LANSING, MICH. — Farmington Hills, Mich.-based Commercial Property Advisors has brokered the sale of Woodland Lakes Apartments, a 344-unit, Class A apartment community located in Lansing. Mount Auburn Capital Group, a California-based multifamily investment and management firm, purchased the property for more than $30 million. The deal marks Mount Auburn’s expansion into Michigan. Built in 2003, Woodland Lakes is situated on 60 acres. The property, which is currently 97 percent occupied, sold at a high 6 percent cap rate based on the 2013 year-end financials. Cary Belovicz of Commercial Property Advisors represented the seller, Woodland Lakes Investment Group LLC, an institutionally managed fund. K. Conly Chi of Mount Auburn says the transaction closed in less than 30 days from contract.
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LAKE BLUFF, ILL. — The Boulder Group has brokered the $3.2 million sale of a two-tenant, net-leased property in Lake Bluff, Ill., a suburb of Chicago. The 7,902-square-foot retail center, originally built in 1985, is located at 305 S. Waukegan Road. Panera Bread and Noodles & Co. are tenants in the building. The property is an outparcel to a Heinen’s grocery-anchored center. Heinen’s, an upscale grocery store chain, replaced the vacant Dominick’s property. Panera has more than four years remaining on its lease that expires Aug. 31, 2018. The lease features two five-year renewal options with 10 percent rental escalations. Noodles & Co. has more than 10 years remaining on its lease, which expires Oct. 31, 2024. The lease features a 6.7 percent rental escalation in the primary term. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a foreign investor from Spain, in the transaction.
RACINE, WIS. — Mid-America Real Estate Corp.’s investment sales team has arranged the $9 million sale of Racine Centre in Racine, approximately 29 miles southeast of Milwaukee. A private buyer purchased the 135,827-square-foot Piggly Wiggly grocery-anchored center. Racine Centre is located at the southeast corner of Green Bay Road and Washington Ave. Tenants include Xperience Fitness, Party City, Dollar Tree and Get it Now! Joe Girardi of Mid-America Real Estate Corp. in cooperation with Dan Rosenfeld of Mid-America Real Estate – Wisconsin LLC represented the seller, Jacksonville, Fla.-based Regency Centers.
CHICAGO — Marcus & Millichap has arranged the $1.9 million sale of a 29-unit apartment property in Chicago The property is located at 4815 N. Springfield Ave. Built in 1927, the building has been upgraded within the past 10 years. Kyle Stengle, an investment specialist in Marcus & Millichap’s Chicago downtown office, represented the seller, a partnership. Stengle also represented the buyer, Windy City RE LLC.
NILES, ILL. — Holladay Properties has arranged the lease of a new 4,000-square-foot medical office building in Niles, a suburb northwest of Chicago. North Suburban Physicians Group will occupy space at The Park at Golf Mill, a senior independent living community located at 8975 West Golf Road. North Suburban Physicians Group is expanding its practice in Niles to meet the needs of its growing patient base in the northwest suburban areas of Chicago. Liza Passarelli of Tenant Advisors Inc. represented the tenant in the transaction. Michael O’Connor of Holladay Properties represented the owner.
LOS ANGELES – A trust has disposed of a four-building industrial portfolio that is valued at $5.7 million. The portfolio contains four properties in the Los Angeles area. The transaction includes 11801-11807, 11811 and 11821 Teale Street, along with 11918-11920 Jefferson Blvd. The seller was Richard J. Laski, who acted as a Trustee of the Kaman Estate. The buyer was not named. The trust was represented by Jack Whalen of Heger Industrial.
MCKINNEY, TEXAS — James V. DuMars, senior vice president/managing director of NorthMarq Capital’s Phoenix regional office, has arranged the $5.8 million refinancing of Stonebridge Crossing, a shopping center in McKinney, Texas.Located at 6700 Virginia Parkway, the retail center spans 35,281 square feet. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender. Centennial Medical Center is one of the property’s major tenants. The shopping center is shadow-anchored by Albertsons.
DALLAS — Casual Living Patio & Fireplace has acquired the 12,135-square-foot Cornerstone Plaza in an off-market transaction. The 1.9-acre retail property is located at 2801 E. Southlake Boulevard, near the Texas State Highway 114 junction. Casual Living plans to occupy 8,000 square feet of Cornerstone Plaza and lease the balance of space to a prospective tenant. The space will be renovated for three months before Casual Living opens.
DALLAS — UBS, a Switzerland-based financial services firm, has signed a 27,948-square-foot lease at Legacy Tower. UBS will relocate from its offices at the Spectrum and 5950 Sherry Lane in Dallas to the 12th floor of Legacy Tower late this year. The new location will serve as the company’s far north Dallas wealth management office. Legacy Tower is located at the southeast corner of the Dallas North Tollway and Legacy Drive. The building is pre-certified LEED Gold.Dennis Barnes, Celeste Fowden and Hunter Lee with CBRE Dallas represented the landlord, Trammell Crow Company and Principal Real Estate Investors, in the transaction. Mike Wyatt and Bill McClung with Cushman & Wakefield represented UBS.
CEDAR HILL, TEXAS — Trademark Property Co. has agreed to manage and lease Uptown Village at Cedar Hill, a 610,000-square-foot, mixed-use center in Cedar Hill, Texas. Located 20 minutes south of downtown Dallas, Uptown Village includes 350,000 square feet of retail and 35,000 square feet of office space. The center features 72 tenants including Dillard’s, Dick’s Sporting Goods and Barnes & Noble. Trademark begins management and leasing duties immediately.