Property Type

BIANCO BUYS 36,603 SF RETAIL CENTER IN MORTON GROVE

by admin November 14, 2013

MORTON GROVE, ILL. — Bianco Properties has acquired Lonore Plaza Shopping Center, a 36,603-square-foot retail center in Morton Grove, about 15 miles northwest of Chicago. The property is located at 7130-7188 Dempster St. The purchase marks St. Louis-based Bianco’s second acquisition in the greater Chicago area in the last year. Bianco entered the Chicago market last year, with the purchase of a retail property anchored by CVS/pharmacy and Starbucks Coffee in the West Loop across from Union Station.

November 14, 2013

CORNERSTONE CLOSES THIRD AFFORDABLE HOUSING FUND, RAISES $106M

by admin November 14, 2013

HARTFORD, CONN. — Cornerstone Real Estate Advisers LLC has closed a $106 million equity fund dedicated to the preservation of affordable housing in the United States. The Cornerstone-NAHT Enhanced Preservation Fund III LLC (Fund III), co-sponsored by the National Affordable Housing Trust (NAHT), is earmarked for the rehabilitation of 17 multifamily properties for lower-income, mostly elderly renters. The properties, most with operating histories of nearly 100 percent occupancy, are located across the country. Fund III is the third affordable housing equity fund Cornerstone has launched with NAHT. Together with Cornerstone-NAHT Enhanced Preservation Fund I and II, more than $240 million has been raised to preserve affordable housing at 36 properties with 3,615 rental units.

November 14, 2013

Multifamily Northeast

TWO MANHATTAN MULTIFAMILY BUILDINGS SELL FOR $23.7M

by admin November 14, 2013

NEW YORK CITY — Cignature Realty Associates has arranged the $23.7 million sale of two corner apartment buildings totaling 95 units in the Washington Heights neighborhood of Manhattan. The buildings are located at 4240 Broadway and 4300 Broadway. Cignature represented the seller, Heights Equities Inc., and the buyer, Crest Realties, a Canadian-based real estate investment group. Heights Equities is a local real estate investor, which has owned both buildings for 30 years. Both buildings are six stories, and 4300 Broadway spans 52,598 square feet and includes 54 units, while 4240 Broadway spans 59,200 square feet and totals 41 apartments.

November 14, 2013

Hospitality Northeast

61-ROOM QUALITY INN IN METRO PITTSBURGH SELLS FOR $2.8M

by admin November 14, 2013

MEADVILLE, PA. — MBA Hotel Brokers Inc. has arranged the $2.8 million sale of the 61-room Quality Inn in Meadville, a northern suburb of Pittsburgh. Charlie Fritsch, president of MBA Hotel Brokers, represented the seller, Aryan Inc., in the transaction. The buyer, Siddhi Laxmi Inc., plans to renovate the three-story hotel and continue to operate it as a Quality Inn. Lynda Drehmer, capital markets advisor at MBA Capital Funding, arranged $2.4 million in financing for the buyer, which will be used for renovations and franchise fees. The borrower provided $550,000, about 18 percent of the project cost.

November 14, 2013

Northeast Office

CASSIDY TURLEY ARRANGES 75,218 SF LEASE IN MANSFIELD

by admin November 14, 2013

MANSFIELD, MASS. — Samsonite has signed a 75,218-square-foot, five-year lease at 575 W. St. in Mansfield. The two-story, 169,432-square-foot office building is located in suburban Boston and is part of The Campus at Cabot Business Park, a three-building, 41-acre site. Sean Teague, senior managing director and principal, and Kate McGovern, an associate at Cassidy Turley, represented the landlord, CommonWealth REIT, in the transaction. Tom Kent and Sean Lynch of Jones Lang LaSalle represented Samsonite.

November 14, 2013

Multifamily Texas

JOINT VENTURE SELLS 384-UNIT TEXAS A&M HOUSING PROPERTY

by admin November 14, 2013

COLLEGE STATION, TEXAS — A joint venture of Houston-based Asset Plus Cos. and Baltimore-based Alex Brown Realty Inc. has sold Crossing Place Apartments, a 384-bed student housing facility at Texas A&M University in College Station. The complex, which is fully leased for the 2013-2014 school year, is located approximately one mile from campus at 400 Southwest Parkway. Seattle-based Horizon Realty Advisors LLC purchased the property, which underwent capital improvements under the previous owner. HFF represented the seller in the transaction.

November 14, 2013

Multifamily Texas

CBRE BROKERS SALE OF 240-UNIT APARTMENT COMPLEX IN PLANO

by admin November 14, 2013

PLANO, TEXAS — CBRE has brokered the sale of The Encore, a 240-unit apartment community in Plano. The Class A property, located at 4700 Tribeca Lane, offers one- and two-bedroom floorplans and was 95 percent leased at the time of the sale. Amenities include a clubhouse, business center, pool and fitness studio. Charles Cirar, Ryan Reid and Jeremy Faltys of CBRE represented the seller, Zale/Corson Group, which developed the property in 2012.

November 14, 2013

Multifamily Texas

IPA BROKERS 220-UNIT MULTIFAMILY PROPERTY SALE IN METROPLEX

by admin November 14, 2013

BEDFORD, TEXAS — Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has brokered the sale of The Creek on Park Place, a 220-unit apartment complex. Located at 2001 Park Place Blvd. in Bedford, a suburb between the cities of Dallas and Fort Worth, the community offers one- and two-bedroom apartments plus amenities such as a swimming pool, dog park, playground, fitness center and laundry facility. The property also offers new interior finishes and proximity to the interchange of Highway 121 and Highway 183, Texas Health Harris Methodist Hospital and Dallas/Forth Worth International Airport. Will Balthrope and Drew Kile of IPA and Nick Fluellen and Bard Hoover of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was a 1031 tax-deferred exchange investor based on the West Coast.

November 14, 2013

Retail Texas

DSW, HAVERTYS COMING TO ALLIANCE TOWN CENTER IN FORT WORTH

by admin November 14, 2013

FORT WORTH, TEXAS — DSW Designer Shoe Warehouse and Havertys will open locations at Alliance Town Center, the 1 million-square-foot retail component of the master-planned AllianceTexas community in Fort Worth. Construction of the 35,000-square-foot Havertys is set to begin in December, while the 15,000-square-foot DSW will break ground in later this year or early 2014. Both stores are scheduled to open Labor Day weekend of 2014, joining other retailers including Dick’s Sporting Goods, JCPenney, Best Buy, Kroger Marketplace and PetSmart. Alliance Town Center is a joint venture of developers Trademark Property Co. and Hillwood Investment Properties.

November 14, 2013

Multifamily Western

VILLAMORA APARTMENTS IN CHANDLER SELLS FOR $33M

by admin November 14, 2013

CHANDLER, ARIZ. — PHX Arizona 2012, LLC, has purchased the 289-unit Villamora apartment complex in Chandler for $32.9 million. The community is located at 2150 South Arizona Ave. near the Arizona Railway Museum and Tumbleweed Recreation Center. It is also situated near the offices of Intel Corporation, Chandler Regional Medical Center, Orbital Sciences Corporation and PayPal. The garden-style complex was built in 2001. The property was acquired from PM Olive Grove Chandler, LLC. The transaction was executed by Mark Forrester and Ric Holway of Hendricks-Berkadia.

November 14, 2013

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