Property Type

Marcus & Millichap Negotiates $5.8M Sale of Retail Property in Everett, Washington

by Amy Works September 3, 2021

EVERETT, WASH. — Marcus & Millichap has arranged the sale of a retail center located at 811 S.E. Everett Mall Way in Everett. A limited liability company sold the asset to an undisclosed buyer for $5.8 million. Trader Joe’s, Dollar Tree, T-Mobile and Olympic Hot Tub occupy the 24,800-square retail property. Trader Joe’s has been at this location for more than 25 years and recently extended its lease. Clayton Brown and Ruthanne Romero of Brown Retail Group of Marcus & Millichap’s Seattle office represented the seller in the deal.

September 3, 2021

Acquisitions California Net Lease Restaurant Retail Western

SRS Brokers $5.5M Ground-Lease Sale of Raising Cane’s-Occupied Property in Barstow, California

by Amy Works September 3, 2021

BARSTOW, CALIF. — SRS Real Estate Partners’ National Net Lease Group (NNLG) has arranged the $5.5 million ground-lease sale of a retail building located at 2620 Fisher Blvd. in Barstow. Starboard Realty Advisors sold the asset to a Los Angeles-based private investor. Raising Cane’s Chicken Fingers occupies the property, which is situated on 1.25 acres and features a double drive thru. The building was constructed in 2020 and the restaurant opened for business in May 2021. The asset has a 15-year, corporate-guaranteed ground lease in place, providing the buyer with a stabilized investment and no landlord responsibilities. Matthew Mousavi and Patrick Luther of SRS NNLG represented the seller, while Pablo Rodriguez of Newmark represented the buyer in the deal.

September 3, 2021

Acquisitions Midwest Ohio Retail

First National Realty Partners Acquires 111,152 SF Shore Center Plaza in Euclid, Ohio

by Kristin Harlow September 3, 2021

EUCLID, OHIO — First National Realty Partners has acquired Shore Center Plaza in Euclid near Cleveland for an undisclosed price. The 111,152-square-foot shopping center is 94 percent occupied and anchored by a 47,348-square-foot Dave’s Supermarket. Other tenants include Dollar Tree, Citi Trends, Aaron’s, Little Caesar’s and Burger King. Seller and broker information was not provided.

September 3, 2021

Affordable Housing Development Illinois Midwest Multifamily

Skender Builds 16-Unit Affordable Housing Project in Wilmette, Illinois

by Kristin Harlow September 3, 2021

WILMETTE, ILL. — Skender has completed construction of Cleland Place, a three-story, 16-unit affordable housing project located at 1925 Wilmette Ave. in Wilmette, about 14 miles north of downtown Chicago. Housing Opportunity Development Corp. (HODC) will operate the property, which will house working families, seniors and veterans. The project is part of the Public Housing Voucher program, meaning residents pay 30 percent of their income and Housing Authority of Cook County subsidizes the rest. Cleland Place is named for Jean Cleland, a long-time Wilmette resident and founding member of HODC. The building includes one- and two-bedroom units. Amenities include a laundry room, covered parking and social activities for residents. Cordogan Clark & Associates served as architect.

September 3, 2021

Acquisitions Hospitality Illinois Midwest

Chateau Hotel, Conference Center in Bloomington Sells for $3.2M

by Kristin Harlow September 3, 2021

BLOOMINGTON, ILL. — The Chateau Hotel and Conference Center in Bloomington has sold for $3.2 million. Located at 1621 Jumer Drive, the property includes 180 rooms. Meghan O’Neal-Rogozinski of Coldwell Banker Commercial Real Estate Group represented the buyer, Adidev Developers Real Estate LLC. The buyer intends to continue operating the property as a hotel and convention center under the agreed lease terms. Seller information was not disclosed.

September 3, 2021

Development Illinois Midwest Office

J.C. Anderson Completes 32,576 SF Spec Office Buildout in Chicago

by Kristin Harlow September 3, 2021

CHICAGO — J.C. Anderson has completed construction of a 32,576-square-foot spec office suite buildout for owner GlenStar at the Chicago Board of Trade Building. Located in Chicago’s Loop at 141 W. Jackson Blvd., the property was originally built in 1930. The scope of the project included building out spec suites on the 13th floor that range in size from 2,300 to 7,500 square feet. The spaces feature conference rooms, private offices, huddle rooms, break rooms and open office areas. MRSA Architects & Planners served as architect. This is the third spec suite project that J.C. Anderson has completed for GlenStar at the building.

September 3, 2021

Acquisitions Industrial Michigan Midwest

Dominion Brokers Sale of 14,800 SF Industrial Building in Milford, Michigan

by Kristin Harlow September 3, 2021

MILFORD, MICH. — Dominion Real Estate Advisors has brokered the sale of a 14,800-square-foot industrial building located at 4999 McCarthy Drive in Milford, about 40 miles northwest of Detroit. The sales price was undisclosed. Barry Landau of Dominion represented the seller, Houston-based Parita Michigan Ventures LLC. Rob Hughes of RH Commercial Realty represented the buyer, a building contractor that will occupy the property.

September 3, 2021

Acquisitions Multifamily Texas

Joint Venture Acquires 504-Unit Morgan Apartments in North Austin

by Taylor Williams September 3, 2021

AUSTIN, TEXAS — A joint venture between California-based investment firm Archway Equities, CAF Capital Partners and Cleveland-based Citymark Capital has acquired The Morgan, a 504-unit apartment community in Austin. The value-add property was built in the mid-1980s on the city’s north side and was 95 percent occupied at the time of sale. The Morgan offers one- and two-bedroom units and an amenity package that includes multiple pools, a business center, walking trails, a dog park and an outdoor kitchen area. The seller was not disclosed.

September 3, 2021

Acquisitions Multifamily Texas

IPA Brokers Sale of 288-Unit Vantage at Bulverde Apartments Near San Antonio

by Taylor Williams September 3, 2021

BULVERDE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Vantage at Bulverde, a 288-unit apartment community located in the northern San Antonio suburb of Bulverde. Units feature one-, two- and three-bedroom floor plans with individual washers and dryers, mosaic glass backsplashes and oversized closets. Select units also offer fenced yards. Amenities include a pool with grilling areas, media lounge, clubhouse and a fitness center. Will Balthrope and Drew Garza of IPA represented the seller, Vantage Communities, in the transaction. The duo also procured the buyer, Houston-based Ilan Investments.

September 3, 2021

Hospitality Loans Texas

Tower Capital Arranges Two Acquisition Loans Totaling $10.2M for Texarkana Hotels

by Taylor Williams September 3, 2021

TEXARKANA, TEXAS — Phoenix-based Tower Capital has arranged two acquisition loans totaling roughly $10.3 million for a pair of Marriott-branded hotels totaling 175 rooms in Texarkana. In the first deal, Tower Capital arranged $5.1 million for the purchase of the 85-room TownePlace Suites by Marriott hotel. In the second transaction, the firm placed a $5.1 million loan for the adjacent 90-room Courtyard by Marriott hotel. Both loans were structured with three-year terms, fixed interest rates and 77 percent loan-to-cost ratios. The undisclosed borrower(s) will use portions of the proceeds to fund capital improvements at both properties.

September 3, 2021

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