Property Type

IPA Brokers $16.3M Sale of 162,905 SF Retail Property in Wisconsin

by Christina Cannon January 20, 2016

ONALASKA, WIS. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a 162,905-square-foot shopping center for $16.3 million. Crossing Meadows is located at 1260 Crossing Meadow Drive in Onalaska. Crossing Meadows is anchored by Festival Foods, which leases 57 percent of the retail center. Festival Foods has five years remaining on a 15-year lease. Crossing Meadows is shadow anchored by Sam’s Club and Gander Mountain. Other major tenants include Hancock Fabrics, Rogan’s Shoes and Party City. The shopping center is currently 89 percent leased. Erin Patton, Craig Fuller and Scott Wiles of IPA represented the seller in the transaction, an Ohio-based company. The trio also procured the buyer, a local developer.

January 20, 2016

Indiana Midwest Multifamily Seniors Housing

Mainstreet, Trilogy Open 70-Bed, $12M Skilled Nursing Facility in Indiana

by Christina Cannon January 20, 2016

RICHMOND, IND. — Mainstreet, an Indiana-based developer of skilled nursing and rehabilitation facilities, has opened The Springs of Richmond, a 70-bed property in Richmond, which is located midway between Indianapolis and Columbus, Ohio. The community includes 70 beds in a 48,034-square-foot building. Development costs totaled $12 million. Construction began in March 2015. The Springs of Richmond was developed in partnership with Trilogy Health Services, which now operates the community.

January 20, 2016

Kansas Midwest Retail

Viking Partners Acquires Shopping Center in Kansas City Suburb for $8.5M

by Christina Cannon January 20, 2016

OVERLAND PARK, KAN. — Viking Partners Fund III LLC has acquired an 80,047-square-foot shopping center for $8.5 million. Overland Pointe Marketplace is located in Overland Park, an affluent southwestern suburb of Kansas City. The shopping center is anchored by Babies “R” Us and Golf Galaxy. Shadow anchor tenants include Sam’s Club, Home Depot and ALDI. The shopping center was 94 percent occupied at the time of sale. The seller in the transaction was undisclosed.

January 20, 2016

Industrial Midwest Office Ohio

Cooper Commercial Arranges $3.6M Sale of Flex Property in Cleveland Suburb

by Christina Cannon January 20, 2016

STRONGSVILLE, OHIO — The Cooper Commercial Investment Group has arranged the sale of a 41,184-square-foot office and warehouse building for $3.6 million. A private investor from Ohio sold the property located in the Strongsville Business & Technology Park along Foltz Parkway in Strongsville, approximately 20 miles southwest of Cleveland. The building can accommodate four tenants and is 98 percent occupied. Tyco SimplexGrinnell, a provider of emergency communication systems and services, is the most recent tenant to sign a lease at the property. The building sold for 92 percent of the list price and featured an 8.67 percent cap rate. Dan Cooper of Cooper Commercial Investment Group represented the seller in the transaction.

January 20, 2016

California Multifamily Western

Ivanhoé , Veritas Buy 16 Multifamily Properties in San Francisco for $200M

by Nellie Day January 20, 2016

SAN FRANCISCO — A joint venture between Ivanhoé Cambridge and Veritas Investments has purchased 16 apartment communities in San Francisco for about $200 million. The communities were not named. The properties are located in some of San Francisco’s most prominent communities, including Russian Hill, NOPA, Noe Valley, Duboce Triangle, Alamo Square, Mission Dolores and North Panhandle, and Lower and Upper Nob Hill. The JV now owns 45 multifamily properties, with an average of 30 residential units per building. Many communities also feature ground-floor retail space.

January 20, 2016

California Loans Multifamily Western

Oakmont Properties Receives $100M Loan to Buy Sacramento Apartment Properties

by Nellie Day January 20, 2016

SACRAMENTO, CALIF. — Oakmont Properties has received more than $100 million in senior loans to acquire to two apartment communities in the Sacramento area. The properties include The Preserve at Roseville, a 336-unit community, as well as the 304-unit Oak Brook Apartments. The Preserve is located at 1299 Antelope Creek Drive in Roseville. It was 97 percent occupied at the time of sale. The Class A property was built in 1999. Oak Brook is located at 12499 Folsom Blvd. in Rancho Cordova. It was also 97 percent occupied. This Class A property was built in 2001. PCCP provided the loans, which are cross-collateralized with each other.

January 20, 2016

Colorado Hospitality Western

Ethika Funds Acquisition, Repositioning of Vail Cascade Resort and Spa

by Nellie Day January 20, 2016

VAIL, COLO. — Ethika Investments has funded the acquisition and repositioning of the 292-room Vail Cascade Resort and Spa. The resort is located at 1300 Westhaven Drive in Vail, approximately 90 miles west of Denver. Vail Cascade is one of the city’s only true ski-in/ski-out hotels. Ethika has also allocated additional capital for a $35 million property repositioning. This project will commence in the second quarter of 2016. The renovations will completely redesign the resort, including upgrades to the ski valet, enhanced outfitting services, refreshed culinary alternatives, and updates to the resort’s 45,000 square feet of meeting space and 78,000-square-foot athletic club. Amenity upgrades will include luxury bedding, new four- and five-fixture bathrooms and a new on-site spa. This project represents the 17th investment from Ethika’s Diversified Opportunity Real Estate Fund and the fund’s first investment in Colorado.

January 20, 2016

Colorado Multifamily Western

Braddock & Logan Buys Canyons at Saddle Rock in Aurora for $56.7M

by Nellie Day January 20, 2016

AURORA, COLO. — Braddock & Logan has purchased the 263-unit Canyons at Saddle Rock apartment community in Aurora for $56.7 million. The Class A community is located at 6850 South Versailles Way, about 25 miles southeast of downtown Denver. The property was 95 percent occupied at the time of sale. This property was Braddock & Logan’s first acquisition in metro Denver. Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment of ARA Newmark represented the seller, Inland Private Capital Corporation, in this transaction.

January 20, 2016

California Office Western

Bolour Associates Buys Creative Office Building in El Segundo for $49M

by Nellie Day January 20, 2016

LOS ANGELES — Bolour Associates has purchased a 113,606-square-foot creative office building in the Los Angeles submarket of El Segundo for $49 million. The property is located at 2101 El Segundo Blvd. The space underwent a comprehensive redesign that commenced in 2013. The seller, a joint venture between Bixby Land Company and Cornerstone Real Estate Advisers, invested about $25 million in acquisition, development and leasing costs to reposition the building. The space is now fully occupied to notable tenants like Sanrio, Exponential Interactive, Cove Street Capital, AMA Consulting Engineers, Specialty’s Café & Bakery and Peet’s Coffee. Bolour was represented by Bob Safai of Madison Partners. Bixby represented itself in the transaction, while CBRE’s (at the time of sale) Kevin Shannon and Ken White represented Cornerstone.

January 20, 2016

California Retail Western

Pacific Retail, Silverpeak Acquire Eastridge Mall in San Jose for Over $200M

by Nellie Day January 19, 2016

SAN JOSE, CALIF. — A partnership between Pacific Retail Capital Partners and Silverpeak Real Estate Partners has acquired Eastridge, a 1.4 million-square-foot super-regional mall located in San Jose, for over $200 million. The two-story enclosed regional mall was purchased in an off-market transaction with General Growth Properties. In 2007, General Growth Properties completed a $140 million expansion and renovation of the mall. Tenants at the center include Round 1 Bowling and Amusement, Barnes & Noble, JC Penney, Macy’s, Sears, Forever 21, Tilly’s, Bath & Body Works, Victoria’s Secret, Chili’s, Red Robin and Olive Garden. H&M is anticipated to open in the fall of 2016. The new owners plan to invest approximately $15 million in renovations to the mall.

January 19, 2016

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