sales_and_leases

Accesso Partners Buys 1515 Market Street in Downtown Philly for $85M

by Amy Works December 3, 2014

PHILADELPHIA — Accesso Partners LLC has closed on its $85 million acquisition of 1515 Market Street in downtown Philadelphia. The 20-story, 500,000-square-foot office tower sold for $85 million. The property was sold by a joint venture between Winthrop Realty Trust of Boston and Stockton Real Estate Advisors of Philadelphia. Renovated in 2007, the Class A property is currently 87 percent leased to a variety of tenants, including Temple University; Heffler, Radetich & Saitta; Sweeney & Sheehan; Simon & Simon; Rocco Law; the Commonwealth of Pennsylvania; Citizens Bank; and First Trust Bank. Douglas Rodio and Jim Galbally of Jones Lang LaSalle brokered the transaction. Hallendale Beach, Fla.-based Accesso Partners is formerly known as Beacon Investment Properties.

December 3, 2014

Florida Office Southeast

Highwoods Properties Acquires Lincoln Plaza in Orlando’s CBD for $68.3M

by John Nelson December 3, 2014

ORLANDO, FLA. — Highwoods Properties Inc. has acquired Lincoln Plaza, a 16-story, 246,000-square-foot office building in Orlando’s central business district (CBD). Highwoods Properties’ total investment is expected to be $68.3 million, which is financed through equity, its ATM program and borrowings under its revolving credit facility. Highwoods did not assume any debt in the transaction. The property is currently 82 percent leased and features a fitness center and a café. Including Lincoln Plaza, Highwoods owns 1.5 million square feet of office space in Orlando’s CBD.

December 3, 2014

California Office Western

Maxxam Enterprises Sells Three Western-Based Properties for $100M

by Nellie Day December 3, 2014

BEVERLY HILLS, CALIF. — Maxxam Enterprises has sold three Western-based properties for about $100 million. Two of the assets were part of the firm’s Southern California portfolio, while the third is in Hawaii. The California dispositions include L’Opera Building, a 66,500-square-foot office building in Long Beach, and Arlington Plaza, a 126,000-square-foot neighborhood shopping center in Riverside. Maxxam also sold the Maui Lu resort on the island of Maui. L’Opera Building is known for its historic bell tower and clock. The building was constructed in 1906. It is located at 115 Pine Ave. in Long Beach’s Central Business District. It sold to a private investor for $10.4 million. Jeffrey Cole and Ed Hernandez of Cushman & Wakefield assisted with the sale. Arlington Plaza is anchored by Rite Aid, Cardenas Market, 99 Cents Only Store and Starbucks. It is located at 6008-6390 Van Buren Blvd. in Riverside. The plaza was 89 percent leased at the time of sale. It sold for $24.5 million. The unnamed sellers were represented by CBRE’s Alan Krueger. Maui Lu Resort is fully entitled to be redeveloped into a 388-unit, villa-style resort. It will eventually become a Hilton Grand Vacations Timeshare development, according to Maxxam. The property was …

December 3, 2014

Colorado Multifamily Western

Phoenix Realty Group Acquires Chelsea Park Village in Aurora

by Nellie Day December 3, 2014

AURORA, COLO. — Phoenix Realty Group (PRG) has acquired the 600-unit Chelsea Park Village in Aurora for an undisclosed sum. The community is located at 11850 East Maple Ave. Chelsea Park is situated near many of Denver’s major employment hubs, including the Denver Tech Center (DTC), the Lowry Redevelopment Area, the Stapleton Redevelopment Area and Fitzsimons Lifescience Campus. The community is currently 97 percent occupied. Common-area amenities include a renovated clubhouse and leasing center, heated swimming pool and spa with patio area, splash park, two saunas, fitness center, turfed soccer field, baseball field, basketball court, dog park and a new playground. PRG plans to further enhance both the community amenities and unit interiors. CBRE’s David Potarf and Dan Woodward represented both the buyer and unnamed seller in this transaction. Sandler O’Neill + Partners served as PRG’s financial advisor. It also sourced its joint venture equity.

December 3, 2014

California Industrial Western

Mission Oaks Corporate Center in Camarillo Sells for $54.5M

by Nellie Day December 3, 2014

CAMARILLO, CALIF. — An unnamed buyer has purchased Mission Oaks Corporate Center, a 732,606-square-foot industrial campus in Camarillo, for $54.5 million. The two-building campus is located at 3001 and 3175 East Mission Oaks Blvd. The buildings are fully leased to Deckers Outdoor Corp & Addison Behavioral Resources. The campus includes a 309,500-square-foot industrial warehouse distribution building, as well as a 423,106-square-foot, Class A warehouse building. CBRE’s Darla Longo, Barbara Emmons, Rebecca Perlmutter Finkel, Michael Kendall, Paul Farry, Doug Shaw and Jim Meaney represented both the buyer and seller, a joint venture between Rexford Industrial and affiliates of Dune Real Estate Partners LP, in this transaction.

December 3, 2014

Georgia Multifamily Southeast

Steadfast Apartment REIT Acquires Metro Atlanta Apartment Community for $49M

by John Nelson December 2, 2014

KENNESAW, GA. — Steadfast Apartment REIT has purchased 1800 Barrett Lakes, a 500-unit apartment community in the northern Atlanta suburb of Kennesaw, for $49 million. The apartment community is located on a 68-acre site and offers one-, two- and three-bedroom units averaging 1,086 square feet. The units’ average rental rate is $827 per month. The property’s amenity offerings include two swimming pools, a sauna, lighted tennis courts, fitness center, clubhouse, playground and internet café. 1800 Barrett Lakes is Steadfast’s second acquisition in Georgia, following its purchase of the Residences at McGinnis Ferry in Suwanee in October.

December 2, 2014

California Multifamily Western

University Heights Apartment Building in San Diego Sells for $3.6M

by Nellie Day December 2, 2014

SAN DIEGO – A 16-unit apartment building in the San Diego submarket of University Heights has sold to San Diego Heritage Partners for $3.6 million. The community is located at 4638 and 4648 Ohio Street. The two-building property was originally built in 1982 as condominiums. Peter Scepanovic and Corey McHenry of Colliers International’s Multifamily Advisory Team represented both the buyer and seller, Ohio Street Villas Group, in this transaction.

December 2, 2014

Loans Mixed-Use Multifamily New York Northeast

Meridian Capital Group Arranges $737M in Acquisition Financing for The Putnam Portfolio

by Amy Works December 2, 2014

NEW YORK CITY — Meridian Capital Group has arranged $737 million in acquisition financing for the purchase of The Putnam Portfolio, a six-property multifamily portfolio located in New York City. Brookfield Property Partners, along with its operating partner Urban American, will purchase the portfolio. The financing was sourced between New York Community Bank and Bank of China in six separate mortgages. Abe Hirsch, Zev Karpel and Akiva Friend of Meridian’s New York City headquarters negotiated the transaction. The portfolio is composed of six properties totaling 24 buildings and 3,962 units. The assets include 3333 Broadway; Roosevelt Landings at 510-530 Main St. on Roosevelt Island; River Crossing at 1940 First Ave.; The Heritage at 1295-1309 Fifth Ave; The Miles at 1990 Lexington Ave.; and The Parker at 1890 Lexington Ave. The buyers have a significant renovation program planned for the portfolio. Urban American will remain as the day-to-day property manager for the portfolio.

December 2, 2014

California Retail Western

Dr. Boyd’s Pet Resort Orange County to Open at Irvine Spectrum

by Nellie Day December 2, 2014

IRVINE, CALIF. – Dr. Boyd’s Pet Resort Orange County, a 25,328-square-foot pet boarding and veterinary care center, will open later this month at the Irvine Spectrum. The 24-hour facility will be located at 8645 Research Drive in Irvine. This particular Irvine Spectrum property sits adjacent to the Irvine Company’s new Los Olivos Marketplace, which is anticipated to open in spring 2016. The pet resort was represented by Eric Warfield of South Bay CRE. The landlord, Three Crowns Properties LLC, was represented by Don Yahn, Brett Swartzbaugh and Brian Booth of Cushman & Wakefield.

December 2, 2014

New Mexico Office Western

Med Arts Plaza in Albuquerque Sells for $6.3M

by Nellie Day December 2, 2014

ALBUQUERQUE, N. MEX. – Med Arts Plaza, a 52,735-square-foot medical office center in Albuquerque, has sold to an unnamed buyer for $6.3 million. The center is located at 801 Encino Place, near the “The Big I” interchange between Interstates 40 and 25. Med Arts includes 17 office suites, with 14 medical office users and three traditional office users. The sale was arranged by Ed Graf and Ted Sannella of Houlihan-Parnes Realtors.

December 2, 2014

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