Property Type

DiNapoli Buys Marriott City Center in Downtown Oakland

by Nellie Day May 13, 2015

OAKLAND, CALIF. — DiNapoli Capital Partners has acquired the 489-room Marriott City Center in downtown Oakland for a reported $84 million. The hotel is located at 1001 Broadway. The property is attached to the Oakland Convention Center. It is one block from a BART station. The seller, CIM Group, renovated the hotel in 2011, modernizing all common areas and guest rooms. It also partnered with the City of Oakland to renovate the hotel and convention center’s combined 89,000 square feet of meeting space. CIM acquired the Oakland Marriott in 2007. It was the company’s first asset in downtown Oakland. The firm currently maintains a Bay Area portfolio of about 3 million square feet of Class A space. CIM has disposed of a total of 570 residential units, 908 hotel rooms and about 1,420,000 square feet of retail space, including this latest sale, since the beginning of the year.

May 13, 2015

Arizona Multifamily Western

Stone Canyon Apartment Complex in Mesa Sells for $47M

by Nellie Day May 13, 2015

MESA, ARIZ. — The 392-unit Stone Canyon apartments in Mesa has sold to Olen Residential Realty Corp. for $47 million. The community is located at 5210 E. Hampton Ave. Stone Canyon was built in 2000. Community amenities include two resort-style pools, a fitness center, clubhouse and resident lounge, outdoor fire pit with cushioned seating, barbecue grilling stations with entertainment areas, nine-hole putting green, an outdoor water feature, mountain views and gated entrance. Notable employers near the complex include Banner Gateway Hospital, Banner Baywood Hospital and the Boeing Company. Stone Canyon is situated near US-60. The sellers, a group of tenant-in-common co-owners, were represented by CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch. The co-owners were supported throughout their hold period and the sales process by National Asset Services.

May 13, 2015

California Multifamily Western

Kennedy Wilson Buys Montiavo at Bradley Square Near Santa Barbara

by Nellie Day May 13, 2015

SANTA BARBARA, CALIF. — Kennedy Wilson has acquired the 208-unit Montiavo at Bradley Square apartment complex in the Santa Barbara submarket of Santa Maria for $47 million. The community is located at 2460 S. Rubel Way in the master-planned community of Bradley Square. Montiavo offers two- and three-bedroom townhome-style units. Common-area amenities include a grand lobby, fitness center, pool and sundeck, business center and a clubhouse/lounge. The community was built in 2004. Kennedy Wilson will implement a strategic interior renovation plan. The seller, AEW Capital Management/Holland Partners, was represented by Ron Harris, Greg Harris, Kevin Green, Joseph Grabiec, Paul Darrow and Michael DiSimone of Institutional Property Advisors.

May 13, 2015

California Retail Western

JLL Acquires Wilson Retail Group

by Nellie Day May 13, 2015

LOS ANGELES — JLL has acquired Wilson Retail Group, a Los Angeles-based independent retail brokerage and capital markets firm, for an undisclosed sum. The merger will bring 16 Wilson associates to JLL. It will allow JLL to provide a broader range of brokerage and investment sales services to retailers and investors in a core urban gateway. Chris Wilson will now serve as executive vice president, Southwest brokerage lead at JLL Retail; Scott Burns will serve as executive vice president, retail brokerage lead for JLL’s Los Angeles office; and Geoff Tranchina will serve as executive vice president of investment sales. The new Wilson executive team will report to Peter Belisle, market director for JLL’s Southwest region. They will work closely with Naveen Jaggi, president of JLL’s Americas Retail Brokerage business. JLL’s Retail Group is the largest third-party retail property manager in the United States. JLL’s retail portfolio has more than 500 centers totaling 69 million square feet under management. The portfolio includes regional malls, lifestyle centers, grocery-anchored centers, power centers, central business districts, transportation facilities and mixed-use projects.

May 13, 2015

Multifamily Washington Western

Multifamily Portfolio in Washington Receives $19.4M

by Nellie Day May 13, 2015

OLYMPIA AND LYNWOOD, WASH. – A two-property multifamily portfolio in Washington has received $19.4 million in financing. The portfolio includes the 181-unit Westlakes Apartments in Olympia and the 110-unit Poplar Lanes Apartments in Lynnwood. The 12-year loan featured a 30-year amortization schedule, a 75 percent loan to value and a sub-4 percent interest rate. Financing was arranged by Mike Wood and Austin Johnson of NBS Financial Services. The loan was provided by Fannie Mae through the firm’s correspondent relationship with Walker Dunlop.

May 13, 2015

Illinois Loans Midwest Multifamily

Oak Grove Capital Arranges $27M Loan for Algonquin Square Apartments

by Danielle Everson May 12, 2015

CHICAGO — Oak Grove Capital has arranged a $27 million adjustable-rate mortgage through Freddie Mac for Algonquin Square Apartments, a 220-unit multifamily property located in Chicago’s western suburbs.The property was built in 2012 and 2013. The loan was for a joint venture between Marquette Cos., EJ Plesko & Associates and American National Insurance, which served as the limited partner.The new loan allowed for the payoff of the construction loan, municipal loans and further returned some of the original investment to the investor members. Scott Streiff of Oak Grove Capital arranged the seven-year loan that includes two years of interest-only payments and a 30-year amortization schedule.

May 12, 2015

Civic Illinois Midwest

Barack Obama Presidential Center Set to Be Built on South Side of Chicago

by Danielle Everson May 12, 2015

CHICAGO — The Barack Obama Foundation plans to locate the future Barack Obama Presidential Center, which will include a museum, library, as well as office space for Foundation activities and events, in the South Side of Chicago. The site was selected over bids made by Columbia University in New York, the University of Hawaii and the University of Illinois at Chicago. The library is expected create hundreds of jobs and hundreds of millions of dollars a year in economic activity, according to Crain’s Chicago Business. A date for the development has not been announced. As a future neighbor and collaborator on the Center, the University of Chicago has pledged to make resources and infrastructure available to the Foundation in the near term for its planning and development work. The Foundation also intends to maintain a presence at Columbia University for the purpose of exploring and developing opportunities for a long-term association, and to work with the state of Hawaii to establish a lasting presence in Honolulu. Within Chicago, the Obama Foundation will additionally explore possible collaboration with the University of Illinois–Chicago.

May 12, 2015

Michigan Midwest Retail

Cooper Commercial Investment Group Brokers $7.2M Sale of Rivertown Center

by Danielle Everson May 12, 2015

GRANDVILLE, MICH. — The Cooper Commercial Investment Group has brokered the $7.2 million sale of the Rivertown Center, a 60,876-square-foot, multi-tenant retail center in Grandville. Dan Cooper of Cooper Commercial represented the seller, an Ohio-based private investment group, and the Illinois-based buyer. The property, which was built in 2000, is 93 percent occupied. Some tenants include Planet Fitness, Qdoba, Noodles & Co., Hallmark, Family Christian Stores, Chicago Title and Plato’s Closet.

May 12, 2015

Midwest Minnesota Retail

M&M Arranges Sale of Two Childcare Properties in Minnesota

by Danielle Everson May 12, 2015

SAINT PAUL AND ROSEVILLE, MINN. — Marcus & Millichap has arranged the $850,000 sale of two Kindercare Learning Centers located in Minnesota. The properties are located at 1541 Humboldt Ave. in Saint Paul and 2186 Fairview Ave. N. in Roseville. Reed Fenton and Tammy Saia of Marcus & Millichap’s Chicago Oak Brook office represented the seller and the buyer, both private investors. Craig Patterson of the firm assisted in closing the transaction. The property at 1541 Humboldt Ave. was built-to-suit for Kindercare in 1977. The building spans approximately 4,950 square feet. The property at 2186 Fairview Ave. N. was built-to-suit for Kindercare in 1976 and also spans approximately 4,950 square feet.

May 12, 2015

Retail Texas

Franklin Street Arranges $3.2M Sale of Pleasanton Plaza in Metro San Antonio

by Haisten Willis May 12, 2015

PLEASANTON, TEXAS — Franklin Street Real Estate Services has arranged STL Retail Properties’ $3.2 million purchase of Pleasanton Plaza, a 70,466-square-foot, Bealls-anchored center located in Pleasanton. Bryan Belk of Franklin Street’s Atlanta office represented the buyer in the transaction. Pleasanton Plaza, located at 1715 W. Oaklawn Road, is fully occupied by Bealls and Tractor Supply. The buyer plans to hold the property long-term.

May 12, 2015

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