Property Type

Cushman & Wakefield Negotiates $45.3M Sale of Multifamily Property in Birmingham

by Alex Tostado February 5, 2020

BIRMINGHAM, ALA. — Cushman & Wakefield has negotiated the $45.3 million sale of The Trails at Cahaba River, a 400-unit multifamily property in Birmingham. The property, which sold for the equivalent of $113,250 per unit, offers one-, two- and three-bedroom floor plans. Communal amenities include two swimming pools, picnic areas, a fitness center, private trail on the Little Cahaba River and an outdoor playground. The seller, Merion Realty Partners, upgraded the clubhouse and unit interiors prior to the sale. The buyer, Timberland Properties, plans to continue upgrading the property throughout, according to Andrew Brown of Cushman & Wakefield. The Trails at Cahaba River is situated at 801 Cahaba Forest Cove, along U.S. Highway 280 and 10 miles southeast of downtown Birmingham. Brown, Craig Hey and Jimmy Adams of Cushman & Wakefield represented the seller in the transaction.

February 5, 2020

Acquisitions Arkansas Retail Southeast

TSCG Brokers Sale of 180,200 SF Retail Power Center in Little Rock

by Alex Tostado February 5, 2020

LITTLE ROCK, ARK. — TSCG has brokered the sale of Markham West, a 180,200-square-foot retail power center in Little Rock. The shopping center was 98 percent leased at the time of sale to tenants including Academy Sports + Outdoors, Office Depot, Dollar Tree, Michaels and Planet Fitness. Markham West also features five outparcel buildings housing tenants such as TCBY Yogurt, Aspen Dental, Pizza Hut and US Bank. The asset is situated at 11164 W. Markham St., seven miles west of downtown Little Rock and a half-mile from Interstate 430. TSCG represented the seller, an affiliate of Houston-based Weingarten Realty, in the transaction. An affiliate of Atlanta-based RCG Ventures LLC acquired the property for an undisclosed price.

February 5, 2020

Acquisitions Office Southeast Virginia

NKF Arranges $23.7M Sale of Office Building in Northern Virginia

by Alex Tostado February 5, 2020

CHANTILLY, VA. — Newmark Knight Frank (NKF) has arranged the $23.7 million sale of Victory Point at Westfields, a 147,000-square-foot office building in Chantilly. The sellers, Goldstar Group and CrossHarbor Capital Partners, renovated the property in 2016 to include fitness center with locker rooms, an onsite café and an outdoor plaza area. Built in 1989, Victory Point at Westfields was 96 percent leased at the time of sale to tenants including Strayer University, BTRG Group and Alpha Industries Inc. The building is situated at 14200 Meadow Lane, 26 miles west of downtown Washington, D.C. An affiliate of AAFMAA Life Insurance Co. acquired the asset. Jud Ryan of NKF represented the sellers in the transaction.

February 5, 2020

Acquisitions Industrial Midwest Nebraska

Papillion Foods Acquires 535,000 SF Former Shopko Distribution Center in Papillion, Nebraska

by Kristin Harlow February 5, 2020

PAPILLION, NEB. — Papillion Foods has acquired a 535,000-square-foot former Shopko distribution center in Papillion for an undisclosed price. The 80-acre property is located in the Sarpy West Industrial submarket of Omaha. The facility was originally built for Shopko in 2000 and expanded in 2004. Shopko vacated the property in early 2019. Denny Sciscoe and Mike Earl of Cushman & Wakefield/The Lund Co. represented the seller, LCN Capital Partners, which purchased the facility in 2015. Brian Fogelberg and Emily Claridge of Transwestern represented the buyer. Wisconsin-based Shopko, an apparel and home goods retailer, closed all of its stores in mid-2019.

February 5, 2020

Loans Midwest Missouri Multifamily

Maverick Commercial Arranges $10.2M First Mortgage Loan for Manufactured Housing Community in Missouri

by Kristin Harlow February 5, 2020

HOUSE SPRINGS, MO. — Maverick Commercial Mortgage has arranged a $10.2 million first mortgage loan for Byrnes Mill Farms manufactured housing community in House Springs, located about 30 miles southwest of St. Louis. Built in 1986, the 372-site community features a pool and clubhouse. A national lender provided the bridge loan, which features a 16-month term and a 30-year amortization schedule. Proceeds from the loan refinanced the existing first mortgage, funded a reserve to be used for new house purchases, paid for closing costs and returned equity to the borrower, MHPI.

February 5, 2020

Acquisitions Healthcare Illinois Midwest

Cushman & Wakefield Brokers $7.7M Sale of Medical Office Building in Roscoe, Illinois

by Kristin Harlow February 5, 2020

ROSCOE, ILL. — Cushman & Wakefield has brokered the $7.7 million sale of the SwedishAmerican Clinic & Immediate Care-Prairie Center, a 25,565-square-foot medical office building in Roscoe in northern Illinois. Constructed in 2014, the facility sits on 7.5 acres at 4282 E. Rockton Road. SwedishAmerican, a division of UW Health, occupies 80 percent of the property. Services provided at the facility include immediate care, primary care, obstetrics and gynecology, podiatry, orthopedics, pulmonology, cardiology and physical therapy. The other tenant, Siepert & Co. LLP, is a public accounting firm and occupies 3,600 square feet. At the time of sale, 1,400 square feet was available for lease. Gino Lollio, Scott Niedergang and Travis Ives of Cushman & Wakefield represented the seller, Glen Rock Development LLC. A non-traded real estate investment trust focused primarily on healthcare assets purchased the building.

February 5, 2020

Acquisitions Kansas Midwest Missouri Multifamily

Pacific Sands Purchases Two Kansas City-Area Multifamily Assets

by Kristin Harlow February 5, 2020

KANSAS CITY, MO. AND LENEXA, KAN. — Pacific Sands Funds has purchased two multifamily properties in metro Kansas City for an undisclosed price. The first property is Chouteau Heights, a 76-unit apartment complex in the Sherwood Estates neighborhood of Kansas City. The second is Villas of Loiret, a 46-unit rental townhouse community in Lenexa. Chouteau Heights was built in 1964, while Villas of Loiret was constructed between 1999 and 2003. Pacific Sands plans to update both properties. Irvine, Calif.-based Pacific Sands maintains a portfolio of more than 500 units in southern California, Las Vegas, St. Louis and Kansas City. Seller information was undisclosed.

February 5, 2020

Acquisitions Michigan Midwest Retail

Gerdom Realty Negotiates Sale of 23,000 SF Retail Center in Livonia, Michigan

by Kristin Harlow February 5, 2020

LIVONIA, MICH. — Gerdom Realty has negotiated the sale of Livonia Crossroads for an undisclosed price. The 23,000-square-foot retail center is located at the southeast corner of Middlebelt and Plymouth roads in Livonia, a western suburb of Detroit. Tenants include MedPost Urgent Care, Disc Replay and Sprint. Tjader Gerdom, Larry Siedell and Michael Murphy of Gerdom represented both parties in the sale. A local investor purchased the asset. Gerdom retains leasing responsibilities for the center.

February 5, 2020

Acquisitions Colorado Office Western

Shorenstein Properties Sells 1.3 MSF Denver City Center Office Campus for $400M

by Amy Works February 5, 2020

DENVER — Shorenstein Properties has completed the disposition of Denver City Center, a two-tower office asset located in downtown Denver. Brookfield Properties acquired the asset for $400 million, according to the Colorado Real Estate Journal. Denver City Center consists of a 42-story building located at 707 17th St., which includes the 20-floor Hilton Denver City Center hotel (not included in the sale) and 22 floors of office space, and Johns Manville Plaza, a 29-story office building located at 717 17th St. The buildings combined total 1.3 million square feet. Tim Richey, Mike Winn, Jenny Knowlton, Charley Will and Chad Flynn of CBRE represented the seller in the deal. Shorenstein Properties originally purchased Denver City Center with funds from its Tenth Fund for $286 million in 2013.

February 5, 2020

Colorado Development Industrial Western

Hyde Development, Mortenson to Build 2.2 MSF HighPoint Logistics Park Near Denver International Airport

by Amy Works February 5, 2020

AURORA, COLO. — Hyde Development and Mortenson have purchased an undeveloped, 125-acre land parcel located along E-470 at 64th Avenue in Aurora. The partnership plans to develop HighPoint Logistics Park, a 2.2 million-square-foot industrial park, at the site, which is near Denver International Airport. HighPoint Logistics Park will feature eight buildings with a mix of cross-dock, front-park and rear-load warehouse product. Additionally, the park will be located in three economic benefit zones: Federal Opportunity Zone; Adams County, Colo., Enterprise Zone; and Limon Foreign Trade Zone. These distinctions allow for significant tax credits to encourage job creation and investments by businesses. Construction is scheduled to begin before the end of this year. CBRE’s Tyler Carner, Jeremy Ballenger and Jessica Ostermick represented the seller, Westside Investment Partners. Todd Witty and Daniel Close, also of CBRE, represented the buyers in the deal.

February 5, 2020

Newer Posts

Older Posts