NEW YORK CITY — Clipper Realty has purchased an apartment building located at 10 W. 65th St. on Manhattan’s Upper West Side. Touro sold the property for $79 million, or $585 per square foot. The 82,230-square-foot building features 82 apartments and 53,000 square feet of air rights. New York Community Bank provided Clipper Realty with a $34.5 million, 10-year loan for the acquisition of the property. Aaron Jungreis and Devin Cohen of Rosewood Realty Group represented the buyer and the seller in the transaction.
sales_and_leases
ENGLEWOOD, COLO. — Hamilton Zanze has purchased the 238-unit Oxford Station apartment complex in Englewood for $60 million. The community is located at 4101 S. Navajo St. The asset features two five-story buildings that offer a mix of studio to two-bedroom units. Oxford Station was 96 percent occupied at the time of sale. Community amenities include a fitness center with virtual workout classes, skylevel entertainment lounge, social lounge, zen lounge, pet washing station and dog park, on-site secure storage, enclosed bicycle parking, pool with hot tub and barbeque area, outdoor gaming area, bike, ski and board repair station, and structured parking. CBRE’s David Potarf represented Hamilton Zanze.
PLACENTIA, CALIF. — NewMark Merrill Cos. LLC has acquired Placentia Town Center, a 116,832-square-foot shopping center in Placentia, a city in Southern California. The sales price was not disclosed. Marshall’s, Ross Dress for Less and CVS/pharmacy anchor Placentia Town Center, which was 96 percent leased at the time of sale to tenants including Bank of America, Massage Envy, Baskin Robbins, The Whole Enchilada, Avalon Bagels & Burgers, Philly’s Best and Craftsman Pizza. Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison of NewMark Merrill represented the company internally in the transaction, with support from Alex Kozakov of CBRE. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark Knight Frank represented the seller, Retail Properties of America Inc.
Hanley Investment Group Arranges $2.7M Sale of Single-Tenant Retail Property in Palmdale, California
by Nellie Day
PALMDALE, CALIF. — Hanley Investment Group has arranged the $2.7 million sale of a 24,695-square-foot retail property net-leased to Harbor Freight Tools in Palmdale, 70 miles north of Los Angeles. Mehran Foroughi of Colliers International represented the buyer, a private investor from Newport Beach, in the transaction. Jeremy McChesney represented the seller, Sage Investco. The property was constructed in 1957 and recently renovated. Harbor Freight Tools has more than 11 years remaining on the primary lease term with 10 percent rental increases and multiple five-year options.
WAUKEGAN, ILL. — Bridge Development Partners has sold two industrial buildings totaling 1 million square feet in Waukegan for an undisclosed price. An institutional entity represented by Bentall Kennedy purchased the portfolio. The buildings were the first two facilities completed as part of Bridge Point North, a master-planned 225-acre business park. Building I is a 626,848-square-foot facility located at 1750 Bridge Drive. Completed in the fourth quarter of 2016, the building features 36-foot clear heights and is fully leased to an e-commerce tenant. Building II is a 400,758-square-foot facility located at 3900 Bur Wood Drive. Completed in September, the building features 32-foot clear heights. Bridge acquired the master-planned development from Cardinal Health in early 2015.
MINNETONKA, MINN. — CBRE has arranged the sale of Baker Technology Plaza in Minnetonka for $18.6 million. The five-building, 254,274-square-foot office property is located at 6121 Baker Road. The property was 74 percent leased at the time of sale to tenants including Advanced Imaging Solutions, Element Materials Technology and Anchor Wall Systems Inc. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the seller, the Utah State Retirement Investment Fund. Tryperion Partners, a private real estate investment firm based in Los Angeles, purchased the property. The new owners plan to renovate and reposition the property, originally constructed in 1985, with a new name of Baker Tech. Proposed upgrades and amenities — including an on-site bike loan program, food trucks, brewery taproom and outdoor gathering areas — are slated for completion in spring 2018. Jason Simek, Joe Owen and Peter Mork of Colliers International are marketing the property for lease.
ST. LOUIS PARK, MINN. — Herzing University is relocating its Minneapolis campus from Crystal, Minn., to Metropoint Office Park in St. Louis Park. The 30,000-square-foot campus is slated to open in early 2018. Herzing, an accredited private nonprofit institution, will occupy the top floor of 435 Metropoint, a class A office tower visible from Highway 169 and I-394. The new campus will feature upgraded labs to support Herzing’s dental and nursing programs. Amenities will include an on-site coffee shop and cafeteria as well as covered parking. Dan Buettner and Brian Woolsey of Cushman & Wakefield represented Herzing in the new lease.
BONITA SPRINGS AND FORT MYERS, FLA. — CRE Consultants has arranged the $43.2 million sale of a 421,324-square-foot, three-campus office portfolio located in Bonita Springs and Fort Myers. Randal Mercer and Brandon Stoneburner of CRE Consultants represented the undisclosed seller in the transaction. Massachusetts-based Brookwood Financial acquired the assets, which include 15 individual buildings located throughout three office campuses: Riverview Corporate Center and Bonita Executive Center in Bonita Springs and Renaissance Center in Fort Myers. Brookwood Financial has retained Mercer and Stoneburner to handle leasing efforts for the portfolio.
ATLANTA — IT management consulting firm CapTech has expanded its operations and relocated to the Bank of America Plaza, located at 600 Peachtree St. N.E. in Midtown Atlanta. The Richmond, Va.-based company announced its expansion into the Atlanta market in September 2016, creating 50 new technology and consulting jobs. As part of the expansion, CapTech plans to add 50 more jobs by next year. The company leased 6,000 square feet at the building, according to the Atlanta Business Chronicle. The Bank of America Plaza is located a half-mile from the Georgia Institute of Technology campus and Tech Square.
DAVIE, FLA. — Baltimore-based Continental Realty Corp. has acquired Ridge Plaza, a 155,204-square-foot shopping center located at 9000-9200 State Road 84 in Davie. Danny Finkle, Luis Castillo and Eric Williams of HFF represented the seller, Regency Centers Corp., in the transaction. Paragon Theater and Off the Wall Family Entertainment Center anchor Ridge Plaza, which was constructed in 1985 and was 99 percent occupied at the time of sale. The property is also home to five pad sites, including properties leased to Dunkin’ Donuts and Metro PCS.