Property Type

Olympus Property Acquires Apartment Complex in Downtown Dallas

by Haisten Willis November 20, 2014

DALLAS — Olympus Property has acquired The Mosaic, a 440-unit high-rise apartment building in downtown Dallas. The Mosaic consists of two connected residential towers of 21 and 32 stories along with a nine-story parking garage. The buildings were originally home to the Fidelity Union Life Insurance Co. The buildings were constructed in 1951 and 1962 and were redeveloped into apartments in 2007. Amenities include a swimming pool and spa, outdoor movie theater, gas fire pit, outdoor kitchen, gym, lounge, billiards area and a cigar lounge/poker room. The Mosaic contains 285 one-bedroom and 148 two-bedroom units.

November 20, 2014

JLL Arranges Office Lease in Dallas

by Haisten Willis November 20, 2014

DALLAS — JLL has negotiated a 157,568-square-foot office lease at One Arts Plaza on behalf of EnLink Midstream Partners LP and EnLink Midstream LLC. One Arts Plaza is located at 1722 Routh St. in the Dallas arts district. The company plans to relocate in 2016. Steve Thelen, Jeff Staubach and Torrey Littlejohn of JLL negotiated the lease on behalf of the tenant. Dallas-based architecture firm Corgan will design the new space.

November 20, 2014

California Loans Multifamily Western

Laurel Court at Quail Park in Visalia Receives $9.4M Refinance

by Nellie Day November 20, 2014

VISALIA, CALIF. – Laurel Court at Quail Park, a 40-unit memory care community in Visalia, has received a $9.4-million refinance. The facility is located at 5050 W. Tulare Ave. It is operated by Living Care Lifestyles. The cash-out refinance was arranged by Stuart Oswald of NorthMarq Capital’s Seattle regional office through the firm’s correspondent relationship with a life insurance company.

November 20, 2014

California Retail Western

Walgreens Property in Long Beach Sells for $6.4M

by Nellie Day November 20, 2014

LONG BEACH, CALIF. – A 15,200-square-foot retail property in Long Beach that is net leased to Walgreens has sold to a private West Covina investor for $6.4 million. The building is located at 2627 Pacific Ave. It includes a 24-hour drive-thru. Walgreens has less than 10 years remaining on the initial term. The 1031 exchange buyer was represented by Nick Peukpiboon and Lara Rudolph of Daum Commercial Real Estate Services. The seller, a private investor from Huntington Beach, was represented by Edward B. Hanley, Kevin T. Fryman and Eric P. Wohl of Hanley Investment Group Real Estate Advisors.

November 20, 2014

Multifamily Nevada Western

Townhome Villas in Las Vegas Sells for $8M

by Nellie Day November 20, 2014

LAS VEGAS – The 173-unit Townhome Villas in Las Vegas has sold to Las Vegas Residential Properties for $8 million. The community is located at 1000-1100 Dumont Blvd. The seller, H&B One LLC, was represented by NAI Vegas’ Sauter Multifamily Group.

November 20, 2014

California Retail Western

Blue Line Pizza Opens in Daly City

by Nellie Day November 20, 2014

DALY CITY, CALIF. – Blue Line Pizza has opened a 2,978-square-foot pizzeria at Westlake Shopping Center in Daly City. The new outpost is located at 511 Westlake Center. This is the pizza chain’s fifth Bay Area location. The restaurant was represented by Ross White of SRS Real Estate Partners’ San Francisco office. The landlord was not named.

November 20, 2014

Colorado Retail Western

Erie Moves Forward on King Soopers Shopping Center Development

by Nellie Day November 20, 2014

ERIE, COLO. – The Town of Erie is moving forward on an agreement that would give it the exclusive option to purchase a 20-acre site where a shopping center anchored by King Soopers would soon be developed. The 125,000-square-foot center would be located at the northwest corner of Highway 7 and Sheridan. The option agreement was recently approved, making way for King Sooper to submit a development application. Once that is completed, the town and the supermarket can move forward on a development agreement.

November 20, 2014

Industrial Market Reports Michigan Midwest Midwest Market Reports Office Restaurant Retail

Lack of Quality Inventory Spurs New Round of Development in Traverse City

by Danielle Everson November 20, 2014

A blistering cold winter lingered into the late spring and left the commercial real estate market in the Grand Traverse region frozen. Businesses waited for the market and the temperatures to thaw, and a third-quarter surge has activity back on track. From Jan. 1 through Sept. 30, property sales totaled $10.3 million and 221,136 square feet, including 118,515 square feet of industrial/warehouse buildings, 79,463 square feet of professional/medical office space, and 23,158 square feet of retail/restaurant space. That‘s slightly ahead of last year’s pace. During the first three quarters of 2013, property sales totaled $9.9 million and 207,845 square feet, including 121,469 square feet of industrial/warehouse buildings, 44,160 square feet of professional/medical office space, and 42,216 square feet of retail/restaurant space. The office sector posted about a 9 percent increase in the average sales per square foot during the first three quarters of 2014, while the industrial warehouse market recorded an increase of approximately 5 percent. The retail/ restaurant sector saw a 9 percent drop in the average sales per square foot The reduction in the average sales price in the retail/restaurant market sector is mostly due to the lack of quality inventory. This lack of inventory in our market …

November 20, 2014

Connecticut Mixed-Use Northeast

BLT Unveils Plans for Mixed-Use Davenport Landing in Connecticut

by Amy Works November 20, 2014

STAMFORD, CONN. — Building and Land Technology (BLT) has unveiled its plans for Davenport Landing, a mixed-use redevelopment project located on 14 acres along the West Branch of Stamford Harbor. The plans will unify 28 Southfield Avenue and Stamford Landing to create a mixed-use destination. BLT’s existing mixed-use development, Stamford Landing, features a 600-foot boardwalk, 70-slip marina, 175,419 square feet of office space and 12,621 square feet of restaurant space, which will expand under the new plan with the development of 108 residential units. The second parcel at 28 Southfield Ave. will offer 167 residential units and a new boatyard, including deep-water slips, winter storage, year-round repair facilities and other boating facilities.

November 20, 2014

Multifamily New York Northeast

Ariel Property Advisors Brokers $25.9M East Village Residential Property Sale

by Amy Works November 20, 2014

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a multi-unit condominium building, located 47-53 Third Avenue in New York City’s East Village. Slate Property Group purchased the five-story property for $25.9 million. The 30,662-square-foot property, which was delivered vacant, offers 28 residential units in a mix of 22 two-bedroom units and six one-bedroom units. On-site amenities include a recreational room, large outdoor terrace, laundry room and concierge desk. Victor Sozio, Shimon Shkury, Jesse Deutch, Randy Modell and Howard Raber of Ariel Property Advisors represented the seller, a real estate investment group, and procured the buyer in the deal.

November 20, 2014

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