Property Type

CBRE Brokers $9.9M Sale of Moncrieff Business Center Industrial Building in Aurora, Colorado

by Amy Works December 9, 2019

AURORA, COLO. — CBRE has arranged the sale of Moncrieff Business Center, an industrial building located in Aurora. San Francisco-based Berkeley Partners sold the property to an investor advised by Zurich Alternative Asset Management for $9.9 million. Located at 14603 E. Moncrieff Place within Denver’s Airport submarket, the 101,406-square-foot building features 22-foot clear heights; an ESFR fire protection system; dock-high and oversized drive-in loading; rail doors serviced by Union Pacific; and fenced outside storage. Constructed in 1982 on 4.23 acres, the property was fully leased at the time of sale. Tyler Carner, Jeremy Ballenger, Jim Bolt and Jessica Osternick of CBRE’s Denver office represented the seller in the deal.

December 9, 2019

Acquisitions Illinois Midwest Office

American Library Association Sells Chicago Headquarters Buildings

by Kristin Harlow December 9, 2019

CHICAGO — American Library Association (ALA) has sold its headquarters buildings at 50 E. Huron St. and 40 E. Huron St. in Chicago’s River North neighborhood. Neither the buyer nor the sales price were disclosed. In spring 2020, ALA will move its office to Michigan Plaza at 225 N. Michigan Ave. Until then, ALA staff will continue to occupy the adjoined, 98,000-square-foot buildings on Huron. ALA says the move will provide it with modernized workspace and enhanced meeting space. Architecture firm Nelson is designing the new office buildout. ALA began occupying space at 50 E. Huron in 1963 before building an extension and opening 40 E. Huron in 1981. The two connected buildings have housed the association’s staff ever since.

December 9, 2019

Acquisitions Michigan Midwest Multifamily

Greystone Bel Arranges Sale of 94-Unit Apartment Property in Michigan

by Kristin Harlow December 9, 2019

BERRIEN SPRINGS, MICH. — Greystone Bel Real Estate Advisors has arranged the sale of Park Manor Apartments in southwest Michigan’s Berrien Springs. The sales price was undisclosed. Built in 1971 and located on Rosehill Road, the 94-unit garden-style community is situated on nearly six acres. The property consists of nine separate buildings. Austin Hull of Greystone Bel represented the undisclosed buyer and seller.

December 9, 2019

Acquisitions Illinois Industrial Midwest Self-Storage

Marcus & Millichap Negotiates Sale of 354-Unit Self-Storage Facility Near St. Louis

by Kristin Harlow December 9, 2019

COLLINSVILLE, ILL. — Marcus & Millichap has negotiated the sale of a Stowaway Self Storage facility in Collinsville, east of St. Louis. The sales price was undisclosed. Located at 1 Business Center Court, the property spans 44,038 square feet with 354 units. It features a variety of unit types ranging from five to 60 square feet in size. Britney Hendricks and Sean Delaney of Marcus & Millichap marketed the property on behalf of the seller, an individual trust. The team also procured the buyer, a private investor.

December 9, 2019

Acquisitions Illinois Midwest Multifamily

SVN Chicago Commercial Brokers $3.3M Sale of Multifamily Complex in Moline, Illinois

by Kristin Harlow December 9, 2019

MOLINE, ILL. — SVN Chicago Commercial has brokered the sale of Paulsen Manor Apartments in Moline for $3.3 million. The 67-unit multifamily complex is located at 2424 41st St. within the Quad Cities. Reid Bennett and Cody Doran of SVN brokered the transaction. A local investor purchased the asset.

December 9, 2019

Acquisitions Michigan Midwest Restaurant Retail

Captain D’s to Open at Former Dunkin’ Property in Michigan

by Kristin Harlow December 9, 2019

CLINTON TOWNSHIP, MICH. — Gerdom Realty & Investment has arranged the sale of a 2,822-square-foot retail property formerly occupied by Dunkin’ in Clinton Township, north of Detroit. The sales price was undisclosed. The building is located on Groesbeck Highway, just north of 15 Mile Road. Tjader Gerdom and Vicki Gutowski of Gerdom represented the seller. Matt Croswell of CBRE represented the buyer, a Captain D’s restaurant franchisee. This will be the first Captain D’s restaurant in Michigan.

December 9, 2019

Acquisitions Hospitality Midwest Missouri Retail Southeast Top Stories West Virginia

VICI Properties Acquires Three Casinos in Missouri, West Virginia for $278M

by Taylor Williams December 9, 2019

CAPE GIRARDEAU, MO., CARUTHERSVILLE, MO., AND NEW CUMBERLAND, W.V. — VICI Properties Inc. (NYSE: VICI), a New York City-based REIT that specializes in casinos, has acquired three such properties in Missouri and West Virginia. Eldorado Resorts Inc. sold the assets for $278 million in an all-cash deal. In Missouri, Isle Casino Cape Girardeau is located in Cape Girardeau in the southern part of the state, while Lady Luck Casino is a riverboat casino in Caruthersville, located even further south near the Tennessee-Missouri border. Both cities are situated along the Mississippi River. In West Virginia, Mountaineer Casino, Racetrack & Resort is in New Cumberland, a city situated along the Ohio River in the northern part of the state. Isle Casino opened in 2012 and features 41,500 square feet of casino space, three dining venues, a pavilion and an entertainment center. Lady Luck opened 1995 and consists of a dockside casino spanning 21,500 square feet, two restaurants and a 40,000-square-foot pavilion. Mountaineer opened as a racetrack and resort in 1951. The casino debuted in 1994 and offers a 357-room hotel, five dining venues, 1,486 gaming machines and 36 table games. VICI Properties has also entered into an agreement with Colorado-based Century Casinos …

December 9, 2019

Louisiana Market Reports Multifamily Southeast Southeast Market Reports

Tight Multifamily Occupancy in New Orleans Leads to 2,285 Units in the Pipeline

by Alex Tostado December 9, 2019

New Orleans (also known as Crescent City, The Big Easy and NOLA) is unique in many ways. The cuisine, architecture and music all set the city apart, but for the real estate industry, the geography is most important. In fact, it’s uniqueness among the great Southern cities is that the Mississippi River, Lake Pontchartrain and the wetlands to the east and west have created a barrier to entry unlike any other multifamily market in the country. These factors have limited development to a select few urban sites and redevelopment of historic structures. Garden-style product has been primarily confined to St. Tammany Parish located north of Lake Pontchartrain. The parish has an abundance of land as well as the demographic profile to support new market-rate construction. The multifamily market in metro New Orleans is further strengthened by the positive economic growth the city has experienced. The local and regional economies continue to see growth in the following sectors: energy, advanced manufacturing, international trade, healthcare, education, bio-science, tourism and technology. One example is DXC Technology’s new Digital Transformation Center located in downtown New Orleans. This new employer will create 2,000 well-paying jobs and provide further stability to the downtown multifamily market. The …

December 9, 2019

Acquisitions Office Top Stories Washington Western

The Roxborough Group Acquires Metro Seattle Office Portfolio for $73.6M

by Alex Patton December 6, 2019

REDMOND, WASH. — San Francisco-based investor The Roxborough Group LLC has acquired Quadrant Willows, a 248,041-square-foot, Class A office complex in Redmond, an eastern suburb of Seattle. The purchase price was $73.6 million, according to the Seattle Daily Journal of Commerce. The four buildings of Quadrant Willows are located along Willows Road in the tech-dominated Redmond submarket. The seller, Equus Capital Partners Ltd., acquired the complex in 2016 and has since completed $850,000 worth of renovations. “We were able to assemble an attractive four-building portfolio, through two separate acquisitions, in one of the most dynamic office markets in the country and take the occupancy from a combined 78 percent at acquisition to 100 percent at the time of sale,” says Robert Butchenhart, vice president for Equus and manager for Equus’ West Coast office. Redmond benefits from Microsoft’s 8 million-square-foot corporate headquarters and the Eastlink Light Rail transit line. “The Redmond submarket is one of the most dynamic Eastside submarkets with 21.5 percent rent growth over the past 24 months. Vacancy, including Microsoft, is at 4.4 percent with overall Eastside vacancy at 4.3 percent,” says Joe Lynch, executive managing director of Newmark Night Frank (NKF), which represented the Equus in the …

December 6, 2019

Acquisitions Arkansas Multifamily Southeast Student Housing

NKF Arranges Sale, Acquisition Financing for New Student Housing Community Near University of Arkansas

by Alex Tostado December 6, 2019

FAYETTEVILLE, ARK. — Newmark Knight Frank Multifamily (NKF) has arranged the sale of and acquisition financing for the Cottages on Hollywood, a 652-bed student housing community located near the University of Arkansas in Fayetteville. Construction on the property was completed this fall. Ryan Lang, Brandon Buell and Jack Brett of NKF represented the seller, Barrett Development Group, in the sale of the property to Inland for an undisclosed price. Joel Simmons, Matt Williams, James Maynard and Kyle Schlitt of NKF Multifamily Capital Markets Debt & Structured Finance arranged acquisition financing on behalf of the buyer. The community offers two-, three-, four- and five-bedroom units. Shared amenities include study lounges and private study spaces, a computer and printing station, coffee bar and vending market, two-story fitness center with resort-style locker rooms, sauna and steam rooms, tanning beds, two-story clubhouse, indoor and outdoor gaming lounge, resort-style swimming pool and cabana, hammock garden, water and sand volleyball, dog park, outdoor kitchens and grills, fire pit, putting green, an activity field with horse shoes and bocce ball and access to the Town Branch Walking Trail.

December 6, 2019

Newer Posts

Older Posts