Property Type

Love Funding Secures $5.2M Refinancing for Affordable Seniors Housing Community Near Denver

by Nellie Day August 15, 2017

BROOMFIELD, COLO. — Love Funding has closed a $5.2 million refinancing for Town Centre Senior Apartments, an affordable seniors housing community in the Denver suburb of Broomfield. Town Centre Senior Apartments consists of 88 affordable one-bedroom and two-bedroom units restricted to individuals aged 55 and older. The units are housed within one three-story building originally constructed in 2001 with the assistance of low-income housing tax credits. The property sits between Boulder and Denver, in the foothills of the Rocky Mountains. Love Funding’s Jonathan Camps secured the financing through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The non-recourse financing will pay off two existing loans. Part of the proceeds will be used to complete repairs and fund a reserve account.

August 15, 2017

Kansas Midwest Multifamily

Passco Sells Remaining Interests in 360-Unit Apartment Community in Overland Park, Kansas for $48M

by Kristin Harlow August 15, 2017

OVERLAND PARK, KAN. — Passco Cos. LLC has sold its remaining interest in The Village at Lionsgate in Overland Park for $48 million. The 360-unit apartment community is located at 14631 Broadmoor St. The buyer was a real estate investment firm that already had a partial ownership stake in the asset. During ownership, Passco brought the average occupancy at the property up to approximately 95 percent. Mac Crowther of ARA Newmark represented both the buyer and seller in the transaction.

August 15, 2017

Michigan Midwest Mixed-Use Office

CBRE Arranges Sale of Mixed-Use and Office Buildings in Ann Arbor, Michigan

by Kristin Harlow August 15, 2017

ANN ARBOR, MICH. — CBRE has arranged the sale of McKinley Towne Centre and The Offices at Liberty Square in Ann Arbor for an undisclosed price. McKinley Towne Centre is a 130,824-square-foot mixed-use building located at 401 E. Liberty St. The Offices at Liberty Square is a 59,381-square-foot office building located at 500 E. Washington St. The portfolio was nearly 99 percent occupied at the time of sale. Tenants include supply chain software company LLamasoft, TD Ameritrade, the University of Michigan, Bar Louie, AT&T and FedEx. Ann Arbor-based commercial real estate firm McKinley sold the assets to Hillside Investments. Anne Galbraith Kohn of CBRE represented McKinley in the transaction.

August 15, 2017

Indiana Industrial Midwest

Plymouth Acquires Two Industrial Properties in Indianapolis for $16.9M

by Kristin Harlow August 15, 2017

INDIANAPOLIS — Plymouth Industrial REIT Inc. (NYSE: PLYM) has acquired two Class B industrial properties in Indianapolis for $16.9 million. Located in Shadeland I-70 Business Park near I-70 and I-495, the portfolio consists of a 562,497-square-foot building and a 44,374-square-foot building. The properties are 94 percent leased to five tenants including Pratt Visual Solutions and MicroMetl. Boston-based Plymouth currently owns and manages 20 properties spanning approximately 5 million square feet of space in six states.

August 15, 2017

Illinois Midwest Office

Spaces Signs 27,110 SF Office Lease in Chicago

by Kristin Harlow August 15, 2017

CHICAGO — Spaces has signed a 27,110-square-foot office lease in Chicago’s Lincoln Park. The creative workspace company will occupy the second through fourth floors of the building, located at 1500 N. Halsted St. Spaces Lincoln Park is slated to open in early 2018 and will offer tenants a contemporary loft-style design with large windows. This will be the 14th location in North America for the Amsterdam-based company. Chad Schroedl of SVN | Chicago Commercial represented the landlord, Newcastle Limited, in the lease transaction. Bill Rogers and Kerry Gilar of JLL represented Spaces.

August 15, 2017

Michigan Midwest Retail

Sheldon Cleaners to Open 1,360 SF Location Near Grand Rapids, Michigan

by Kristin Harlow August 15, 2017

BYRON CENTER, MICH. — Sheldon Cleaners has signed a 62-month lease for a 1,360-square-foot location in Byron Center, about 13 miles south of Grand Rapids. The property is located at 8233 Byron Center Ave. Southwest. With locations in Grand Rapids, Holland and Kalamazoo, the environmentally friendly dry cleaner has been in business since 1949. Minor renovations of the space are being made, including adding a dressing room for tailoring services. Completion is slated for September of this year. Rod Alderink of NAI Wisinski represented the landlord, Dara Realty LLC, in the lease transaction.

August 15, 2017

Office Texas

Coldwell Banker Brokers Sale of 48,898 SF Office Building in Fort Worth

by Taylor Williams August 15, 2017

FORT WORTH, TEXAS — Coldwell Banker Commercial Advisors (CBCA) has brokered the sale of Atrium West, a 48,898-square-foot, Class B office building located at 8851 Camp Bowie West in Fort Worth. Theron Bryant and Joe Hamilton of CBCA represented the seller, Hangover Opportunity Fund, in the transaction. Greg Hoffman of Colliers represented the buyer, Aberfeldy Properties Inc. The building was 93 percent leased at the time of sale.

August 15, 2017

Office Texas

Oldham Goodwin Negotiates Sale of 19,888 SF Office Building in Metro San Antonio

by Taylor Williams August 15, 2017

CASTLE HILLS, TEXAS — Oldham Goodwin Group LLC has negotiated the sale of The Gallery, a 19,888-square-foot office building located in the San Antonio suburb of Castle Hills. The three-story property is situated on the east side of Northwest Military Highway, just north of Loop 410. Steve Monroe and Ben Berry of Oldham Goodwin represented the buyer, a San Antonio-based investment firm, in the transaction. Jonathan Haag and Guyla Sineni of JLL represented the seller.

August 15, 2017

Hospitality Texas

Marcus & Millichap Arranges Sale of 60-Room Hotel in Cotulla, Texas

by Taylor Williams August 15, 2017

COTULLA, TEXAS — Marcus & Millichap has arranged the sale of Cowboy Inn Cotulla, a 60-room hotel locate at 145 FM 468 West in Cotulla, about 90 miles southwest of San Antonio. Andrew Frosch, Chris Gomes, Robert Arzola and Allan Miller of Marcus & Millichap marketed the property on behalf of the seller. Leilani Tedeski of Marcus & Millichap procured the buyer. Both parties were limited liability companies.

August 15, 2017

Industrial Texas

ECR Secures 25,505 SF Industrial Lease in Austin

by Taylor Williams August 15, 2017

AUSTIN, TEXAS — Equitable Commercial Realty (ECR) has negotiated a 25,505-square-foot industrial lease at 5910 Techni Center Drive in Austin. Ryan Wilson and Matt Fain of ECR represented the undisclosed landlord in the lease negotiations. Davis Bass of HPI represented the tenant, Kasita Operations LLC, a producer of tiny, prefabricated homes.

August 15, 2017

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