Acquisitions

Cushman & Wakefield Brokers $50.5M Sale of Apartment Property in Phoenix

by Amy Works June 28, 2018

PHOENIX — Cushman & Wakefield has arranged the $50.5 million sale of Aura Apartments, a multifamily property located at 1920 E. Indian School Road in Phoenix. Banner Audere LLC, an entity formed by Northbrook, Ill.-based Banner Real Estate Group, acquired the property from Dallas-based TRG Indian School LP, an entity of Trinsic Residential Group. The newly constructed community features 220 apartments in a mix of one-, two- and three-bedroom floor plans. On-site amenities include a clubhouse with an entertainment lounge/coffee bar, resort-style swimming pool with spa, private poolside cabanas, outdoor fireside seating, and an outdoor kitchen with televisions and barbecue grills. Additionally, the property features a multi-level fitness center, cardio theater, spin bikes, pool table, electric car charging station, covered parking and detached garages, and controlled access. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the transaction.

June 28, 2018

Acquisitions California Office Western

EverWest Acquires 261,959 SF Office Park in Burlingame, California

by Amy Works June 28, 2018

BURLINGAME, CALIF. — EverWest Real Estate Investors, in partnership with Partners Group, has purchased Burlingame Bay Office Park, located at 555 and 577 Airport Blvd. in Burlingame. The acquisition price was not released. Situated on 13 acres, office park comprises a 120,681-square-foot building and 139,413-square-foot building, offering a total of 261,959 square feet. Ryan Madison provided in-house represented for EverWest in the deal. The name of the seller was not disclosed.

June 28, 2018

Acquisitions California Retail Western

Progressive Real Estate Brokers Two Retail Parcel Sales Totaling $3.8M in San Bernardino

by Amy Works June 28, 2018

SAN BERNARDINO, CALIF. — Progressive Real Estate Partners has arranged the sales of two retail parcels at University Town Center in San Bernardino for a combined total of $3.8 million. Mike Lin and Maggie Gonzalez of Progressive represented the seller, a Norwalk, Calif.-based private investor, in both transactions. In the first deal, a Temecula, Calif.-based private investor acquired a single-tenant pad building, located at 4304 University Parkway, for $1.8 million. Jiffy Lube is the original lessee of the 2,173-square-foot building that was built in 2007. In the second deal, a Walnut, Calif.-based private investor purchased a multi-tenant building, located at 4414 University Parkway, for $2 million. Subway, Little Caesars and Liquid Tea Bar fully occupy the property.

June 28, 2018

Acquisitions Maine Mixed-Use Northeast

Cardente Arranges $5.4M Sale of Waterfront Mixed-Use Property in Maine

by David Cohen June 27, 2018

YARMOUTH, MAINE — Cardente Real Estate has arranged the $5.4 million sale of Lower Falls Landing, a 40,931-square-foot office and retail building in Yarmouth. The five-acre property also includes a 7,800-square-foot restaurant and 26 boat slips. Cardente represented the seller, Lower Falls Landing Associates, in the transaction. Jennifer Yilmaz of Applewood Realty represented the buyer, SEKA Properties. Originally constructed as a cannery, the owners redeveloped the property into office space with ground-floor retail.

June 27, 2018

Acquisitions Massachusetts Mixed-Use Northeast

Marcus & Millichap Brokers $2M Sale of Mixed-Use Portfolio in Central Massachusetts

by David Cohen June 27, 2018

WEBSTER, MASS. — Marcus & Millichap has brokered the $2 million sale of Main Street Properties, a 51,982-square-foot mixed-use portfolio located at 118 and 275 Main St. in Webster. The town is located in central Massachusetts on the Connecticut border. Matthew Pierce of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was a private investor. The properties include 31 apartments and nine retail units.

June 27, 2018

Acquisitions Illinois Industrial Midwest

Colliers Arranges Sale of 221,522 SF Industrial Building in Chicago

by Kristin Harlow June 27, 2018

CHICAGO — Colliers International has arranged the sale of a 221,522-square-foot industrial building in Chicago for an undisclosed price. The property sits on 7.3 acres at 3355 W. 31st St. The building features a clear height of 32 feet and 14 crane bays. Steve Kohn and Mike Senner of Colliers represented the seller, Crown Steel Sales. Ed Wabick of Paine Wetzel represented the buyer, Cinespace Chicago Film Studios. Cinespace specializes in the development, management and operation of studio facilities.

June 27, 2018

Acquisitions Retail Texas

Lamar, Real Capital Acquire Two Retail Centers Totaling 292,000 SF in Metro Dallas

by Taylor Williams June 27, 2018

LEWISVILLE, TEXAS — A partnership between New Jersey-based investment firm Lamar Cos. and Real Capital Solutions has acquired Shops at Vista Ridge and Vista Ridge Plaza, two adjacent retail centers totaling approximately 292,000 square feet in Lewisville, a northern suburb of Dallas. Retailers at the properties, which the new ownership sees as value-add investments, include Bed, Bath & Beyond, DSW, Burke’s Outlet and Pier 1 Imports. Disney Investment Group brokered the sales of the properties.

June 27, 2018

Acquisitions California Retail Western

Champion Real Estate Sells Redeveloped, Grocery-Anchored Retail Center in Metro Los Angeles

by Amy Works June 27, 2018

GLENDORA, CALIF. — Champion Real Estate Co. has completed the disposition of Grand & Alosta, a grocery-anchored retail center located in Glendora, to 655 South Grand Avenue Owner LLC for an undisclosed price. Champion Glendora, an affiliate of Champion, acquired the vacant 85,615-square-foot building in 2016 and redeveloped it into a smaller, 70,811-square-foot, multi-tenant shopping center. Sprouts Farmers Market and Marshalls anchor the fully occupied property. Bryan Ley, Gleb Lvovich and Justin Kundrak of HFF represented the seller, while the buyer represented itself in the transaction.

June 27, 2018

Acquisitions Hospitality Southeast Virginia

Ashford Hospitality Trust Agrees to Acquire Hilton Hotel in Alexandria’s Old Town District for $111M

by John Nelson June 27, 2018

ALEXANDRIA, VA. — Ashford Hospitality Trust Inc. has signed a definitive agreement to acquire Hilton Alexandria Old Town for $111 million. The 252-room hotel is situated adjacent to the King Street Metro station in Alexandria’s Old Town district. Opened in 2000, the hotel features 12,967 square feet of meeting and function space, as well as a Starbucks in the lobby and King Street Tavern on the ground floor. Since 2013, the hotel has undergone $9.6 million in renovations. Ashford Hospitality Trust expects to enter into a non-recourse loan totaling $73.5 million at closing. The loan is expected to have a term of five years and feature an interest rate at 2.45 above LIBOR. The company will also fund the acquisition using $11.1 million in cash from Ashford Inc., the REIT’s Dallas-based advisor. The seller was not disclosed.

June 27, 2018

Acquisitions Arizona Retail Western

JLL Brokers $11.2M Sale of Ocotillo Plaza Retail Building in Chandler, Arizona

by Amy Works June 27, 2018

CHANDLER, ARIZ. — JLL has arranged the sale of Ocotillo Plaza, a retail building located at 2880 S. Alma School Road in Chandler’s Ocotillo area. Thompson Thrift Retail Group sold the property to Southern California-based Slater Avenue II for $11.2 million. The 121,829-square-foot building was renovated from a former Target store into a multi-tenant retail property. Current tenants include Goodwill, Shoppers Supply, and a home and outdoor supply retailer. Peter Bauman, Tivon Moffitt, Dennis Desmond and Tyson Switzenberg of JLL’s Phoenix office represented the seller, while Nina Patel represented the buyer in the deal.

June 27, 2018

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