Property Type

Higher Grounds Education Buys 9,897 SF Building in Naperville, Illinois

by Kristin Harlow April 17, 2019

NAPERVILLE, ILL. — Higher Grounds Education has purchased a 9,897-square-foot building to open a Montessori school in Naperville. The purchase price was not disclosed. The property, situated on one acre at 5051 Ace Lane, formerly served as an Alder School daycare facility. Linda Kost and Dave Schmidt of Realty Metrix Commercial represented the seller, DBJ Corp. Higher Grounds plans to renovate the property and reopen the facility late this summer. Higher Grounds is a Montessori education program for children from birth to adolescence.

April 17, 2019

Leasing Activity Midwest Retail Wisconsin

Walgreens Leases 4,429 SF in Wauwatosa, Wisconsin

by Kristin Harlow April 17, 2019

WAUWATOSA, WIS. — Walgreens has leased 4,429 square feet at 2265 N. Mayfair Road in Wauwatosa, a western suburb of Milwaukee. Ross Koepsel of Founders 3 Real Estate Services brokered the lease transaction. SRS Real Estate Partners is the landlord.

April 17, 2019

Acquisitions California Multifamily Western

Reliant Group Buys Bay Area Apartment Portfolio for $116M

by Amy Works April 17, 2019

SAN FRANCISCO — San Francisco-based Reliant Group Management has acquired a seven-property multifamily portfolio from a private seller for $116 million. Consisting of 603 units, the communities are located in Napa, Vallejo, Hercules, Antioch, Dublin and Hayward. Richard Knutson, Anthony Pappageorge, Zach LeBeouf and Will Thomas of Newmark Knight Frank Oakland represented the seller in the deal. Additional details of the transaction were not disclosed.

April 17, 2019

Colorado Loans Multifamily Seniors Housing Walker & Dunlop Western

Walker & Dunlop Arranges $52M Refinancing for Colorado Seniors Housing Portfolio

by Amy Works April 17, 2019

COLORADO SPRINGS AND CENTENNIAL, COLO. — Walker & Dunlop has structured $52 million in financing to refinance three seniors housing properties totaling 196 units in Colorado Springs and Centennial. The three properties are owned by a partnership between MorningStar Senior Living and an alternative investment fund manager based in the Middle East. MorningStar Senior Living manages the properties. The financing includes: • $21 million for MorningStar at Jordan, a three-story, 84-unit assisted-living and memory care facility in Centennial • $17.7 million for MorningStar at Mountain Shadows, a two-story, 64-unit assisted-living and memory care property in Colorado Springs • $13.2 million for MorningStar at Bear Creek, a 48-unit property specializing in Alzheimer’s patients Stuart Wernick, Jeff Ringwald and Bill Jackson of Walker & Dunlop arranged the loans, which featured a 10-year term, fixed interest rate and interest-only payments for a portion of the term.

April 17, 2019

Acquisitions Arizona Multifamily Western

Clear Sky Capital Sells Scottsdale Apartment Complex for $26.1M

by Amy Works April 17, 2019

SCOTTSDALE, ARIZ. — An entity formed by Phoenix-based Clear Sky Capital has completed the disposition of Tatum Place, a 164-unit multifamily property located at 16801 N. 49th St. in Scottsdale. Tatum Investment Partners, an entity formed by Chicago-based Rockwell Partners, purchased the asset for $26.1 million. Tatum Place features a mix of one- and two-bedroom apartments with an average size of 814 square feet. Units offer nine-foot ceilings, all-electric kitchens, in-unit washers/dryers, patios/balconies, wood-style flooring and walk-in closets. Community amenities include a fitness center, two swimming pools, a poolside clubhouse, outdoor barbecue grills, covered parking, gated access, a fire pit and complimentary Wi-Fi. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the deal.

April 17, 2019

Acquisitions Industrial Self-Storage Washington Western

Marcus & Millichap Directs $9.7M Sale of Self-Storage Facility in Belfair, Washington

by Amy Works April 17, 2019

BELFAIR, WASH. — Marcus & Millichap has arranged the sale of All Star Self Storage, Boat & RV, a self-storage facility located at 19720 E. Highway 106 in Belfair. A regional investment group acquired the property from a local partnership for $9.7 million, or approximately $127 per rentable square foot. The five-parcel asset is situated on 12 acres and features 586 self-storage units, a 25,000-square-foot boat barn for indoor boat and vehicle storage and 120 uncovered parking spaces. The property was built in several phases between 1987 and 2003. Christopher Secreto of Marcus & Millichap represented the seller and secured the buyer in the deal.

April 17, 2019

Acquisitions California Multifamily Seniors Housing Western

Mogharebi Group Brokers $6.8M Sale of Seniors Housing Community in San Bernardino, California

by Amy Works April 17, 2019

SAN BERNARDINO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Bernardine Senior Independent Living, a 71-unit apartment community in San Bernardino, approximately 60 miles east of Los Angeles. Built in 1984, Bernadine Senior Independent Living is a four story, 71-unit retirement community totaling 36,210 rentable square feet and situated on a one-acre site. A private investor out of Los Angeles acquired the property for $6.8 million, or $95,423 per unit. The seller was an Inland Empire-based acquisition group. Alex Mogharebi, Otto Ozen and Bryan LaBar of TMG represented both the seller and buyer in the deal.

April 17, 2019

Development Multifamily Texas

Wood Partners Begins Construction on 288-Unit Apartment Community in Plano

by Taylor Williams April 17, 2019

PLANO, TEXAS — Wood Partners, a multifamily investment and development firm with offices around the country, has begun construction on Alta 289, an apartment community in Plano that will offer 288 units in one-, two- and three-bedroom formats. In addition, units will average 913 square feet and feature stainless steel appliances, modern backsplashes, cabinetry and countertops, as well as washers and dryers. Amenities will include a pool, a dog park and outdoor courtyards. Preleasing will begin in August and completion is slated for spring 2020.

April 17, 2019

Development Office Texas

AmerisourceBergen Opens New Office at 300,000 SF Building in Metro Dallas

by Taylor Williams April 17, 2019

CARROLLTON, TEXAS — Pharmaceutical firm AmerisourceBergen has opened a new office at a 300,000-square-foot office building in northern Dallas suburb of Carrollton. Local firm Billingsley Co. developed the property, which offers amenities such as tech-enabled conference and business centers, specialized mother rooms, fitness and yoga centers, a coffee shop, café, micro-market and access to walking and biking trails. Gensler served as the project architect and StructureTone Southwest was the general contractor. Billingsley will also manage the property.

April 17, 2019

Development Industrial Texas

Trammell Crow, Clarion Break Ground on Phase II of 900,000 SF Industrial Park in Austin

by Taylor Williams April 17, 2019

AUSTIN, TEXAS — A partnership between Trammell Crow Co. and Clarion Partners has broken ground on Phase II of Park 183, an industrial development in southeast Austin. Phase II includes an 85,000-square-foot building that is fully preleased to FedEx Corp. Park 183 will ultimately span more than 900,000 square feet of Class A space across seven buildings. Completion of Phase II is slated for the fourth quarter.

April 17, 2019

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