Property Type

Monarch Investment & Management Group Purchases Multifamily Portfolio in Tucson

by Nellie Day September 1, 2016

TUCSON, ARIZ. — Monarch Investment & Management Group has purchased a five-property multifamily portfolio in Tucson for an undisclosed sum. The communities contain 1,004 units totaling 686,314 square feet. The transaction includes the 160-unit Hampton Park, the 254-unit San Mateo, the 152-unit Solano Springs, the 310-unit Lakeside Apartments and the 128-unit Highland Apartments. The latter property is situated in Sierra Vista, while the rest are located in Tucson. The portfolio features an average occupancy rate of 94 percent. The properties were all constructed between 1973 and 1985. This is Monarch’s first purchase in Arizona. Cindy Cooke and Brad Cooke of Colliers International represented the seller, Hamilton Zanze, in this transaction.

September 1, 2016

California Multifamily Western

Vista Investment Group Buys Woodlake Manor Apartments in Baldwin Hills for $44M

by Nellie Day September 1, 2016

BALDWIN HILLS, CALIF. — Vista Investment Group has purchased the 276-unit Woodlake Manor Apartments in the Los Angeles submarket of Baldwin Hills for $44 million. The community is located at 4555 W. Martin Luther King Jr. Blvd. Woodlake Manor is one mile from both the Farmdale and Ethel Bradley Metro Expo line stations, which provide access to key Los Angeles employment hubs, including downtown, Culver City, Santa Monica and the South Bay. The University of Southern California (USC) is a 10-minute train ride away. This was the first time Woodlake Manor Apartments had been on the market in more than 34 years. Select units were upgraded to a mid-luxury standard last year. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both the buyer and seller, Jones & Jones Management Group, in this transaction.

September 1, 2016

California Office Western

Equity Office Sells Office Building in Old Town Pasadena for $30M

by Nellie Day September 1, 2016

PASADENA, CALIF. — An unnamed buyer has purchased a 62,286-square-foot boutique office building in the Old Town section of Pasadena for $30 million. The building is located at 150 E. Colorado Blvd. The building is 89.3 percent leased to tenants in the healthcare, insurance, technology and professional service industries. Notable tenants include OpTerra Energy Services, Companion Hospice, Intelecom Intelligent and American Postal Workers. The property is situated near the 210 and 134 freeways, within walking distance of more than 20 million square feet of retail amenities. Long Dragon Realty represented the buyer, while HFF’s Ryan Gallagher and Andrew Harper represented the seller, Equity Office, in this transaction.

September 1, 2016

Arizona Industrial Western

Cardinal IG Cos. Buys 77 Acres Near Phoenix for New Manufacturing Facility

by Nellie Day September 1, 2016

BUCKEYE, ARIZ. — Cardinal IG Cos. has purchased 77 acres of land in Buckeye, where it plans to develop a 250,000-square-foot advanced glass manufacturing facility. The build-to-suit facility will be situated just south of the southeast corner of Apache Road and Southern Avenue. The purchase price was not disclosed. The space is about three miles south of Interstate 10 and three miles east of Highway 85. Buckeye is a suburb just west of Phoenix. Cardinal IG is a wholly owned subsidiary of Cardinal Glass Industries, a glass manufacturer with more than 6,000 employees and 37 manufacturing locations across the U.S. Its new manufacturing facility will produce high-quality, energy-efficient insulating glass for residential window and door companies across the globe. The site is part of 152 acres controlled by Evergreen Devco Inc. and Evergreen-Apache & Southern LLC. JLL’s Anthony Lydon and Marc Hertzberg represented Evergreen in this transaction. The firm is also marketing the remaining 75 acres on the direct southeast corner of Apache and Southern, situated just north of the Cardinal IG site.

September 1, 2016

Colorado Multifamily Western

HLC, Hampshire Cos. Acquire Sage Brook Apartments in Denver for $26.3M

by Nellie Day September 1, 2016

DENVER — A joint venture between HLC Equity and Hampshire Companies has purchased the 216-unit Sage Brook apartments in Denver for $26.3 million. The Class B community is located at 7201 Leetsdale Drive. Sage Brook is situated three miles from the Cherry Creek neighborhood near three of the region’s largest employment centers, including Downtown Denver, Denver Tech Corridor and the Fitzsimons Innovation Campus. HLC Equity’s management arm will operate the community. The company plans to improve the property and upgrade the general common areas and unit interiors.

September 1, 2016

Space-Station-Self-Storage-League-City-Texas

Industrial Texas

Bellomy Arranges Sale of Space Station Self Storage in Metro Houston

by Haisten Willis September 1, 2016

LEAGUE CITY, TEXAS — Bellomy & Co. has arranged the sale of Space Station Self Storage in League City, 20 miles southeast of Houston. The Class A facility consists of 674 units and 77,980 square feet on 5.4 acres. The property, built in 2009, was 85 percent occupied at the time of closing. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. marketed the property on behalf of the Houston-based seller. The trio also procured the buyer, Public Storage, which is the largest self-storage operator in the United States and Europe with more than 2,000 facilities.

September 1, 2016

Industrial Office Texas

Colliers Brokers Sale of Land for $25M Office/Industrial Facility in Metro Houston

by Haisten Willis September 1, 2016

TOMBALL, TEXAS — Colliers International has brokered the sale of a 5.5-acre tract of land on Spell Road just west of Hufsmith Kohrville Road in Tomball. The $25 million project, the second for the Tomball Business and Technology Park, will consist of a 42,700-square-foot laboratory and office facility expected to hold 75 employees. Tom Condon Jr. of The Woodlands office of Colliers International represented the seller, Tomball Economic Development Corp. Gray Gilbert of CBRE represented the buyer, GE Betz Inc. Jane Matthews of Stewart Title Tomball coordinated the closing.

September 1, 2016

Office Texas

CBRE Negotiates Lease Renewal for Cosco Container Lines Americas in Houston

by Haisten Willis September 1, 2016

HOUSTON — CBRE has negotiated a 38,561-square-foot lease renewal for container operator Cosco Container Lines Americas Inc. The office facility is located at 15600 John F Kennedy Blvd. in Houston. Cosco will renovate the space to accommodate new hires. CBRE’s Kevin Saxe and Jerrod McQuain negotiated the lease on behalf of Cosco. Wade Bowlin of PMRG represented the landlord, 15600 JFK Houston Partners LLC.

September 1, 2016

Industrial Texas

Lee & Associates Arranges 28,891 SF Industrial Lease Renewal in Dallas

by Haisten Willis September 1, 2016

DALLAS — Lee & Associates has completed a lease renewal for a 28,891-square-foot industrial space located at 11625 Columbia Center Drive in Dallas. Nathan Denton of Lee & Associates Dallas/Fort Worth represented the tenant, Vogue Tyre, a provider of custom tires and wheels, and Mitch Pruitt internally represented the landlord, Prologis.

September 1, 2016

Florida Mississippi Multifamily Seniors Housing Southeast

KeyBank Provides $249M in Financing for 22-Property Skilled Nursing Portfolio in the Southeast

by John Nelson September 1, 2016

CLEVELAND — KeyBank Real Estate Capital, a subsidiary of Cleveland-based KeyCorp, has provided $249 million in FHA financing to Formation Capital, a private investment management firm focused on seniors housing. The financing will be used for a 22-property skilled nursing portfolio. Seventeen of the facilities are located in Florida, and the remaining five are located in Mississippi. The properties have a combined total of 2,682 beds. John Randolph and Paul Di Vito of KeyBank’s Healthcare Mortgage Group arranged the financing through FHA’s 232/223(f) mortgage insurance program. Proceeds of the loan were used to pay down an existing bridge loan, which funded the acquisition of 66 facilities.

September 1, 2016

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