Property Type

CBRE Arranges $26.7M Sale of Lincoln Plaza in Tacoma

by Nellie Day May 17, 2016

TACOMA, WASH. — CBRE has arranged the $26.7 million sale of Lincoln Plaza, an 80,922-square-foot retail center located in Tacoma. The center is 95 percent occupied by tenants including Big 5, Jared, Men’s Wearhouse, Sketchers, Starbucks Coffee, Wingstop and Sprint. Philip Voorhees, Brad Rable, Megan Wood, Matt Burson, Jimmy Slusher, Todd Goodman, Preston Fetrow and Dino Christophilis of CBRE represented the seller, PASSCO Cos. LLC. The buyer, a privately held real estate partnership based in the Pacific Northwest, represented itself in the transaction.

May 17, 2016

Multifamily Oregon Seniors Housing Western

Colliers Brokers $10.4M Sale of 102-Unit 55+ Mobile Home Park

by Nellie Day May 17, 2016

EUGENE, ORE. — FollettUSA has purchased Summer Oaks, a 102-home 55+ mobile home park in Eugene, for $10.4 million. The seller was Zacorn LLC. Colliers International Portland represented both parties in the transaction. The company’s team on the deal included Skip Rotticci, vice president, and associates Alexander Cheng and Kenneth Verbeck. The sales price equates to $102,000 per pad and a capitalization rate of 4 percent.

May 17, 2016

California Retail Western

Hanley Investment Group Arranges $3.2M Sale of Glenwood Square Near Bakersfield

by Nellie Day May 17, 2016

DELANO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $3.2 million sale of Glenwood Square, a 6,808-square-foot retail strip center located in Delano, just north of Bakersfield. The property is anchored by Starbucks Coffee, and is fully occupied by tenants including Subway, T-Mobile, Tutti Frutti and Select Staffing. Bill Asher of Hanley represented the seller, Glenwood Cecil LLC, in the transaction. Sean Daryani of RE/MAX represented the buyer, a Los Angeles-based family trust.

May 17, 2016

Montana Multifamily Student Housing Western

Grand Campus Living to Manage 46 North Apartments Near the University of Montana

by Nellie Day May 17, 2016

MISSOULA, MONT. — Farran Realty Partners has awarded Grand Campus Living management of 46 North Apartments, a 468-bed student housing community under development near the University of Montana in Missoula. The property will be the first purpose-built student housing community in Missoula. Community amenities will include dedicated study lounges and a study center, music practice rooms, a social lounge, fitness center, tanning lounge, bike storage and maintenance, ski tuning rooms, a cyber lounge, interior courtyards for community gardens and 6,500 square feet of street-level retail. The new development will offer a mix of studio, one-, two- and four-bedroom units with double occupancy available in select floor plans, alongside two levels of parking. The fully furnished apartments will feature modern appliances including full-size washers and dryers.

May 17, 2016

Multifamily Southeast Tennessee

Terwilliger Pappas to Build $64M Apartment Community in Nashville

by John Nelson May 17, 2016

NASHVILLE, TENN. — Terwilliger Pappas Multifamily Partners plans to build Solis North Gulch, a $64 million, 271-unit apartment community located in Nashville’s North Gulch district. Construction will start within 30 days, with the first apartments and amenities targeted for a late 2017 delivery. The five-story multifamily community will be built atop a two-level parking deck. Terwilliger Pappas is partnering with Clarion Partners on the development, and Citizens Bank of Providence, Rhode Island provided construction financing. Amenities will include a rooftop clubroom and terrace, resort-style swimming pool, club-grade fitness center and a pet park. Units will feature stainless steel appliances and quartz countertops. The project team includes architect and interior design firm Preston Partnership, landscape architect and civil engineer Littlejohn and general contractor Construction Enterprises Inc.

May 17, 2016

College Inn Raleigh North Carolina State University

Multifamily North Carolina Southeast Student Housing

The Preiss Co. Acquires Two Student Housing Properties in Raleigh in Joint Venture

by John Nelson May 17, 2016

RALEIGH, N.C. — The Preiss Co., in a joint venture with an undisclosed private investment group, has acquired two student housing communities near North Carolina State University (NCSU) in Raleigh. The acquisitions include College Inn, a 440-bed community located at 2717 Western Blvd., and University Village at 2505, a 288-bed community located at 2505 Red Lodge Place. Amenities at College Inn include a clubhouse, fully furnished units with washers and dryers, study rooms, fitness center and a game room. Preiss will oversee a redevelopment at the property beginning in the fourth quarter of this year, which will include substantial room upgrades, new lighting, appliances, cabinets, countertops and furniture with enhancements to the clubhouse, building exterior and landscaping. Amenities at University Village at 2505 include a clubhouse with an internet café, a fitness center, self-serve Starbucks Coffee bar, resort-style swimming pool, sand volleyball court and fully furnished suites with bed to bath parity and walk-in closets. University Village also offers a free shuttle to the main and centennial campuses of NCSU.

May 17, 2016

Florida Multifamily Southeast

CBRE Brokers $25.5M Sale of Apartment Community in Orlando

by John Nelson May 17, 2016

ORLANDO, FLA. — CBRE has arranged the $25.5 million sale of The Serrano, a 252-unit apartment community located at 4860 Cypress Woods Drive in southwest Orlando. The property is situated near the Universal Orlando Resort and The Mall at Millenia and seven miles from downtown Orlando. Built in 1990, the property is located within a wooded conservation and was 94 percent occupied at the time of sale. Ann Arbor, Mich.-based McKinley Inc. purchased The Serrano from an undisclosed seller. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.

May 17, 2016

Midwest Office Ohio

Fairbridge Properties Acquires 252,985 SF Office Tower in Cincinnati

by Christina Cannon May 17, 2016

CINCINNATI — Fairbridge Properties, a private investment company, has acquired Pictoria Tower, a 252,985-square-foot, Class A office property in Cincinnati for an undisclosed price. The eight-story building, located at 225 Pictoria Drive within the Pictoria Corporate Center, is 98 percent leased. Amenities at the property include covered access to a seven-level parking garage, conference center, upgraded lobby and two-story water feature. Tenants at Pictoria Tower include First Financial Bancorp, Northrop Grumman Corp., Beckfield College, HealthSpan, Ameriprise Financial, Yusen Logistics and Ultimus Fund Solutions LLC. There is currently a 4,000-square-foot vacancy in the building. Thomas Powers, James O’Connell and Michael Sullivan of Cushman & Wakefield represented the undisclosed seller in the transaction.

May 17, 2016

Retail Southeast Tennessee

IKEA to Install Tennessee’s Largest Solar Rooftop System on Future Memphis Store

by John Nelson May 17, 2016

MEMPHIS, TENN. — IKEA plans to install Tennessee’s largest solar rooftop system atop its Memphis store set to open in the fall. The 271,000-square-foot IKEA Memphis will be situated on 35 acres in the Wolfchase Corridor along the southwestern side of I-40 near the Germantown Parkway exit. The store will feature approximately 800 parking spaces. Atlanta-based Hannah Solar is installing the 250,675-square-foot solar array beginning this summer. Linkous Construction is managing the site work and building the store, which will represent the 44th solar project for IKEA. The Swedish-based retailer plans for its stores to be energy independent by 2020.

May 17, 2016

Industrial Loans Midwest Ohio

NorthMarq Capital Arranges $4.9M Acquisition Loan for Industrial Property Near Dayton

by Christina Cannon May 17, 2016

VANDALIA, OHIO — NorthMarq Capital has arranged a $4.9 million acquisition loan for a 192,910-square-foot industrial property in Vandalia, approximately 10 miles north of Dayton. The Plow & Hearth Vandalia Distribution Center is located at 6400 Sand Lake Drive. The transaction was structured with a 10-year term and 20-year amortization schedule. Susan Branscome of NorthMarq arranged financing for the undisclosed 1031 exchange buyer through its relationship with a commercial bank.

May 17, 2016

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