Property Type

M&M Arranges Sale of Multifamily Complex in Metro Dallas

by Haisten Willis April 14, 2015

IRVING, TEXAS — Marcus & Millichap has arranged the sale of Woodwind Condominiums, a 52-unit apartment property located in Irving. Al Silva of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, an out-of-state partnership. Silva also secured the buyer, a local private investor. The sale also included an adjacent parcel of land totaling 3.7 acres, which is already zoned for new multifamily development. The new owner plans to make improvements to the existing units to make the property more competitive with others in the area. Woodwind Condominiums is located at 3947 Pleasant Run Road and was constructed in 1983. The property is located near George Bush Parkway and Walnut Hill Lane just 10 minutes from D/FW International Airport.

April 14, 2015

SACA Arranges New Office Leases in San Antonio

by Haisten Willis April 14, 2015

SAN ANTONIO — San Antonio Commercial Advisors (SACA), a member of the Cushman & Wakefield Alliance, has arranged three new tenant leases at Quarry Village II, a 40,000-square-foot office and retail building located at 250 East Basse Road. Paul Fagan of SACA represented Quarry Village II in each transaction. The leases were arranged for: Northeast OB/GYN Associates, which will occupy 4,500 square feet; Central Texas Pain Center, which will occupy 3,500 square feet; and Eating Recovery Center, which will occupy 9,700 square feet.

April 14, 2015

Retail Texas

Moviehouse & Eatery Purchases Land at Craig Ranch in Metro Dallas

by Haisten Willis April 14, 2015

MCKINNEY, TEXAS — Moviehouse & Eatery has purchased 6.8 acres at Craig Ranch in McKinney. The land is located at Custer Road and U.S. Highway 121. Moviehouse will build a 40,000-square-foot, 10-screen movie theater at the property. The new theater is set to open in May 2016. This will be Moviehouse Eatery’s third location in metro Dallas. Tey Tiner and W. Thurston Witt Jr. of CBRE | UCR represented Craig Ranch in the land sale. Jason Middlebrook of Trulan Property Advisors represented Moviehouse & Eatery.

April 14, 2015

Office Texas

Texas Digestive Disease Consultants Expands Headquarters in Dallas

by Haisten Willis April 14, 2015

DALLAS — Texas Digestive Disease Consultants has expanded its headquarters office in the Dallas Medical District. The Elmbrook Medical Plaza tenant has expanded to 16,576 square feet, of which 7,760 square feet is new space, and extended its term seven-plus years. Paul Richter and Leigh Richter of Dallas-based Bradford Commercial Real Estate Services represented the landlord, LoaLoa Partners LP. The tenant operates 23 offices throughout North Texas. The headquarters office, located at 8267 Elmbrook Drive, is a centralized location for the medical group, which hosts on-site monthly conferences for its physicians. The existing office and new space are located on the top floor of the two-story building.

April 14, 2015

Midwest Minnesota Multifamily

M&M Brokers the $4.1M Sale of Phalen Shores Apartment Property

by Danielle Everson April 14, 2015

SAINT PAUL, MINN. — Marcus & Millichap has brokered the $4.1 million sale of Phalen Shores, a 53-unit apartment property located in Saint Paul. Phalen Shores is located at 985 East Ivy Ave. The 53-unit building includes 24 one-bedroom units, 29 two-bedroom units and was 97 percent occupied at the time of sale. Dan Linnell, Mox Gunderson and Annie Arneberg of Marcus & Millichap’s Minneapolis office listed the property on behalf of the seller, a partnership. Linnell and Gunderson also represented the buyer, a private investor.

April 14, 2015

Midwest Office Ohio

Lee & Associates Opens Second Office in Ohio

by Danielle Everson April 14, 2015

COLUMBUS — Lee & Associates has opened its second office in Ohio. Lee & Associates — Columbus is a merger between commercial real estate firm Ruscilli Real Estate Services and Lee & Associates. Tim Kelton, Mike Spencer, Dax Hudson and Todd Spencer, founders and principals of Lee & Associates — Columbus, will lead the office. Combined, the team has 85 years of commercial real estate experience in Central Ohio. In the last 10 years, the team has leased or sold more than 22 million square feet of space and developed or sold more than 750 acres of office, industrial and retail assets. In July, Lee & Associates opened its first office in Ohio, Lee & Associates Cleveland, which was followed by new offices in Denver and Houston.

April 14, 2015

Healthcare Illinois Midwest

I.M. Construction Group to Complete Renovation for Illinois Bone & Joint Institute

by Danielle Everson April 14, 2015

LIBERTYVILLE, ILL. — I.M. Construction Group (IMCG) will renovate a new space for the Illinois Bone & Joint Institute (IBJI) located at 724 Florsheim Drive in Libertyville. A provider of orthopedic care, the firm currently operates a branch at 720 Florsheim Drive and has purchased an adjacent building to accommodate its operational needs. Construction on the 75,000-square-foot, single-story, masonry building will begin in April with completion scheduled for July 2015. Construction will include the demolition of the existing interior and the build-out of new medical office space. Once complete, IBJI will relocate its physical and occupational therapy space to the new building, which will also include additional exam rooms. Bob Nomellini, president of IMCG, will lead the firm’s construction team. In addition, Kent Nepras will serve as project manager and Angelo Christopher will serve as the superintendent. Brubaker Architects is providing architectural services. IMCG is an affiliate of The Missner Group.

April 14, 2015

Healthcare Illinois Midwest

Holladay Properties Arranges Medical Office Lease at Oak Brook Terrace Medical Center

by Danielle Everson April 14, 2015

OAK BROOK TERRACE, ILL. — Holladay Properties has arranged a medical office lease with Loyola University Medical Center at the Oak Brook Terrace Medical Center located at 1S224 Summit Ave. in Oak Brook Terrace. Nashville-based HCP Inc. owns the 92,000-square-foot, two-building medical campus. Loyola is expanding its presence on the campus through the addition of a conference center. Once completed, Loyola University Medical Center will occupy nearly 55,000 square feet at the Oakbrook Terrace Medical Center campus. Holladay Properties will provide construction management services for the project, which is set to be complete in July. Jeffrey Fischer of NAI Hiffman represented Loyola in the lease transaction. Michael O’Connor of Holladay Properties represented HCP.

April 14, 2015

District of Columbia Mixed-Use Southeast

First-Ever Crowdfunded Real Estate Project Opens in D.C.

by John Nelson April 14, 2015

WASHINGTON, D.C. — Fundrise has announced that the first-ever crowdfunded real estate project has opened in Washington, D.C.’s H Street Corridor. The project is known as Maketto, a communal food and retail market located at 1351 H St. N.E. The property will include a new restaurant from chef Erik Bruner-Yang of Toki Underground in D.C.; a DURKL retail store; gourmet coffee shop; bakery; and outdoor vendor stalls. Fundrise raised $325,000 from 175 individual, unaccredited investors who invested anywhere from $100 to $10,000 into the project. Maketto was not only Fundrise’s first offering when the platform launched in 2012, but the first real estate project in the country to allow investment from individuals online. Since its founding, Fundrise has activated more than 50,000 investors for real estate projects in top markets around the country, including landmark developments such as 3 World Trade Center in Manhattan. For a video on the Maketto project, click here.

April 14, 2015

Florida Office Southeast

Crocker Partners Completes $15M Renovation of SunTrust International Center in Miami CBD

by John Nelson April 14, 2015

MIAMI — Crocker Partners has completed a $15 million makeover of its 31-story SunTrust International Center, a 449,000-square-foot office tower in Miami’s central business district (CBD). The renovation includes a redesigned lobby and streetscape, 4,000-square-foot bayview sky terrace, complimentary tenant fitness center and a new conference facility. The renovation also includes 20,000 square feet devoted to fully finished office suites for companies new to the market and for growing start-ups. The building is LEED Silver-certified, has 11 high-speed elevators and on-site amenities including a restaurant, pharmacy and banking. Among recent leasing activity at SunTrust Center, the Daily Business Review, Marcum LLP, US Legal and BastAmron recently renewed and/or expanded their leases along with several other long-time tenants totaling approximately 72,000 square feet. SunTrust Center will have the largest contiguous block of space available in the CBD — 116,000 square feet — when Akerman LLP vacates later this year. Jon Blunk, Cristina Glaria and Laurel Oswald of Cushman & Wakefield are the leasing agents for the office tower.

April 14, 2015

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