Property Type

Colliers Brokers Sale of 160-Unit Bella Oaks Apartments in Longview, Texas

by Taylor Williams April 9, 2020

LONGVIEW, TEXAS — Colliers International has brokered the sale of Bella Oaks, a 160-unit multifamily community in Longview, about 120 miles east of Dallas. Built in 1971, the property features one-, two- and three-bedroom units ranging in size from 688 to 1,088 square feet with granite countertops and walk-in closets. Amenities include a pool, playground and onsite laundry facilities. Mark Allen and Courtland Charles of Colliers represented the seller in the transaction. The buyer was a California-based investor that acquired the asset via a 1031 exchange.

April 9, 2020

Acquisitions Mixed-Use Office Oregon Western

NKF Facilitates Sale of Broadway Tower Office Component in Downtown Portland

by Amy Works April 9, 2020

PORTLAND, ORE. — Newmark Knight Frank (NKF) has directed the sale of the condominium interest of the Office Unit in Broadway Tower, a 19-story mixed-use tower located at 1455 SW Broadway in downtown Portland. Principal Real Estate Investors acquired the office portion from BDC/Broadway Office LLC for reportedly approximately $132.5 million, according to media outlets. Nick Kucha, James Childress and Jeff Hodson of NKF, in cooperation with Kevin Shannon and James Ikeguchi of NKF’s U.S. Capital Markets team, represented the seller in the transaction. The buyer was self-represented. The 430,000-square-foot property offers 175,000 square feet of Class A office space on floors nine through 19 and a 180-room Radisson RED hotel, which was not included in the sale, on the first eight floors. The Broadway Tower Office Unit is a LEED Gold-certified, high-rise office tower offering 11 floors of office space with exclusive decks on the top three floors and views of Portland. The office component features 17,000-square-foot floorplates with open designs and floor-to-ceiling window lines for multi- and single-tenant use. The asset also features an underground parking garage with a total of 247 parking spaces. At the time of sale, the office component of Broadway Tower was 99 percent …

April 9, 2020

Leasing Activity Office Texas

Texas Eye Institute Renews 16,000 SF Office Lease in Houston

by Taylor Williams April 9, 2020

HOUSTON — The Texas Eye Institute, an eye care physicians group serving the Gulf Coast, has renewed its 16,000-square-foot office lease at 7710 Beechnut St. in southwest Houston. John Zivley of NAI Partners represented the tenant in the lease negotiations. Ace Schlameus and Jenny Seckinger of Colliers International represented the landlord.

April 9, 2020

Acquisitions Arizona Multifamily Western

Marcus & Millichap Negotiates $26.4M Sale of Phoenix Multifamily Community

by Amy Works April 9, 2020

PHOENIX — Marcus & Millichap has arranged the $26.4 million sale of San Marina Apartments, a multifamily property located at 7002 W. Indian School Road in Phoenix. A local nonprofit organization sold the asset to an out-of-state apartment investment and management company for $65,398 per unit. Situated on 19 acres, San Marina Apartments features 400 units in a mix of one- and two-bedroom floor plans, all of which offer energy-efficient, full-size appliances, carpet and vinyl flooring, dishwashers and microwaves. Select single-level “casitas” feature private patios. Onsite amenities include security gates, two laundry facilities, a park-like atmosphere with a playground and basketball court area, a pool, spa and covered parking. Rich Butler of Marcus & Millichap’s Phoenix office represented the seller and buyer in the transaction.

April 9, 2020

Acquisitions Colorado Hospitality Western

Lodging Partners, HREC Arrange Sale of Residence Inn by Marriott Durango in Colorado

by Amy Works April 9, 2020

DURANGO, COLO. — Lodging Partners, a member of Hotel Brokers International, teamed up with HREC Investment Advisors to broker the sale of Residence Inn by Marriott Durango, a 66-room hotel located at 21691 US Highway 160 West in Durango. A regional owner/operator of premium-branded, select-service hotels acquired the property for an undisclosed price. The pet-friendly hotel features studio, one-bedroom suite and two-bedroom suite guest rooms that feature fully equipped kitchens with refrigerators, microwaves and coffee makers. Hotel amenities include a fitness center, an indoor pool and whirlpool, free breakfast, high-speed wireless internet, laundry facilities and complimentary onsite parking. Ford Barton of Lodging Partners and Jeffrey Duni of HREC Investment Advisors led the marketing and negotiations on behalf of the seller.

April 9, 2020

Acquisitions Affordable Housing California Development Mixed-Use Multifamily Retail Western

City of San Francisco Invests $12M to Buy Site for Future Affordable Housing Development

by Amy Works April 9, 2020

SAN FRANCISCO — The City of San Francisco has purchased a 0.27-acre mixed-use development site on two parcels located at 1939 Market St. at Duboce Avenue in San Francisco. Sheet Metal Workers Local 104 Union Hall sold the site for $12 million. As part of the transaction, Sheet Metal Workers agreed to lease back the property for 24 months. The City plans to develop a mixed-use development on the site. Upon completion, the project will offer 100 percent permanent affordable housing, which would likely serve low-income seniors, and ground-floor activation opportunities. The site currently consists of a surface parking lot and a two-story office building that will be demolished to develop the housing project. Additionally, the parcels are located at the nexus of Hayes Valley, Duboce Triangle and Mission Dolores with a zoning allowance that places no limits on unit density and allows for the construction of structures up to 85 feet in height. The City of San Francisco acquired the property with funds from the Educational Revenue Augmentation Fund and would draw from the $600 million Affordable Housing Bond passed in November to finance the construction of the housing project. Jason Parr, Mark McGranahan and Scott MacDonald of Cushman …

April 9, 2020

Acquisitions California Restaurant Retail Western

Tutto USA Acquires Six-Tenant Restaurant Building in Victorville, California for $9.5M

by Amy Works April 9, 2020

VICTORVILLE, CALIF. — Tutto USA has purchased a six-tenant restaurant asset located at 11604 Amargosa Road in Victorville. A California-based developer sold the asset for $9.5 million, or $841 per square foot. Constructed in 2017, the 11,300-square-foot property was fully occupied at the time of sale. Tenants include Starbucks Coffee, Nekter Juice Bar, Which Wich, Pieology, Ono Hawaiian BBQ and Café Rio. Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller and procured the buyer, which was represented by an undisclosed Los Angeles-based broker, in the deal.

April 9, 2020

Acquisitions Illinois Loans Midwest Mixed-Use Top Stories

Newmark Knight Frank Provides $102.5M Acquisition Loan for Cityfront Place Apartments in Chicago

by Alex Tostado April 9, 2020

CHICAGO — Newmark Knight Frank has provided a $102.5 million Freddie Mac loan for the acquisition of Cityfront Place, a 39-story, 480-unit multifamily community in Chicago’s Streeterville neighborhood. Built in 1991, Cityfront Place is located along the Chicago River less than a mile from Lake Michigan. The property offers studio, one- and two-bedroom floor plans. Communal amenities include a business center, lounge, rooftop terrace, pool, sundeck, fitness center and a pet washing station. Unit interiors include marble floors in the bathrooms, walk-in closets, wood-flooring in select units and balconies. According to Apartments.com, rents range from $1,826 to $4,553 per month. Landmarks in Streeterville include the Wrigley Building, Tribune Tower, Museum of Contemporary Art, Chicago Children’s Museum and the Navy Pier. The neighborhood is bordered by Lake Michigan to the east, the Chicago River to the south, North Rush Street to the west and East Lake Shore Drive to the north. Henry Stimler and Charles Han of NKF originated the loan on behalf of a partnership between Chicago-based Strategic Properties of North America, Integrated Capital Management and South Korea-based Mirae Asset Daewoo. The loan features a five-year term with interest-only payments and a fixed interest rate of 3 percent. CBRE represented …

April 9, 2020

Industrial Market Reports Midwest Midwest Market Reports Ohio

Developers Flock to Columbus Industrial Market

by Kristin Harlow April 9, 2020

Columbus continues to be a powerhouse in the industrial market of the Midwest. Fueling this growth are its strategic logistics location as well as being the Ohio state capital and home to eight colleges and universities in central Ohio. Job creation in Columbus remains ahead of Ohio with employment expanding nearly 22 percent since 2010, twice the state’s rate of expansion. The region’s largest employers include The Ohio State University, OhioHealth, JP Morgan Chase and Nationwide Mutual Services. These companies employ nearly 100,000 in central Ohio. Columbus is also one of the hottest housing markets in the nation, with overall median sales prices increasing 7.6 percent over 2018 and sellers receiving, on average, 98.7 percent of the last list price at sale. Columbus has a greater access to the U.S. market within a 10-hour drive than any other major metropolitan area in the country. The area has access to 46 percent of the U.S. population within a 10-hour truck drive. This proximity continues to attract large corporations to the area, including Amazon, Facebook, Google and Walmart, who are all occupying new distribution and data centers in the region. The market’s industrial vacancy rate of 5 percent at the end of …

April 9, 2020

Company News Restaurant Retail Southeast Tennessee

TC Restaurant Group Lays Off 411 Employees at Five Honky-Tonks in Nashville Due to Coronavirus Closures

by Alex Tostado April 8, 2020

NASHVILLE, TENN. — TC Restaurant Group has filed a Worker Adjustment and Retraining Notification (WARN) Act with the Tennessee Department of Labor and Workforce Development to notify the agency of 411 employee layoffs stemming from closures due to the coronavirus (COVID-19) pandemic. The Ohio-based company operates five honky-tonks in downtown Nashville, including Jason Aldean’s Kitchen + Rooftop Bar, Luke’s 32Bridge Food + Drink, Luigi’s City Pizza, Tequila Cowboy and FGL House. TC Restaurant Group says the employees were laid off in mid-March, when the company temporarily closed the doors to those establishments due to the COVID-19 outbreak. As of this writing, there have been 888 confirmed cases and nine deaths due to COVID-19 in Davidson County, according to Johns Hopkins University (JHU).

April 8, 2020

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