Property Type

Seattle Retail Portfolio Receives $64M in Financing

by Nellie Day March 13, 2015

SEATTLE — A four-property retail portfolio in Seattle has received $64 million in financing. The transaction includes acquisition financing for a 49,000-square-foot shopping center in Bellevue that is anchored by Walgreens and Trader Joe’s. It also allowed the borrower to refinance Mill Creek Town Center, a 182,000-square-foot, grocery-anchored lifestyle center in Mill Creek, as well as two retail properties in Kirkland and Bellevue. The fully amortizing, cross-collateralized loans were arranged by Mike Taylor and Patrick Taylor of Newmark Realty Capital. The loans were placed through a relationship with one of Newmark’s correspondent life insurance companies.

March 13, 2015

Colorado Office Western

Granite Properties Buys High Pointe Tower Near Denver

by Nellie Day March 13, 2015

DENVER — Granite Properties has purchased High Pointe Tower, a 119,834-square-foot office property in the southeastern Denver suburb of Greenwood Village for an undisclosed sum. The property is located at 6430 South Fiddler’s Green Circle. High Pointe Tower was built in 1998. It sits directly across from Granite’s Plaza Tower One property, near Arapahoe Light Rail Station and the 203-room Westin Greenwood Village, which is scheduled to open next year. The building is currently 81 percent occupied by notable tenants like Hartford Insurance, TransUnion and the U.S. General Services Administration. High Pointe Tower is Granite’s third Denver-based acquisition since 2012. It also owns Plaza Tower and Prentice Plaza. The firm was represented in-house by Stephanie Lawrence, Will Hendrickson and Geoff Wescott. The unnamed seller was represented by CBRE’s Geoff Baukol.

March 13, 2015

Multifamily Seniors Housing Utah Western

Courtyard at Jamestown in Provo Receives $24.2M in Financing

by Nellie Day March 13, 2015

PROVO, UTAH — Courtyard at Jamestown, a 132-unit assisted living and dementia care seniors housing community in Provo, has received $24.2 million in acquisition financing. The facility is located at 3352 N. 100 E. The community opened in 1999. It is situated about three miles north of Provo’s Central Business District, just minutes from Utah Valley Regional Medical Center. The borrower was ROC|Seniors Housing Fund Manager. ROC|Seniors is a subsidiary of Bridge Investment Group Partners. The seven-year Freddie Mac loan features a fixed-rate term with an interest-only period. It was structured by Berkeley Point Capital. This is Berkeley Point’s third financing with ROC Seniors over the past year.

March 13, 2015

California Industrial Western

Sugar Foods Industrial Building Sells in Sun Valley

by Nellie Day March 13, 2015

SUN VALLEY, CALIF. – A 168,000-square-foot manufacturing building in the Los Angeles submarket of Sun Valley has sold to Prologis for an undisclosed sum. The building is located at 9545 San Fernando Road and 9500 El Dorado Ave. It is fully leased to Sugar Foods Corporation. The multi-national food manufacturer has occupied the building for the past 30 years. The property is less than a mile from the 5 and 118 freeway interchange, and less than six miles from Burbank International Airport. CBRE’s Darla Longo, Barbara Emmons, Rebecca Perlmutter Finkel, Greg Geraci and David Harding represented both the buyer and private seller in this transaction.

March 13, 2015

Michigan Midwest Multifamily Seniors Housing

Fourmidable Real Estate Services Brokers $20M Sale of Active Adult Community in Southfield, Mich.

by Danielle Everson March 13, 2015

SOUTHFIELD, MICH. — Fourmidable Real Estate Services, a Bingham Farms-based national Commercial and Residential Real Estate Brokerage division, has brokered sale of Solaire Active Adult Community in Southfield for $20 million. Solaire, which was built in 1970, features 382 one-, two- and three-bedroom apartment units. The community is for the 55-year-old-plus senior population. Solaire is located less than a mile from Southfield’s Providence Hospital and Medical Center. Fourmidable will provide complete management services to the residents of Solaire.

March 13, 2015

Illinois Midwest Retail

Marcus & Millichap Brokers $4.9M Sale of 9,217 SF Retail Property in Chicago

by Danielle Everson March 13, 2015

CHICAGO — Marcus & Millichap has brokered the $4.9 million sale of a 9,217-square-foot retail property in Chicago. The property is located at 1250 S. Michigan Ave. Located in Chicago’s South Loop, the multi-tenant retail property is situated on the ground floor of a 29-story condominium tower. Sean Sharko, Alan Katamanin and Austin Weisenbeck of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a limited liability company, and the buyer, another limited liability company.

March 13, 2015

Retail Texas

H&M to Open New Location in Metro Dallas

by Haisten Willis March 13, 2015

DENTON, TEXAS — H&M, Hennes & Mauritz AB (H&M), a fashion retailer, will open a new location in Denton. The 23,000-square-foot property is located at the Golden Triangle Mall and is set to open this fall. H&M currently operates 14 locations in the state of Texas. With the opening of the Golden Triangle Mall store, H&M will add about 30 people its estimated total of 15,000 U.S. employees. H&M operates 364 locations across the country.

March 13, 2015

Midwest Minnesota Retail

Mid-America Arranges 4,168 SF Lease for Title Boxing Club in Coon Rapids, Minn.

by Danielle Everson March 13, 2015

COON RAPIDS, MINN. — Title Boxing Club has signed a lease for 4,168 square feet at Shoppes at Riverdale Commons II located in Coon Rapids. The 32,451-square-foot center is located on Riverdale Boulevard and features a FedEx Kinko’s, Five Guys, Potbelly, AT&T and Cherry Berry. Mid-America’s project leasing team represented the landlord in the transaction.

March 13, 2015

Multifamily Texas

Bluerock Residential to Acquire Apartment Complex in Austin for $38.2M

by Haisten Willis March 13, 2015

AUSTIN, TEXAS — Bluerock Residential Growth REIT Inc. has entered into an agreement to acquire Fox Hill Apartments, a 288-unit Class A apartment community in Austin. Bluerock plans to invest $10.6 million to acquire an 85.6 percent indirect joint venture interest in Fox Hill. The joint venture is expected to acquire Fox Hill for $38.2 million. The acquisition will be capitalized with a $26.7 million senior mortgage from Fannie Mae . The loan has a term of seven years with 3.6 percent interest, and will be interest-only for the first two years. Bluerock’s third-party joint venture partners in the transaction are expected to contribute 4.4 percent of the equity. Built in 2010, Fox Hill is a Class A multifamily community featuring one-, two- and three-bedroom unit layouts averaging 1,066 square feet. The community sits on 44 acres and features several amenities.

March 13, 2015

Illinois Midwest Retail

Chicago Real Estate Resources Arranges Sale of 3,828 SF Retail Property

by Danielle Everson March 13, 2015

CHICAGO — Chicago Real Estate Resources has arranged the sale of a retail property in Chicago. The three storefronts totaled 3,828 square feet, two of which were leased at the time of sale to Snippet’s Mini-Cuts and Edible Arrangements. The property is located at 3722-26 N. Southport Ave., in Lakeview’s Southport Retail Corridor Nate Gautsche of Chicago Real Estate Resources’ commercial office represented the local buyer in the acquisition of the value-add retail property.

March 13, 2015

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