Property Type

HCP Sells 64 Brookdale Communities for $1.1B

by Nellie Day November 2, 2016

IRVINE, CALIF. — HCP has sold a portfolio of 64 properties leased to Brookdale Senior Living Inc. for $1.1 billion. Affiliates of Blackstone Real Estate Partners VIII L.P. bought the 5,967-unit portfolio, which equates to a $189,000-per-unit sale price. Occupancy for the portfolio was 85.2 percent at the time of sale. Proceeds from the sale will be used to pay down debt and general corporate purposes. In addition to selling the Brookdale properties, HCP plans to terminate leases on 25 Brookdale properties totaling 2,031 units over the next year. The moves are part of a strategy by HCP to reduce the saturation of Brookdale-operated properties within its portfolio. HCP also plans to transfer eight expiring Brookdale triple-net leases to a RIDEA structure, through a joint venture where Brookdale acquires 10 percent interest in the properties.

November 2, 2016

Healthcare Hospitality Mixed-Use Multifamily Office Restaurant Retail Texas

Transwestern, Mirae Acquire 2.2M SF State Farm Campus in $825M Sale-Leaseback Transaction

by Haisten Willis November 2, 2016

RICHARDSON, TEXAS — Corporate Properties Trust I LP, a partnership between Transwestern Investment Group and Mirae Asset Global Investments Co., has closed on the acquisition of a 2.2 million-square-foot mixed-use project in a sale-leaseback with State Farm Auto Insurance Co. According to the Dallas Business Journal, the purchase price was $825 million. The partnership acquired the four primary office/retail towers and the connected structured parking garages. The campus is located within the CityLine development, a 186-acre project developed by KDC. The buildings are designated LEED Gold and are located adjacent to a DART rail line. Corporate Properties Trust I LP will own the properties through a REIT. The entity was created to allow long-term stable ownership of institutional properties. A wholly owned subsidiary of Transwestern Investment Group will manage the property. Located at 1150, 1201 and 1251 State St. and 3661 N. Plano Road, the buildings will house 8,000 State Farm employees. CityLine, which is located at the southeast corner of Highway 75 and the President George Bush Turnpike, will also include 1,700 apartments, a 150-room hotel, an entertainment center, medical office facility, retail, restaurants and a 3.5-acre park.

November 2, 2016

Restaurant Retail Texas

B. Pennington Arranges Lease for Art Class and Wine Glass in Houston

by Haisten Willis November 2, 2016

HOUSTON — Brenda Pennington and Jaclynn Zimowski of B. Pennington Commercial Real Estate have represented Art and Wine Glass in leasing 3,500 square feet at 7620 Katy Freeway in Houston. Nina Kuhn internally represented the landlord, Levcor Inc., in the transaction. This will be Art Class and Wine Glass’s second location.

November 2, 2016

Retail Texas

IKEA Breaks Ground on New Location in Grand Prairie

by Haisten Willis November 2, 2016

GRAND PRAIRIE, TEXAS — IKEA has officially broken ground on its second Dallas-area store, slated to open fall 2017 in Grand Prairie. The new location will be IKEA’s fourth in the state of Texas, complementing locations in Houston and Round Rock. The 290,000-square-foot IKEA Grand Prairie will include 1,100 parking spaces on 30 acres along the eastern side of State Highway 161 and Mayfield Road. An additional 15 acres next to the store could be developed for ancillary commercial or retail uses. IKEA has selected Mycon General Contractors to build the store, which will be home to 300 employees when complete.

November 2, 2016

zeus-center-2509-fairmount-street-dallas

Office Texas

Weitzman Negotiates Sale of Office Building in Uptown Dallas

by Haisten Willis November 2, 2016

DALLAS— The Weitzman Group has negotiated the sale of an 11,198-square-foot office building located at 2520 Fairmount St. in Dallas. The building is located near Whole Foods Market and Gold’s Gym in the Uptown district. Matthew Rosenfeld of The Weitzman Group handled negotiations for the seller, a Houston-based limited liability company. Daniel Miller and Alexis Martinez of Rubicon Representation represented the buyer, Henley & Henley P.C., a law firm that will locate its office within the property. The two-story office building recently underwent a renovation. Current tenants at 2520 Fairmount include the practice of Mint Dentistry and T-Off Your Men’s Health.

November 2, 2016

400-east-las-colinas-boulevard-irving-texas

Office Texas

A10 Capital to Relocate Headquarters in Las Colinas Urban Center

by Haisten Willis November 2, 2016

IRVING, TEXAS — A10 Capital LLC has signed a seven-year lease for half of the penthouse floor in Canal Centre, a Class A office property on the bank of Lake Carolyn in the Las Colinas Urban Center. The commercial real estate lender is more than doubling in size, leasing 8,160 square feet on the 10th floor of 400 E. Las Colinas Blvd. in Irving. A10 will relocate in early January to space previously occupied by ESPN in the 240,000-square-foot office building. The lease includes a right of first refusal on 4,003 square feet of vacant space on the penthouse level, monument signage and an amenity package with free access to an upgraded fitness center and conference room. Boise, Idaho-based A10 Capital, a commercial real estate lender to the U.S. middle market, first opened its Texas office four years ago, leasing 3,496 square feet at nearby Crestview Tower. The new office is being designed for 25 professionals in management, loan origination and credit and asset management. Canal Centre and its attached six-story parking garage were built in 1983 on a three-acre tract. Amenities include on-site property management, a Wi-Fi café and 24-hour security. Marc Grossfeld and Tabitha Layne of Sunwest Real …

November 2, 2016

Michigan Midwest Office

Friedman Takes on Comprehensive Real Estate Services Assignment at 297,000 SF Office Building in Southfield, Michigan

by Kristin Harlow November 2, 2016

SOUTHFIELD, MICH. — Raleigh Officentre Southfield LLC selected Friedman Integrated Real Estate Solutions to manage, lease and oversee planned improvements for Raleigh Officentre in Southfield, a suburb of Detroit. Located at 25300 and 25330 Telegraph Road, the 297,000-square-foot Raleigh Officentre consists of two connected six-story office buildings on 14.6 acres. Friedman’s construction and design team will oversee the planned improvements, including landscape enhancements and fully remodeled lobbies. Spaces available for lease range from 1,000 to 280,000 square feet.

November 2, 2016

Illinois Midwest Multifamily

Kiser Group Brokers $3.1M Acquisition of Apartment Building on Chicago’s North Side

by Kristin Harlow November 2, 2016

CHICAGO — Kiser Group has brokered the acquisition of a fully leased six-unit apartment building at 6900 N. Sheridan Road in Chicago’s Rogers Park neighborhood for $3.1 million. At $525,000 per unit, the sale price is the highest on record for Rogers Park on both a per-unit and per-square-foot basis. Located at the northwest corner of Farwell Avenue and Sheridan Road, the four-story building was built in 1918 and fully rehabbed in 2014. It includes four two-bedroom, two-bath units; one three-bedroom, two-bath duplex; and a four-bedroom, two-and-a-half-bath penthouse, with monthly rents ranging from $2,500 to $4,000. Aaron Sklar of the Kiser Group broker represented the buyer, a private investor.

November 2, 2016

Illinois Midwest Mixed-Use

Baum Realty Arranges $2.4M Sale of Mixed-Use Building Occupied by Taco Bell Cantina in Chicago

by Kristin Harlow November 2, 2016

CHICAGO — Baum Realty Group LLC has arranged the sale of a mixed-use building, located at 1439 N. Milwaukee Ave. in Chicago’s Wicker Park/Bucktown neighborhood. The property’s ground-floor retail space is occupied by Taco Bell Cantina, which offers the brand’s traditional food menu in addition to beer, wine and frozen alcohol drinks. The three uppers floors contain five recently updated apartments ranging from one-bedroom layouts to a three-bedroom unit. The property sold for $2.4 million. Greg Dietz and Danny Spitz of Baum Realty Group represented the seller, a local investor. The buyer is a Chicago-based investment group.

November 2, 2016

Illinois Midwest Office

Transwestern, Darwin Realty Arrange 24,400 SF Office Lease in Chicago’s Northwest Suburbs

by Kristin Harlow November 2, 2016

DOWNERS GROVE, ILL. — Transwestern and Darwin Realty have brokered a 24,400-square-foot lease at Corridors I, a 149,896-square-foot office building located at 2651 Warrenville Road in Downers Grove. PLZ Aeroscience Corp., a specialty aerosol product manufacturer, plans to move its headquarters to Downers Grove in February from its current location in Addison. The Downers Grove office will house approximately 80 employees. Corridors I and II were acquired by Transwestern Investment Group in 2013. Transwestern was self-represented by Joe Stevens, Fred Ishler and Lindsay Borkan in the transaction. Adam Haefner of Darwin Realty represented the tenant.

November 2, 2016

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