Property Type

CBRE Brokers Sale of 316-Bed Student Housing Community Near Texas State University in San Marcos

by Taylor Williams April 6, 2018

SAN MARCOS, TEXAS — CBRE has brokered the sale of Dakota Ranch, a 316-bed student housing community located roughly one mile from Texas State University in San Marcos. Built in 2002, the property offers one-, two- and three-bedroom units ranging in size from 523 to 1,111 square feet. Amenities include a pool, fitness center, outdoor kitchen, volleyball court, a dog park and a business center. An affiliate of New York-based Alden Street Capital purchased the asset from an affiliate of Alex. Brown Realty for an undisclosed price. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE brokered the deal, and Benjamin Roelke of CBRE secured a seven-year loan through Fannie Mae for the acquisition.

April 6, 2018

Acquisitions Multifamily Texas

Marcus & Millichap Closes Sale of 214-Unit Apartment Community in Waco

by Taylor Williams April 6, 2018

WACO, TEXAS — Marcus & Millichap has closed the sale of Tinsley Place, a 214-unit multifamily community located approximately one mile from Baylor University’s campus in Waco. Built in 2015, the property consists of one-, two- and three-bedroom units ranging in size from 485 to 1,206 square feet and features a pool. Nick Fluellen, Bard Hoover and Sean Scott of Marcus & Millichap represented the seller and procured the buyer, both of whom requested anonymity.

April 6, 2018

Acquisitions Multifamily Student Housing Texas

Wellington Arranges Sale of 180-Unit Student Housing Property Near Baylor University in Waco

by Taylor Williams April 6, 2018

WACO, TEXAS — Wellington Realty has arranged the sale of West Campus Lofts, a student housing community located near Baylor University in Waco. The property, which offers 180 two- and three-bedroom units, was redeveloped in 2017. Shared amenities include a swimming pool with a cabana, 24-hour fitness center, game room and a study lounge. David Shaffer, Caleb Jones, Tammy Shaffer and William Hubbard of Wellington brokered the transaction. The buyer, seller and sales price were not disclosed.

April 6, 2018

Leasing Activity Office Texas

Keen Realty Group Negotiates 21,000 SF Office Lease in Houston

by Taylor Williams April 6, 2018

HOUSTON — Keen Realty Group has negotiated a 21,000-square-foot office lease at 9703 Richmond Ave. in the Westchase district of Houston. The tenant, The Nations Law Firm, a litigation firm with offices in Houston, New York, Atlanta and Washington, D.C., was self-represented in the lease negotiations. Payton Indermuehle and Gloria Casimir of Keen Realty represented the landlord, Tass Realty LLC. The new lease brings the building to 92 percent occupancy.

April 6, 2018

Acquisitions Iowa Midwest Retail

DESCO Acquires 96,310 SF Shopping Center in Dubuque, Iowa

by Kristin Harlow April 6, 2018

DUBUQUE, IOWA — The DESCO Group has purchased Warren Plaza in Dubuque for an undisclosed price. A Hy-Vee grocery store anchors the 96,310-square-foot shopping center, which is 90 percent leased to additional tenants such as Super Cuts, Video Games Etc!, Miracle Ear and Great Dragon. The property is situated on 13 acres at 3500 Dodge St. Amy Sands, Clinton Mitchell and Jules Sherwood of HFF marketed the property on behalf of the seller, Brixmor Property Group. Christopher Knight of HFF arranged a fixed-rate loan on behalf of DESCO for the acquisition.

April 6, 2018

Acquisitions Michigan Midwest Multifamily Student Housing

Berkadia Arranges Sale of 896-Bed Student Housing Property Near the University of Michigan

by Kristin Harlow April 6, 2018

ANN ARBOR, MICH. — Berkadia has arranged the sale of The Courtyards Apartments in Ann Arbor for an undisclosed price. The 896-bed student housing property features 320 units ranging from one- to four-bedroom floor plans. Amenities include a game room, movie theater, fitness center, picnic area, study room and bike storage. The property is situated near the University of Michigan’s North Campus. Kevin Larimer and Greg Gonzalez of Berkadia represented the seller, Chicago-based Kensington Realty Advisors Inc. Harrison Street Real Estate Capital LLC purchased the asset.

April 6, 2018

Development Illinois Midwest Multifamily

Opus Breaks Ground on 164-Unit Apartment Project in Suburban Chicago

by Kristin Harlow April 6, 2018

ELMHURST, ILL. — The Opus Group has broken ground on a luxury apartment property in Elmhurst, a suburb of Chicago. The project will feature 164 residential units and more than 7,600 square feet of retail space. The transit-oriented development is located at 100 N. Addison St. Amenities will include a fitness center, yoga room, clubroom, pool, pet spa and work-from-home suites. Completion is slated for spring 2019. Opus Development Co. is the developer, Opus Design Build is the design-builder and Opus AE Group is the architect and structural engineer. Hartshorne Plunkard Architecture is the design architect and ESG Architects is the interior designer. The project is a joint venture with Principal Real Estate Investors.

April 6, 2018

Acquisitions Industrial Lee & Associates Midwest Missouri

Lee & Associates Negotiates Sale of 672,000 SF Industrial Property in St. Louis

by Kristin Harlow April 6, 2018

ST. LOUIS — Lee & Associates has negotiated the sale of a 672,000-square-foot industrial property in St. Louis for an undisclosed price. The multi-tenant building is located at 4327 Gustine Ave. Herb Feldmann of Lee & Associates represented the buyer, SOA Gustine LLC. Will Mura of CBRE represented the seller, Gustine Avenue LLC.

April 6, 2018

Acquisitions Industrial Midwest Wisconsin

Dickman/CORFAC International Brokers Sale of 49,802 SF Industrial Building in Milwaukee

by Kristin Harlow April 6, 2018

MILWAUKEE — The Dickman Company Inc./CORFAC International has brokered the sale of a 49,802-square-foot industrial building in Milwaukee for an undisclosed price. The property is located at 8220 W. Sleske Court. Roger Siegel of Dickman represented the seller, Mortara Instrument LLC. Jeff Hoffman of Cushman & Wakefield/Boerke represented the buyer, HMLJ Industries LLC.

April 6, 2018

Acquisitions Maryland Office Southeast

Hertz Acquires Wells Fargo Tower in Baltimore’s CBD for $36.8M

by Camren Skelton April 6, 2018

BALTIMORE — Hertz Investment Group has acquired Wells Fargo Tower, a 24-story office building located at 7 St. Paul St. in Baltimore’s central business district, for $36.8 million. According to the Baltimore Business Journal, Bethesda, Md.-based special servicer CWCapital Asset Management sold the asset less than a year after acquiring it following foreclosure by the previous owner. Natixis provided a $29.3 million acquisition loan on behalf of Hertz. The 378,010-square-foot tower was 67 percent leased at the time of sale to tenants such as Wells Fargo Bank and law firms Whiteford Taylor & Preston, Anderson Coe King and Wright, Constable & Skeen. Wells Fargo Tower was originally constructed in 1985, and recently underwent renovations including an updated lobby and replacement of water pumps, chillers and cooling tower.

April 6, 2018

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