Property Type

RADCO Acquires Apartment Community in Metro Orlando for $32.1M

by Christina Cannon June 9, 2016

WINTER PARK, FLA. — The RADCO Cos. has purchased The Park at Sutton Place Apartments, a 288-unit apartment community in Winter Park, a suburb of Orlando. RADCO acquired the property for $32.1 million and plans to invest $3.7 million for capital improvements. The Atlanta-based multifamily investor plans to rename the Class B property Lakeside at Winter Park and manage the community under its RADCO Residential management platform. RADCO used private capital and financing from BBVA Compass to fund the acquisition and renovation. CBRE’s Orlando office brokered the transaction. Built in 1986 within walking distance of Full Sail University, the property features three on-site lakes, a clubhouse, business center, fitness center, car care center, swimming pools and racquetball, basketball and volleyball courts. Lakeside at Winter Park is RADCO’s first acquisition in metro Orlando and its fourth in Florida.

June 9, 2016

Arkansas Industrial Southeast

Stan Johnson Brokers $31.6M Sale of FedEx Industrial Facility in Metro Little Rock

by Christina Cannon June 9, 2016

MABELVALE, ARK. — Stan Johnson Co. has brokered the $31.6 million sale of a freestanding, 311,684-square-foot industrial facility located at 8 Industrial Parkway in Mabelvale, roughly 12 miles south of Little Rock. Situated at the I-30 and I-430 interchange, the newly built package sorting and distribution facility is leased to FedEx Ground Package System Inc. and features 34- and 39-foot clear heights and more than 1,000 trailer and auto parking spaces. Britton Burdette and Mollie Alteri of Stan Johnson Co. represented the seller, Saad Development Corp., in the transaction. Todd Blonsley of Marcus & Millichap represented the buyer, WilArk LLC.

June 9, 2016

Loans Multifamily North Carolina Southeast

CBRE Arranges $28.9M Loan for Apartment Complex in Metro Charlotte

by Christina Cannon June 9, 2016

CONCORD, N.C. — CBRE’s capital markets debt and structured finance team has arranged a $28.9 million loan for Hawthorne at Concord, a 238-unit apartment community in Concord, a northern suburb of Charlotte. Built by Davis Development in 2014, the Class A community is situated on 18.5 acres within one mile of I-85 and Concord Mills, a nearly 1.4 million-square-foot mall owned by Simon Property Group. Steve Heffner, Nate Sittema and Kristen Reilley of CBRE’s Charlotte office arranged the Fannie Mae loan on behalf of Hawthorne Residential Partners and White Point Partners.

June 9, 2016

Alabama Loans Multifamily Southeast

KeyBank Provides $11M Fannie Mae Loan for Apartment Community in Birmingham

by Christina Cannon June 9, 2016

BIRMINGHAM, ALA. — KeyBank Real Estate Capital has provided an $11 million Fannie Mae loan for Devonshire Place Apartment Homes, a 332-unit affordable housing complex in Birmingham. The property was built in 1971 and purchased by the borrower in 2015. Erik Storz of KeyBank’s commercial mortgage group arranged the 10-year, fixed-rate loan, which the borrower will use to refinance an existing KeyBank bridge loan.

June 9, 2016

Retail Washington Western

KLM Equities Acquires the Hard Rock Café Seattle for $20.8M

by Nellie Day June 9, 2016

SEATTLE — KLM Equities Inc. has acquired the Hard Rock Café Seattle near Pike Place Market in Seattle for $20.8 million. The three-story restaurant is fully leased to Hard Rock Café. Gerry Rohm, Nicholas Kucha, Nick Kassab and Danny Reddin of HFF represented the seller, Urban Visions, in the transaction.

June 9, 2016

Arizona California Multifamily Seniors Housing Western

Grace Healthcare Sells Three Skilled Nursing Facilities for $14.7M, Exits California and Arizona

by Nellie Day June 9, 2016

MORAGA, CALIF., PLEASANT HILL, CALIF., AND PHOENIX — Grace Healthcare has sold Grace Healthcare of Moraga, Grace Healthcare of Pleasant Hill and Grace Healthcare of Phoenix for a total of $14.7 million. The dispositions mark the owner-operator’s exit from the states of California and Arizona. Located 20 miles east of San Francisco, Grace Healthcare of Moraga features 49 beds on 1.9 acres. Built in 1965, the 12,484-square-foot community offers dementia care and rehabilitative care. Grace Healthcare of Pleasant Hill is located 10 miles east of the Moraga community and features 51 beds. The community was built in 1958 on one acre, and underwent renovations in 2012. Grace Healthcare of Phoenix features 100 beds in a 26,621-square-foot facility on three acres. A California-based investor bought both California communities for a total of $8.2 million. The new owner will lease the community to a new operator. A regional investment group bought the Phoenix property for $6.5 million. Evans Senior Investments, a seniors housing brokerage firm, represented Grace Healthcare in the three transactions.

June 9, 2016

California Retail Western

CBRE Arranges $1.7 Million Sale of Retail Property in Tempe

by Nellie Day June 9, 2016

TEMPE, ARIZ. — CBRE has arranged the $1.7 million sale of a 3,288-square-foot, freestanding retail property located at 111 W. University Drive in Tempe. Andrew Fosberg, Max Bippus and Bert Kempfert of CBRE represented the seller, Ehrhardt Investment Properties LLC, in the transaction. Greg Saltz with GPS Retail LLC represented the buyer, SimonCRE Alpha LLC. Ehrhardt Bike Shop has occupied the property for 30 years.

June 9, 2016

Hospitality New Mexico Western

The Hotel Group Sells DoubleTree by Hilton in Santa Fe

by Nellie Day June 9, 2016

SANTA FE, N.M. — UJAS Santa Fe LLC has purchased a 130-room DoubleTree by Hilton in Santa Fe for an undisclosed sum. The hotel is located at 4048 Cerrillos Road. It was built in 1986 and renovated in 2012. The DoubleTree also features 4,500 square feet of meeting space, on-site dining, a business center, gift shop and indoor/outdoor pool. Mike Kelly and Brandon Miller of Ten-X and Daniel MacDonnell and Eric Melendez-Lluch of Cushman & Wakefield represented the seller, an affiliate of the Hotel Group, in this transaction.

June 9, 2016

Indiana Midwest Multifamily

CBRE Brokers Sale of 232-Unit Apartment Complex in Indianapolis

by Christina Cannon June 9, 2016

INDIANAPOLIS — CBRE Group Inc. has brokered the sale of a 232-unit trophy apartment community on the north side of Indianapolis. Cityscape Residential, the original developer, sold 82 Flats at the Crossing to a private investor for an undisclosed price. Built in 2013, the property includes amenities such as a saltwater pool, game room, business center, media lounge, grilling cabana and outdoor lounge, cyber café with coffee bar and fitness center.

June 9, 2016

Midwest Ohio Retail

Sands Investment Group Brokers $10.2M Sale of Kroger in Northern Cincinnati Suburb

by Christina Cannon June 9, 2016

HAMILTON, OHIO — Sands Investment Group (SIG) has brokered the $10.2 million sale of a Kroger grocery store in Hamilton, approximately 30 miles north of Cincinnati. HOH Crimson LLC sold the 77,154-square-foot property located at 1450 S. Erie Blvd. to Exchangeright Real Estate LLC. This Kroger has increased sales every year since it opened and has 11 years remaining on its lease. Daniel Hoogesteger and Andrew Chana of SIG represented the seller in the transaction.

June 9, 2016

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