Acquisitions

Pacific Reach Acquires 265-Unit Luxury Apartment Building in Downtown Chicago

by Kristin Harlow January 9, 2019

CHICAGO — Pacific Reach has acquired Linea, a newly constructed 265-unit apartment building in downtown Chicago. The 33-story luxury property, completed in mid-2017, features a mix of studio, one-, two- and three-bedroom floor plans as well as nearly 5,000 square feet of ground-floor retail space. Situated at 215 W. Lake St., the building has a Walk Score of 98 due to its proximity to top employers and retail. Walk Score is a number between 0 and 100 that measures the walkability of any address. The top two floors are dedicated to amenity space, including a sky lounge, pool with hot tub, fitness center and yoga studio, lounge areas, outdoor terraces, conference rooms and a media room. Sean Fogarty, Marty O’Connell, Wick Kirby and Kevin Girard of HFF marketed the property on behalf of the seller, a partnership between LaSalle Investment Management Inc. and Moceri + Roszak LLC. The sales price was not disclosed. Linea is a play off of the word “linear.”

January 9, 2019

Acquisitions Midwest Minnesota Retail

Inland Retail Purchases Whole Foods-Anchored Retail Center Near Minneapolis

by Kristin Harlow January 9, 2019

WOODBURY, MINN. — Inland Retail Property Fund LP has purchased the fully leased retail component of the CityPlace mixed-use project in Woodbury, located about 20 miles east of Minneapolis. Whole Foods Market anchors the retail center. Amy Sands, Clinton Mitchell, Daniel Finkle and Jules Sherwood of HFF represented the seller, Elion Partners, which redeveloped the former State Farm regional corporate headquarters into CityPlace. The 184,711-square-foot retail portion of the project was completed in 2016 and 2017. In addition to Whole Foods, tenants include Nordstrom Rack, Sierra Trading Post, La-Z-Boy Furniture, Sur La Table, Verizon Wireless, Cycle Bar and Potbelly Sandwich Works. Timothy Joyce, Elliott Throne and Jason Bond of HFF arranged a 10-year, fixed-rate acquisition loan through Guardian Life Insurance Company of America.

January 9, 2019

Acquisitions Office Texas

Varidesk Acquires 424,000 SF Office Building in Irving’s Las Colinas District

by Taylor Williams January 8, 2019

IRVING, TEXAS — Varidesk, a provider of adjustable desks, has acquired a 424,000-square-foot office building located at 901 W. Walnut Hill Lane in Irving’s Las Colinas district. The three-story building was built in 1983 and formerly served as the headquarters of jewelry retailer Zales. Amenities include a fitness center, cafeteria and conferencing facilities. The new ownership will reposition the building with a design that activates the entry plaza, promotes connectivity to the outdoors and modernizes the amenity spaces. Cushman & Wakefield is working with Varidesk on the redevelopment and lease up of the building. Corgan is the architect and interior designer for the new office space, which is expected to open this summer as VARISPACE Las Colinas.

January 8, 2019

Acquisitions Multifamily Texas

The Multifamily Group Negotiates Sale of 216-Unit Community in Waco

by Taylor Williams January 8, 2019

WACO, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Saddle Brook West Apartment Homes, a 216-unit community in Waco. Built in 2001 on 11 acres, the property features a pool, playground, game room, fitness center, basketball court and a spa. TMG represented the owner and developer, Dallas-based Zidell Cos. and procured the buyer, Houston-based Juniper Investment Group. The property, which traded at a cap rate of just over 5 percent, has been rebranded Flats on Chapel.

January 8, 2019

Acquisitions Multifamily Texas

Greysteel Arranges Sale, Financing of 138-Unit Apartment Portfolio in Dallas

by Taylor Williams January 8, 2019

DALLAS — Greysteel has arranged the sale of Luau and Koko Apartments, a 138-unit multifamily portfolio in Dallas. Both properties have recently undergone capital improvements, including upgrades to the unit interiors and parking lots. Doug Banerjee, Boyan Radic, Andrew Mueller and Scott Simon of Greysteel represented the seller and procured the buyer for the deal. Both parties requested anonymity. Daniel Hartnett of Greysteel arranged an undisclosed amount of acquisition financing for the transaction.

January 8, 2019

Acquisitions Florida Office Southeast

Avison Young Arranges $33M Sale of Former Office Depot Headquarters in Palm Beach County

by Alex Tostado January 8, 2019

DELRAY BEACH, FLA. — Avison Young has arranged the sale of the former Home Depot headquarters in Delray Beach. The 42.7-acre site in Palm Beach County was sold on behalf of Investors Warranty of America in three transactions totaling $33 million. Three parcels were sold to three separate South Florida developers, and they have created a joint venture to turn the land into a mixed-use project. Centerpointe Delray Holdings, consisting of Miami-based firms 13th Floor Investments and Key International, along with Boca Raton-based CDS International Holdings, will build more than 600 multifamily units. CDS plans to also develop office and retail space on the site. The project will include a 1.8-acre park with trails connecting to the 25-acre Delray Natural Oaks Preserve. The Delray Beach City Commission has already unanimously approved the master plan.

January 8, 2019

Acquisitions Office Southeast Virginia

The Falstaff Group Acquires Office Building in Downtown Norfolk for $19.9M

by Alex Tostado January 8, 2019

NORFOLK, VA. — The Falstaff Group has acquired Town Point Center, a 12-story, 132,000-square-foot office building located at 150 Boush St. in downtown Norfolk. CIG Town Point Center LLC and The Runnymede Corp. sold the Class A building to Falstaff for $19.9 million. Situated along Elizabeth River, the building was 94 percent leased at the time of the sale to tenants including Verizon Wireless, BDO USA, The UP Center, RCMA Americas and The Virginia Symphony. Gil Neuman of Neuman Commercial Group represented the Florida-based buyer in the transaction, which included the simultaneous sale of the building, the separately owned ground leasehold interest and a seller-leaseback.

January 8, 2019

Acquisitions Illinois Midwest Retail

Newport Buys 183,000 SF Shopping Center in Wilmette, Illinois for $72M

by Kristin Harlow January 8, 2019

WILMETTE, ILL. — Newport Capital Partners has purchased Edens Plaza in Wilmette for $72 million. Built in 1956 and redeveloped in 1994, the 183,000-square-foot shopping center is located on Lake Avenue. The property is 92 percent leased to tenants such as Fresh Market, Starbucks, Walgreens, Bed Bath & Beyond, The Great Escape and Big Blue Swim School. A pediatric care center, which will be jointly run by NorthShore University HealthSystem and Advocate Health Care, is expected to open this year and backfill 35,000 square feet at the former Carson’s Furniture Gallery space at the property. Ben Greazel and Joel Simmons of Newmark Knight Frank arranged debt financing for the transaction through LoanCore Capital.

January 8, 2019

Acquisitions Midwest Multifamily Nebraska Student Housing

Joint Venture Acquires 632-Bed Student Housing Community in Lincoln, Nebraska

by Kristin Harlow January 8, 2019

LINCOLN, NEB. — GMH Capital Partners LP and AGC Equity Partners have acquired Aspen Lincoln, a 632-bed student housing community in Lincoln. Located two blocks from the University of Nebraska-Lincoln, the property spans five floors and 203,552 square feet. Amenities include a fitness center, pool, hot tub, study lounges, computer labs and courtyards with fire pits. The buyer plans to rename the student housing community Academy Lincoln. Aspen Heights Partners and Virtus Real Estate Capital were the sellers.

January 8, 2019

Acquisitions Industrial Midwest Missouri

Ashley Furniture Distribution Center in St. Louis Trades Hands for $10M

by Kristin Harlow January 8, 2019

ST. LOUIS — One Liberty Properties Inc. (NYSE: OLP) has purchased an Ashley Furniture distribution center in St. Louis from an affiliate of Mohegan Capital for $10 million. The 119,680-square-foot, single-tenant property is located at 9791 Green Park Industrial Drive and features a clear height of 38 feet. Jason Powell and Colin Couch of Stan Johnson Co. represented the seller. The transaction represents a cap rate of 7.2 percent. The buyer also owns the tenant’s headquarters in Memphis, Tenn.

January 8, 2019

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