Property Type

M&M Arranges Sale of Apartment Complex in Corpus Christi

by Haisten Willis May 6, 2015

CORPUS CHRISTI, TEXAS —Marcus & Millichap has arranged the sale of Glen Willows Apartments, a 233-unit apartment complex in Corpus Christi. Zar Haro of Marcus & Millichap’s San Antonio office, along with Mike Moffitt Jr. of the firm’s Austin office, represented the seller, a limited partnership. The buyer is a limited liability company. Built in 1973 on 10.3 acres, Glen Willows Apartments is located at 5802 Everhart Road. Floor plans at the property include 32 one-bedroom, 128 two-bedroom and 47 three-bedroom single-level units, along with 26 two-bedroom/one-and-one-half-bath townhomes. The units feature central air conditioning, all-electric kitchens, spacious closets, patios and second-floor balconies. Community amenities include controlled access gates, two on-site laundry rooms, two swimming pools and a playground.

May 6, 2015

Quantum Brokers $9.5M sale of Woods Creek Commons in Algonquin, Ill.

by Danielle Everson May 6, 2015

ALGONQUIN, ILL. — Quantum Real Estate Advisors Inc. has brokered the $9.5 million sale of a 26,864-square-foot retail complex divided in three buildings in Algonquin. Woods Creek Commons is located at 750-790 S. Randall Road. The multitenant retail center includes three buildings with tenants such as ATI Physical Therapy, Supercuts, GameStop, Pie Five Pizza, Mattress Firm, Starbucks Coffee, Massage Envy and Soma Medi Spa. The properties are an outlot to the Woodscreek Shopping Center, a 400,000-square-foot shopping center. The seller was a local development group based in Illinois. The buyer was a private real estate investor based in Wisconsin. Chad Firsel of Quantum was the sole broker in this transaction.

May 6, 2015

Office Texas

Strasburger & Price LLP to Remain in Bank of America Plaza in Dallas

by Haisten Willis May 6, 2015

DALLAS — Law firm Strasburger & Price LLP will renew its lease at the Bank of America Plaza in downtown Dallas. Jim Graham and Travis Ewert of Colliers International represented Strasburger in the transaction, while Joel Pustmueller and Sarah Hinkley of Peloton Commercial Real Estate were the landlord representatives. Strasburger was one of the original tenants in the Bank of America Tower when it opened in 1985. Strasburger will move from floors 43, 44 and 45 and will now occupy roughly 66,000 square feet on floors 60 and 61 along with a portion of floor 62. Strasburger is expecting to move into its new space in 2016. Noel Ragin and Carolyn Norman of Colliers affiliate Charter Acquisitions will be handling the project management for the company’s office renovation.

May 6, 2015

Multifamily Texas

Transwestern Arranges Sale of Four Apartment Complexes in Houston

by Haisten Willis May 6, 2015

HOUSTON — Transwestern has arranged the sale of four multifamily properties totaling 704 units in Houston. Ed Cummins, Tim Gregory, Guadalupe Olivares and Ryan Mendez of Transwestern represented the sellers. Transwestern arranged the sale of Cancun Apartments, a 324-unit, garden-style community located at 1855 Wirt Road, purchased off-market for an undisclosed amount by DCM Cancun LP. Transwestern represented the seller, Elite Spring Branch Properties LLC, in the transaction; Huntington at Stonefield, a 264-unit, garden-style community located at 13100 Stonefield Drive, purchased by a first-time Houston buyer for an undisclosed amount and financed with a Fannie Mae loan. Transwestern represented the seller, CRP TBG Huntington Green LP, in the transaction; Legacy Apartments, a 70-unit, garden-style community located at 3905 and 4515 Lockwood Drive, a recent foreclosure that was purchased by an in-state buyer for an undisclosed amount. Transwestern represented the seller, SAMC REO 2013 01 LLC, in the transaction; Hidden Pines, a 46-unit, garden-style community located at 7611 Jalna St., purchased for an undisclosed amount by a private investment group. Transwestern represented the seller, Fat Property LLC in the transaction.

May 6, 2015

Midwest Ohio Retail

M&M Brokers $5.8M Sale of 50,266 SF Retail Property in Massillon, Ohio

by Danielle Everson May 6, 2015

MASSILLON, OHIO — Marcus & Millichap has brokered the $5.8 million sale of Massillon City Center, a 50,266-square-foot retail property located on Lincoln Way West in Massillon. The center is 91 percent occupied. Tenants at the property include Buffalo Wild Wings, Verizon Wireless and Rockne’s. A Bob Evans restaurant is an outparcel at the property. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap’s Cleveland and Columbus offices represented the seller, a private fund, and the buyer, an individual New York-based investor.

May 6, 2015

Illinois Midwest Retail Wisconsin

NAI Hiffman Arranges Five New Leases for Burger King in Wisconsin and Illinois

by Danielle Everson May 6, 2015

MILWAUKEE AND WESTCHESTER, ILL. — NAI Hiffman has arranged five new leases for Burger King in Wisconsin and Illinois. The new leases include four locations in Wisconsin: the northwest corner of 14th and Wells streets in Milwaukee; the southeast corner of North and Prospect avenues in Milwaukee; the southeast corner of Moorland Road and College Avenue in Muskego, Wis.; and the southwest corner of College and Chicago avenues in South Milwaukee. The fifth lease is a co-brand concept with BP Amoco located at the southeast corner of I-290 and Mannheim Road in Westchester. Michael Meksto of NAI Hiffman represented Burger King in the transactions. Over 10 new leases are expected for completion in 2015 across Illinois, Wisconsin and Indiana. Burger King selected Meksto to lead expansion efforts into Michigan, Ohio, Kentucky, Western Iowa and Tennessee.

May 6, 2015

Florida Retail Southeast

CocoWalk Lifestyle Center in Miami Sells for $87.5M

by John Nelson May 6, 2015

MIAMI — CocoWalk, a 198,000-square-foot lifestyle center located in Miami’s Coconut Grove neighborhood, has sold for $87.5 million. The property was constructed in 1990 and is located approximately two miles from the University of Miami. Federal Realty Investment Trust purchased an 80 percent interest in the property. The REIT purchased the stake with local market partners Grass River Property and The Comras Co.

May 6, 2015

Hospitality Louisiana Southeast

Hilton Worldwide Opens DoubleTree by Hilton Lafayette in Louisiana

by John Nelson May 6, 2015

LAFAYETTE, LA. — Hilton Worldwide has opened DoubleTree by Hilton Lafayette, a 15-story, 327-room hotel located at 1521 W. Pinhook Road near downtown Lafayette and three miles from Lafayette Regional Airport. The hotel is located along the banks of the Vermillion River and features a newly updated outdoor pool and sundeck, 24-hour fitness center, 24-hour business center, 22,000 square feet of meeting space and complimentary Wi-Fi. The hotel also features the SoLA Restaurant and Lobby Bar and 337, a bar located on the ground floor of the hotel. The property was formerly a Hilton hotel and has since undergone a $12 million renovation. Garrison Wright Prop Co JV LLC owns the hotel and Hospitality Management Advisors manages the property.

May 6, 2015

Georgia Hospitality Southeast

Hodges Ward Elliott Brokers Sale of Dual-Branded Hotel in Midtown Atlanta

by John Nelson May 6, 2015

ATLANTA — Hodges Ward Elliott has brokered the sale of the dual-branded Hilton Garden Inn/Homewood Suites Atlanta Midtown. The 12-story, 228-room property is located in Atlanta’s Midtown district near I-75/85. The hotel features 136 Hilton Garden Inn rooms, 92 Homewood Suites units, a 24-hour fitness center, two business centers, two breakfast areas, two lobbies and reception desks, the Garden Grill & Bar restaurant and 3,027 square feet of meeting space. Hodges Ward Elliott represented the seller, North Point Hospitality Group Inc., in the transaction. The buyer was Carey Watermark Investors Inc. Crescent Hotels & Resorts will manage the hotel.

May 6, 2015

Industrial New Jersey Northeast

Bussel Realty Brokers Sale of 75,600 SF Distribution Facility in New Jersey

by Amy Works May 6, 2015

ELIZABETH, N.J. — Bussel Realty Corp. has brokered the sale of a distribution facility, located at 502 York St. in Elizabeth. Federal Autocat, which currently leases the property, elected to execute its option to purchase the 75,600-square-foot facility for an undisclosed price. Situated on three acres, the property features 20-foot ceilings, multiple loading docks, one drive-in door, ample power and on-site parking. Jordan Metz of Bussel Realty represented the buyer, while David Blitt, also of BRC, represented the seller, Weisman Family Partnership LLC, in the transaction.

May 6, 2015

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