January 23, 2015

California Retail Western

Agoura Hills Shopping Center Sells for $5.6M

by Nellie Day January 23, 2015

LOS ANGELES – A 19,481-square-foot retail property in the Los Angeles submarket of Agoura Hills, has sold to GJD Holdings for $5.6 million. The center is located at 29020 Agoura Road. It was built in 1991. The property is part of an even larger 82,226-square-foot retail center. Tenants at the recently sold center include Prime Steakhouse and Teague Pilates. GJD was represented by Rod Delson of NAI Capital’s Westlake Village office. The seller, Agoura Hills Shopping Center Capital LLC, was represented by Ken Simons of the same firm.

January 23, 2015

California Office Western

Mission Bay View Office Building Sells for $3M

by Nellie Day January 23, 2015

SAN DIEGO – An 11,390-square-foot-office building in the San Diego submarket of Mission Bay has sold to JWJ Properties One LLC for $3 million. The two-story building is located at 2437 Morena Blvd. It was recently renovated as creative office space. JWJ was represented by Craig Sanders of C. E. Sanders & Company. The seller, SDH Fund 1, LLC, dba SD Homes, was represented by Marc Posthumus of Colliers International.

January 23, 2015

California Retail Western

Ramon Plaza Near Riverside Sells for $9.1M

by Nellie Day January 22, 2015

RIVERSIDE, CALIF. – Ramon Plaza, a 70,131-square-foot retail property in the Riverside submarket of Cathedral City, has sold to an unnamed buyer for $9.1 million. The property is located at 68100 Ramon Road. It contains three buildings that feature a mix of medical, retail and office uses. The seller, a private investor, was represented by Pablo Rodriguez and Richard Vincent of Marcus & Millichap’s Ontario office.

January 22, 2015

California Multifamily Western

Apartment Building in Orange Sells for $2.9M

by Nellie Day January 22, 2015

ORANGE, CALIF. – A 12-unit apartment building in Orange has sold to Miracle Manor LLC for $2.9 million. The community is located at 323-333 S. Flower Street. It was built in 1977. The seller was a partnership that had owned the property since 1996. The transaction was executed by Berkadia’s Steven C. Brombal, Peter M. Hauser and Shane Shafer.

January 22, 2015

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