Property Type

HFF Brokers $5.1M Sale of Retail, Office Center in Broomfield, Colorado

by Nellie Day November 20, 2017

BROOMFIELD, COLO. — HFF has arranged the $5.1 million sale of MainStreet at FlatIron, a 93,657-square-foot retail and office center in Broomfield. Jules Sherwood of HFF arranged the transaction on behalf of the undisclosed seller, and procured the buyer, a private investment group based in Boulder. MainStreet at FlatIron includes two multi-tenant buildings with 59,224 square feet of office space and 34,433 square feet of retail space. At the time of sale, the property was 56.3 percent leased to tenants 10 tenants including Jason’s Deli and CorePower Yoga.

November 20, 2017

Hospitality Midwest Minnesota

CBRE Brokers Sale of 209-Room Hotel in Bloomington, Minnesota

by Kristin Harlow November 20, 2017

BLOOMINGTON, MINN. — CBRE Hotels has brokered the sale of Park Plaza Hotel in Bloomington for an undisclosed price. The 209-room hotel is located at 4460 W 78th St. Circle. The property is located near the Mall of America and the Minneapolis-St. Paul International Airport. Nate Sahn of CBRE represented the seller, Hospitality Properties Trust. A joint venture between Hawkeye Hotels and JR Hospitality purchased the property with plans to renovate the hotel and relaunch it as a Courtyard by Marriott the end of next year, according to Minneapolis/St. Paul Business Journal.

November 20, 2017

Kansas Midwest Retail

Block & Co. Negotiates Sale of 106,324 SF Shopping Center in Olathe, Kansas

by Kristin Harlow November 20, 2017

OLATHE, KAN. — Block & Co. Inc. Realtors has negotiated the sale of Rosebud Plaza Shopping Center in Olathe for an undisclosed price. The 106,324-square-foot shopping center is located on the northeast corner of 135th Street and Mur Len Road. Hobby Lobby and Goodwill anchor the property, which sits on 8.2 acres. David M. Block and Jay Friedman of Block & Co. negotiated the sale on behalf of the seller, Sixteen Main Co. LLC. The buyer was not disclosed.

November 20, 2017

Illinois Midwest Net Lease Retail

Boulder Group Brokers $6.9M Sale of Property Net Leased to Walgreens in Chicago

by Kristin Harlow November 20, 2017

CHICAGO — The Boulder Group has brokered the sale of a single-tenant property net leased to Walgreens in Chicago for $6.9 million. The 18,340-square-foot property is located at 4745 W. Belmont Ave. Walgreens has more than 10 years remaining on its lease, which features eight five-year renewal options. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Southeast-based real estate investment firm. A West Coast-based real estate investment firm purchased the asset.

November 20, 2017

Midwest Ohio Retail

Anchor Cleveland Arranges Sale of 16,000 SF Retail Property in Copley Township, Ohio

by Kristin Harlow November 20, 2017

COPLEY TOWNSHIP, OHIO — Anchor Cleveland has arranged the sale of 16,000-square-foot property formerly occupied by Gordon Food Service in Copley Township, 10 miles west of Akron. The sales price was not disclosed. The property is situated on two acres at 120 Rothrock Road. Christopher McFarland of Anchor Cleveland represented the seller, Gordon Food Service. Stephen Taylor of CBRE procured the buyer, Marathon Fitness Ohio Properties LLC.

November 20, 2017

Office Texas

PRP Acquires 264,000 SF Office Building Leased to FedEx in Plano’s Legacy West

by Taylor Williams November 20, 2017

PLANO, TEXAS — Washington, D.C.-based investment firm PRP LLC has acquired a 264,000-square-foot office building located at 7900 Legacy Drive in Plano. Situated within the 250-acre Legacy West development, the Class A property is fully leased to FedEx and serves as the company’s office and print services global headquarters. PRP acquired the asset in a joint venture with AXA Investment Managers — Real Assets, a subsidiary of French multinational firm AXA. Gary Carr, John Alvarado, Eric Mackey, Evan Stone, Jared Chua and Robert Hill of CBRE represented the seller, KDC Real Estate Developments and Investments, in the disposition of the asset.

November 20, 2017

Multifamily Student Housing Texas

JV to Develop 687-Bed Student Housing Property in Arlington

by Taylor Williams November 20, 2017

ARLINGTON, TEXAS — A joint venture between Dallas-based Fountain Residential Partners and HC2 Capital LLC will develop 8FOUR8 Mitchell, a 687-bed student housing property that will be located on West Mitchell Street just west of Cooper Street near the University of Texas at Arlington. The property’s 298 units will consist of a mix of one-, two-, three-, four- and five-bedroom residences. Amenities will include a resort-style pool, a 9,000-square-foot clubhouse with a fitness center and multiple private study rooms. Stuart Roosth Architects designed the property. The general contractor, Temple-based MW Builders Inc., expects to complete the project in time for the fall 2019 semester.

November 20, 2017

Multifamily Texas

Electra America Acquires 366-Unit Apartment Community in San Antonio

by Taylor Williams November 20, 2017

SAN ANTONIO — Florida-based multifamily operator Electra America has acquired Firewheel Apartments, a 366-unit multifamily community located at 6155 Eckhert Road in San Antonio’s North Hampton neighborhood. Built in 2014, the property offers a mix of one-, two- and three-bedroom units and amenities such as a pool, a pet park, 24-hour fitness center, business center and a gaming lounge with a coffee bar. Electra America purchased the property from HPI Residential. Berkadia arranged acquisition financing for the transaction.

November 20, 2017

Multifamily Texas

Mason Joseph Secures $42M Construction Loan for 223-Unit Apartment Asset in San Antonio

by Taylor Williams November 20, 2017

SAN ANTONIO — Mason Joseph Co. Inc. has secured a $42 million loan for the construction and permanent financing of Brewery South, a 223-unit apartment property located at in the Riverwalk area of San Antonio. Local investment and development firm Silver Ventures is developing the property, which will also be situated adjacent to the Pearl Brewery, a retail and entertainment redevelopment. The U.S. Department of Housing and Urban Development (HUD) provided the nonrecourse loan, which features a fixed interest rate through the 23-month construction period and subsequent 40-year term, through its 221(d)(4) program.

November 20, 2017

Loans Multifamily Texas

Hunt Mortgage Closes $11.1M Refinancing of 300-Unit Apartment Community in Houston

by Taylor Williams November 20, 2017

HOUSTON — Hunt Mortgage Group has secured $11.1 million in refinancing for Pine Creek Apartments, a 300-unit multifamily community located at 470 Maxey Road in Houston. Property amenities include two pools, a playground, three laundry facilities, a sports court and a resident clubhouse. Hunt Mortgage secured the funds on behalf of Elandis, a Miami-based investment and development firm, which acquired the property in 2016.

November 20, 2017

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