The Biggest Deal
Richard Knutson, CCIM, and three partners of Newmark Knight Frank in Oakland, Calif., represented Reliant Group Management in the $116 million purchase of a 478,000-sf multifamily property portfolio in various cities from an undisclosed seller.
Matt Bittick, CCIM, of CBRE in Honolulu represented Oahu Publications in the $40 million sale of a 152,574-sf industrial property in Kapolei, Hawaii, to an undisclosed buyer.
Justin Lossner, CCIM, and Marcus Pitts, CCIM, of JLL in Des Moines, Iowa, represented an undisclosed seller in the $7.2 million sale of a 111,800-sf industrial property in Des Moines to an undisclosed buyer. They also represented an undisclosed seller in the more than $3.9 million lease of a 73,000-sf industrial property in Ankeny, Iowa, to an undisclosed buyer, as well as negotiating the $3.7 million sale of a 56,000-sf industrial property in Des Moines, Iowa, from an undisclosed seller to an undisclosed buyer.
Eileen Xu Weithers, CCIM, of Alpha Royale Commercial Group in Vienna, Va., represented an undisclosed seller in the more than $4.7 million lease of a 47,000-sf industrial building in Manassas, Va., to an undisclosed buyer.
Mark Hinkins, CCIM, of Sperry Commercial Global Affiliates in Walnut Creek, Calif., represented an undisclosed buyer in the more than $3.6 million purchase of a 14,030-sf industrial property in Fairfield, Calif., from an undisclosed seller. Hinkins also represented an undisclosed buyer in the more than $3.5 million purchase of a 15,000-sf industrial property in Concord, Calif., from an undisclosed seller.
Ricardo E. Cordido, CCIM, of HK Group in Westport, Conn., negotiated the $30.2 million sale of a 120,000-sf office property in Springfield, Mass., from an undisclosed seller to an undisclosed buyer.
Aaron Barnard, CCIM, of Cushman & Wakefield in Minneapolis represented an undisclosed buyer in the $19 million purchase of the 139,000-sf Minnetonka Corporate Center in Minnetonka, Minn., from an undisclosed seller. Barnard also represented an undisclosed seller in the $13 million sale of the 82,017-sf Normandale Place in Bloomington, Minn., from an undisclosed buyer, as well as representing an undisclosed seller in the more than $5.4 million sale of a 104,000-sf office property in Brooklyn Center, Minn., to an undisclosed buyer.
Dan Adamski, CCIM, of JLL in Pittsburgh represented Trilogy Partners in the $9 million sale of the 30,000-sf Trilogy Building in Mars, Penn., to an undisclosed buyer. Adamski also represented Serendipity in the more than $8.3 million purchase of the 24,096-sf Three Crossings office property in Pittsburgh from an undisclosed seller, as well as representing KeyBank in the more than $7.7 million purchase of a 26,610-sf office property in Pittsburgh from an undisclosed seller.
Craig Coppola, CCIM, Andrew Cheney, CCIM, and Gregg Kafka, CCIM, of Lee & Associates in Phoenix represented Phoenix RS One LLC in more than $7.5 million in lease consideration for 19,337 sf in One Renaissance Square office property in Phoenix to Upgrade. They also represented Skysong 5 Office LLC in more than $7.2 million in lease consideration for 21,535 sf in Skysong 5 office property in Scottsdale, Ariz., to Berkadia, as well as representing Aztec 19th Avenue in more than $5.1 million in lease consideration for 63,885 sf of office property in Phoenix to Asurion.
Rob Carroll, CCIM, and David J. Stevens, CCIM, of Investment Properties Corporation in Naples, Fla., negotiated the $6 million sale of a 10,764-sf office property in Naples from 975 6th Ave South LLC to TBC 975 6th Avenue LLC.
Eileen Xu Weithers, CCIM, of Alpha Royale Commercial Group in Vienna, Va., represented an undisclosed buyer in the more than $5.4 million purchase of a 38,510-sf office property in Reston, Va., from an undisclosed seller.
James Mead, CCIM, and three partners of SVN Chicago Commercial in Chicago represented Elmdale Ventures LLC in the more than $5.3 million purchase of a 100,544-sf office property in Chicago from 2201 S Halstead LLC.
Marshall Burke, CCIM, of Harrison & Bates in Richmond, Va., represented HSOP L.C. in the more than $3.5 million sale of the 46,767-sf Hungary Spring Office Park property in Richmond to an undisclosed buyer.
Tim Tran, CCIM, of The Ivy Group in Fremont, Calif., represented Little Apples Learning Center in the more than $3.2 million lease of an 8,709-sf office property in Fremont from an undisclosed seller.
Tim Bradley, CCIM, of Contour Investment Properties in Jackson, Wyo., represented Wells Fargo NA in the $11 million sale of a 1.03-acre land property in Jackson to an undisclosed buyer.
Steve Dorenbush, CCIM, of Keller Williams Commercial Offenbecher in Puyallup, Wash., represented Brookdale Golf LLC in the $6.3 million sale of 156 acres of land in Tacoma, Wash., to the Ichijo USA Co., in Bellevue, Wash.
Jay Verro, CCIM, of NAI Platform in Albany, N.Y., represented an undisclosed buyer in the more than $8 million purchase of the 60-unit Peak Point multifamily property in Ballston Spa, N.Y., from an undisclosed seller.
Stephen Jacquemin, CCIM, of Sperry Commercial Global Affiliates-SJ Financial Group in St. Louis negotiated the more than $5.4 million sale of the 55-unit Bottleworks Apartments in St. Louis from an undisclosed seller to an undisclosed buyer.
T.C. Macker, CCIM, and a partner of WESTMAC Commercial Brokerage Company in Los Angeles represented an undisclosed seller in the $4.2 million sale of a 5,310-sf retail property in Santa Monica, Calif., to an undisclosed buyer.
Greg Bedell, CCIM, of Progressive Real Estate Partners in Rancho Cucamonga, Calif., represented a private Riverside-based investor in the $3.5 million sale of the 9,808-sf Shops at Ramona Expressway retail property in Perris, Calif., to a private Monterey-based investor.
William V. Gonnering, CCIM, and Christine McManus, CCIM, of Investment Properties in Naples, Fla., represented the Alan J. Vincent Revocable Trust in the $3 million sale of a 17,670-sf retail property in Naples to 2016 Trade Center Way LLC.
Beth Harrelson, CCIM, of PMC Real Estate Capital in Raleigh, N.C., arranged a $5 million loan for an 82-acre plot of land in Huntersville, N.C., for American Asset Corporation.
T.C. Macker, CCIM, and a partner of WESTMAC Commercial Brokerage Company in Los Angeles negotiated the more than $3.1 million sale of a 4,493-sf mixed-use property in Beverly Hills, Calif., from an undisclosed seller to an undisclosed buyer.
Bill Barnhill, CCIM, and a partner of Argus Self Storage Sales Network in Denver represented Storage Stop Mini Storage in the $3.6 million sale of a 76,675-sf specialty property in Pensacola, Fla., to Absolute Storage Management.
Pat McCarthy, CCIM (left), of Pinnacle National Commercial Real Estate in Madison, had known the Kessel family for years when they approached him a few years ago with the possibility of selling their property - a 318-unit apartment complex on the west side of Wisconsin's capital.
This March, the family completed a $35.1 million deal to sell Wellington Apartments to an investment firm, thanks in part to connections between CCIM designees. McCarthy completed the transaction with Patrick Gallagher, CCIM (right), and Gretchen Richards, CCIM, with CBRE, who represented FPA Multifamily, a national investment firm with $5 billion in units.
“The group represented by Patrick and Gretchen was a good fit for this project,” McCarthy says. “We toured the complex together, and we knew then and there this was something to pursue.”
The deferred maintenance and day-to-day grind of managing the large complex helped convince the Kessels it was time to look for buyers. The potential to invest in and remodel the 318 units and associated areas appealed to the buyers.
In this case, the CCIM designation helped facilitate a working relationship among the primary parties.
“The CCIM network gives us a great advantage,” McCarthy says. “Knowing my colleagues have the knowledge and expertise to get the deal done - it's a major positive. Patrick and Gretchen knew this was a family-run operation, where it might be more difficult to build a trusting working relationship, but we communicated clearly and kept everyone up to date throughout the process.”
McCarthy sees this as a win-win - a family operation winds down while a motivated buyer brings an invigorated spirit to the property.
“CCIM was integral in the buyer-seller relationship in this transaction,” he says. “The knowledge base was there. There's a certain respect there. The industry gets a boost from capable CCIMs ready to handle such complex transactions.”
The new owners have big plans, including remodeling common areas and updating lighting. The clubhouse will also be renovated, with a section of it becoming a leasing center for the units.