Property Type

Property Net Leased to National Tire & Battery Sells for $2.1M in Dayton, Ohio

by Jonathan Mehall August 19, 2015

DAYTON, OHIO — Marcus & Millichap has brokered the $2.1 million sale of a 5,780-square-foot building net leased to National Tire & Battery (NTB) in Dayton. The auto service center is located off I-75 at 2892 Miamisburg-Centerville Road and is less than a mile from the Dayton Mall. Barry Wolfe and Alan Lipsky of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private individual. Michael Glass of Marcus & Millichap’s Ohio office represented the buyer, a limited liability company based in Lexington, Ken.

August 19, 2015

Industrial Michigan Midwest

L. Mason Capitani Arranges 86,772 SF Lease for Eclipse Mold Inc. in Southeast Michigan

by Jonathan Mehall August 19, 2015

CHESTERFIELD TOWNSHIP, MICH. — L. Mason Capitani CORFAC International has signed Eclipse Mold Inc. to a seven-year, 86,772-square-foot industrial lease in Chesterfield Township, about 30 miles northeast of Detroit. A family-owned business for nearly 40 years, Eclipse Mold is headquartered in Clinton Township, Mich. The company specializes in the manufacturing of plastic injection molding. Located at 50300-50320 Patricia St., the industrial building will enable Eclipse Mold to expand its operations while satisfying the needs of its Tier 1 automotive customers. Joe DePonio and Jason Capitani of L. Mason Capitani CORFAC International represented the undisclosed landlord in the transaction.

August 19, 2015

Healthcare Office Texas

Newmark Grubb Knight Frank Brokers $56M Sale of MOB Portfolio in Metro Dallas, Houston

by Haisten Willis August 19, 2015

PLANO AND CONROE, TEXAS — The Global Healthcare Services division of Newmark Grubb Knight Frank (NGKF) has completed the $56 million sale of a two-property medical office building (MOB) portfolio comprising the 94,359-square-foot Legacy Medical Village in Plano and the 68,832-square-foot Conroe Medical Arts and Surgical Center in Conroe. Garth Hogan, Todd Perman and Chris Gordon of NGKF represented the seller in the transaction. The buyer, American Realty Capital, was self-represented. Legacy Medical Village was built in 2007 and is located at 5425 W. Spring Creek Parkway within the Legacy Business Park. The MOB is located between the Children’s Medical Center Plano and the Texas Health Presbyterian Hospital. Conroe Medical Arts and Surgical Center was built in 2003 and is located at 1501 River Pointe Drive adjacent to the Conroe Regional Medical Center hospital campus. The two medical office buildings are 93 percent leased to healthcare providers, including specialists and primary care physicians. The Conroe facility includes an ambulatory surgical center owned by Tenet Healthcare.

August 19, 2015

Multifamily Texas

IPA Arranges Sale of Apartment Property in Metro Dallas

by Haisten Willis August 19, 2015

HALTOM CITY, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Bellagio at Beach Street, a 398-unit apartment complex in Haltom City. Will Balthrope and Drew Kile of IPA represented the seller and procured the buyer in the transaction. The community is located at 4200 Northern Cross Blvd., seven miles from downtown Fort Worth and one mile from I-35. The community is located near the 1,300-acre Mercantile Center business park, which is home to nearly 70 companies and more than 10,000 employees. Amenities at Bellagio at Beach Street include a gated entrance, attached garages, covered parking, business center, swimming pool, barbecue grills, fitness center, playground and an outside fire pit. Apartments feature a private patio or balcony, dishwashers, garbage disposals and ceiling fans.

August 19, 2015

Multifamily Texas

Greysteel Arranges Sale of Multifamily Property in Dallas

by Haisten Willis August 19, 2015

DALLAS — Greysteel has arranged the sale of Milano, a 16-unit multifamily building in Dallas. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel represented the seller, Cutch Inc., in the sale. Old East Milano LLC was the buyer. Milano includes one-bedroom, one-bath apartments with three floor plans. The property is close to major employment centers, retail and entertainment options.

August 19, 2015

Multifamily Texas

Nordic Purchases Apartment Complex in Metro Austin

by Haisten Willis August 19, 2015

ROUND ROCK, TEXAS — Nordic Realty Partners purchased Oak Creek Apartments in Round Rock on Aug. 13. Daniel Elam of Muskin Commercial LLC represented the California-based seller in the transaction. Nordic was self-represented. Located at 301 S. Burnet St, Oak Creek sits near Round Rock’s downtown square. The property includes 12 one-bedroom units, eight two-bedroom units, a laundry room and a courtyard. The purchase also includes additional land for potential future expansion.

August 19, 2015

Florida Loans Mixed-Use Southeast

Calmwater Capital Provides $34.7M Acquisition Loan for Mixed-Use Asset in Downtown Miami

by John Nelson August 19, 2015

MIAMI — Calmwater Capital, formerly known as Karlin Real Estate Lending, has provided a $34.7 million acquisition loan for the purchase of Security Building, a historic 96,575-square-foot office and residential tower in downtown Miami. Built in 1926 and converted to live-work-play lifestyle condo units in 2007, the 16-story Security Building is located in Miami’s financial district. In addition to the acquisition, the proceeds of the loan will be used by the borrower, Security Building AR Owner LLC, to upgrade and lease the asset. As a part of the lease-up strategy, the building owner secured a lease with WeWork, a New York-based provider of creative communal office space, to take 100 percent of the building and convert existing residential units into office space. The $34.7 million credit facility consists of an $18.2 million short-term loan, which was funded to acquire 55 of the 60 residential units. Future funding of $16.5 million will be provided for the acquisition of the five remaining condominium units, tenant improvements, overall building renovations and an interest reserve, according to Calmwater Capital.

August 19, 2015

Florida Multifamily Southeast

Suffolk Construction Delivers Apartment Community in Metro Miami

by John Nelson August 19, 2015

DORAL, FLA. — Suffolk Construction has completed construction on Bel Air at Doral, a 249-unit luxury apartment community in Doral, roughly 14 miles outside of Miami. The project consists of two eight-story buildings and one five-story building. The midrise apartment community’s amenity package includes a fitness center, postal station, bar and lounge in the lobby and a private dog park with a pet spa. The project team includes developer ZOM Developments Inc.-Florida and architect Rodger Fry Architects.

August 19, 2015

Loans Retail Southeast Tennessee

Colliers Arranges $21.5M Refinancing of Shopping Center in Memphis

by John Nelson August 19, 2015

MEMPHIS, TENN. — Colliers International has arranged the $21.5 million refinancing of Poplar Plaza, a 351,419-square-foot shopping center in Memphis. A 85,000-square-foot Kroger anchors the center, which comprises 50 tenants, five restaurants and a 40,000-square-foot fitness center. The property is currently 95.4 percent leased to tenants such as Petco, Old Navy and Dollar Tree. Jeff Black of Colliers International’s Boston office secured the 10-year, fixed-rate loan through Prudential Mortgage Capital Co. on behalf of the borrower, an affiliate of Boston-based Finard Properties LLC.

August 19, 2015

Georgia Multifamily Southeast

Multi Housing Advisors Arranges $10M Sale of Apartment Community in Athens

by John Nelson August 19, 2015

ATHENS, GA. — Multi Housing Advisors (MHA) has brokered the $10 million sale of Arbor Ridge, a 212-unit apartment community located at 150 Chateau Terrace in Athens. Built in 1969 and renovated in 2008, the apartment community features a clubhouse, swimming pool and tennis court. Robert Stickel of MHA represented the Texas-based seller in the transaction and procured the New York-based buyer.

August 19, 2015

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