Property Type

Central Florida Business Park Winter Haven

Colliers Brokers $9.7M Sale of Industrial Park in Central Florida

by John Nelson October 6, 2015

WINTER HAVEN, FLA. — Colliers International has brokered the $9.7 million sale of Central Florida Business Park, a 10-building, 821,000-square-foot industrial park located on 52 acres at 5300 Recker Highway in Winter Haven. Boulder, Colo.-based Legacy Capital Partners purchased the park from an undisclosed, multi-billion dollar global private equity firm. The transaction is the second-largest industrial sale in Central Florida year-to-date, according to Colliers. Central Florida Business Park was 75 percent leased at the time of sale to six different tenants. Fred Beasley of Colliers International’s Central Florida office represented the seller in the transaction.

October 6, 2015

Illinois Midwest Multifamily

Origin Capital Partners, Randolph Street Realty Acquire 238 Apartment Units in Naperville for $38M

by Christina Cannon October 6, 2015

NAPERVILLE, ILL. — Origin Capital Partners and Randolph Street Realty Capital have acquired The Iroquois Club, an apartment complex located in Naperville, about 30 miles west of Chicago. The sales price was $38 million, and MB Financial provided the acquisition financing. As part of the investment strategy, the partnership acquired 238 existing apartment units. The entire complex consists of two phases and 264 total units. One phase, featuring 136 units, includes apartments. The second phase of 128 units started to undergo a condo conversion in 2006, but the conversion project ultimately stalled out in the late 2000s with 26 condo units sold. The balance of the units in the second phase remained apartments. The property was originally developed in 1989, and the Class B asset was 81 percent leased at the time of acquisition. The joint venture duo has plans to renovate, reposition and rebrand the complex. Renovations will include new stainless steel appliances, new kitchen and bathroom countertops, updated flooring and carpet and washers and dryers. The property amenities currently include 425 parking spaces, a club room, an indoor pool with retractable roof and a fitness center. Sean Connelly of 33 Realty represented the buyers in the transaction.

October 6, 2015

Healthcare Loans Midwest Wisconsin

Love Funding Arranges $25.9M HUD Refinancing Loan for Hospital in Edgerton, Wis.

by Christina Cannon October 6, 2015

EDGERTON, WIS. — Love Funding has closed a $25.9 million HUD refinancing loan for Edgerton Hospital and Health Services in Edgerton, approximately 30 miles outside of Madison. Steven Hunt of Love Funding secured the loan through HUD’s 242/223(a)(7) loan insurance program. The facility was built in 2011 with a FHA-insured loan. The new loan, which is non-recourse for a term of 21 years, is expected to generate $244,000 a year in debt-service savings, or more than $5 million over the life of the loan. The hospital includes inpatient care, swing bed care, emergency and urgent care, diagnostic services, rehabilitation and same-day surgery. The hospital is affiliated with SSM Health Care of Wisconsin.

October 6, 2015

Hospitality Midwest Ohio

Waramaug LS Hotels Acquires 120-Room Courtyard by Marriott in Springfield, Ohio

by Christina Cannon October 6, 2015

SPRINGFIELD, OHIO — Waramaug LS Hotels LLC has acquired the Courtyard Springfield Downtown in Springfield for an undisclosed price. Springfield is located approximately 26 miles northeast of Dayton. The six-story, 120-room hotel property was recently renovated and features 6,500 square feet of meeting space. It also includes a 5,000-square-foot ballroom, an indoor heated pool, a business center, a fitness center and an on-site restaurant, Mela Urban Bistro. A new outdoor bar and patio seating area is under construction.

October 6, 2015

Michigan Midwest Retail

NAI Wisinski of West Michigan Arranges 7,784 SF Flex Lease in Portage, Mich.

by Christina Cannon October 6, 2015

PORTAGE, MICH. — NAI Wisinski of West Michigan has arranged a 7,784-square-foot retail lease at a property located at 832 Lenox Ave. in Portage, approximately seven miles south of Kalamazoo. ServePro of East and West Kalamazoo is the tenant. Stancati & Lambright LLC is the landlord. The flex space, which is under renovation, is slated to open Dec. 1. ServePro is a nationwide fire and water cleanup and restoration business. Marc Tourangeau of NAI Wisinski represented the tenant and the landlord in the transaction.

October 6, 2015

Multifamily Nevada Western

Bascom, Oaktree Buy Vantage Apartments in Henderson

by Nellie Day October 5, 2015

HENDERSON, NEV. — A joint venture between the Bascom Group and funds managed by Oaktree Capital Management has purchased the 110-unit Vantage apartments in the Las Vegas submarket of Henderson for an undisclosed sum. The community is located at 201 South Gibson Road. Guardian Life Insurance Company of America provided debt financing, which HFF’s Charles Halladay arranged. JLL’s John Cunningham and Charles Steele represented the seller in this transaction.

October 5, 2015

Multifamily Nevada Western

NorthMarq Arranges $29M Refinancing for The Resort at the Lakes in Las Vegas

by Nellie Day October 5, 2015

LAS VEGAS — NorthMarq Capital has arranged a $29 million refinancing loan for The Resort at the Lakes, a 427-unit apartment community in Las Vegas. The community is located at 9999 W. Katie Ave. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq’s Scott Monroe arranged financing for the borrower through its correspondent relationship with a life insurance company.

October 5, 2015

Multifamily Oregon Western

Spring Garden Apartments in Portland Sells for $4.4M

by Nellie Day October 5, 2015

PORTLAND, ORE. — Trion Properties has acquired the 44-unit Spring Garden apartments in Portland for $4.4 million. The community is located at 2222 SW Spring Garden St. It was built in 1967. Clay Newton and Jordan Matthews of Kidder Matthews represented both the buyer and seller in this transaction.

October 5, 2015

California Industrial Western

Calame Development Buys San Diego R&D Facility for $2.5M

by Nellie Day October 5, 2015

SAN DIEGO — Calame Development has purchased an 18,472-square-foot R&D/biotech property in the Miramar submarket of San Diego for $2.5 million. The property is located at 6605 Nancy Ridge Drive. It was built in 1990. Capital Growth Properties represented Calame in the sale. NGKF’s Brent Bohlken and Paul Britvar represented the seller, Torrey Pines ANA LLC.

October 5, 2015

Arizona Office Western

Manning & Kass, Ellrod, Ramirez, Trester LLP Relocates to Downtown Phoenix

by Nellie Day October 5, 2015

PHOENIX — Manning & Kass, Ellrod, Ramirez, Trester LLP has leased 16,360 square feet of office space at Security Title Plaza in downtown Phoenix. The space is located at 3636 North Central Ave. The company was previously headquartered in Scottsdale. Tiffany Winne and Luke Raimondo of Savills Studley represented the law firm. DTZ’s Mark Stratz and Scott Baumgarten represented the landlord, Reven Capital.

October 5, 2015

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