Property Type

Whitestone Shopping Center Alabaster Publix

Marcus & Millichap Brokers $12.7M Sale of Publix-Anchored Shopping Center in Alabama

by John Nelson January 27, 2016

ALABASTER, ALA. — Marcus & Millichap has brokered the $12.7 million sale of Whitestone Shopping Center, a 70,065-square-foot, Publix-anchored shopping center located at 9200 Highway 119 in Alabaster. Built in 2004, the shopping center was 97 percent leased at the time of sale to tenants such as ABC Liquor, Premier Cosmetic and Family Dentistry, Alabaster Eye Care, Jackson Hewitt, Subway and Palm Beach Tan. Also included in the sale was a 9,260-square-foot outparcel currently leased to Buddy’s Home Furnishings. The buyer, Publix Super Markets Inc., was represented internally. Andrew Chason and Brett Chetek of Marcus & Millichap’s St. Louis office represented the seller, a limited liability company based in Montgomery, Ala., in the transaction. Eddie Greenhalgh of Marcus & Millichap’s Mobile office is the firm’s broker of record in Alabama.

January 27, 2016

Multifamily Southeast Virginia

Capital Square 1031 Buys Apartment Community in Richmond

by John Nelson January 27, 2016

RICHMOND, VA. — Capital Square 1031 has purchased Perry Place Apartments, a 70-unit historic loft-style apartment community located in Richmond. Perry Place is a two-story property located at 815 Perry St. within Richmond’s Manchester Arts District. Units at Perry Place range from studios to three-bedroom apartments with views of the James River and downtown skyline. Community amenities include 24-hour controlled access, an outdoor swimming pool, community roof deck area, fitness center and on-site parking. Originally constructed in 1912 and recently renovated, Perry Place was fully occupied at the time of sale.

January 27, 2016

Arizona Industrial Western

The Opus Group Launches Spec Industrial Project in Phoenix

by Nellie Day January 27, 2016

PHOENIX — The Opus Group has commenced construction on a 393,300-square-foot speculative warehouse and distribution building in Phoenix. The Opus Airport Industrial will be situated on 23 acres of land at the northeast corner of 7th and Elwood streets, near Phoenix Sky Harbor International Airport. Opus Airport Industrial will be the largest available industrial space in the submarket once it’s completed in September, according to the developer. It will also be able to accommodate single- or multi-tenant occupants looking for manufacturing, distribution and light assembly uses, among others. Opus Development Company LLC is developing the project. Opus Design Build LLC is the design-builder, while Opus AE Group LLC is the architect and structural engineer of record. Ware Malcomb is the design architect. CBRE’s John Werstler, Cooper Fratt and Jerry McCormick will market the property for lease. The team also executed the land sale between Opus and the seller, 7th Street Industrial LLC.

January 27, 2016

Hospitality Illinois Loans Midwest

Associated Bank, Inland Bank Provide $36M in Construction Financing for New Hotel in Chicago

by Christina Cannon January 27, 2016

CHICAGO — Associated Bank and Inland Bank have provided a $36 million loan for the construction of a new 195-room Marriott Autograph Collection Hotel in the Streeterville neighborhood of Chicago. Associated Bank acted as the lead arranger in the deal, providing two-thirds of the capital. SMASHotels Chicago LLC, an ECD Co. affiliate, will develop the 21-story hotel, which will be located at 228 E. Ontario St. The hotel will include a first floor restaurant and lounge, meeting and event space, a fitness room and a business center. Associated Bank previously provided the loan for the land acquisition. Krista Casper of Assocaited Bank managed the construction loan.

January 27, 2016

Office Washington Western

AAA Washington Buys One Newport Building in Bellevue for $29M

by Nellie Day January 27, 2016

BELLEVUE, WASH. — AAA Washington has purchased One Newport Building, an 89,850-square-foot office building in Bellevue, for $29 million. The Class A building is located at 3605 132nd Ave. SE. The insurance and full-service travel agency plans to occupy the first three floors of the building. The space was formerly occupied by T-Mobile. AAA Washington will renovate the property before moving in. Construction will commence Feb. 1, with a scheduled occupancy in the third quarter of 2016. The company’s construction and purchasing partners on this project include Swinerton Builders, JPC Architects, Pacific Project Management, Kidder Mathews, Wells Fargo and McCullough Hill Leary. Gary Guenther, Jason Rosauer, and Rob Anderson of Kidder Mathews represented AAA Washington. JLL’s J.J. Shephard and Riley Shephard represented the seller, Ivanhoe Cambridge.

January 27, 2016

Midwest Ohio Retail

Marcus & Millichap Brokers $4.3M Sale of Retail Property in Cincinnati Suburb

by Christina Cannon January 27, 2016

HAMILTON, OHIO — Marcus & Millichap has brokered the sale of a 200,720-square-foot retail property for $4.3 million. Hamilton Crossings is located in Hamilton, approximately 33 miles north of Cincinnati, and was 70 percent occupied at the time of sale. Tenants at the retail property include Pease Warehouse, Youthland Academy, the U.S. Veterans Administration, Penn Station and Springleaf Financial. A private Ohio-based investor purchased the asset located at 1780 S. Erie Highway from an out-of-state investment firm. CJ Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap listed the property on behalf of the seller. The team also procured the buyer.

January 27, 2016

Illinois Midwest Office

CBRE Arranges Sale of 94,986 SF Office Building In Chicago Suburb

by Christina Cannon January 27, 2016

ITASCA, ILL. — CBRE has arranged the sale of a 94,986-square-foot office property in Itasca, approximately 30 miles northwest of Chicago, for an undisclosed price. The undisclosed seller sold the four-story building to Hamilton Partners. Located at 1200 Arlington Heights Road, the property recently underwent upgrades including a newly renovated lobby and corridors. The facility, built in 1989, is 25 percent leased to six tenants. The building sits inside Hamilton Lakes, a 350-acre master-planned business community that includes an athletic club, Westin hotel and numerous restaurants. Bill Novelli, Derek Fohl and Robert Graham of CBRE represented the seller in the transaction. The buyer was self-represented.

January 27, 2016

Industrial Midwest Wisconsin

The Dickman Co. Brokers Sale of 119,040 SF Industrial Property in Milwaukee

by Christina Cannon January 27, 2016

MILWAUKEE, WIS. — The Dickman Co./CORFAC International has arranged the sale of a 119,040-square-foot industrial building in Milwaukee, for an undisclosed price. 8301 Parkland LLC purchased the facility from TJM Parkland Court LLC. The asset is located at 8301 W. Parkland Court. Samuel M. Dickman Jr., Samuel D. Dickman and Nick Keys of The Dickman Co. were the sole brokers in the transaction.

January 27, 2016

Loans Multifamily Utah Western

Wasatch Capital, Dougherty Mortgage Arrange $11.8M Refinancing for Apartment Community in Utah

by Nellie Day January 27, 2016

PLEASANT VIEW, UTAH — Wasatch Capital Group and Dougherty Mortgage LLC have arranged an $11.8 million refinancing for The Cove at Pleasant View, an 88-unit multifamily community in Pleasant View, approximately 40 miles north of Salt Lake City. The community is located at 255 E. 2700 N. in Pleasant View. The Fannie Mae loan features a 12-year term and a 30-year amortization schedule. The borrower is Westates Investments LLC.

January 27, 2016

Illinois Midwest Mixed-Use

Quantum Arranges $1.3M Sale of Mixed-Use Property in Northwestern Suburb of Chicago

by Christina Cannon January 27, 2016

GRAYSLAKE, ILL. — Quantum Real Estate Advisors Inc. has arranged the $1.3 million sale of a mixed-use building in Grayslake, approximately 48 miles northwest of Chicago. The 33,544-square-foot building consists of 24,239 square feet of retail space on the first floor and 9,305 square feet of office space on the second floor. Tenants of the building, which is 70 percent occupied, include Kawa Japanese Restaurant, Tropical Tan and State Farm Insurance. A Canada-based money center bank sold the asset, located at 100 S. Atkinson Road, to a private investor based in the northern suburbs of Chicago. Chad Firsel of Quantum Real Estate Advisors represented the seller in the transaction.

January 27, 2016

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