Property Type

ARA Newmark Arranges Sale of 112-Unit Apartment Complex in Austin MSA

by Haisten Willis November 30, 2015

ROUND ROCK, TEXAS — ARA Newmark has arranged the sale of Brushy Creek Village, a 112-unit apartment community located in Round Rock, a suburb of Austin. The property was 100 percent occupied at the time of the sale. Andrew Shih and James Young of ARA Newmark represented the seller, Steinmetz Family Trust, in the transaction. NGKF Capital Markets and ARA Newmark’s Patrick Short arranged financing through Freddie Mac on behalf of the buyer, a private investor out of San Diego. Brushy Creek Village is a garden-style community that was constructed in 1984 with brick and wood siding. Community amenities include a pool, laundry facilities, eight-foot ceilings and a washer and dryer connection in select units.

November 30, 2015

M&M Arranges Sale of 146-Room Courtyard By Marriott in Dallas

by Haisten Willis November 30, 2015

DALLAS — Marcus & Millichap has arranged the sale of The Courtyard Dallas-LBJ at Josey, a 146-room hotel with a long-term franchise agreement. Chris Gomes of Marcus & Millichap’s Dallas office, along with Allan Miller of the firm’s San Antonio office, represented the seller and procured the buyer, both Dallas-based private investment groups. The three-story concrete structure was built in 1986 and went through renovations and upgrades in 2014 and 2015, including the addition of modern amenities and finishes throughout. Common areas include an on-site restaurant with bar, sundry shop, fitness center and two event rooms with a total of 1,248 square feet of event space.

November 30, 2015

Industrial Texas

Advanced Flooring & Design Opens Distribution Center in Plano

by Haisten Willis November 30, 2015

PLANO, TEXAS — Advanced Flooring & Design, headquartered in Montgomeryville, Pa., has opened its first distribution center west of the Mississippi River, signing a long-term lease for 20,682 square feet in Plano. Advanced Flooring & Design has set up shop in Jupiter Center Building B, a 72,388-square-foot warehouse located at 2901 Technology Drive. Clint Manning and Brian Pafford of Dallas-based Bradford Commercial Real Estate Services represented the tenant. Advanced Flooring & Design has distribution centers in nine states and design studios in four. Jupiter Center will be used for distribution of floor coverings, countertops, window coverings and sheet vinyl. Paul Tichacek of JSC Realty & Investments represented the landlord, Property Reserve Inc.

November 30, 2015

Industrial Texas

NAI Partners Arranges Sale of 45,000 SF Industrial Building in Houston

by Haisten Willis November 30, 2015

HOUSTON — NAI Partners represented Foxmark Corp. in the acquisition of a 45,000-square-foot industrial building located on 6.5 acres at Mason Creek Business Park in Houston. The building will be used for manufacturing as well as a gallery showroom. Foxmark Corp. manufactures and delivers image and visual solutions. Lane Morgan with NAI Partners represented Foxmark Corp. during the negotiations, while Darryl Noon of Transwestern represented the seller, Transwestern Development.

November 30, 2015

North Carolina Retail Southeast

Yale Realty Services Buys Shopping Center in North Carolina for $14.5M

by John Nelson November 30, 2015

WAYNESVILLE, N.C. — Yale Realty Services Corp. has purchased Waynesville Commons, a 126,901-square-foot shopping center in Waynesville, roughly 30 miles west of Asheville. Yale Realty purchased the center from CBL & Associates Properties Inc. for $14.5 million. Built in 2012, the shopping center’s tenant roster includes Belk, Michaels, PetSmart, Rack Room Shoes, SuperClips and US Cellular. Waynesville Commons is shadow-anchored by a 188,494-square-foot Walmart Supercenter. Alex Quarrier and Marc Ozburn of Berkeley Capital Advisors represented the seller in the transaction.

November 30, 2015

Florida Office Southeast

Marcus & Millichap Brokers $13M Sale of Office Building in Metro Miami

by John Nelson November 30, 2015

DORAL, FLA. — Marcus & Millichap has arranged the $13 million sale of Doral Commons, a four-story, 59,727-square-foot office building located at 8550 N.W. 33rd St. in Doral, a suburb of Miami. Built in 1999, the office building was 98 percent leased at the time of sale. Douglas Mandel and Benjamin Silver of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor from Boston, and the buyer, a limited liability company from Aventura, Fla., in the transaction.

November 30, 2015

Georgia Industrial Southeast

Gramercy Property Trust Acquires Two Industrial Buildings in Metro Atlanta for $12.5M

by John Nelson November 30, 2015

NORCROSS, GA. — Gramercy Property Trust Inc., a publicly traded REIT, has purchased two industrial buildings totaling 222,100 square feet in Norcross, a suburb of Atlanta in Gwinnett County. The properties were acquired all-cash for a purchase price of $12.5 million and have a weighted average remaining lease term of 8.9 years. One of the warehouses spans 142,100 square feet and is leased to a producer, servicer and supplier of diesel and gasoline engines. The second warehouse, comprising 80,000 square feet, is leased to the country’s largest distributor of tools, equipment and machinery to the stone fabrication industry.

November 30, 2015

Retail Southeast Tennessee

Next Realty LLC Acquires 64,000 SF Retail Property in Metro Nashville

by John Nelson November 30, 2015

FRANKLIN, TENN. — An affiliate of Next Realty LLC has acquired a 64,000-square-foot, two-tenant retail property at 1735 Galleria Blvd. in Franklin, roughly 15 miles south of Nashville. The property is situated within the 350,000-square-foot Cool Springs Crossing shopping center, which is located adjacent to the 1.1 million-square-foot Cool Springs Galleria mall. H.H. Gregg occupies 29,596 square feet at the property, and JumpStreet, an indoor trampoline park, occupies 34,404 square feet at the former Whole Foods Market location.

November 30, 2015

Florida Office Southeast

Fairlead, Bridge Investment Group Buy Four-Story Office Building in Broward County

by John Nelson November 30, 2015

DEERFIELD BEACH, FLA. — Fairlead Capital Partners and equity partner Bridge Investment Group Partners have acquired a four-story, 172,357-square-foot office building located at 800 Fairway Drive in Deerfield Beach, a city in Broward County. Fairlead purchased the asset for an undisclosed price through its second investment fund, Mandalay-FCRE SV II. Built in 1987, the office building was 78 percent leased at the time of sale. The property features a fitness center, café, secured parking deck and walking paths. Fairlead plans to upgrade the property’s building systems, improve tenant amenities and renovate common areas and restrooms. In addition to the office building and parking deck, the acquisition includes a two-acre parcel of land adjacent to the building that Fairlead will use to expand parking for tenants. CBRE represented the seller, American General Life Insurance Co., in the transaction. The buyers have retained Stiles Realty for on-site property management and engineering services. Travis Herring, Deanna Lobinsky and Katherine Ridgeway of Cushman & Wakefield’s South Florida office will market 800 Fairway Drive to prospective tenants.

November 30, 2015

Illinois Midwest Multifamily

Power Construction, Ascend, Intercontinental Break Ground on 202-Unit Apartment Tower in Chicago

by Christina Cannon November 30, 2015

CHICAGO — Power Construction Co. LLC, along with Ascend Real Estate Group and Intercontinental Real Estate Corp. has broken ground on Niche 905 in Chicago. The 18-story, 202-unit luxury apartment tower will be located at 905 N. Orleans St. Designed by Fitzgerald Associates Architects, the building is expected to obtain LEED certification and will include one-, two- and three-bedroom units. The tower will also include 1,750 square feet of ground-level retail, parking for more than 150 vehicles and storage for 110 bikes, as well as views of Lake Michigan and the downtown skyline. Niche 905 will be located near the Chicago Transit Authority’s Brown, Purple and Red lines. Amenities at Niche 905 include a rooftop pool, spa and sundeck; grilling stations and a fire pit; outdoor bar; community garden; a fitness center with yoga studio; private party room with kitchen; business center; conference room; coffee bar; pet washing station and bike storage and workshop. Unit amenities include quartz countertops, glass tile backsplashes, under-cabinet lighting, plank flooring, 9-foot ceilings, private balconies and washers and dryers. Ascend Real Estate Group and Intercontinental Real Estate Corp. make up the development venture.

November 30, 2015

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