Property Type

Lightstone Value Plus REIT III Acquires Hampton Inn in Des Moines, Iowa

by Danielle Everson March 10, 2015

DES MOINES, IOWA — Lightstone Value Plus REIT III Inc. has acquired a 120-room Hampton Inn located at Des Moines International Airport for $10.9 million. The Hampton Inn is in close proximity to downtown Des Moines. The property will be placed under new management, which will be overseen by Lightstone’s hospitality division. This is the first acquisition for the public, non-traded REIT. The purchase further increases Lightstone’s footprint in Des Moines, adding to its 2013 purchase of SpringHill Suites by Marriott and Fairfield Inn & Suites by Marriott.

March 10, 2015

Hospitality Loans Northeast Pennsylvania

NorthStar Income II Originates $42M Loan for Marriott Hotel in Pennsylvania

by Amy Works March 10, 2015

CORAOPOLIS, PA. — NorthStar Real Estate Income II Inc. has originated a $42 million senior loan for a Marriott-branded hotel located in Coraopolis. The 318-room was recently renovated and the borrower plans to complete $4 million in capital improvements using the proceeds from the loan, for a total of $8.3 million in capital expenditures.

March 10, 2015

Multifamily New York Northeast

Houlihan-Parnes Realtors Arranges $3.8M Sale of Apartment Complex in New York

by Amy Works March 10, 2015

ROME, N.Y. — Houlihan-Parnes Realtors has brokered the sale of Bloomfield Garden Apartments in Rome. Located at 319 E. Bloomfield St., the 160-unit garden-style apartment complex sold for $3.8 million. Ed Graf of Houlihan-Parnes Realtors, along with Steve Tierney of Woods, Oviatt, Gilman LLP, handled the transaction. The names of the buyer and seller were not released.

March 10, 2015

Retail Texas

Colliers Arranges Land Deal for Retail Center Development in Metro Houston

by Haisten Willis March 10, 2015

SPRING, TEXAS — Colliers International has arranged the sale of 2.3 acres on the north side of Spring Cypress Road just east of TC Jester Boulevard in Spring. Makhan Banga and Rashpal Banga were the buyers. Tom Condon Jr. of Colliers’ office in The Woodlands represented the seller, the Schultz Family Trust. Albert Yanez with RE/MAX Northwest Realtors represented the buyers. Eddie Chumley with Propserity Bank provided financing.

March 10, 2015

Midwest Retail Wisconsin

Old Navy Signs 17,025 SF Retail Lease at Bayshore Town Center in Glendale, Wis.

by Danielle Everson March 10, 2015

GLENDALE, WIS. — Olshan Properties has arranged a retail lease for Old Navy at Bayshore Town Center in Glendale, a suburb of Milwaukee. The clothing retailer will occupy a 17,025-square-foot space that formerly housed an Applebee’s restaurant, which has relocated to a larger location within the center. Old Navy’s new store will anchor the west entrance opposite the food court on the north end of Bayshore Town Center. Renovation of the space is currently underway and the Old Navy store is expected to open to the public late this summer. Old Navy currently occupies spaces in five other Olshan Properties retail locations.

March 10, 2015

Midwest Retail Wisconsin

The Dickman Co. Brokers Sale of 3,900 SF Retail Building in Milwaukee

by Danielle Everson March 10, 2015

MILWAUKEE — The Dickman Co. Inc./CORFAC International has brokered the sale of a 3,900-square-foot retail building in Milwaukee. The property is located at 3706 W. Wisconsin Ave. MTL 1245 R Street LLC purchased the building for an undisclosed sales price from Houser Properties 3706 LLC. Anthony Huenerbein was the broker involved in the transaction.

March 10, 2015

Florida Loans Office Southeast

CBRE Arranges $95M Acquisition Loan for 1.6M SF Office Portfolio

by John Nelson March 10, 2015

MIAMI — CBRE’s capital markets debt and structured finance team has arranged a $95 million acquisition loan for a portfolio of five single-tenant office properties totaling 1.6 million square feet in the Southeast. The properties, which are all leased by Wells Fargo, include 3579-3585 Atlanta Ave. in Atlanta; 401 Linden St. in Winston-Salem, N.C.; 809 W. 4½ St. and 801 W. 4 St. in Winston-Salem; 101 Greystone Blvd. in Columbia, S.C.; and 7711 Plantation Road in Roanoke, Va. Charles Foschini, Christian Lee and Christopher Apone of CBRE’s Miami office secured the financing on behalf of the borrower, a private family interest in Brazil. Guggenheim Partners provided the 10-year loan with a 30-year amortization schedule at 65 percent loan-to-value.

March 10, 2015

Industrial Southeast Tennessee

DCT Industrial Trust Sells 2.3M SF Industrial Portfolio in Memphis

by John Nelson March 10, 2015

MEMPHIS, TENN. — DCT Industrial Trust has sold a portfolio of six Class A industrial properties in Memphis totaling 2.3 million square feet for an undisclosed sales price. Built between 1998 and 2001, the six properties were fully leased to 11 tenants at the time of sale. The portfolio comprised Eastpark I at 5300 Hickory Hill Road; Eastpark II at 5405 Hickory Hill Road; Chickasaw A at 5950 Freeport Ave.; Chickasaw H at 6190 Freeport Ave.; Southpoint IV at 4800 Pleasant Hill Road; and Southpoint XIX at 5166 Pleasant Hill Road. Stewart Calhoun, David Meline, Samir Idris and Casey Masters of Cushman & Wakefield represented DCT in the transaction. Cushman & Wakefield also arranged acquisition financing on behalf of the buyer, Welsh Property Trust. Mike Ryan, Brian Linnihan and Jeff Walker of Cushman & Wakefield’s equity, debt and structured finance team arranged the financing. Additionally, Shane Soefker and Jacob Biddle of Cushman & Wakefield/Commercial Advisors provided market expertise for the transaction.

March 10, 2015

Florida Multifamily Southeast

Blue Rock, Goff Capital Purchase Apartment Community in Clearwater for $19.3M

by John Nelson March 10, 2015

CLEARWATER, FLA. — Tampa-based Blue Rock Partners LLC and Denver-based Goff Capital Partners have purchased Cameron Lakes Apartments, a 207-unit apartment community located at 2550 Stag Run Blvd. in Clearwater, for $19.3 million. Grandbridge Real Estate Capital provided acquisition financing on behalf of the buyers. In addition to rebranding the asset as The Park at Gibraltar, Blue Rock and Goff Capital plan to invest $1 million to upgrade the property’s common areas and add a washer and dryer to every unit. John Selby of CBRE brokered the transaction.

March 10, 2015

Louisiana Retail Southeast

Gulf States Redevelops, Leases Shopping Center in Louisiana in $6.2M Project

by John Nelson March 10, 2015

HAMMOND, LA. — Gulf States Real Estate Services has completed the $6.2 million redevelopment of the Channel Shopping Center located at 1710 W. Thomas St. in Hammond. The company expanded the center by 14,734 square feet to total 49,325 square feet. The final tenants to join the shopping center are OEC 2 Japanese Restaurant and Helm Paint. Terrie Hughes, Jason Reibert and Amanda Owens of Gulf States spearheaded the leasing and redevelopment efforts on behalf of Channel Shopping Center’s owner, Sam Magee.

March 10, 2015

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