Property Type

Sun Commercial Real Estate Negotiates $8.3M Sale of Office Portfolio in Las Vegas

by Amy Works May 30, 2018

LAS VEGAS — Sun Commercial Real Estate has brokered the sale of a single-tenant, absolute triple-net leased portfolio in Las Vegas. An undisclosed REIT sold the portfolio to an undisclosed buyer for $8.3 million, or $120 per square foot. The portfolio includes a 38,784-square-foot office building located at 2975 S. Rainbow Blvd. and eight residential rehabilitation facilities totaling 30,389 square feet. Cathy Jones, Jessica Cegavske, Roy Fitz, Paul Miachika and Taylor Vasquez of Sun Commercial Real Estate’s Investment Sale Group represented the seller and procured the buyer in the transaction.

May 30, 2018

Acquisitions Office Washington Western

Colliers Negotiates $7.7M Sale of Medical Office Property in Metro Seattle

by Amy Works May 30, 2018

BELLEVUE, WASH. — Colliers International has arranged the sale of Olympic Medical Center, an office property located at 1310 116th Ave. NE in Bellevue, a western suburb of Seattle. Healthcare Realty acquired the property from BH Properties I LLC for $7.7 million. Radiology Consultants of Washington, Center for Diagnostic Imaging, Overlake Arthritis, Lab Corp and Acute Pain Therapies occupy the 15,274-square-foot property, which was built in 1978. Pat Mutzel and Jeff Jeremiah of Colliers represented the seller in the deal.

May 30, 2018

Acquisitions Hospitality Illinois Midwest

MCR Acquires Three Hotels in Champaign, Illinois

by Kristin Harlow May 30, 2018

CHAMPAIGN, ILL. — MCR has acquired three Hilton-branded hotels in Champaign near the University of Illinois campus. The purchase price was not disclosed. The properties include the 104-suite Home2 Suites by Hilton, the 99-room Hilton Garden Inn and the 98-suite Homewood Suites by Hilton. All properties feature fitness centers, pools, convenience stores, meeting space and free Wi-Fi. The sellers were not disclosed. MCR is the seventh-largest hotel owner-operator in the country and has invested in and developed 103 hotels with more than 12,000 rooms in 27 states. MCR’s hotels operate under 11 brands. The company maintains offices in New York City and Dallas.

May 30, 2018

Acquisitions Midwest Minnesota Office

CBRE Brokers $9.1M Sale of Two Office Buildings in Apple Valley, Minnesota

by Kristin Harlow May 30, 2018

APPLE VALLEY, MINN. — CBRE has brokered the $9.1 million sale of Apple Valley Business Center in Apple Valley, 20 miles south of Minneapolis. The sale includes a 48,733-square-foot office building located at 5550 W. Upper 147th St. and an adjacent 56,320-square-foot building at 14720 Energy Way. Both properties are fully leased to Questar Assessments Inc., an educational assessment provider. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz represented the seller, Excelsior Group LLC. Apple Valley Dakota REIT purchased the properties.

May 30, 2018

Acquisitions Illinois Midwest Office

Podolsky Circle Arranges $6.4M Sale of Office Property in Naperville, Illinois

by Kristin Harlow May 30, 2018

NAPERVILLE, ILL. — Podolsky Circle CORFAC International has arranged the sale of Naperville Financial Center for $6.4 million. The five-story, 57,969-square-foot office property is located at 400 E. Diehl Road. The multi-tenant building features covered parking, on-site storage, conference facilities and tenant balconies. The property is currently 97 percent leased to tenants that include Rhea+Kaiser, M/I Homes and Cargill. Alissa Adler, John Homsher and Paul Tesdal of Podolsky Circle represented the seller, SARA Investment Real Estate. Gateway Investment Partners purchased the asset.

May 30, 2018

Development Hospitality Midwest Ohio

DoubleTree by Hilton Opens in Youngstown, Ohio

by Kristin Harlow May 30, 2018

YOUNGSTOWN, OHIO — The 125-room DoubleTree by Hilton Youngstown Downtown has opened in northeastern Ohio. Marshall Hotels & Resorts manages the 12-story hotel, while Pan Brothers Associates Inc. owns the property. Located at 44 E. Federal Plaza, the property was formerly known as the Stambaugh Building, an office building that opened in 1907. Hotel amenities include a business center, fitness center, Hilton’s Made Market and 5,300 square feet of meeting and event space. Guests can also dine at the Bistro 1907 restaurant.

May 30, 2018

Industrial Leasing Activity Michigan Midwest

Polymer Process Development Signs 75,000 SF Industrial Lease in Shelby Township, Michigan

by Kristin Harlow May 30, 2018

SHELBY TOWNSHIP, MICH. — Polymer Process Development has signed a 75,000-square-foot industrial lease in Shelby Township, about 30 miles north of Detroit. The provider of plastic injection moldings will occupy the space at 11969 Shelby Tech Drive. The company plans to vacate two facilities in Clinton Township and Chesterfield Township and consolidate into the new building later this summer. Jason Capitani of L. Mason Capitani CORFAC International represented PPD in the lease transaction.

May 30, 2018

Office Southeast Virginia

Bridge Investment Sells Office Park in Richmond for $62.4M

by Camren Skelton May 30, 2018

RICHMOND, VA. — Bridge Investment Group has sold SunTrust Center One and Two, a two-building office park located at 11011 and 11013 W. Broad St. in Richmond. Washington, D.C.-based FD Stonewater acquired the buildings, which total 419,653 square feet, from Bridge for $62.4 million. SunTrust Center One is fully leased to SunTrust Banks Inc. for 10 years. The building recently underwent a $30 million renovation that included a new lobby, fitness center, cafeteria, new glass storefront and collaborative workspaces. SunTrust Center Two is fully leased to five tenants: Magellan Health, SunTrust Banks, RetailData, Home Care Delivered and EMC Corp. Eric Robison of Cushman & Wakefield | Thalhimer and Eric Berkman and Williams Collins of Cushman & Wakefield’s D.C. office arranged the transaction on behalf of Bridge. Cushman & Wakefield | Thalhimer will manage the property and handle the buildings’ leasing assignments.

May 30, 2018

Acquisitions Florida Office Southeast

HFF Brokers $39.2M Sale of Two-Building Office Portfolio in Orlando

by Camren Skelton May 30, 2018

ORLANDO, FLA. — HFF has arranged the $39.2 million sale of Resource Square One and Three, a two-building office portfolio in Orlando. The buildings are located at 13501 Ingenuity Drive and 12001 Research Parkway within Orlando’s Central Florida Research Park, which is adjacent to the University of Central Florida. Hermen Rodriguez, Ike Ojala, Tracey Goo and Anthony Frogameni of HFF arranged the transaction on behalf of the sellers, an affiliate of Banyan Street Capital and funds managed by Oaktree Capital Management LP. The HFF team also procured the buyer, an affiliate of TerraCap Management LLC. The three-story Resource Square One totals 91,667 square feet and was built in 1999. Resource Square Three spans five stories and totals 152,882 square feet. The property was constructed in 2003. Collectively, the portfolio was 84.9 percent leased at the time of sale to tenants such as General Dynamics, AVNET, Cisco Systems and Raytheon.

May 30, 2018

Acquisitions Georgia Retail Southeast

NKF Negotiates Sales of Three Shopping Centers in Georgia Totaling More Than $36M

by Camren Skelton May 30, 2018

ATLANTA — NKF Capital Markets has arranged the sales of two Publix-anchored shopping centers and one fitness-anchored center in Georgia. The transaction totals more than $36 million and spans approximately 200,000 square feet. In Perry, a city in Central Georgia, Cypress Development sold Paradise Shoppes of Perry to Flag Wharf Inc. for $11.4 million. The 72,200-square-foot center was 96 percent leased at the time of sale to tenants such as Publix, Subway, Marco’s Pizza, El Jalisco Grille and T-Mobile. In Atlanta, Lakha Properties sold the 46,219-square-foot Shallowford Exchange to Shallowford LLC for $12.5 million. The center, located at 2558 Shallowford Road, was fully leased at the time of sale to tenants such as Publix, Subway, Marco’s Pizza, UPS Store and MetroPCS. In Alpharetta, located roughly 25 miles north of Atlanta, WB Holdings-Silos LLC acquired The Silos at North Farm Marketplace for $12.5 million. The 78,765-square-foot center was 97 percent leased at the time of sale to One Life Fitness, Alpine Bakery and Bach to Rock. Drew Fleming, Mark Joines and Henry Kushner of NKF arranged all three transactions.

May 30, 2018

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