Acquisitions

Marcus & Millichap Arranges $2.5M Sale of AAMCO-Occupied Retail Property in Arizona

by Amy Works May 21, 2020

MARICOPA, ARIZ. — Marcus & Millichap has negotiated the sale of a built-to-suit AAMCO Transmission Shop & Total Car Care building located at 20215 N. John Wayne Parkway in Maricopa. A limited liability company acquired the asset from another limited liability company for $2.5 million. The 4,380-square-foot building opened for service earlier this month. The asset includes a 15-year, absolute triple-net lease with a multi-unit franchisee. Mark Ruble, Chris Lind and Jamie Medress of Marcus & Millichap represented the seller, while Adam Levin and Robert Johnston of Marcus & Millichap’s Palo Alto office procured the buyer in the deal.

May 21, 2020

Acquisitions Illinois Midwest Office

Marcus & Millichap Arranges $1.1M Sale of Office Building in Arlington Heights, Illinois

by Kristin Harlow May 21, 2020

ARLINGTON HEIGHTS, ILL. — Marcus & Millichap has arranged the sale of an 18,322-square-foot office building in Arlington Heights for $1.1 million. The multi-tenant property, located at 415 E. Golf Road, was 94 percent occupied at the time of sale. Tammy Saia and Tami Andrew of Marcus & Millichap marketed the building on behalf of the seller, a Japan-based limited liability company. Adam Fortino of Marcus & Millichap secured and represented the buyer, a local private investor.

May 21, 2020

Acquisitions Illinois Midwest Retail

Stan Johnson Co. Brokers $1.1M Sale of Dollar General-Occupied Property in Central Illinois

by Kristin Harlow May 21, 2020

RAYMOND, ILL. — Stan Johnson Co. has brokered the $1.1 million sale of a 9,026-square-foot retail property occupied by Dollar General in Raymond, about 35 miles south of Springfield, the state capital. Constructed in 2014, the building is located at 512 S. O’Bannon St. There were approximately nine years left on the absolute triple net lease at the time of sale. Mike Matter of Stan Johnson represented the seller, a Texas-based individual investor. Craft Enterprise LLC, a Kansas-based private investor, purchased the property. Both the buyer and seller completed 1031 tax-deferred exchanges.

May 21, 2020

Acquisitions Illinois Midwest Office Top Stories

Mirae Asset Global Sells Chicago Office Tower to Spear Street Capital for $210M

by John Nelson May 21, 2020

CHICAGO — Mirae Asset Global Investments, an asset management and investment banking firm, has sold 225 West Wacker Drive, a 31-story office tower in Chicago. Spear Street Capital purchased the trophy office building for $210 million, or roughly $322 per square foot. The tower is situated along the south bank of the Chicago River in the city’s Loop district. The building houses the world headquarters of Cushman & Wakefield (NYSE: CWK), which also represented Mirae Asset in the sale. The global real estate services firm handled the leasing the riverfront office tower for the previous ownership as well. Other tenants that list 225 W. Wacker Drive as their Chicago address include Jackson National Asset Management, True Partners Consulting, PPM America Inc. and Crowe LLP. David Knapp, Adam Spies, Marcella Fasulo, Tom Sitz, Cody Hundertmark, Paul Lundstedt and Dan Deuter of Cushman & Wakefield arranged the sale. Knapp says that Spear Street Capital may plan future capital improvements at the property. Kohn Pederson Fox and Perkins + Will designed 225 West Wacker Drive, which is LEED Gold-certified and Energy Star-rated and occupies a full city block along the path of the Chicago Riverwalk. The building features a seven-level parking garage for …

May 21, 2020

Acquisitions Colorado Multifamily Western

Oakmont Properties Acquires Fusion 355 Multifamily Complex Near Denver for $90M

by Amy Works May 20, 2020

BROOMFIELD, COLO. — Sacramento, Calif.-based Oakmont Properties has purchased Fusion 355, an apartment property located at 355 Eldorado Blvd. in Broomfield’s Interlocken neighborhood. Stockton, Calif.-based AG Spanos sold the asset for $90 million. Built in 2019, Fusion 355 features 286 apartments in a mix of apartment and townhome floor plans with in-unit washers/dryers, ceiling fans, storage units, vaulted ceilings and hardwood flooring. The 256,376-square-foot property is a controlled access, smoke-free community with a 24-hour fitness center; yoga studio; dog park; media and game rooms; elevator access; bike storage; a heated swimming pool with spa and Baja deck; community garden; 400 parking spaces; and private garages. At the time of sale, the property was 85 percent leased. Dan Woodward, David Potarf and Matt Barnett of CBRE Capital Markets Denver represented the seller, while Marc Ross of CBRE’s Sacramento office represented the buyer in the transaction.

May 20, 2020

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Negotiates $9M Sale of Walgreens-Occupied Retail Asset in Tempe, Arizona

by Amy Works May 20, 2020

TEMPE, ARIZ. — Marcus & Millichap has arranged the sale of a retail property located at 2000 S. Mill Ave. in Tempe. A limited liability company sold the property to an undisclosed buyer for $9 million. Walgreens occupies the building on an absolute triple-net corporate lease with 14 years remaining on the term. The property is located two miles from downtown Tempe and near to Arizona State University’s Tempe campus. Mark Ruble, Chris Lind and Jamie Medress of Marcus & Millichap represented the seller in the deal.

May 20, 2020

Acquisitions Florida Healthcare Office Southeast

Onicx Sells Medical Office Building in Gainesville for $18.2M

by Alex Tostado May 20, 2020

GAINESVILLE, FLA. — Onicx has sold a 46,483-square-foot medical office building in Gainesville for $18.2 million. The building is situated at 6500 W. Newberry Road on the North Florida Regional Medical Center’s campus. Onicx developed the property in 2016 and sold it to an investor group of physicians from Florida Cancer Specialists. Dhvanit Patel and Arjun Choudhary internally represented Onicx in the transaction. Tampa, Fla.-based Onicx specializes in medical and commercial real estate development.

May 20, 2020

Acquisitions Georgia Retail Southeast

Marcus & Millichap Arranges $2.4M Sale of Wells Fargo-Occupied Retail Property in Metro Atlanta

by Alex Tostado May 20, 2020

PEACHTREE CORNERS, GA. — Marcus & Millichap has arranged the $2.4 million sale of a retail property leased to Wells Fargo in Peachtree Corners. The 10,851-square-foot building was built in 1968 and is triple-net-leased to the bank. The asset is situated at 6155 Buford Highway, 17 miles northeast of downtown Atlanta. Don McMinn of Marcus & Millichap’s Taylor McMinn Group represented both the seller, Linkpoint Properties, and the buyer, Matthews Family Investments LLC, in the 1031 transaction. Linkpoint originally purchased the asset in November 2017 for a little over $2 million.

May 20, 2020

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 342-Unit Apartment Community in Metro Houston

by Taylor Williams May 20, 2020

SPRING, TEXAS — Berkadia has arranged the sale of Belvedere Springwoods Village, a 342-unit apartment community located within the Springwoods Village mixed-use development on the northern outskirts of Houston. Developed in 2014 by Fein Communities, the property features one-, two- and three-bedroom units with stainless steel appliances, walk-in showers and private balconies and patios in select units. Amenities include a pool with a sundeck and heated spa, outdoor kitchens and fire pits, a fitness center with a yoga studio, conference room, coffee bar and a dog park. Ryan Epstein and Jennifer Ray of Berkadia represented the seller in the transaction. John Koeijmans and Austin Blankenship of Berkadia arranged financing on behalf of the buyer, MLG Capital.

May 20, 2020

Acquisitions Industrial Texas

NAI Robert Lynn Brokers Sale of 124,658 SF Industrial Facility in Fort Worth

by Taylor Williams May 20, 2020

FORT WORTH, TEXAS — NAI Robert Lynn has brokered the sale of a two-building, 124,658-square-foot industrial facility located at 4901 N. Beach St. in Fort Worth. According to LoopNet Inc., the property was built on 11.5 acres in 1981 and includes additional outdoor storage space. Todd Hubbard of NAI Robert Lynn represented the seller, G&W Ventures, in the transaction. Hubbard will also handle leasing of the space on behalf of the new owner, Dallas-based CanTex Capital. The new ownership will rebrand the property as Beach Industrial Park and will target e-commerce users for occupancy.

May 20, 2020

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