Property Type

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

Multifamily Seniors Housing Texas

Granite Investment Group Sells Senior Housing in Metro Austin for $23.4M

by Haisten Willis May 12, 2015

GEORGETOWN AND PFLUGERVILLE, TEXAS — Granite Investment Group has sold two senior housing properties near Austin for $23.4 million. The sale included Park Place Care Center and Assisted Living, a senior care campus that includes a 116-bed skilled nursing facility and a 48-bed assisted living facility in Georgetown. Built in 1997 on nearly seven acres, Park Place offers 24-hour skilled nursing care, short- and long-term rehabilitation, common areas, private and semi-private rooms, activity directors, spiritual care and an order-by-menu dining program. An affiliate of Granite Investment Group originally purchased the property in 2007 for $9.2 million. The second property in the transaction is Pflugerville Care Center, an 111-bed skilled nursing facility built in 1991 on 3.2 acres. The facility provides residents with short- and long-term rehabilitation care. An affiliate of Granite Investment Group originally purchased the property in 2005 for $9.1 million. Mark Myers and Joshua Jandris of Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction.

May 12, 2015

Mixed-Use Restaurant Retail Texas

Good Union Urban Barbeque to Open in CityLine Mixed-Use Development

by Haisten Willis May 12, 2015

RICHARDSON, TEXAS — KDC, a real estate development and investment firm, has announced that Good Union Urban Barbeque will open its first location at CityLine, the company’s 186-acre mixed-use project in Richardson. The restaurant will serve Texas barbeque. Meat will be smoked on an indoor fire pit equipped with ventilation to accommodate the building. There will be a patio facing the central plaza where guests can enjoy craft beers and premium cocktails from the full-service bar while listening to live music in the park. The 3,903-square-foot restaurant is scheduled to open in the fall of 2015. It will be located in the base of One CityLine at 1150 State St.

May 12, 2015

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