Property Type

Plaza Advisors Brokers Sale of Shopping Center in New Port Richey

by John Nelson October 27, 2014

NEW PORT RICHEY, FLA. — Plaza Advisors has brokered the sale of Pasco Square Shopping Center, a 135,421-square-foot retail asset located at the intersection of State Road 54 and Rowan Road in New Port Richey. The property was 90 percent leased at the time of sale to tenants such as Beall’s Outlet, Dollar General Market, Badcock Home Furnishings, Dollar Tree, GNC, Radio Shack, The UPS Store and Subway. Jim Michalak, Mike Cvetetic and Nick Castellano of Plaza Advisors represented the seller, Phillips Edison & Co., in the transaction. The buyer, Isram Acquisition Corp., purchased the asset for $7.4 million. No other brokers were involved in the transaction.

October 27, 2014

Multifamily New York Northeast

Ariel Property Arranges Sale of Park Slope Development Site

by Amy Works October 27, 2014

NEW YORK CITY — Ariel Property Advisors has brokered the sale of a development site in Brooklyn’s Park Slope section. Located at 359 Seventh St., the site sold for $1.86 million or more than $450 per buildable square foot. The buyer plans to construct a condominium on the 20.5-foot wide vacant lot, which offers approximately 4,100 buildable square feet. Mark Spinelli, Michael Tortorici, Daniel Tropp and Jonathan Berman of Ariel Properties represented the seller, a private investor, and procured the buyer in the transaction.

October 27, 2014

Florida Multifamily Southeast

ARA Brokers Sale of Waterfront Community in Palm Beach County

by John Nelson October 27, 2014

LAKE PARK, FLA. — ARA has brokered the sale of Mariner’s Key, a 208-unit, waterfront multifamily community in Palm Beach County’s Lake Park. The buyer, a joint venture partnership between AIMS Real Estate, a business unit of Goldman Sachs Asset Management and Atlanta-based Carroll Organization, purchased Mariner’s Key for an undisclosed price. Built in 1965, the apartment community underwent a gut renovation and repositioning program from 2007 to 2010. The property features tropical landscaping, a clubhouse, private beach, heated waterfront pool and spa, outdoor kitchen, 17-slip marina, waterfront fitness center, sauna, pet park and a business center. Avery Klann and Hampton Beebe of ARA represented the seller, a New York-based institution. Mariner’s Key was 95 percent occupied at the time of sale.

October 27, 2014

New Jersey Northeast Retail

Marcus & Millichap Brokers $7.44M Retail Property Sale in New Jersey

by Amy Works October 27, 2014

CARLSTADT, N.J. — Marcus & Millichap has brokered the sale of a 14,490-square-foot Walgreens drugstore location in Carlstadt. Located at 637 Hoboken Road, the freestanding property sold for $7.44 million. The property is at the signalized intersection of Hoboken Road and Garden Street and is surrounded by national retailers, including Stop & Shop, Bank of America, Burger King, Verizon Wireless, CVS, AutoZone and Dunkin’ Donuts. Ben Sgambati, Alan Cafiero and David Cafiero of Marcus & Millichap’s New Jersey office listed the property on behalf of the seller, a fund manager, and represented the buyer, an out-of-state fund, in the deal.

October 27, 2014

Midwest Multifamily Ohio

M&M Arranges Sale of 376-Unit Apartment Community

by Danielle Everson October 27, 2014

COLUMBUS — Marcus & Millichap has arranged the sale of Whispering Pines, a 376-unit apartment community in Columbus. Whispering Pines is located at E. Dublin-Granville Road between I-71 and I-270. The community features townhomes and one-, two- and three-bedroom floor plans. Amenities at the property include a clubhouse, community room, fitness center, laundry facility, swimming pool, tennis courts and picnic area. Michael Barron, Daniel Burkons and Joshua Wintermute of Marcus & Millichap’s Cleveland office, along with Richard Lattro and Jordan Marshall of the firm’s Columbus office, represented the seller, a Philadelphia-based limited liability company. Barron, Burkons and Wintermute also secured the buyer, an out-of-state private investment group.

October 27, 2014

Illinois Midwest Office

J.C. Anderson to Complete 30,000 SF Renovation in Downers Grove, Ill.

by Danielle Everson October 27, 2014

DOWNERS GROVE, ILL. — J.C. Anderson Inc. will complete a 30,000-square-foot office renovation for CompuSystems Inc. (CSI) in Downers Grove, an eastern suburb of Chicago. The property is located at 2655 Warrenville Road (Corridors II). The build-out at Corridors II will serve as the new headquarters for CSI, a major registration service provider for the convention trade show industry. The new space will include the addition of private offices, conference rooms, workstations, break rooms, training rooms as well as open work areas. Construction is scheduled for completion in December. The firm, previously located at 2805 S. 25th Ave. in Broadview, was founded in 1976 and employs approximately 200 people. Dawn Newman of Newman Architecture is providing the architectural services and Syska Hennessy Group is providing engineering services for the project. Jason Hawkins, Greg Garland and Bill Dennison led the J.C. Anderson construction team.

October 27, 2014

Illinois Midwest Office

Morgan/Harbour Completes 16,256 SF Office Build-Out in Naperville, Ill.

by Danielle Everson October 27, 2014

NAPERVILLE, ILL. — Morgan/Harbour has completed a 16,256-square-foot office build-out for Thatcher Technology Group in Naperville. The property is located at 55 Shuman Blvd. Founded in 1999, Thatcher Technology Group is a provider of sales performance management software to the direct selling industry. The firm has relocated to this new property from another Naperville location. The office build-out included the construction of private offices, conference rooms, a copy room and large break room. Clay Scheller, John Becker and Kieran Towe led Morgan/Harbour’s construction team. The DePalma Group provided architectural services for the project.

October 27, 2014

Hospitality Texas

Candlewood Suites Hotel Completed in San Antonio

by Haisten Willis October 27, 2014

SAN ANTONIO — Cleveland Construction Inc. has completed a new Candlewood Suites hotel at Fort Sam Houston in San Antonio. The 153,685-square-foot, 310-unit hotel is the largest Candlewood Suites hotel in the world. It is part of the Privatization of Army Lodging (PAL) program, an Army-led program aimed at revitalizing on-post lodging facilities for soldiers, their families and other government travelers. The new hotel is five stories tall with amenities including a swimming pool, patio pavilion, business and fitness centers, guest laundry facilities, a breakfast bar and on-post shuttle services.

October 27, 2014

Multifamily Texas

ARA Brokers $37.3M Sale of 324-Unit Apartment Complex in Oklahoma City

by Haisten Willis October 27, 2014

OKLAHOMA CITY — ARA has brokered the $37.3 million sale of Liberty Pointe, a 324-unit apartment complex located southwest of Tinker Air Force Base, the second-largest military air depot I the United States. Weidner Apartment Homes, a privately held real estate company founded in 1977, is the buyer. The company owns 216 apartment complexes in the U.S. and Canada. Oklahoma City-based Dick Tanenbaum completed Liberty Pointe in 2013. Amenities include granite countertops, brushed nickel hardware and hardwood floors.

October 27, 2014

Multifamily Texas

Dougherty Arranges $3.5M Loan for Apartment Complex in Fort Worth

by Haisten Willis October 27, 2014

FORT WORTH — Dougherty Mortgage LLC has arranged a $3.5 million Fannie Mae loan for the acquisition of Monterrey Apartments and Townhomes, a 105-unit apartment complex located in Fort Worth. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Dallas office arranged the loan for the borrower, TS Asset Monterrey LLC. The property is located near downtown Fort Worth and includes amenities such as a swimming pool and on-site laundry facilities.

October 27, 2014

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