Property Type

Cooper Commercial Brokers Sale of 14,545 SF Retail Plaza in Akron

by Amy Works June 2, 2015

AKRON, OHIO — Cooper Commercial Investment Group has brokered the sale of Chapel Center, a retail plaza located in the Chapel Hill shopping district of Akron. A New York-based private investment group bought the 14,545-square-foot property for $2.4 million, which was 97 percent of the original list price. The center is tenanted by Men’s Wearhouse, Sprint, H&R Block, Mattress Warehouse and Check n’ Go. Bob Havasi and Dan Cooper of Cooper Commercial represented the seller, a private Ohio-based investment group, and the buyer in the transaction.

June 2, 2015

Industrial Loans Michigan Midwest Office

Bernard Financial Arranges $5.7M Loan for Office/Industrial Property in Michigan

by Amy Works June 2, 2015

LAKE ORION, MICH. — Bernard Financial Group has arranged a $5.7 million non-recourse loan for BKG Orion, a 115,545-square-foot office and industrial property located in Lake Orion. The borrower is BKGE Orion LLC. Dennis Bernard and Kevin Kovachevich of Bernard Financial, which will service the loan, arranged the financing, which was provided by a national CMBS lender.

June 2, 2015

Illinois Industrial Midwest

LG Electronics Extends 377,630 SF Lease in Bolingbrook, Ill.

by Amy Works June 2, 2015

BOLINGBROOK, ILL. — LG Electronics has extended its lease of 377,630 square feet at 1251 115th St. in Bolingbrook. The property is located within Highland Corporate Center and owned by ML Realty Partners. James Frank and Jason West of Cushman & Wakefield represented the tenant in the transaction. Terms of the lease were not released.

June 2, 2015

Illinois Midwest Multifamily

Marcus & Millichap Brokers Sale of 12-Unit Apartment Building in Illinois

by Amy Works June 2, 2015

TINLEY PARK, ILL. — Marcus & Millichap has brokered the sale of an apartment building located at 7351 Sandalwood Drive in Tinley Park. The 12-unit property sold for $845,000. The property comprises four one-bedroom/one-bath units, measuring 600 square feet, and eight two-bedroom/one-bath units, measuring approximately 875 square feet. Each unit has storage, a dishwasher, access to on-site laundry and a balcony or patio. Jordan Gilbert, Andrean Angelov and Ryan Engle of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, and secured the buyer, a limited liability company, in the transaction.

June 2, 2015

Florida Industrial Southeast

Ridge Development, AEW Capital Break Ground on 490,000 SF Industrial Project in Lakeland

by John Nelson June 2, 2015

LAKELAND, FLA. — Ridge Development, the industrial development arm of Transwestern Development Co., has begun construction on a 245,000-square-foot Class A distribution center — the first of two buildings in a new 46.5-acre business park called Lakeland Logistics Center. The speculative building is slated for delivery by year-end, and the second 245,000-square-foot building is being marketed as a build-to-suit opportunity. Located at 2011–2211 W. Memorial Blvd. in Lakeland, the project is owned by a joint venture between Ridge Development and AEW Capital Management. AEW is developing the project on behalf of one of its separate account clients. Lakeland Logistics Center is situated within two miles of Interstate 4 near the intersection of U.S. Highway 92 West and Wabash Avenue. Each building is divisible to 44,000 square feet and features front-load or cross-dock capability, 74 dock doors, 32-foot clear heights, 45 trailer parking spaces and a six-acre staging base for trailer storage or parking. Julia Silva Rettig, Jeff Lamm, Jared Bonshire and David Perez of Cushman & Wakefield are providing leasing services.

June 2, 2015

Alabama Multifamily Southeast

Passco Cos. Acquires Apartment Community in Metro Mobile for $43M

by John Nelson June 2, 2015

SPANISH FORT, ALA. — Passco Cos. LLC has purchased The Arlington at Eastern Shore, a 300-unit, Class A multifamily community located at 10558 Eastern Shore Blvd. in Mobile’s Spanish Fort suburb, for $43 million. Built in 2009, the property was designed to where each multi-unit apartment building resembles a large single-family home. The property features attached garages, an indoor basketball court, stocked fishing pond, pool with a sundeck, resident lounge, car care center and a fitness center. Passco plans to improve the apartment community with new exterior paint and the addition of a dog park. Passco funded its purchase of The Arlington at Eastern Shore using Fannie Mae debt. Rock Apartment Advisors brokered the transaction.

June 2, 2015

Florida Hospitality Southeast

Hyatt Hotels Corp. Opens Hyatt Centric South Beach Miami Hotel

by John Nelson June 2, 2015

MIAMI BEACH, FLA. — Hyatt Hotels Corp. has opened Hyatt Centric South Beach Miami, a 105-room hotel in Miami Beach’s South Beach neighborhood. The property is the first Hyatt Centric in the region and only the second one worldwide. The 10-story hotel is located at 1600 Collins Ave. and features a central lobby lounge, local artwork, an indoor/outdoor lobby on the third floor, fitness center and an open-air deck with a swimming pool and cabanas. Hyatt Hotels developed the hotel in conjunction with Miami-based Robert Finvarb Cos. and its partner David Martins. Architect Kobi Karp designed the hotel.

June 2, 2015

Florida Office Southeast

Faith Investment Properties Buys Two Office Buildings in North Miami Beach for $7M

by John Nelson June 2, 2015

NORTH MIAMI BEACH, FLA. — Faith Investment Properties Group has purchased two office buildings known as Venture Center in North Miami Beach for $7 million. The Aventura, Fla.-based investment firm has several medical office buildings in its portfolio in the vicinity, which is close to Jackson North Medical Center. FIP Realty Services LLC, an affiliate of Faith Investment Properties, represented the buyer in the transaction.

June 2, 2015

Industrial Oregon Western

Harsch Investments Buys Teton Industrial Building in Tualatin

by Nellie Day June 2, 2015

TUALATIN, ORE. – Harsch Investments has purchased Teton Industrial Building, a 100,000-square-foot industrial property in Tualatin, for an undisclosed sum. The building is located at 20495 SW Teton Ave. It was formerly long occupied by Stanton Furniture. Harsch will immediately begin a renovation program that will include roof improvements, painting, parking lot and landscape upgrades, warehouse lighting upgrades and yard area re-grading. The transaction was executed by Stu Peterson of Macadam Forbes.

June 2, 2015

Multifamily Washington Western

Pathfinder Partners Sells Redondo Terrace Apartments in Seattle

by Nellie Day June 2, 2015

SEATTLE – Pathfinder Partners has divested the 78-unit Redondo Terrace apartments in Seattle. The community was purchased by a local investor for $7.5 million. It is located at 29421 Pacific Highway South in the Federal Way submarket, just south of Downtown Seattle. The property was originally known as the View at Redondo. Pathfinder completed extensive value-add improvements prior to the sale. The buyer was represented by George Miller of Marcus & Millichap.

June 2, 2015

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