Property Type

Marcus & Millichap Brokers $6.2M Sale of Retail Property in Miramar

by John Nelson February 27, 2015

MIRAMAR, FLA. — Marcus & Millichap has brokered the $6.2 million sale of Shoppes at Monarch, a 13,466-square-foot retail property located at 12703 Miramar Parkway in Miramar. The property is part of the Monarch Professional Centre mixed-use development that features 64,000 square feet of medical and professional office space. Shoppes at Monarch is fully leased to tenants such as Little Caesars Pizza, Karate America, Nami Sushi and El Trebol. Douglas Mandel and Barry Wolfe of Marcus & Millichap’s Fort Lauderdale office represented the seller, a Coral Gables-based limited liability company, in the transaction. The buyer was a limited liability company based in Miami Beach.

February 27, 2015

Office Texas

Structural Work Completed at Legacy VI and VII Office Buildings in Metro Dallas

by Haisten Willis February 26, 2015

PLANO, TEXAS — Bob Moore Construction has completed structural work for the Legacy VI and VII office buildings. Upon completion, Legacy VI and VII will deliver 245,508 square feet of speculative office space in a 24-acre, three-building campus. Lincoln Property Co. hired Bob Moore Construction as the general contractor for Legacy VI and VII in 2014. Legacy VI will include two buildings, each spanning 60,428 square feet. Legacy VII is a 124,652-square-foot, two-story office building. All three buildings were constructed with tilt-up construction. The campus also features 1,463 parking spaces spread over 582,522 square feet of new paving.

February 26, 2015

Multifamily Texas

Gaia, Menora Mivtachim and Amitim Acquire Multifamily Portfolio in Houston

by Haisten Willis February 26, 2015

HOUSTON — Gaia Real Estate, Menora Mivtachim Insurance and Amitim Senior Pension Funds have acquired a five-property, 1,376-unit portfolio located in Houston. Menora Mivtachim is an Israel-based insurance company and Amitim is Israel’s largest institutional organization. The Class B multifamily properties are concentrated amongst two locations in the Spring Branch/Bear Creek and Champions East submarkets. Amenities at the properties include swimming pools and spas, fitness centers, playgrounds, resident business centers, barbeque areas as well as covered parking. Gaia owns more than 16,500 residential units with 5,670 units spread throughout 19 properties in Houston. The company plans a comprehensive unit and exterior capital upgrade program and will rebrand some of the communities.

February 26, 2015

Multifamily Texas

M&M Arranges Sale of 32-Unit Apartment Building in Dallas

by Haisten Willis February 26, 2015

DALLAS — Marcus & Millichap has arranged the sale of Cockrell Hill Apartments, a 32-unit apartment property located in Dallas. Robert Denninger of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. An outside broker represented the buyer, a limited liability company. Cockrell Hill Apartments is located at 4355 Division St., just off North Cockrell Hill Road. The Class C asset is situated on nearly three acres and consists of eight two-story buildings with four one-bedroom/one bath-units and 28 two-bedroom/two-bath units. Since 2009, the asset has undergone renovations that have included the addition of a new roof, a parking lot expansion, HVAC replacements, both exterior and interior improvements and the implementation of a washer/dryer program.

February 26, 2015

Leopardo_Rosenbloom-Center-on-Vision-and-Aging3

Healthcare Illinois Midwest

Leopardo Cos. Completes Multiphase Project for the Illinois College of Optometry

by Danielle Everson February 26, 2015

CHICAGO —Leopardo Cos. has completed a multiphase project for the Illinois College of Optometry, an optometric institution. The 28,000-square-foot interior renovation included modernizing aspects of an existing library and converting administrative space to make room for a new elderly eye care center. The library renovations added individual study areas, administrative and academic offices, as well as high-tech conference and student study rooms. The Alfred and Sarah Rosenbloom Center on Vision and Aging is a new elderly eye care facility to be used by the Illinois Eye Institute, a non-profit eye clinic providing eye care, outreach programs and research. Leopardo served as general contractor on the project. Chicago-based architect Jensen & Halstead provide architectural services.

February 26, 2015

Illinois Midwest Multifamily

Essex Realty Brokers $7.6M Sale of 31-Unit Multifamily Building in Chicago

by Danielle Everson February 26, 2015

CHICAGO — Essex Realty Group has brokered the $7.6 million sale of 3808-16 N. Sheffield Ave. in Chicago. The 31-unit courtyard building is located in Chicago’s Lakeview neighborhood. The building was converted to condominiums in 2008. Doug Imber and Kate Varde of Essex Realty represented the undisclosed seller and buyer.

February 26, 2015

Hospitality Midwest Nebraska

HREC Arranges Sale of Holiday Inn in Lincoln, Neb.

by Danielle Everson February 26, 2015

LINCOLN, NEB. — HREC Investment Advisors has brokered the sale of the 231-room Holiday Inn Downtown located in Lincoln. AJ Capital Partners purchased the property for an undisclosed sales price. The hotel is located within the historic Haymarket District of downtown Lincoln and is in walking distance to the University of Nebraska and the Nebraska State Capitol. The 16-story Holiday Inn Lincoln was built in 1974 and will undergo a major renovation. Geoff Davis, Patrick Culligan and Scott Kaniewski of HREC Investment Advisors represented the seller, Rick Takach of Vesta Lincoln Partners LLC, in the sale. Rick Takach and Vesta Hospitality Services will continue to manage the property.

February 26, 2015

Multifamily Seniors Housing Texas

Tribute Plans New Memory Care Community in Prosper

by Haisten Willis February 26, 2015

PROSPER, TEXAS — Dallas-based Tribute Senior Living will begin construction this spring on an advanced memory care and seniors living community at the corner of Preston Road and Broadway in Prosper, Texas. Upon completion in 2016, the 60,000-square-foot community will be home to 100 residents. “There are more than 5.2 million people living with Alzheimer’s disease in the United States,” says Charles Hodges, a partner with Tribute. “That number is expected to grow to more than 16 million by 2050. Those are very real numbers and when you also consider the family and friends touched by this horrible disease, we are talking about hundreds of millions of people affected in one way or another.” Sodalis Elder Living principal and Tribute Senior Living partner Mark Rushing will serve as the operating partner. The team has formally partnered with Dr. Paula Grammas, former executive director of the Garrison Institute on Aging and tenured professor of neurology at the Texas Tech University School of Medicine, to ensure that the communities utilize every environmental and care advantage in treating Alzheimer’s and dementia.

February 26, 2015

Florida Hospitality Loans Southeast Virginia

HFF Arranges $110M Loan for Multi-State Hotel Portfolio

by John Nelson February 26, 2015

ORLANDO, FLA. — HFF has arranged $110 million in mortgage financing for a seven-property, 2,566-room hotel portfolio in Florida, California, Virginia, Ohio and New Mexico. The hotels include the 266-room Sheraton Tampa East in Tampa; the 382-room Sheraton Orlando North in Orlando; the 718-room Radisson Orlando Celebration in Orlando; the 329-room Hilton Concord in Concord, Calif.; the 295-room DoubleTree Williamsburg in Williamsburg, Va.; the 300-room Crowne Plaza Columbus North in Columbus, Ohio; and the 276-room Sheraton Albuquerque Airport in Albuquerque, N.M. Michael Weinberg, Dan Peek, Trey Morsbach and Preston Reid of HFF arranged the five-year, floating-rate laon through CCRE on behalf of the borrower, a joint venture between Varde Partners Inc., Interstate Hotels & Resorts and Waramaug Hospitality Management. Loan proceeds will be used to refinance existing debt on the properties.

February 26, 2015

Florida Loans Retail Southeast

NorthMarq Arranges $13.5M Loan for Retail Center in Tallahassee

by John Nelson February 26, 2015

TALLAHASSEE, FLA. — NorthMarq Capital has arranged $13.5 million in refinancing for University Village, a 152,104-square-foot retail center located at 2020 W. Pensacola St. in Tallahassee. The property’s major tenants include Gold’s Gym and the Post Office. Lee Weaver of NorthMarq Capital’s Tampa office arranged the 10-year loan with a 30-year amortization schedule through an unnamed CMBS lender.

February 26, 2015

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