Property Type

Silicon Valley Apartment Complex Sold for $23.6M

by Nellie Day August 12, 2015

BELMONT, CALIF. — An unnamed buyer has purchased three21@belmont, a 65-unit apartment complex in the Silicon Valley submarket of Belmont, for $23.6 million. The community is located at 301-321 Oxford Way. The property was recently renovated. Exterior renovations include new redwood siding, exterior paint, dual-pane windows and sliders and energy-efficient light fixtures. Interior upgrades include a new management office, remodeled lobbies, an electronic door entry system, new pool deck and resurfaced pool, gym, remodeled laundry facilities, and new common area hallways and interior common stairwells. Adam Levin and Robert Johnston of Marcus & Millichap’s Palo Alto office represented both the buyer and unnamed seller in this transaction.

August 12, 2015

California Multifamily Western

Cypress Village Apartments in Buena Park Sells for $20.9M

by Nellie Day August 12, 2015

BUENA PARK, CALIF. — An unnamed buyer has purchased the 88-unit Cypress Village apartments in Buena Park for $20.9 million. The community is located at 6343 Lincoln Ave. It was built in 1962. Community amenities include a swimming pool, clubhouse, fitness center, laundry facilities, a barbecue area and storage facilities. The asset is located on an expansive lot, with an option to redevelop the land. Stewart I. Weston, Alexander Garcia, Christopher Zorbas, David Sperling and John Montakab of Institutional Property Advisors represented the seller, NNC Apartment Ventures LLC.

August 12, 2015

California Office Western

Anthem Blue Cross Building in Thousand Oaks Changes Hands

by Nellie Day August 12, 2015

LOS ANGELES — A private Asian investor has purchased a 106,560-square-foot office building in the Los Angeles submarket of Thousand Oaks for $19.1 million. The building is fully occupied by Anthem Blue Cross of California. The property is located at 2000 Corporate Center Drive. Anthem has occupied the building since 1993. There are more than seven years remaining on the lease. CBRE’s Kevin Shannon, Brad Burton, Mike Moll, Ken White, Michael Longo, Tom Dwyer and Michael Slater represented the seller, Gramercy Property Trust.

August 12, 2015

Multifamily Texas

Transwestern Arranges Sale of Multifamily Property in Metro Dallas

by Haisten Willis August 11, 2015

DUNCANVILLE, TEXAS — Transwestern has arranged the sale of Wimberly Park Apartments, a 440-unit property in Duncanville, to a local buyer. Taylor Snoddy Philip Wiegand and James Roberts of Transwestern represented the unnamed seller. The buyer was self-represented and plans significant renovations on the property. The Class B asset is located on 21 acres and has floor plans of 869 square feet with a washer and dryer connection in every unit. Property amenities include a clubhouse, fitness center, business center, three swimming pools and a playground. Wimberly Park was 93 percent occupied at the time of sale.

August 11, 2015

Mixed-Use Retail Texas

Three New Tenants Lease Space at Mixed-Use Development in Metro Houston

by Haisten Willis August 11, 2015

CYPRESS, TEXAS — Three new tenants have signed leases at Caldwell Cos.’ Boardwalk at Towne Lake development, including Jaxton’s, Taisho and Copper Creek Orthodontics. The Boardwalk at Towne Lake is a 150,000-square-foot, waterfront development that is accessible by car and boat. The development will provide 40,000 square feet of waterfront office space and 60,000 square feet of retail space across four buildings. Jason Howard, the maître d’ at Tony’s Restaurant for the last eight years, is founding Jaxton’s, a new restaurant concept that will combine French and Italian cuisine. The team that has opened 11 Shogun Grill restaurants around Texas will open Taisho, a Japanese establishment that specializes in the hibachi and teppanykai style of cooking. Copper Creek Orthodontics will be relocating to a second-floor waterfront office in The Boardwalk at Towne Lake, set to open in spring 2015.

August 11, 2015

Industrial Office Texas

AutoWash Services Buys Site for Headquarters, Operations Center in Metro Dallas

by Haisten Willis August 11, 2015

GRAND PRAIRIE, TEXAS — AutoWash Services has purchased a 29,480-square-foot office/warehouse space in Dallas’ Great Southwest Industrial District to relocate its headquarters and operations center from downtown Arlington. Casey Tounget and Theron Bryant of Coldwell Banker Commercial Alliance DFW represented the buyer, whose current location at 1305 E. Abrams Road is being impacted by a city project to widen the east-west thoroughfare. Upon completion of the transaction, AutoWash Services will immediately relocate to 2925 114th St. in Grand Prairie, ending nearly one year of searching for a new location in the greater Arlington area. AutoWash Services is a wholesale supplier of car wash equipment and supplies and provides construction/design services. Michael Stanzel of NAI Robert Lynn represented the seller, Ralph McMillan, who owns RAMCO Laundry Machinery Inc. Situated on 1.6 acres, the light-industrial structure features a 3,504-square-foot office space, 24-foot clear heights, four dock doors, one drive-up ramp, a staging bay, 120-foot truck court and 37 parking spaces. The infrastructure includes heavy power and a sprinkler system.

August 11, 2015

Office Texas

DTZ Arranges Office Lease in Metro Dallas

by Haisten Willis August 11, 2015

WESTLAKE, TEXAS — Echo Locum Tenens Inc. has leased 34,188 square feet of office space in Solana at 7 Village Circle in Westlake. Josh White and Neal Puckett of CBRE represented Echo Locum Tenens Inc. Chris Taylor, Rodney Helm, Trey Smith and Layne Mayfield with DTZ represented the landlord, Equity Office Properties, an affiliate of The Blackstone Group.

August 11, 2015

Retail Texas

Henry S. Miller Negotiates Sale of Minority Interest in Two Retail Centers in North Dallas

by Haisten Willis August 11, 2015

DALLAS — Henry S. Miller Cos. has negotiated the sale of a 49 percent ownership interest in two of its largest North Dallas shopping centers to a private family trust. The two properties are Market at Pepper Square, a 281,153-square-foot shopping center anchored by Stein Mart, Hobby Lobby and Trader Joe’s located at the southeast corner of Preston Road and Beltline Road; and Central Forest Shopping Center, a 94,879-square-foot shopping center anchored by Office Depot located at North Central Expressway and Forest Lane. Jim Brownlow of HSM Equities arranged the sale. Robert DuBois of Henry S. Miller negotiated the terms of the transaction on behalf of the seller.

August 11, 2015

A rendering of First Park 94 to be built in Somers, Wis.

Industrial Midwest Wisconsin

First Industrial Realty to Develop 309-Acre Business Park in Southeast Wisconsin

by Jeff Shaw August 11, 2015

SOMERS, WIS. — First Industrial Realty Trust Inc. (NYSE: FR) has unveiled plans to develop First Park 94, a master-planned business park in Somers, located eight miles north of the Illinois/Wisconsin border. First Park 94 will be built on 309 acres that First Industrial recently acquired for $13.4 million. Somers is situated in Kenosha, Wis., an industrial submarket of Chicago. The first phase of First Park 94 calls for the commencement of infrastructure work and construction of a 600,000-square-foot cross-dock distribution center featuring 36-foot clear heights, 185-foot truck courts, generous trailer parking, extensive dock-high loading, and an ESFR sprinkler system. In total, First Park 94 can accommodate approximately 4.6 million square feet of development including build-to-suits ranging from 150,000 square feet to 1.5 million square feet. The site is accessible to I-94 from three four-way interchanges and offers frontage along the Canadian Pacific Railway with potential rail access. First Park 94 is located less than one hour from both O’Hare International Airport in Chicago and Mitchell International Airport in Milwaukee. First Industrial’s development team for this project is comprised of Adam Moore, regional director; Chad Parrish, director of development; Jim Schlundt, operations director; and Brad Kluever, investment associate. As of June …

August 11, 2015

Michigan Midwest Retail

Mid-America Arranges Sale of 99,564 SF Grocery-Anchored Center in West Michigan

by Jeff Shaw August 11, 2015

WAYLAND, MICH. — Mid-America Real Estate Corp. has brokered the sale of Chambers Corners, a 99,564-square-foot, grocery-anchored retail center in Wayland, about 21 miles south of Grand Rapids, Mich. The sales price was undisclosed. A private investment group led by Joel Kiss of Ramapo, N.Y.-based Northeast Capital Group and Jacob Berger of Montreal, Quebec-based Hampton Properties purchased the retail center. The seller was an undisclosed public real estate investment trust. Chambers Corners is located at the southeast corner of U.S. 131 and Superior Street in Wayland, an established bedroom community. The retail center is anchored by Harding’s Friendly Market and Family Farm & Home, and is complemented by tenants including Family Dollar, Sprint and Hungry Howie’s Pizza. Carly Gallagher and Ben Wineman of Mid-America Real Estate Corp., in cooperation with Daniel Stern of Mid-America Real Estate–Michigan Inc., were the exclusive brokers in the transaction on behalf of the public REIT.

August 11, 2015

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