sales_and_leases

Darwin Arranges Sale of 23,164 SF Industrial Property in Westmont, Ill.

by Danielle Everson November 17, 2014

WESTMONT, ILL. — Darwin Realty & Development Corp. has arranged the sale of a 23,164-square-foot industrial building in Westmont. The property is situated on more than two acres located at 50 W. Ogden Ave. Built in 2005, the property features 7,200 square feet of office space and 18-foot to 24-foot clear ceiling heights. George Cibula and Noel Liston represented the seller, a private investor. Brian Butler of The Butler Group represented the buyer, Breen Horizon LLC, which plans to lease the property.

November 17, 2014

Midwest Retail Wisconsin

The Boulder Group Brokers $1.5M Sale of U.S. Cellular Property in Wisconsin

by Danielle Everson November 17, 2014

BELOIT, WIS. — The Boulder Group has brokered the $1.5 million sale of a single-tenant U.S. Cellular property in Beloit. The property is located at 2933 Milwaukee Road. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Wisconsin-based real estate investment company. The buyer was a Midwest-based private partnership. U.S. Cellular has 10 years remaining on its lease, which expires in January 2024.

November 17, 2014

District of Columbia Multifamily Southeast

Kettler Sells New D.C. Apartment Development for $106.5M

by John Nelson November 17, 2014

WASHINGTON, D.C. — Kettler has sold its newly constructed apartment development located at 450 K St. N.W. in Washington, D.C. The apartment developer sold the 233-unit, high-rise residential community to Ogden CAP Properties LLC for $106.5 million. HFF brokered the sale. Located in Washington’s Mount Vernon Triangle neighborhood, the apartment community features 6,500 square feet of ground-floor retail space. The property’s amenity package includes a courtyard with a fountain, fitness center, bike storage and maintenance shop, as well as a rooftop club lounge and entertainment bar, swimming pool with lounge seating, outdoor kitchen and bar. Ogden CAP Properties has retained Kettler Management to manage the leasing activity of the property.

November 17, 2014

Industrial New Jersey Northeast

CenterPoint Properties Buys 317,500 SF Industrial Facility for $25.2M

by Amy Works November 14, 2014

AVENEL, N.J. — CenterPoint Properties has acquired a manufacturing and warehouse building at 11 Cragwood Road in Avenel for $25.2 million from a joint venture of Ivy Equities and CenterSquare Investment Management. Situated on nearly 20 acres, the 317,500-square-foot building has been fully leased to Gentek Building Products since the 1970s. Gary Gabriel, Andrew Merin, David Bernhaut, Kyle Schmidt, Brian Whitmer, Frank Caccavo and Jason Goldman of Cushman & Wakefield’s Metropolitan Area Capital Markets Group brokered the transaction.

November 14, 2014

Georgia Multifamily Southeast

PointOne Holdings Sells Metro Atlanta Multifamily Community for $9.8M

by John Nelson November 14, 2014

ELLENWOOD, GA. — PointOne Holdings has sold The Oaks at Ellenwood, a 240-unit apartment community in Ellenwood, 14 miles outside of Atlanta, for $9.8 million. The real estate investment company originally purchased the property in August 2012 out of receivership for $4.5 million. The company then invested approximately $1.2 million to upgrade and rebrand the project. From August 2012 to the time of sale, occupancy moved from 65 percent to 93 percent, according to PointOne Holdings.

November 14, 2014

California Office Western

Shubin Nadal, DRA Buy Harman International Business Campus in Los Angeles

by Nellie Day November 14, 2014

LOS ANGELES – Shubin Nadal Realty Investors and DRA Advisors LLC have acquired Harman International Business Campus, an 856,515-square-foot office and industrial campus in Los Angeles, for an undisclosed sum. The 44-acre campus is situated along Balboa Boulevard in the San Fernando Valley. The property has been rebranded as “The Campus.” It will undergo a multi-million-dollar repositioning plan to convert the property into a contemporary mixed business park. The repositioning will include the demolition of some buildings and the addition of new creative office, R&D and retail space. The new campus will also include significant outdoor amenities. The transaction was executed by Marc Renard, Manfred Schaub, David Hasbrouck and Lars Platt of Cushman & Wakefield’s Capital Markets Group. The seller was not named.

November 14, 2014

Florida Office Southeast

HFF Brokers $112M Sale of Broward Financial Center in Fort Lauderdale

by John Nelson November 13, 2014

FORT LAUDERDALE, FLA. — HFF has brokered the $112 million sale of Broward Financial Center, a 324,429-square-foot, Class A office property in Fort Lauderdale. The property is located at 500 E. Broward Blvd. in Fort Lauderdale’s central business district. AGS Property Corp. purchased the 24-story office building clear and free of existing debt from DRA Advisors LLC. Hermen Rodriguez, Manuel De Zarraga, Ike Ojala and Jorge Portela of HFF represented DRA Advisors in the transaction. Broward Financial Center was 90 percent leased at the time of sale to tenants such as Sun-Sentinel Co., Fox Sports Net Florida Inc., Premiere Beverage Co. LLC, Northwestern Mutual, Morton’s Restaurant Group and Charles Schwab & Co. Inc. Additionally, HFF secured $61million in acquisition financing on behalf of AGS Property Corp. Chris Drew and Paul Stasaitis led HFF’s debt placement team to arrange the 10-year, fixed-rate loan through Morgan Stanley Mortgage Capital Inc.

November 13, 2014

Arizona Multifamily Western

Southern Ridge Apartment Community in Mesa Sells for $6.5M

by Nellie Day November 13, 2014

MESA, ARIZ. – The 113-unit Southern Ridge apartment community in Mesa has sold to an unnamed buyer for $6.5 million. The community is located at 214 North Gilbert Road. It was built in 1985. The buyer was represented by John Kobierowski of ABI Multifamily. The sellers, which consisted of multiple individuals and entities, were represented by Pete Te Kampe of Marcus & Millichap’s Phoenix office.

November 13, 2014

California Hospitality Western

Britt-Scripps House in San Diego Sells for $2.9M

by Nellie Day November 13, 2014

SAN DIEGO – Britt-Scripps House, a 5,174-square-foot commercial property in San Diego, has sold to Neo Romax Inc. for $2.9 million. The property is located at 406 Maple Street. The original structure was built in 1887 as a three-story, nine-bedroom property. It received a historical site designation in 1971. Britt-Scripps House became a bed and breakfast after undergoing an extensive renovation between 2002 and 2005. The property features a lobby, parlor, dining room, commercial-grade kitchen, carriage house, garage storage, garden wedding and reception area, and the first-ever camphor tree to be planted in North America. The property has been closed for three years. The new buyer plans to re-open it as a bed and breakfast. Bud Marsh and Rita Lancaster-Hannah of Colliers International represented both the buyer and seller, Alec H. Esker Living Trust, in this transaction.

November 13, 2014

California Office Western

Vinci Academy Leases 10,127 SF in Century City

by Nellie Day November 13, 2014

LOS ANGELES – Vinci Academy has leased 10,127 square feet in Century City. It will occupy the entire third floor of a 46,247-square-foot office building. The four-story building is located at 1940 Century Park East in the Los Angeles submarket. The daycare center will also construct a 4,000-square-foot outdoor play area on the roof of the building’s parking garage, which is connected to the property. Construction is scheduled for completion next March. Vinci was represented by CBRE’s Matt Perlmutter. The landlord is the Gillis Family Partnership.

November 13, 2014

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