Property Type

CBRE Brokers $45.5M Sale of AT&T Plaza in Charlotte

by John Nelson September 2, 2015

CHARLOTTE, N.C. — CBRE has brokered the $45.5 million sale of AT&T Plaza, a 355,300-square-foot office tower in Charlotte’s central business district. Located at 300 S. Brevard St., the property provides direct access to the LYNX light rail. AT&T is vacating the property as part of its corporate initiative to reduce its national office footprint. Will Yowell, Patrick Gildea and Jay O’Meara of CBRE represented the sellers, Childress Klein and Norfolk Southern Corp. Hal Kempson and Compie Newman of CBRE arranged a five-year acquisition loan through Citizens Bank on behalf of the buyer, Dallas-based Stream Realty Partners.

September 2, 2015

Florida Loans Multifamily Southeast

NXT Capital Provides $25.6M Acquisition Loan for Multifamily Community in Florida

by John Nelson September 2, 2015

BRADENTON, FLA. — NXT Capital has provided a $25.6 million acquisition loan for Riversong Apartments, a newly constructed, 179-unit apartment complex in Bradenton. The property is located along the Manatee River and is adjacent to the Bradenton Riverwalk. Riversong’s amenities include a resort-style swimming pool and resident lounge with Wi-Fi, as well as a fitness center and a business center. According to the Bradenton Herald, a subsidiary of New York-based Beachwold Residential purchased the property from Atlanta-based Hatfield Development for $31.5 million.

September 2, 2015

Church Lane Shopping Center Cockeysville

Maryland Retail Southeast

Marcus & Millichap Arranges $19M Sale of Two Shopping Centers in Baltimore County

by John Nelson September 2, 2015

COCKEYSVILLE, MD. — Marcus & Millichap has brokered the $19 million sale of Church Lane Shopping Center and GJK Plaza, two shopping centers in Baltimore County’s Cockeysville suburb totaling 97,308 square feet. Built in 1981, the shopping centers are located at the corner of Church Lane and Cranbrook and York roads. The tenants include Party City, JoAnn Fabrics, Tuesday Morning, Sleepy’s and Meineke. Chris Burnham and Nathan Pealer of Marcus & Millichap represented the seller, a family partnership that had owned the centers for more than 35 years. Burnham and Pealer also procured the buyer, a private local investor.

September 2, 2015

Loans Multifamily South Carolina Southeast

NorthMarq Arranges $9.1M Equity Investment for Apartment Property in Port Royal, S.C.

by John Nelson September 2, 2015

PORT ROYAL, S.C. — NorthMarq Capital has arranged and closed a $9.1 million equity investment on behalf of Prominent Realty Group (PRG) for the purchase of a $38 million apartment property, the 400-unit Preserve at Port Royal located in Port Royal, S.C. The $9.1 million equity infusion came from an institutional investor that specializes in value-add properties. “The main challenge about this transaction was its location being perceived as tertiary,” says Will James, vice president of NorthMarq Capital’s Atlanta office who represented PRG. “The property was built in 2006 and in a great location within the city of Port Royal. Just 20 minutes away and closer to Hilton Head, a similar vintage project traded for a 20 percent premium just because it was on the way to Hilton Head Island.” PRG’s basis in the property is at or just below replacement cost, adds James. “Once the state sells the 50-acre Port of Port Royal, the waterfront will become a vibrant retail and tourist destination, further improving the rental market on the Port Royal island.” Economic generators locally include the University of South Carolina Beaufort campus, Parris Island’s Marine Corps, and the Beaufort Air Naval station, which is completing a $300 million runway and hangar facility …

September 2, 2015

California Office Western

Porter Ranch Office Building Sells for $4.9M

by Nellie Day September 1, 2015

LOS ANGELES — Papazian-Hirsch Calabasas LP has acquired a 15,798-square-foot office building in the Los Angeles submarket of Porter Ranch for $4.9 million. The building is located at 11260 Wilbur Ave. It was constructed in 1985. Justin Mendelson and Fred Sheriff of Charles Dunn Company represented both the buyer and seller, Wilnaldi Venture L.P. and Wilnaldi Bellisimo LLC, in this transaction.

September 1, 2015

Arizona Multifamily Western

Cabana on Seventh Apartments in Phoenix Sells for $5M

by Nellie Day September 1, 2015

PHOENIX — An unnamed buyer has purchased the 74-unit Cabana on Seventh apartment community in Phoenix for $5 million. The community is located at 5615 North 7th St. It was built in 1972. Steve Gebing of Institutional Property Advisors and Cliff David and Trevor Hardy of Marcus & Millichap represented both the buyer and seller in this transaction.

September 1, 2015

Multifamily Washington Western

Preservation Partners Buys The Olympian Apartments in Washington for $3.1M

by Nellie Day September 1, 2015

OLYMPIA, WASH. — Preservation Partners Development III LLC has acquired The Olympian Apartments, a 50-unit apartment community in Olympia, for $3.1 million. The affordable housing community is located at 116 Legion Way Southeast. It was built in 1919. Robert DiPietrae of Berkadia represented the seller, Olympian Investors Limited Partnership.

September 1, 2015

Arizona Office Western

Former School Sells in Arizona for $4.5M

by Nellie Day September 1, 2015

GILBERT, ARIZ. — IPF Rancho Solano has purchased Rancho Solano Gilbert Campus, a 33,265-square-foot building in Gilbert, for $4.5 million. The building operated as a preschool through fifth grade until it closed at the end of the 2014 school year. The new tenant, Lauren’s Institute For Education (L.I.F.E.), is a nonprofit organization that provides programs for developmentally disabled children through a variety of therapies. Jim Wilson and Scott Shelbourne of Cushman & Wakefield represented the seller, Arizona Prep Real Estate.

September 1, 2015

California Office Western

The Honest Company Relocates to Playa Vista

by Nellie Day September 1, 2015

LOS ANGELES — The Honest Company has relocated its headquarters to a Class A office complex in Playa Vista. The new space is located at 12130 Millennium Drive. The company will occupy 83,000 square feet of space at the property. It will relocate from nearby Santa Monica early next year. David Toomey and Matthew Miller of Cresa and Marc Bretter of Travers Cresa represented The Honest Company. The landlord is Clarion Partners.

September 1, 2015

Retail Texas

Trademark Begins Multi-Million Dollar Renovation of Hillside Village

by Katie Sloan September 1, 2015

CEDAR HILL, TEXAS — Trademark Property Co. has begun its multi-million dollar renovation of Hillside Village shopping center, formerly known as Uptown Village at Cedar Hill. The first phase of renovations will include updated signs at property entrances, a new children’s play area, a new promenade section with a bocce ball court, a covered stage area, enhanced landscaping and lighting and additional shaded seating around the village green. Completion of the first phase is scheduled for this fall. Hillside Village is currently home to 350,000 square feet of retail and restaurants, with tenants including Barnes & Noble, Dillard’s, Dick’s Sporting Goods, Charlotte Russe, Charming Charlie, Buckle, Papaya and Victoria’s Secret.

September 1, 2015

Newer Posts

Older Posts