LAFAYETTE, IND. — Baum Realty Group LLC has arranged the sale of a 2,321-square-foot building occupied by Starbucks in Lafayette for $1.8 million. The single-tenant property is located near the Purdue University. Patrick Forkin of Baum represented the seller. A West Coast-based buyer purchased the asset in a tax-deferred 1031 exchange.
TEMPE, ARIZ. — TruAmerica Multifamily, in a joint venture with an institutional capital partner, has purchased a two-property apartment portfolio in Tempe for $67.3 million. This acquisition increases the company’s local portfolio to more than 2,400 units. The name of the seller was not released. The portfolio includes the 276-unit Highland Park and the 196-unit Park View, both located within a block of each other near the Interstate 10 and Baseline Road interchange. The low-density, garden-style properties were built in the early 1980s and feature one-, two- and three-bedroom apartments. On-site amenities for the communities include resort-style swimming pools, fitness centers, clubhouses and recreational areas. The acquisition was made with financing through Freddie Mac’s Select Sponsor Program, originated by CBRE Capital Markets team led by Brian Eisendrath. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix office brokered the transaction.
PORTLAND, ORE. — Dermody Properties has purchased an industrial manufacturing and warehouse building, located at 19730 N.E. Sandy Blvd. in Portland’s Northeast Columbia Corridor submarket, for an undisclosed price. The 296,361-square-foot facility features 22-foot to 30-foot interior clear heights, 21 dock-high doors, three grade-level doors, ample car parking and space for trailer loading and maneuvering. Additionally, the property has 12.1 acres of adjacent developable land. Dermody Properties’ Northwest Region office, led by Phillip Wood, will manage the asset, which will be available for a new tenant as of first-quarter 2019. Buzz Ellis, Paige Morgan, Craig Reinhart and Kevin Kriesien of JLL brought the opportunity to Dermody, and JLL will handle leasing for the property.
SEATTLE — LMC has opened Axle, an eight-story apartment community fully integrated with smart-home technology located at 3230 16th Ave. West in Seattle’s Interbay neighborhood. Axle, which is pursuing LEED Gold certification, features 226 smart apartments. The community’s smart homes feature an Amazon Echo integrated into a Sonos Play:1, a Ruckus access-point device for superior Wi-Fi coverage and Lutron Pico Remote for dimming lights and controlling smart-home speakers. Additionally, residents will receive a Sonos Play:1 upon move-in. All units also feature Lutron roller shades, which can be controlled through a smartphone, a Pico remote or by voice activation through Alexa. The property consists of one- and two-bedroom apartments, with den and townhome layouts available, ranging in size from 539 to 1,454 square feet. Interiors feature quartz countertops, designer lighting, high-end stainless steel appliances, hardwood-style plank flooring, full-size washers and dryers, ceramic tile tub surrounds, lighted mirrors and under-cabinet lighting. Community amenities include a sky lounge with full kitchen, dining area with fireplace and large communal room with two oversized televisions; a co-working lounge; club-inspired 24-hour fitness center; rooftop deck with barbecues and lounge areas; a pet park and pet wash station; and a large bike and gear maintenance facility. LMC, …
BURLINGAME, CALIF. — Newmark Knight Frank (NKF) has arranged the purchase of a medical office property adjacent to Mills-Peninsula Medical Center in Burlingame. Lincoln Property Co. acquired the asset for $39.2 million. Located at 1720 El Camino Real, the property features 104,000 square feet of medical office space spread across three interconnected buildings. Situated on 3.7 acres, the property also includes a five-level parking structure. At the time of sale, the asset was 88 percent occupied by a number of medical users. Seth McKinnon of NKF represented the buyer in the off-market transaction. The name of the seller was not released.
LOS ANGELES — MWest Holdings has acquired The View, a high-rise apartment community located at 3460 W. Seventh St. in the Koreatown district of Los Angeles. CIM Group sold the property for an undisclosed price. Originally constructed in 1965 and redeveloped in 2013, the 13-story building features 168 apartment units in a mix of one- and two-bedroom layouts with Caserstone countertops, soft-close cabinetry, Frigidiare stainless steel appliances, double basin stainless steel sinks, recessed lighting and washers/dryers in select units. On-site amenities include a Yoga Works studio on the ground floor, a fitness center, pool and sundeck, barbecue area, outdoor lounge and community room. MWest plans to implement a minor interior upgrade program and revitalize the existing common areas and community amenities.
SAN FRANCISCO — Paramount Group Inc. (NYSE: PGRE) has agreed to acquire 111 Sutter Street, a 293,000-square-foot office tower in San Francisco’s North Financial District, for $227 million. The transaction, expected to close in the first quarter of 2019, equates to $775 per square foot. Paramount is considering bringing in a joint venture partner at the property. The seller was not disclosed. The building is currently 79.6 percent leased to technology, media, business services and nonprofit tenants. JLL serves as the property’s leasing agent. The 22-story building originally opened in 1927 and was known as the Hunter-Dulin Building. Electrical and plumbing upgrades as well as new elevator systems were added in 2001. The property, which served as NBC’s West Coast headquarters from 1927 to 1942, is on the National Register of Historic Places. The LEED Silver-certified property includes a 24-hour fitness center on the ground floor. New York City-based Paramount is a real estate investment trust that owns and operates Class A office properties in select central business district submarkets of New York City, Washington, D.C. and San Francisco. PGRE’s stock price closed at $12.79 per share on Thursday, Dec. 20, down from $15.58 per share one year ago. — …
As e-commerce continues to challenge the growth, evolution and resilience of retail, brokers in Houston have reason to be optimistic about leasing velocity and absorption in the coming months, even as new construction floods the market. There’s no denying that in the past several years, the retail industry has experienced a shakeup. The move to online shopping has spared very few retailers, and Houston is no exception. The Houston MSA has seen its fair share of big box store closures, but tenants and developers alike appear ready to face the challenges head-on. The collective mood among retail professionals in Houston is one of acceptance of a new, tech-heavy retail landscape. The retail community has evolved into embracing the likes of pop-up shops, online platforms, curbside pickup options and a service-based shopping experience. Ultimately, however, it’s the consumers who decide the fate of certain retailers. The professionals who develop and lease retail properties are integrating more psychological analysis into their daily work than ever before. In today’s environment, even the slightest of nuances in consumer behavior can mold critical aspects of real estate strategies. The evolution of retail follows the evolution of human behavior. Market Fundamentals Houston is one of the …
NASHVILLE, TENN. — Crescent Communities and Pearl Street Partners have sold Novel Bellevue Place, a 337-unit multifamily community in Nashville’s Bellevue neighborhood, to The Praedium Group for an undisclosed price. The partnership also sold Novel Music Row in downtown Nashville to The Dinerstein Cos. for an undisclosed price, but media reports have the price tag at $79.2 million. Bellevue Place is located within One Bellevue Place, a mixed-use redevelopment of Bellevue Mall that is situated on 87 acres about 14 miles southwest of downtown Nashville. When complete, the site will also house the Nashville Predators’ practice facility. Amenities include a fitness center, pool and clubroom. Music Row is situated in Nashville’s Gulch neighborhood. Amenities include an outdoor kitchen area, dog park, pool, fitness center, clubroom and a performance stage. Both communities opened in summer 2017. Fifth Third Bank provided the construction financing for Bellevue Place, and RBS Citizens Bank provided construction financing for Music Row. Russ Oldham, Brett Kingman and Steve Massey of CBRE represented Crescent Communities in both sales transactions. Crescent Communities is currently developing two additional Nashville-area Novel communities with Pearl Street Partners. Lockwood Glen in Franklin is currently leasing, and Crescent recently announced plans for Nashville West, a 436-unit community set to deliver in spring …
LITTLE ROCK, ARK. — Investment Grade Loans has sold a 554,416-square-foot industrial building in Little Rock. The property sits on 27.6 acres and sold to New York City-based Eliken Property Management for an undisclosed price. The single-story facility has 29-foot, 9-inch ceiling heights, 5-inch reinforced concrete floors, 40 dock doors and 5,616 square feet of office space. Holmes Davis of Binswanger’s Dallas office represented the seller in the transaction.
