Chelsea Lot Sold for $20.5M, Prime Development

Marcus & Millichap Real Estate Investment Services announced this week that it had arranged the sale of 140-144 W. 28th St., a 75,000-rentable square foot parcel for $20.5 million. Barbara Dansker and Shlomo Manne of Marcus & Millichap represented the buyer, Upper East Side-based Sovereign Partners LLC, as well as the seller, West 28th St. Partners LLC, in the transaction.

The property is located in the Chelsea area of Manhattan between Sixth and Seventh avenues. The 76.67-foot by 98.75-foot lot has a maximum FAR of 10 and the property's current zoning is M1-6. Development options for the parcel include commercial and hotel. "The great thing about the sale of this parcel is that it is an inherently valuable piece because it is presently zoned commercial," said Dansker in a GlobeSt.com article. "It could be used for a hotel, even though there [are] already hotels on the block."

For more news and information visit Blumberg Capital Partners.

Phoenix VA Building Sold for $20.3M

Marcus & Millichap Real Estate Investment Services brokered the sale of a 95,558-square foot single-tenant office building in Phoenix, Arizon for $20.3 million, or $212 per square foot, a property currently leased to the U.S. Department of Veteran's Affairs. Located at 3333 North Central Ave. in Phoenix, the three-story office building sits on 4.9 acres within blocks of the VA Medical Center and St. Joseph's Hospital and Medical Center.

The buyer was an overseas investor based in the Netherlands which purchased the property in partnership with a private investor based in Oregon. Marcus & Millichap arranged acquisition financing in the amount of $15.1 million for the buyer; New York City-based CTL Capital originated the loan, which was then sold off to bond investors according to a GlobeSt.com article. "The facility was built-to-suit for the VA in 2003," said Travis Trautvetter, a senior associate with Marcus & Millichap. "The VA occupies the building on an original 20-year lease term. In addition to the strong credit of the tenant, the primary location of this property within Phoenix was a key driver of buyer interest. We received multiple offers on the property, reflecting the strong demand that exists in today's market for investment-grade assets."

For more news and information visit Blumberg Capital Partners.

Dallas' Davis Building Up for Sale

The Davis Building, a 20 story high-rise in downtown Dallas, has been put up for sale according to Dallas Business News. The property, owned by a partnership set up by Hamilton Properties, was financed with $32.6 million in CMBS debt that has been turned over to a special servicer; the owners have been unable to restructure or replace the financing. Marcus & Millichap Real Estate Investment Services will be marketing the property for sale. "It's the kind of quality asset that only comes to market once every decade or so," said Tom Huth of Omnium Management Co., who's been hired to oversee the Davis Building disposition. "The building is close to 90 percent leased and is doing very well."

Completed in 1925 at 1309 Main St. in Dallas, the property was the former home of the Republic National Bank, a high profile bank until the Savings and Loan crash of the '80's. The building was vacated in 1986 when the owners of the building planned to update the office building, and was later opened as a residential high-rise.

For more news and information visit Blumberg Capital Partners.