Property Type

Construction Begins on New Hampton Inn & Suites Hotel in Miami

by John Nelson December 12, 2014

MIAMI — Miami-based Mayan Properties, 3H Group Hotels and Arti Hersi Inc. have teamed up to break ground on the new Hampton Inn & Suites in Miami’s Biscayne Boulevard corridor. The 151-room hotel will be located at the intersection of Biscayne Boulevard and Northwest 35th Street. The hotel will feature 4,400 square feet of street-level retail space and an eight-story parking garage. 3H Group Hotels will manage the hotel upon completion, which is slated for first quarter 2016. The design team includes architect Israel Bigelman, exterior architect Kobi Karp and interior designer Monioni Design. Michael Comras of Comras Co. will handle leasing the retail space.

December 12, 2014

Georgia Retail Southeast

Phillips Edison Acquires Kroger-Anchored Shopping Center in Metro Atlanta for $11.7M

by John Nelson December 12, 2014

STOCKBRIDGE, GA. — Phillips Edison Grocery Center REIT II Inc. has purchased Spivey Junction, an 81,475-square-foot grocery-anchored shopping center in Stockbridge, a southern suburb of Atlanta, for approximately $11.7 million. The property’s tenant roster includes Kroger, Kroger Fuel Center, Great Clips, Workout Anytime, Domino’s Pizza, Subway, Goodwill and Miracle Ear. The seller was MK EP Spivey LLC, a Delaware-based limited liability company. As of Dec. 9, Phillps Edison Grocery Center REIT II owned and managed 17 grocery-anchored shopping centers totaling 1.9 million square feet.

December 12, 2014

Georgia Retail Southeast

Cooper Commercial Brokers $8.5M Sale of Metro Atlanta Shopping Center

by John Nelson December 12, 2014

MARIETTA, GA. — The Cooper Commercial Investment Group has brokered the $8.5 million sale of the Village at Old Trace shopping center, a 40,985-square-foot retail property in Marietta, a northern suburb of Atlanta. The property was built in 2006 and was 93 percent leased at the time of sale. Dan Cooper of Cooper Commercial’s Cleveland, Ohio office represented the seller, a private investment group based in Ohio. The buyer was a local entity.

December 12, 2014

Hospitality Texas

HREC Arranges Sale of Holiday Inn in San Antonio

by Haisten Willis December 12, 2014

SAN ANTONIO — HREC Investment Advisors has arranged the sale of a 194-room Holiday Inn San Antonio NW SeaWorld located in San Antonio. Pacifica Cos., a San Diego-based investment firm, was the buyer. Mike Armstrong and Hank Wolpert of HREC represented the seller, a private equity fund, in the transaction. The hotel opened in 2009 as the first LEED-certified hotel in Texas. It is the preferred hotel of the 250-acre SeaWorld San Antonio, the world’s largest marine life theme park.

December 12, 2014

Midwest Minnesota Office

NorthMarq Capital Arranges $203.5M in Acquisition Financing for Office Park in Bloomington, Minn.

by Danielle Everson December 11, 2014

BLOOMINGTON, MINN. — NorthMarq Capital’s Minneapolis office has arranged a $203.5 million loan on behalf of an investment partnership between MetLife and Allstate Insurance Co./Allstate Life Insurance Co. for the acquisition of Normandale Lake Office Park. Northwestern Mutual is the lender. Located in the southwest suburb of Bloomington, Normandale is situated on 23 acres overlooking the 2,500-acre Normandale Lake recreational area. Amenities include a childcare facility, two full-service restaurants, conference space and two fitness centers. The complex consists of 1.7 million square feet of Class A office space in five towers, which are connected by enclosed skyways. The park is 93 percent occupied, an increase of 10 percent in the last two years. Tenants at the park include Prime Therapeutics, Aon Benfield, Schwan’s, Towers Watson, Tata Consultancy Services, Emerson Corporation and Oracle Corp. The sale was the second largest suburban office sale in the United States year-to-date in 2014. NorthMarq’s Minneapolis team also included James Hoopes, Daniel Trebil, Michael Padilla and Jon Miller.

December 11, 2014

Office Texas

Rosemont Realty Acquires Office Tower in Houston

by Haisten Willis December 11, 2014

HOUSTON — Rosemont Realty LLC has acquired Kirkwood Tower in Houston. The 15-story tower located at 11757 Katy Freeway includes 285,682 rentable square feet of Class A office space. The acquisition brings Rosemont’s total square footage in metro Houston to nearly 2.5 million square feet. The company also owns the adjacent Kirkwood Atrium II property. Rosemont purchased the office building in a joint venture with new Rosemont investor Central Properties. A joint venture between Denver-based Amstar and Dallas-based Frontier Equity was the seller. The building was constructed in 1984, with major capital improvements made between 2008 and 2013. Tenants include Texon LP, Skyline Executive Suites Ltd., KCA Deutag LLC, First Solar Inc., Greene’s Energy Group LLC and Mac Haik Holding Co.

December 11, 2014

Office Texas

Boxer Property Arranges Office Lease in Metro Dallas

by Haisten Willis December 11, 2014

FARMERS BRANCH, TEXAS — Boxer Property has arranged a 23,893-square-foot office lease for Nurtur Health Inc. at 4001 McEwen Road in Farmers Branch. Gil Engelhardt, Jillian Brody and Mark Dowdle of Boxer represented the landlord. Cassidy Turley represented the tenant. 4001 McEwen Road is part of a three-building office complex. Amenities at the property include a walking trail, a gym, cafeteria and on-site security. The property is located 15 miles from DFW.

December 11, 2014

Midwest Missouri Retail

Cassidy Turley Brokers $53M Sale of Seven-Property Retail Portfolio in Five States

by Danielle Everson December 11, 2014

ST. CHARLES AND INDEPENDENCE, MO. — Cassidy Turley has arranged the $53 million sale of a 619,161-square-foot retail portfolio across five states. The seven-property portfolio is 84.7 percent leased to 76 tenants. The portfolio includes Regency Square, a 49,155-square-foot retail center in St. Charles, Mo.; Independence Corners, a 72,956 square foot shopping Center in Independence, Mo.; and five more shopping center properties in Pennsylvania, South Carolina Georgia and Arizona. More than 19 percent of the portfolio is occupied by grocery stores, and other tenants include Rite Aid, Tractor Supply and Stein Mart. Cassidy Turley represented the seller, PDSI. TriGate Capital purchased the portfolio.

December 11, 2014

Midwest Minnesota Multifamily

M&M Arranges $7M Sale of 72-unit Apartment Property in Burnsville, Minn.

by Danielle Everson December 11, 2014

BURNSVILLE, MINN. — Marcus & Millichap has brokered the $7 million sale of Whispering Oaks, a 72-unit apartment property in Burnsville. The property is located at 1600 W. 143rd St. and was originally constructed as condominiums. Units include fireplaces, in-unit washers and dryers, and multiple in-unit balconies. The building itself is equipped with underground parking, a swimming pool, community rooms and an elevator. Mox Gunderson and Dan Linnell of Marcus & Millichap’s Minneapolis office represented the seller, a private investor, and the buyer, a limited liability company.

December 11, 2014

Multifamily Texas

HFF Negotiates Sale, Financing of Four Apartment Communities in Houston

by Haisten Willis December 11, 2014

HOUSTON — HFF has negotiated the sale and financing of a four-property, Class A apartment portfolio totaling more than 900 units in Houston. Southwest Multifamily Partners purchased the portfolio in a joint venture with an institutional co-investment partner. Todd Marix, Todd Stewart and Chris Curry of HFF marketed the property on behalf of the unnamed seller. Andy Scott, Jody Thornton and Michael Cosby of HFF’s debt placement team worked on behalf of the buyer to secure acquisition financing in four separate transactions through Freddie Mac’s CME program. The loans will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program. The portfolio is 95 percent leased and located in the Texas Medical Center and Galleria submarkets. Lincoln Property Co. will manage the properties, which include Mirage Apartments at 2100 Bering Drive, Parque Del Oro Apartments at 8380 El Mundo St., San Melia Apartments at 6383 El Mundo St. and Versailles Park Apartments at 7200 Almeda.

December 11, 2014

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