Property Type

The Vista Student Housing Complex in Denver Changes Hands

by Nellie Day February 25, 2015

DENVER — The Preiss Company has acquired the Vista Student Housing Complex in Denver for an undisclosed sum. The 286-bed property is located at 1920 South University Blvd., directly across from the University of Denver campus. Preiss acquired the asset with a separate private investment group and its joint venture partner, Criterion Holdings, which will act as general manager. The company plans to invest an additional $500,000 to upgrade the facilities, including Internet bundled services, clubhouse and common area upgrades and enhancements to the vistas that overlook Denver’s Rocky Mountain range. Community amenities include a computer lab, business center with study rooms, clubhouse with television, outdoor television and pool table, fitness center, stand-up tanning bed, bocci ball court, outdoor fire pit and bike storage.

February 25, 2015

California Retail Western

Cypress Equities Buys the Strand Mixed-Use Development in Huntington Beach

by Nellie Day February 25, 2015

HUNTINGTON BEACH, CALIF. — Cypress Equities has acquired the Strand, a 96,638-square-foot mixed-use development in Huntington Beach. The property sits adjacent to the Huntington Beach Pier. The Strand contains a mix of office and retail tenants, including CVS Pharmacy, Forever 21, Rip Curl Surf Shop, Skechers, Johnny Rockets, RA Sushi, U.S. Taco Co., Bruxie Gourmet Waffle Sandwiches, Ritter’s Steam Kettle Cooking and INNOCEAN, a multi-national advertising and media agency. The larger mixed-use development also contains the 157-room Shorebreak Hotel, which was not a part of the transaction. The Strand’s four buildings were constructed in 2008. The transaction was executed by REZA Investment Group.

February 25, 2015

Illinois Industrial Midwest

HSA Commercial Arranges 48,000 SF Industrial Lease in Bolingbrook, Ill.

by Danielle Everson February 24, 2015

BOLINGBROOK, ILL. — HSA Commercial Real Estate has arranged the lease of a 48,024-square-foot industrial building in Bolingbrook. Forest Envelope Co., a manufacturer and printer of specialty envelope products, will occupy space located at 309 East Crossroads Parkway. The fully air conditioned facility is located near the interchange of Bolingbrook Drive and I-55, and is just west of I-355. Forest Envelope Co. is relocating its operations from its current 23,000-square-foot building in Lisle, Ill. Timothy Thompson of HSA Commercial Real Estate represented building ownership. Mark Moran of NAI Hiffman represented Forest Envelope Co.

February 24, 2015

Michigan Midwest Retail

Quantum Brokers $2.5M Sale of 11,855 SF Shopping Center in Muskegon, Mich.

by Danielle Everson February 24, 2015

MUSKEGON, MICH. — Quantum Real Estate Advisors Inc. has brokered the $2.5 million sale of an 11,855-square-foot, multi-tenant shopping center in Muskegon. The property is located at 3295 Henry St. The property was fully leased to AT&T, Biggby Coffee, America’s Best, Asian Express and That 70s Dough at the time of sale. The property is an outlot to a Wal-Mart Supercenter. Chad Firsel of Quantum represented the seller, a Michigan-based real estate developer and operator. Daniel Waszak of Quantum brokered the buyer, a Texas-based real estate investment and development fund.

February 24, 2015

Midwest Retail Wisconsin

Mid-America Real Estate Arranges Sale of Shopping Center in Pleasant Prairie, Wis.

by Danielle Everson February 24, 2015

PLEASANT PRAIRIE, WIS. — Mid-America Real Estate has arranged the sale of a 9,035-square-foot, three-tenant shopping center in Pleasant Prairie. The Plaza at Prairie Ridge is located at the southeast corner of 75th Street and 104th Avenue. Oak Brook, Ill.-based Inland Real Estate Acquisitions Inc. purchased the property for an undisclosed sales price. Target, JC Penney, Dick’s Sporting Goods, and PetSmart shadow-anchor the shopping center. Carly Gallagher of Mid-America and Dan Rosenfeld of Mid-America Real Estate – Wisconsin LLC were the exclusive brokers in the transaction on behalf of the seller, Milwaukee-based Evo Properties LLC.

February 24, 2015

Illinois Midwest Retail

Brixx Wood-Fired Pizza Opens at The Depot in Fishers, Ind.

by Danielle Everson February 24, 2015

FISHERS, IND. — Brixx Wood Fired Pizza has opened as the anchor tenant of The Depot at Nickel Plate, a mixed-use development in Fishers. Brixx occupies the 3,824 square feet of retail space, with an additional outdoor dining patio, on the southeast corner of Municipal Drive and 116th Street. Brixx serves wood-fired pizzas cooked in brick ovens, salads, pastas and sandwiches, and offers 24 local and national craft beers on tap and 14 wines by the glass. The Depot at Nickel Plate features 242 units and 17,000 square feet of retail space. First units became available in December, with construction to be completed in April. The Depot also includes approximately 430 structured parking spaces.

February 24, 2015

Office Texas

CBRE Arranges Sale of Office Property in Metro Dallas

by Haisten Willis February 24, 2015

IRVING, TEXAS — CBRE’s Capital Markets Office Investment Group has arranged the sale of Canal Centre, a Class A office property located in Irving. Canal Centre is comprised of a recently redeveloped, 10-story office building with 238,051 rentable square feet and a six-story parking garage. Libitzky Property Companies purchased the asset from LaSalle Investment Management for an undisclosed price. CBRE’s Eric Mackey, Gary Carr, John Alvarado and Robert Hill represented the seller. Canal Centre is positioned at the heart of the Urban Center within the master-planned Las Colinas community. Las Colinas is home to 8,500 businesses, including 50 Fortune 500 companies, five Fortune 500 global headquarters and roughly 100 multi-national companies.

February 24, 2015

Loans Multifamily Texas

KeyBank Secures $52.7M Loan for Two Dallas Multifamily Communities

by Haisten Willis February 24, 2015

DALLAS — KeyBank Real Estate Capital has secured $52.8 million in Freddie Mac CME financing for two multifamily communities located in Dallas. The first loan, for $28 million, was used to refinance Grand Estates at Kessler Park, a 338-unit, garden-style apartment community that was built in 2002. The second loan, for $24.7 million was used to refinance Grand Estates at Founders Park, a 336-unit, garden-style apartment community that was built in 2004. Alex Buecking of KeyBank’s Commercial Mortgage Group originated and closed the 10-year term financing for both properties within 65 days.

February 24, 2015

Loans Multifamily Texas

HFF Arranges Financing for Apartment Complex in Austin

by Haisten Willis February 24, 2015

AUSTIN, TEXAS — HFF has arranged financing for Avendaro at Canyon Creek, a 296-unit, Class A, garden-style multi-housing complex in northwest Austin. HFF worked on behalf of the borrower, Griffis Residential, to secure the nine-year, 3.6 percent, fixed-rate loan through a correspondent life insurance company. Loan proceeds were used to acquire the property, and HFF will service the loan. Avendaro at Canyon Creek is situated on 23.8 acres at 9807 Ranch Road 620 N. Located along State Highway 620, the property is approximately 17 miles north of downtown Austin near State Highway 45 and I-35. The 13 two- and three-story buildings are composed of one-, two- and three-bedroom units averaging 965 square feet. Eric Tupler, Josh Simon, Casey Wenzel, Leon McBroom and Bryan Harvey led the HFF debt placement team.

February 24, 2015

Loans Multifamily Northeast Pennsylvania

NorthMarq Capital Arranges Three Multifamily Loans Totaling $61.48M in Pennsylvania

by Amy Works February 24, 2015

ALLENTOWN, QUAKERTOWN AND READING, PA. — NorthMarq Capital has arranged a total of $61.48 million in refinancing for three multifamily properties in Pennsylvania. Robert Ranieri of NorthMarq Capital’s Greater Westchester, N.Y./Conn. regional office secured the financing through the firm’s seller-servicer relationship with Freddie Mac for each transaction. Located at 1207 E. Congress St. in Allentown, the 548-unit Congress Apartments received $36.3 million in refinancing. The 7-year loan features a 30-year amortization schedule. In Quakertown, the 264-unit Quakertown West apartment community, located at 491 S. Ninth St. received an $18.2 million loan, featuring a 7-year term and a 30-year amortization schedule. Additionally, the 148-unit Antietam Arms apartment community, located at 850 Carsonia Ave. in Reading, received $6.98 million in financing, also with a 7-year term and a 30-year amortization schedule.

February 24, 2015

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