Property Type

Greystone Funds $46.5M in Western-Based Multifamily Loans

by Nellie Day October 17, 2014

SAUSALITO, CALIF. – Greystone’s recently expanded West Coast operations team has funded three Western-based multifamily loans totaling $46.5 million. The loans include a $23.4-million refinance for a 90-unit community in Sausalito, Calif.; a $10.4-million refinance for a Class A multifamily project in Mountain View, Calif.; and a $12.7-million acquisition loan for a Class A multifamily property in Goodyear, Ariz. The Sausalito loan features a 12-year term with five years of interest-only. The other two loans feature 10-year terms. Financing was originated by Tim Thompson of Greystone’s San Francisco office under the Fannie Mae Delegated Underwriting and Servicing (DUS) program include.

October 17, 2014

Office Texas

Cousins Properties to Begin Construction of Office Property in Austin

by Haisten Willis October 17, 2014

AUSTIN — Cousins Properties Inc. is set to begin construction on Research Park V in Austin. The 173,000-square-foot office development is the last in a five-building complex Cousins is developing. Construction is projected to start later this year and be completed in the fourth quarter of 2015. Cousins anticipates the total development cost for Research Park V will be $44 million.

October 17, 2014

Multifamily Nevada Western

Las Vegas Apartment Portfolio Sells for $40M

by Nellie Day October 17, 2014

LAS VEGAS – The Bascom Group and funds managed by Carlyle Realty VII L.P. have acquired a two-property Las Vegas apartment portfolio for $39.9 million. The properties included in this transaction are Summerhill Villas at 2150 North Tenaya Way and Bayshore Club at 4975 South Duneville Street. “We are excited to be acquiring two very well-located properties in the Las Vegas metro,” says Scott McClave, principal transactions for Bascom. Summerhill Villas was built in 1990, while Bayshore Club was constructed in 1989.

October 17, 2014

Office Texas

Encore Acquires Land for Retail Development in Metro Dallas

by Haisten Willis October 17, 2014

MCKINNEY, TEXAS — Encore Retail LLC, a subsidiary of Dallas-based Encore Enterprises Inc., has acquired land to develop a 20-acre Class A neighborhood retail development in the master-planned community of Craig Ranch. The development is part of a 2,200-acre business, retail and residential community which will be located near the city limit lines of McKinney and Frisco. The project will be known as Marketplace at Craig Ranch and will be anchored by a grocer with inline retail space as well as five outparcel pad sites along Custer and Stacy roads.

October 17, 2014

Alaska Retail Western

Glenn Square in Anchorage Sells for $25.5M

by Nellie Day October 17, 2014

ANCHORAGE, AK — JL Properties has acquired Glenn Square, a 182,451-square-foot shopping center in Anchorage, for $25.5 million. The property is located at 3090 Mountain View Drive. Notable tenants at the center include Bass Pro Shops, Bed Bath & Beyond, Michael’s and PetCo. The center was built in 2006. Capital Pacific represented both the buyer and seller, Kimco, in this transaction.

October 17, 2014

Arizona Retail Western

Rosenthal & Rosenthal Acquires Whole Foods Property in Flagstaff

by Nellie Day October 17, 2014

FLAGSTAFF, ARIZ. — Rosenthal & Rosenthal has acquired a retail property in Flagstaff that is leased to Whole Foods for $11.6 million. The property is located at 320 S. Cambridge Lane within the Aspen Place at the Sawmill development. The space is situated near Northern Arizona University, at the corner of Butler Avenue and Lone Tree Road. Other notable tenants at Aspen Place at the Sawmill include REI, Chico’s, Eddie Bauer, Flagstaff Jean Company, Wildflower Bread Company and Pita Jungle. Rosenthal & Rosenthal purchased the property through its affiliate Broadway Tenth/Flagstaff LLC. The seller, Sawmill NF LLC, an affiliate of The Aspen Group, was represented by Ryan Schubert and Michael Hackett of Cassidy Turley’s Retail Capital Markets Group.

October 17, 2014

California Retail Western

Sierra Commons Shopping Center in Palmdale Sells for $18.3M

by Nellie Day October 17, 2014

PALMDALE, CALIF. — An investment group led by Progression Real Estate Investments has acquired the leasehold-interest in Sierra Commons, a shopping center in Palmdale, for $18.3 million. The center is located at 39626 10th Street. The property is 90 percent occupied. Notable tenants at Sierra Commons include Ashley Furniture, Michaels, BevMo!, the Coffee Bean & Tea Leaf and Pacific Dental. The center was built in 1994 and renovated in 2005. The seller, Grae Palmdale Landlord LLC, was represented by Patrick G. Kent and William B. Asher of Hanley Investment Group.

October 17, 2014

Illinois Industrial Midwest

Europa International Acquires 47,650 SF Industrial Facility in Vernon Hills, Ill.

by Danielle Everson October 17, 2014

VERNON HILLS, ILL. — Entre Commercial Realty LLC has arranged the sale of a 47,650-square-foot industrial facility in Vernon Hills. Europa International purchased the property located at 225 Corporate Woods for an undisclosed sales price. The eyewear and sunwear manufacturer is relocating and expanding from its current location in Buffalo Grove. In addition, the company’s manufacturing facility in California is also moving to the new Vernon Hills site. Brian Bocci of Entre represented Europa in the transaction. Keith Puritz, Brett Kroner, Ryan Bain and Zach Graham of CBRE represented the undisclosed seller.

October 17, 2014

Illinois Midwest Mixed-Use

Baum Realty Group Arranges $3.4M Sale of Mixed-Use Property in Chicago

by Danielle Everson October 17, 2014

CHICAGO — Baum Realty Group LLC has brokered the $3.4 million sale of a mixed-use property in Chicago’s Bucktown/Wicker Park neighborhood. The 8,368-square-foot building is located at 1747- 1749 N. Damen Ave. Greg Dietz, Danny Spitz and Adam Secher of Baum represented the buyer, Repak Real Estate Acquisition LLC. The seller was undisclosed.

October 17, 2014

Florida Office Southeast

CBRE Global Investors Fund Buys 11-Building Office Park in Miami

by John Nelson October 17, 2014

MIAMI — A fund sponsored by CBRE Global Investors has acquired Airport Corporate Center, a 45-acre, 11-building office park located adjacent to Miami International Airport. The campus is located at 7200-7665 Corporate Center Drive and includes more than 1 million square feet of space, which was 78.6 percent leased at the time of sale. CBRE Global Investors plans to upgrade the campus with the firm’s 5-Star Worldwide service and amenity program, including the addition of conference centers and a fitness center. The buyer is also planning to renovate building interiors and exteriors and upgrade the property’s landscaping.

October 17, 2014

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