BAKER CITY, ORE. — ValueRock Realty Partners has acquired a 48,239-square-foot building in Baker City for an undisclosed sum. The property is net leased to an Albertsons grocery store. The building is located at 1120 Campbell St. Nick Foster, Mark West and Nick Kassab of HFF represented the seller in this transaction.
CHICAGO — Chicago-based Stream Capital Partners has executed the sale-leaseback of an industrial lumberyard portfolio. The tenant, Consolidated Lumber, is leasing back 13 properties in Wisconsin and Minnesota. The portfolio is comprised of over 300,000 square feet of building area, situated on nearly 3 million square feet of land. A REIT was the buyer. The purchase price was $14.5 million. The lease is structured as a long-term triple net lease with periodic rent increases and multiple options for renewal. Jonathan Wolfe and Jordan Shtulman of Stream Capital Partners represented the seller on the transaction.
COLUMBUS, WILLOUGHBY OHIO — Hunt Mortgage Group has provided two Fannie Mae loans totaling $18.8 million to refinance two multifamily properties located in Ohio. The properties include: The Ridge at Taylor Station in Columbus — Hunt Mortgage Group provided a $6 million Fannie Mae loan facility to refinance the property. Perry-Sycamore LP sponsors the borrower. The borrower acquired Ridge at Taylor Station in 2000 and the loan features a 10-year term, 30-year amortization period and a 9.5-year yield maintenance period. Built in 1974, the property was renovated by the current owners in 2004 and 2015. The property is a 192-unit garden-style multifamily facility comprised of eight three-story residential buildings, plus a standalone leasing office. Property amenities include an outdoor picnic area, pool, playground and a basketball court. Fox Run Apartments in Willoughby — Hunt Mortgage Group provided a $12.8 million Fannie Mae loan to refinance the property, a 192-unit garden-style apartment complex. The property is comprised of 12 two-story apartment buildings. Friedman Properties Ltd., an Ohio limited liability company, is the borrower. The transaction is structured with a 10-year term with 9.5 years of yield maintenance and a 30-year amortization schedule. Fox Run Apartments was constructed between 1986 and 1997 …
CHICAGO — The Missner Group has acquired the Oxxford Building, located at 1220 W. Van Buren St. in Chicago. The firm plans to redevelop the 115,000-square-foot office/showroom and manufacturing building into a Class A loft office building. The seven-story property includes a basement and an 8,000-square-foot adjacent vacant lot, which serves as parking. Located in Chicago’s West Loop, 1220 West Van Buren is surrounded by new residential and commercial developments and offers frontage off the Eisenhower Expressway (I-290). The Missner Group’s redevelopment plans for 1220 West Van Buren include building out the space to include open floor plans, exposed ductwork, concrete and brick features as well as a tenant lounge with rooftop deck, fitness center, conference center, locker rooms and bike parking facilities. Oxxford Clothing, a manufacturer of men’s clothing, currently occupies the property. The firm has occupied the building for the past 67 years and at one time manufactured 35,000 suits per year. After a short-term lease, Oxxford will complete its transition to a new facility near Midway Airport. Ed Adler of The Missner Group led the acquisition for the firm. Ari Klein, Larry Goldwasser and Colin Green of Cushman and Wakefield represented Oxxford in the transaction.
ST. LOUIS — Mid-America Real Estate Corp. has brokered the sale of the Chippewa Center in St. Louis on behalf of the seller, an investment partnership with St. Louis-based Pace Properties Inc. Springfield, Ill.-based Jared Commercial purchased the 147,920-square-foot retail center for $10.6 million. Chippewa Center is located at the northwest corner of Chippewa Street and River Des Peres Boulevard. Tenants at the center include Shop ’n Save, Value City Furniture and Dollar Tree. Ben Wineman of Mid-America Real Estate Inc., in cooperation with Mid-America Real Estate Group-Missouri LLC and Scott Seyfried of Pace Properties Inc. were the brokers in the transaction.
MENTOR, OHIO — Marcus & Millichap has negotiated the sale of Holiday Inn Cleveland East-Mentor, a 132-room hotel, for $9.4 million. The hotel is located at 7701 Reynolds Road in Mentor. The full-service hotel opened as a Holiday Inn in 2013 and features 8,772 square feet of attached meeting space as well as an on-site restaurant and lounge. Alexandre Duong, an investment specialist in Marcus & Millichap’s Cleveland office, marketed the property on behalf of the seller, a private investor. Duong also secured and represented the buyer, a limited liability company.
ABILENE, TEXAS — On behalf of an investment group advised by Gregory Greenfield & Associates, JLL Capital Markets has secured the sale of the Mall of Abilene in Abilene. An affiliate of Radiant Partners LLC purchased the 681,319-square-foot mall for an undisclosed price. Radiant Partners is a national owner/operator of regional Class B malls. David Monahan and Cameron Pittman led the JLL team in the sale. The Mall of Abilene is visible from the adjacent U.S. Route 84 and Buffalo Gap Road. Tenants include Best Buy, Dillard’s, Ulta Beauty and Sears.
ASHBURN, VA. — Retail Properties of America Inc. (RPAI) has entered into a purchase agreement for One Loudoun Downtown, a 466,600-square-foot mixed-use development in Ashburn, about 35 miles outside of Washington, D.C. RPAI will purchase the project for up to $163.1 million from the master developers, Miller & Smith and North America Sekisui House LLC. RPAI will purchase Phase I and Phase II of One Loudoun Downtown separately. Phase I of One Loudoun Downtown spans 236,800 square feet of retail space and 105,200 square feet of office space, which are 85.6 percent and 89.7 percent leased, respectively. Existing tenants include Alamo Drafthouse Cinema, The Fresh Market, Great Gatherings, The Fitness Equation and Uncle Julio’s Rio Grande Café. Phase II is under construction and will feature 78,300 square feet of retail space and 46,300 square feet of office space, which are 71 percent pre-leased. One Loudoun Downtown is the retail and office component of One Loudoun, a 360-acre master planned development in Loudoun County. Miller & Smith and North America Sekisui House LLC will continue to serve as the master developers of One Loudoun.
ATLANTA — A joint venture between Banyan Street Capital and funds managed by Oaktree Capital Management LP have purchased Atlanta Plaza, a 631,808-square-foot office tower in Atlanta’s Buckhead district, for $137.5 million. The 32-story tower recently underwent $7.5 million of upgrades and renovations, which led to nearly 200,000 square feet of leasing activity over the past two years. Atlanta Plaza’s major tenants include the regional hub for Salesforce.com, Rubicon Global and the corporate headquarters for RentPath. Banyan Street and Oaktree are planning an additional $6 million in common area improvements to the main lobby, tenant elevator landings and corridors, elevator cabs, retail concourse and building signage. The joint venture has retained Chris Port, Nicole Goldsmith and Katherine Lynch of CBRE to lease the asset. Will Yowell, Justin Parsonnet, Jay O’Meara and Ryan Reethof of CBRE represented the seller in the transaction. Jeff Ackemann, Jonathan Rice and Porter McDonald of CBRE’s Debt & Structured Finance team sourced acquisition financing on behalf of Banyan Street and Oaktree. Banyan Street will manage the property directly.
FRISCO, TEXAS — Marcus & Millichap has arranged the sale of Shops of Eldorado I & II, a 36,485-square-foot retail property located in Frisco. Philip Levy of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a developer. Levy also secured the buyer, a private investor. Built in 2007, Shops of Eldorado I & II is located on 3.7 acres at 12398 and 12399 FM 423. All leases are triple net, and 55 percent of the occupied space includes personal guaranties. The center is 85 percent leased to a mix of retail and medical office tenants, including PetSense, orthodontist Dr. Castano-Rendon, Bella Nails, pediatric dentist Dr. Davis and Love Sushi.