BROOKFIELD, WIS. — A partnership between HSA Commercial Real Estate and Innovative Capital Advisors has acquired the 217,346-square-foot Brookfield Fashion Center in Brookfield, a western suburb of Milwaukee. The sales price was not disclosed. Stein Mart, Jo-Ann Fabrics, Pier 1 Imports and Ulta Beauty anchor the regional shopping center located on Bluemound Road near Brookfield Square Mall. The center is currently 97 percent leased.
DETROIT — Colliers International has arranged a 1,728-square-foot office lease in the Grand Park Centre building, a 20-story office tower, in Detroit. Nowak & Fraus Engineers, an engineering, surveying and planning company, will occupy the space at 28 W. Adams St. The company headquarters will remain in Pontiac, Mich. Nowak & Fraus expect its move into the Grand Park Centre building to be complete in January 2017. Peter McGrath of Colliers International Detroit represented Nowak & Fraus in the lease transaction.
TAMPA, FLA. — Colliers International has arranged the $24 million sale of University Lake Apartments, a 401-bed student housing community located near the University of South Florida campus in Tampa. The property offers one- and two-bedroom units with bed-to-bath parity, granite countertops and washers and dryers. Community amenities include a 24-hour fitness center, three saltwater pools, a five-acre lake, sundeck with lounge chairs and a technology center. Travis Prince of Colliers represented the seller, CREI-Tampa LLC, in the disposition of the property to FPA Multifamily LLC.
COLUMBIA, S.C. — Campus First Student Living and CF Real Estate Services LLC have formed a joint venture with a private commingled fund to purchase Club at Carolina Stadium, a 486-bed student housing property situated less than one mile from the main campus of the University of South Carolina in Columbia. The community is located adjacent to the Congaree River and across from the university’s new ballpark. Campus First will be overseeing a $2.7 million renovation and rebranding of Club at Carolina Stadium, which will be renamed Rivers Edge at Carolina Stadium. The renovations will include a new clubhouse with a fitness center, private and shared study lounges, gaming area, café and a deck overlooking the swimming pool and terrace area. Other improvements will include a new outdoor kitchen, renovated dog park with dog washing station, two fire pit areas, enhanced landscaping, new signage, kayaks and canoes for residents and a new shuttle bus and electric bikes for students to get to class. The overhaul will also include upgraded internet and cable packages, as well as the addition of VIP premium suites that will include gray faux-wood floors, painted interiors and renovated kitchens with subway tile backsplashes, stainless steel appliances, …
ORLANDO, FLA. — Equinox Development Properties Inc. plans to develop an $18 million retail project located at the corner of Kirkman Road and Raleigh Street in Orlando’s MetroWest area. Situated on a 9.5-acre parcel, the property will feature a new Wawa gas station and convenience store; a two-story, 38,000-square-foot 24-Hour Fitness location; a quick-service restaurant and 11,000 square feet of additional retail space. Equinox plans to break ground on the project in the first quarter of 2017.
MARIETTA, GA. — Emma Capital has purchased two apartment communities in the Atlanta suburb of Marietta for a total of $15.7 million. KENCO Apartment Communities sold both Georgian Arms and Somerpoint to Emma Capital. Georgian Arms is located at 16 Beech Road, and the 144-unit Somerpoint is located at 1788 Austell Road. Josh Goldfarb, Tyler Averitt and Robbie O’Bryan of Cushman & Wakefield represented KENCO in the transaction.
FOUR CORNERS, FLA. — Marcus & Millichap has brokered the $7.3 million sale of Champions Gate Office Building, a 44,836-square-foot office property located at 8390 Champions Gate Blvd. in the resort community of Champions Gate, about 25 miles southwest of Orlando. The asset was fully leased at the time of sale. Dan Mulkey of Marcus & Millichap’s Tampa office represented the undisclosed buyer in the transaction. The buyer was a family based in Tampa that used the purchase to partially accommodate an exchange for a recent portfolio sale.
DAVIS, CALIF. — Fulcrum Properties has acquired University Research Park, a 304,912-square-foot campus in Davis, for $70 million. The 17-building park is located at 1440-1590 Drew Ave., 1850-2020 Research Park Drive and 1947 Galileo Court, less than one mile from the University of California, Davis. The property was 92 percent occupied at the time of sale. Major tenants include Novozymes, Marrone Bio Inovations and UC Regents. CBRE’s Russell Ingrum, Joe Moriarty, Tyler Meyerdirk, Sean Sullivan, Stuart Wright and Matt Post represented the seller, Interland LLC. The firm’s Mike Stassi and Daniel Baker provided leasing market expertise .
SAN JOSE, CALIF. — Ridge Capital Investors has purchased One Eleven Market Square, a 320,559-square-foot office property in San Jose, for an undisclosed sum. The property is composed of two towers. A 163,775-square-foot building is located at 111 W. St. John St., while a 156,784-square-foot building is located at 111 N. Market St. The property is 78 percent leased to tenants like Pacific Business Centers, Rockwell Automation, Kerio Technologies, BAM Labs Opportunity Fund and Diamanti. Ridge Capital Investors purchased the property in partnership with an undisclosed commingled discretionary equity fund. The seller was Swift Real Estate Partners, which made capital improvements during its two years of ownership.
MONTCLAIR, CALIF. — JCH Consulting Group has arranged the $15.5 million sale of a 119-unit assisted living and memory care community in the Los Angeles suburb of Montclair. The community was built in 1990 and was 67 percent occupied at the time of sale. An investment company sold the community to a regional owner-operator as a value-add opportunity. The name of the facility was not disclosed. Nick Stahler and Jim Hazzard of JCH arranged the transaction.
