sales_and_leases

Ackerman & Co. Sells 334,675 SF Office Park in South Atlanta for $22M

by Camren Skelton October 20, 2017

ATLANTA — Ackerman & Co. has sold nine buildings within Phoenix Office Park in South Atlanta for $22 million. Stewart Calhoun, Samir Idris and David Meline of Cushman & Wakefield represented Ackerman & Co. in the transaction. WePartner, an Atlanta-based firm, purchased the assets, which total 334,675 square feet. The properties included in the portfolio were Two Crown Center, located at 1745 Phoenix Blvd.; four buildings located at 1800 Phoenix Blvd.; South Pointe located at 1691 Phoenix Blvd.; 1640 Phoenix Blvd.; and 1680 Phoenix Blvd. Ackerman & Co. originally acquired the 100-acre, 11-building Phoenix Office Park in 2005 and invested in capital improvements. The properties that sold to WePartner were the remaining assets in the portfolio. Located within the Airport South Community Improvement District (CID), the office park is roughly three miles from Hartsfield-Jackson Atlanta International Airport. At the time of sale, the portfolio was 86 percent leased to tenants including LogistiCare, the State of Georgia and the U.S. Department of Veterans Affairs.

October 20, 2017

Illinois Midwest Multifamily

Essex Brokers $4.5M Condo Deconversion in Chicago’s Lincoln Square

by Kristin Harlow October 20, 2017

CHICAGO — Essex Realty Group has brokered the sale of the Sunnyside Lane Condominiums in Chicago’s Lincoln Square neighborhood for $4.5 million. All 18 condominium units were sold to one buyer in what is known as a condo deconversion. The property, located at 4459 N. Campbell Ave., consists of 17 two-bedroom units and one one-bedroom unit. Brian Kochendorfer & Brian Karmowski of Essex represented the condo owners, while Steve Livaditis & Joe Scheck represented the undisclosed buyer. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. Sellers then have the option to either move out or to lease back the property from the new owner.

October 20, 2017

California Retail Western

Location Matters Negotiates $1.3M Sale of CrossFit Building in Downtown Escondido

by Nellie Day October 20, 2017

ESCONDIDO, CALIF. — Location Matters has brokered the sale of a retail property located at 237 and 243 E. Valley Parkway in downtown Escondido. David Baker of H Street Plaza LLC sold the property to Evan Weinberg of Steven Beverages Inc. for $1.3 million. The 9,300-square-foot property features two retail units: a 7,000-square-foot CrossFit Iconic and a 2,300-square-foot vacant space. The buyer plans to repurpose the vacant space into a brewery and coffee concept by Cismontane Brewing, a microbrewery. Marc Karren of Location Matters represented the seller in the transaction.

October 20, 2017

California Retail Western

Pacific Coast Commercial Brokers $1.2M Sale of The Ink Spot Location in San Diego

by Nellie Day October 20, 2017

SAN DIEGO — Pacific Coast Commercial has arranged the sale of a retail building located at 1040 Garnet Ave. in San Diego. John & Mahin Family Trust acquired the property from John Watts for $1.2 million. The 2,600-square-foot retail property was occupied by The Ink Spot for more than 20 years. Martin Alfaro and Vince Provenzano of Pacific Coast Commercial represented the seller, while John Noble of JN Financial represented the buyer. The buyer plans to lease the property to a new tenant.

October 20, 2017

Industrial New Jersey Northeast

CenterPoint Acquires Distribution Center in Northern New Jersey

by Amy Works October 19, 2017

WAYNE, N.J. — CenterPoint Properties has purchased a new distribution center, located at 95 Demarest Drive in Wayne, for an undisclosed price. Located on 14 acres and built in 2016, the 163,253-square-foot property features 90 trailer parking spaces, 219 car parking spaces, 44 dock-high doors and 28-foot clear heights. The facility is fully leased on a long-term basis to one of the largest delivery companies in North America. Britton Burdette of Stan Johnson Co. represented the undisclosed seller in the deal.

October 19, 2017

North Carolina Office Southeast

CBRE | Raleigh Arranges $38.9M Sale of Five-Building Office Portfolio in Metro Raleigh

by Camren Skelton October 19, 2017

RALEIGH AND CARY, N.C. — CBRE | Raleigh has arranged the sale of a five-building office portfolio in metro Raleigh. Ben Kilgore, Jim McMillan, Elliott Brewer and Leslie Holmes of CBRE | Raleigh arranged the transaction on behalf of the seller, Highwoods Properties Inc. Alder Kawa Real Estate Advisors (AKREA) acquired the assets for a combined $38.9 million, according to the Triangle Business Journal. The portfolio includes Situs Office Park, a three-building office park totaling 156,665 square feet located adjacent to the interchange of Interstates 440 and 40 in Raleigh, that sold for $25.5 million. At the time of sale, the office park was 89.7 percent leased to tenants including Circle K Convenient Stores, GSA, Millennial Patient Services and Ameriprise. ParkWest Office Park, located off of Weston Parkway in Cary, was acquired for $13.4 million. The property includes ParkWest One and Two and totals 94,800 square feet. At the time of sale, the property was 85.5 percent leased to tenants including Arysta Lifescience’s U.S. headquarters, Informatica and Ignite Social Media. Lee Clyburn and Brian Carr of CBRE | Raleigh’s Investor Leasing group will handle the portfolio’s leasing assignment.

October 19, 2017

Georgia Multifamily Southeast

Atlantic | Pacific Acquires 269-Unit Multifamily Community Near Atlanta Airport

by Camren Skelton October 19, 2017

HAPEVILLE, GA. — Atlantic | Pacific Cos. (A|P) has acquired The Atlantic Aerotropolis, a 269-unit multifamily community in Hapeville, two miles north of Hartsfield-Jackson Atlanta International Airport. Additional terms of the transaction were not disclosed. The Atlantic Aerotropolis features a saltwater swimming pool, fitness center, grill and picnic areas, gaming room with billiards and shuffleboard, a business center, conference room and a rooftop deck. A|P will invest in capital improvement to the property including updating unit interiors with quartz countertops and stainless steel appliances. A|P Management, the property leasing and management platform under A|P, will manage the property. The acquisition brings A|P’s regional portfolio to 18 multifamily communities.

October 19, 2017

Florida Office Southeast

Cushman & Wakefield Arranges $9.2M Sale of Office Building in South Florida

by Camren Skelton October 19, 2017

PALM BEACH, FLA. — Cushman & Wakefield has arranged the $9.2 million sale of 231 Royal Palm Way, an 11,576-square-foot, freestanding office building on Palm Beach’s Banker’s Row. Michael Osiecki and Mark Pateman of Cushman & Wakefield arranged the transaction on behalf of the seller, 231 Royal Palm Way LLC. Primary Properties Inc., a subsidiary of Procaccianti Properties, acquired the asset. Constructed in 1973, 231 Royal Palm Way features 29 on-site, covered parking spaces and was 67 percent leased at the time of sale to PNC Bank and Private Wealth Management.

October 19, 2017

Multifamily Oklahoma Texas

Knightvest Management Acquires 682-Unit Multifamily Community in Tulsa

by Taylor Williams October 19, 2017

TULSA, OKLA. — Knightvest Management, a Dallas-based multifamily investment and management firm, has acquired Waterside, a 682-unit apartment community located at 1703 S. Jackson Ave. W in Tulsa. The property includes a combination of one- and two-bedroom units and amenities such as a fitness center, business center, resort-style pool and convenient access to nearby jogging and biking trails. The company is planning a multimillion-dollar renovation to the property’s interior and exterior. The seller and sales price were not disclosed.

October 19, 2017

Multifamily Texas

HSM Arranges Sale of 68-Unit Apartment Community in Metro Dallas

by Taylor Williams October 19, 2017

GARLAND, TEXAS — Henry S. Miller Brokerage Co. (HSM) has arranged the sale of The Hickory Apartments, a 68-unit multifamily community located at 320 S. Jupiter Road in the Dallas metro of Garland. Mark Porterfield and Robert Henry of HSM represented the seller, JMY Investments, in the transaction. Dallas-based Blackwood Investments purchased the asset for an undisclosed price. The Hickory Apartments was built in 1963 and will be renovated over the next year.

October 19, 2017

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