Property Type

SHOP Cos. Brokers Sale of Three Retail Properties Totaling 68,771 SF in DFW

by Taylor Williams March 12, 2018

MCKINNEY, ALLEN AND LITTLE ELM, TEXAS — SHOP Cos. has brokered the sale of three retail properties totaling 68,771 square feet in the Dallas-Fort Worth (DFW) area. The properties are Craig Ranch North Plaza, a 38,265-square-foot retail center in McKinney; McDermott Commons North & BB&T Bank, a 24,389-square-foot center and freestanding pad site in Allen; and Cook Children’s & Frisco Elm Dental, a 6,035-square-foot center in Little Elm. The sellers were not disclosed, but all were based in Texas. An Arkansas-based limited liability company purchased Craig Ranch North Plaza, and a Texas-based limited liability company and a Texas-based limited partnership purchased the Allen and Little Elm properties, respectively. The sales prices were not released.

March 12, 2018

CBRE Hotels Brokers Sale of 129-Room Quality Inn Near Milwaukee

by Kristin Harlow March 12, 2018

BROOKFIELD, WIS. — CBRE Hotels has brokered the sale of a Quality Inn in Brookfield, a western suburb of Milwaukee. The 129-room hotel is located at 20150 W. Bluemound Road across from The Corners, a $220 million mixed-use redevelopment project by IM Properties and Bradford Real Estate. The hotel is also near Brookfield Square Mall and the Milwaukee County Zoo. Brian Silberman, Scott Miller and Paul DeLucia of CBRE Hotels represented the seller, ABP Real Estate Holdings LLC. Neither the sales price nor the buyer were disclosed.

March 12, 2018

Illinois Midwest Retail

Baum Negotiates Sale of 23,562 SF Retail Center in Chicago

by Kristin Harlow March 12, 2018

CHICAGO — Baum Realty Group LLC has negotiated the sale of a 23,562-square-foot retail center in Chicago for an undisclosed price. The property is located at 4701-4729 N. Pulaski Road. Tenants include a laundromat, dentist and beauty shop. Greg Dietz, Brad Teitelbaum and Danny Spitz of Baum represented the private seller. A local investment group acquired the property in a 1031 exchange.

March 12, 2018

Illinois Midwest Multifamily

Interra Arranges $1.5M Sale of Multifamily Building in Berwyn, Illinois

by Kristin Harlow March 12, 2018

BERWYN, ILL. — Interra Realty has arranged the $1.5 million sale of a 24-unit multifamily building in Berywn, a western suburb of Chicago. The property is located at 1941 Kenilworth Ave. The three-story building, originally constructed in 1917, includes 22 one-bedroom units and two studios. Patrick Kennelly of Interra represented the private buyer, who plans to extensively renovate the building.

March 12, 2018

Industrial Texas

AQUILA Negotiates 107,780 SF Industrial Lease for Goodwill in Austin

by Taylor Williams March 12, 2018

AUSTIN, TEXAS — AQUILA Commercial has negotiated a 107,780-square-foot industrial lease for Goodwill Industries of Central Texas at Heritage Crossing in north Austin. Goodwill will be the sole tenant of Building 5, which is under construction and slated to be delivered in late summer. The location will house a distribution center and retail outlet for Goodwill, which currently occupies 95,270 square feet at Heritage Crossing. Leigh Ellis and Jay Lamy of AQUILA represented Goodwill in the lease negotiations. Sam Owen of Stream Realty Partners represented the undisclosed landlord.

March 12, 2018

Colorado Loans Office Western

HFF Arranges $48M Refinancing for Office Portfolio in Boulder, Colorado

by Amy Works March 12, 2018

BOULDER, CO. — HFF has secured a $48 million refinancing for a three-property office portfolio along Walnut Street in downtown Boulder. Leon McBroom of HFF arranged the 12-year, fixed-rate loan through MetLife Real Estate Investments for the borrower, The W.W. Reynolds Cos. The portfolio comprises two historic buildings, Colorado (1919 14th St.) and James (1916-1922 16th St.), and the Wencel Building (1301 Walnut St.), which was completed in 2016. At the time of financing, the portfolio was 96 percent occupied to a variety of tenants, including companies in the technology, consulting, financial services and food and beverage industries.

March 12, 2018

California Industrial Western

Guthrie Development Sells Industrial Building in California for $12.5M

by Amy Works March 12, 2018

FULLERTON, CALIF. — Guthrie Development has completed the disposition of an industrial property located at 4200 Bonita Place in Fullerton. An undisclosed owner-user purchased the single-tenant property for $12.5 million. Guthrie originally acquired the 67,950-square-foot building in 2016 and renovated it into a high-end multipurpose industrial building positioned for an owner-user. Zach Niles, Louis Tomaselli and Steve Wagner of JLL represented the seller, while Steve Schloemer of Colliers International and Gordon Henry of HOM Sotheby’s International represented the buyer in the deal.

March 12, 2018

Market Reports Multifamily Southeast Southeast Market Reports Tennessee

Is Nashville’s Multifamily Market Overbuilt? Maybe, But Not for Long

by John Nelson March 12, 2018

Nashville has set several notable records in recent years for job growth, rent growth, population growth, tourism and tax revenue, among others. But for the multifamily industry, the most notable benchmarks lately have been related to the amount of inventory that has been delivered. However, the more interesting and less obvious data point is the record level of renter demand that Nashville is currently experiencing. As of third-quarter 2017, Nashville led the country in relative net absorption, with 4.9 percent of the existing inventory being absorbed. This equates to approximately 6,300 units. This demand is fueled by incredibly resilient job creation, as Nashville has increased its employed labor force by 20 percent over the last five years — more than 160,000 jobs. With that as the backdrop, the big question on everyone’s mind is the impact of new supply. In short, yes, there are pockets of oversupply, with approximately 8,500 units delivered in 2017 compared with net renter demand of roughly 6,300. However, with urban deliveries projected to drop off 40 percent in 2018, and 80 percent in 2019, and no slowdown in renter demand on the horizon, the current imbalance is likely to correct itself in relatively short order. …

March 12, 2018

California Office Top Stories Western

NKF Brokers $147.2M Sale of 20-Story Office Building in Orange, California

by Taylor Williams March 12, 2018

ORANGE, CALIF. — NKF Capital Markets has brokered the sale of City Tower, a 20-story office building located at 333 City Blvd. West in Orange, about 35 miles southeast of Los Angeles. KSB Capital Advisors purchased the property from Torchlight Investors for $147.2 million. Built in 1988, the building features 435,177 square feet of Class A office space. Situated on 4.9 acres, the building offers an on-site cafe and an adjacent, six-level parking structure. The building is also located within walking distance of Outlets at Orange, an 806,000-square-foot shopping and dining destination. At the time of sale, the property was 78 percent leased to a roster of tenants including UC Irvine Medical Center, Enterprise Rent-A-Car, Travelers Insurance and York Risk Services Group. In addition, the property recently underwent a $3 million renovation that included upgrading the lobby, corridors, restrooms and elevator cab interiors. Kevin Shannon, Paul Jones, Sean Fulp and Blake Bokosky of NKF Capital Markets represented the seller. The buyer in the transaction was self-represented. “Central Orange County has been seeing an increase in tenant demand, yet no new office construction, which bodes well for rent growth and asset appreciation,” said Jones. “Our NKF Capital Markets team secured a strong …

March 12, 2018

California Industrial Western

Industrial Building in Los Angeles Trades for $44M

by Nellie Day March 9, 2018

LOS ANGELES — Penwood Real Estate Investment Management has acquired a 347,119-square-foot industrial building in the Los Angeles submarket of Thousand Oaks for $44 million. The building is located at 1461 to 1475 Lawrence Drive in the master-planned Conejo Spectrum Business Park. The asset was built in 1962 and renovated in 2000. It is fully occupied by four tenants, including Sensata Technologies, LAC Group, Kanner Corp. and MB2 Raceway. NKF represented the seller, while Penwood represented itself in this transaction.

March 9, 2018

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