sales_and_leases

Westmount Realty Capital Sells 1.1M SF Industrial Complex in Charlotte

by John Nelson January 22, 2015

CHARLOTTE, N.C. — Dallas-based Westmount Realty Capital has sold Logistics Pointe/Charlotte, a 1.1 million-square-foot industrial/distribution complex at 2401 Nevada Blvd. and 12520 General Drive in Charlotte. The buyer was a joint venture between LRC Opportunity Fund and New York Life Real Estate Investors. Westmount Realty originally purchased the asset in June 2006, a year after Winn-Dixie filed for Chapter 11 bankruptcy and closed its Southeastern distribution center. The complex includes a 209,316-square-foot freezer building, 191,239 square feet of refrigerated space, a truck maintenance facility, 30,000-square-foot office building and approximately 650,000 square feet of rail-served dry warehouse/distribution space. Among the major tenants are Americold, West Logistics, Otto Environmental Systems, United Natural Foods (Albert’s Organics) and Provide Commerce (Pro Flowers, Shari’s Berries). Chris Norvell, Bill Simerville and Scot Humphrey of Cushman & Wakefield | Thalhimer’s capital markets team, along with Lane Holbert and Eric Ridlehoover of the firm’s Charlotte office, represented Westmount Realty in the transaction.

January 22, 2015

California Office Western

De Haro Place in San Francisco Sells for $92.7M

by Nellie Day January 21, 2015

SAN FRANCISCO — ASB Capital Management has acquired De Haro Place, a 138,430-square-foot creative office building in San Francisco, for $92.7 million. The building is located at 488 De Haro Street in the South of Market (SoMa) neighborhood. De Haro Place was originally built in 1927. The Class A building was completely transformed and renovated in 2013 to create a work environment that targeted technology and creative users. The seller, Ares Management, was represented by DTZ’s Robert Gilley and Steve Hermann.

January 21, 2015

California Multifamily Western

Condominium Development in Downtown LA Receives $77M in Financing

by Nellie Day January 21, 2015

LOS ANGELES — A new condominium project in Downtown Los Angeles has received $77 million in financing. The 151-unit community will be located at 1050 S. Grand. This will be the first new condominium tower development in Downtown in more than seven years, according to the developer, JLL’s Capital Markets team, which secured the financing. The property is being developed by Trumark Urban. The tower will also feature seven levels of parking and 5,672 square feet of ground floor retail space. The non-recourse construction financing was arranged by JLL’s John Manning, Chris Casey, Reid McGlamery and Alex Witt. It was provided by PCCP. This is the fourth major closing from JLL on behalf of Trumark, totaling $460 million of placed capital over the past two years.

January 21, 2015

California Retail Western

Breeze Hill Commercial Center in Vista Sells for $10.2M

by Nellie Day January 21, 2015

SAN DIEGO – Breeze Hill Commercial Center, a 17,855-square-foot retail center in Vista, has sold to Gershman Properties for $10.2 million. The center is located at 620 Hacienda Drive and 251 S. Melrose Drive. It is fully occupied by eight tenants, including Starbucks, FedEx, Jersey Mike’s, Rubio’s, Pick Up Stix, Nutrition Zone and Ohana Hawaiian BBQ. The 1031 exchange buyer was represented by David Lachoff of Newmark Knight Grubb Frank. The seller, Breeze Hill Commercial Center, was represented by Rick Chichester and Nicholas Coo of Faris Lee Investments.

January 21, 2015

Multifamily New York Northeast

Ariel Property Advisors Brokers Sale of Bronx Development Site for $4.13M

by Amy Works January 21, 2015

NEW YORK CITY — Ariel Property Advisors has brokered the $4.13 million sale of a development site, located at 3084 Webster Ave. and 410-414 East 203rd St. in the Norwood section of the Bronx. The site is zoned for 93,000 buildable square feet as of right, and approximately 124,000 buildable square feet with inclusionary housing. The buyer, Stagg Group, plans to develop a residential rental building on the site. Victor Sozio, Shimon Shkury, Scot Hirschfield and Jason Gold of Ariel Property Advisors represented the seller, a developer and multifamily operator, and procured the buyer in the deal.

January 21, 2015

Sun Lake Apartments Lake Mary Florida CBRE

Florida Multifamily Southeast

CBRE Brokers $66.3M Sale of Luxury Apartment Community in Metro Orlando

by John Nelson January 21, 2015

LAKE MARY, FLA. — CBRE Capital Markets has brokered the $66.3 million sale of Sun Lake Apartment Homes, a 600-unit luxury apartment community located at 420 Sun Lake Circle in Lake Mary, a northern suburb of Orlando. Ecoventures Capital Fund LLC purchased the asset from Harbor Group International (HGI). An affiliate of HGI bought the apartment community in 2012. Sun Lake features a clubhouse with a fitness center and business center, as well as lakefront access that allows residents to fish, kayak and paddle board. The apartment community was built in 1988 and was 96 percent occupied at the time of sale. Shelton Granade, Luke Wickham and Justin Basquil of CBRE Capital Markets represented HGI in the transaction.

January 21, 2015

California Multifamily Western

Santa Monica Apartment Building Sells for $6M

by Nellie Day January 20, 2015

SANTA MONICA, CALIF. – A 16-unit apartment building in Santa Monica has sold to Unison Investment Company for $6 million. The community is located at 1901 6th Street. It was built in 1969. Unison was represented by John Chu of New Life Properties. The seller, 1626 North Fuller LLC, was represented by Kimberly Roberts Stepp of Charles Dunn Company.

January 20, 2015

Industrial Texas

M&M Arranges Sale of Self-Storage Facility in Metro Houston

by Haisten Willis January 20, 2015

PEARLAND, TEXAS — Marcus & Millichap has arranged the sale of Pearland Boat & RV Storage, a 97,560-square-foot self-storage facility located in Pearland. Dave Knobler and Justin Miller of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a Houston-based private investor. Roger Hendricks of the firm’s Dallas office represented the buyer, a limited liability company. Pearland Boat & RV Storage is located at 3600 Old Chocolate Bayou.

January 20, 2015

Industrial New Jersey Northeast

Bridge Development Acquires 18.03 Acres for Industrial Development in New Jersey

by Amy Works January 20, 2015

UNION, N.J. — Bridge Development has acquired 18.03 acres of land in Union for the development of a Class A institutional-quality industrial building. Industrial Realty Group sold the property for an undisclosed price. The site was originally developed in the 1920s as a milk processing plant operated by Tuscan and Lehigh dairies, but operations at the property ceased in 2006. Bridge Development plans to demolish the existing buildings and develop a speculative 263,415-square-foot industrial building with 36-foot clear ceiling heights. The facility, which will accommodate two tenants, will feature precast concrete construction, ESFR sprinkler systems, T-5 lighting, 50 docks, 55-foot column spacing, 66-foot staging bay at the loading dock and 111 trailer positions. The facility is slated for completion by November.

January 20, 2015

Georgia Multifamily Southeast

Atlantic|Pacific Cos. Acquires Four Apartment Communities in Metro Atlanta

by John Nelson January 20, 2015

ATLANTA — Miami-based Atlantic|Pacific Cos. has acquired four Class A multifamily communities in metro Atlanta. The properties include the 246-unit Carrington Green located at 745 Highway 42 S. in McDonough; the 297-unit Villas at Southpoint located at 1690 Highway 20 W. in McDonough; the 332-unit Harris Bridge Overlook located at 1175 Old Harris Road in Dallas; and the 300-unit Shiloh Valley Overlook located at 2100 Shiloh Valley Drive N.W. in Kennesaw. Atlantic|Pacific plans to make capital improvements to the four communities, including interior upgrades and common area improvements. Atlantic | Pacific Management, the property leasing and management platform under Atlantic|Pacific Cos., will handle all property management responsibilities for all properties. The acquisition of these four properties brings Atlantic|Pacific’s holdings in metro Atlanta to 10 communities totaling more than 2,600 units.

January 20, 2015

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