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"castle "

Rubenstein Partners, Grubb Properties Sell Office Property in Research Triangle for $14.8M

by John Nelson May 13, 2015

DURHAM, N.C. — Rubenstein Partners LP and Grubb Properties have sold Newcastle South, an 86,895-square-foot office asset located at 1015 Swabia Court Road in the Imperial Center business park in Durham’s Research Triangle submarket. Drawbridge Realty, a San Francisco-based real estate investment firm, purchased the asset for $14.8 million. In December 2014, the sellers net-leased the entire property to Nimble Storage, a tech company based in Northern California. Prior to the lease, Rubenstein and Grubb renovated and rebranded the property with a new landscaped courtyard, roof and HVAC equipment. Ben Kilgore and Jeff Glenn of CBRE|Raleigh represented the sellers in the transaction.

May 13, 2015

Retail Texas

HFF Brokers Sale of Power Center in Metro Houston

by Haisten Willis April 23, 2015

KATY, TEXAS — HFF has brokered the sale of Green Tree Shopping Center, a 147,658-square-foot, 99 percent leased power center in Katy. HFF arranged the sale of the property on behalf of the seller, a tenants-in-common ownership group managed by Joseph and Henry Mandelbaum of RealTax Inc. Inland American Real Estate Trust Inc. purchased the asset for an undisclosed amount. Tenants include TJ Maxx, PetSmart, Office Depot, Party City, Five Below, Ulta Salon, Famous Footwear, Mattress Firm, Bath & Body Works, GNC and Castle Dental. Target and Randall’s shadow-anchor the center. Renovated in 2004, the Green Tree Shopping Center spans 21.6 acres at 231-515 South Fry Road in Katy, a suburb west of Houston. Ryan West, Rusty Tamlyn, Matt Berry and Robbie Kilcrease led the HFF investment sales team representing the seller.

April 23, 2015

Delaware Loans Multifamily Northeast

KeyBank Provides $20.3M Acquisition Loan for Delaware Apartment Complex

by Amy Works April 17, 2015

NEW CASTLE HUNDRED, DEL. — KeyBank Real Estate Capital has secured a $20.8 million Fannie Mae loan for the acquisition of Village of Windhover Apartments in New Castle Hundred. Built in 1979 and renovated in 2014, the complex features 383 garden-style apartment units. Jeannie Johnson of Key’s Commercial Mortgage Group arranged the financing for an undisclosed borrower.

April 17, 2015

Indiana Midwest Multifamily

Tikijian Associates Brokers Sale of 740-Unit Apartment Property in South Bend, Ind.

by Danielle Everson April 10, 2015

SOUTH BEND, IND. — Tikijian Associates has brokered the sale of Castle Point Apartments in South Bend. The property is located at 18011 Cleveland Road and is less than two miles away from Notre Dame University’s campus. The property includes 740 units and is known for its castle-like architecture. Tikijian Associates represented the seller, Zidan Management Group. Metonic Real Estate Services, an Omaha-based real estate investment management company, purchased the property for an undislosed sales price. Metonic plans to complete a renovation at Castle Point to include a comprehensive clubhouse rehab, exterior updates such as a new paint scheme, interior unit upgrades, additional landscaping and more. Omaha, Neb.-based Seldin Co. will serve as property manager.

April 10, 2015

Indiana Midwest Multifamily

Metonic Real Estate Solutions Buys 740-Unit Apartment Complex in South Bend, Ind.

by Danielle Everson April 2, 2015

SOUTH BEND, IND. — Metonic Real Estate Solutions has purchased Castle Point Apartments, a 740-unit apartment complex in South Bend, for an undisclosed sales price. Originally built in three phases between 1974 and 1980, Castle Point Apartments includes one- and two-bedroom apartments ranging in size between 737 and 1,340 square feet. The 20,000-square-foot clubhouse offers residents premier amenities including indoor basketball and tennis courts along with a yoga/aerobics room, tanning room and game room. The property is located within two miles of the University of Notre Dame, St. Mary’s College and Holy Cross College. Metonic plans to make renovations at the property which will include the addition of new appliances and washers and dryers, upgraded kitchen cabinets and counter tops, and new parking garages. The clubhouse will also be renovated with additional amenities for residents. Omaha-based Seldin Co. was selected as the property manager.

April 2, 2015

Delaware Loans Multifamily Northeast

KeyBank Secures $24.8M for Two Delaware Apartment Complexes

by Amy Works February 10, 2015

NEW CASTLE COUNTY, DEL. — KeyBank Real Estate Capital has secured $24.8 million in Fannie Mae early-rate lock loans for two apartment complexes located in subdivisions of New Castle County. A $20.8 million loan was secured for Hampton Walk, a 366-unit apartment complex located in New Castle Hundred. The property was built in 1952 and renovated in 2008. The financing was used to pay off an existing Fannie Mae loan, which was scheduled to mature in 2018. KeyBank also secured a $4 million loan for Driftwood Club Apartments, a 60-unit apartment complex located in Christiana Hundred. Built in 1966, the property was most recently renovated in 2013. The undisclosed sponsor plans to use the financing for future investment opportunities. Jeannie Johnson of KeyBank’s multifamily team arranged the financing for both properties.

February 10, 2015

California Market Reports Office Western Western Market Reports

LA’s Office Market is Alive

by Nellie Day February 3, 2015

Construction on the 73-story Wilshire Grand Hotel, office and retail complex in Downtown Los Angeles’ Financial District, coupled with Google’s recent purchase of 12 acres for development in Playa Vista prove the region’s office market is alive and well. It may even be enjoying a bit of a rebirth in this post-recovery period. Los Angeles, unlike many other comparable U.S. metropolitans, is composed of several distinct business centers that make it difficult to generalize about the overall market. Separated by only a few miles, there are nonetheless very distinct markets that comprise LA, due, in no small part, to the lack of a fully integrated public transportation system and long-standing traffic that remain a barrier to full connectivity between the various areas. With that in mind, there are some very evident trends emerging out of Downtown and the Westside, which includes Century City, Westwood, Santa Monica, Playa Vista and adjacent cities. Downtown is enjoying a resurgence. It now has a real live-work vibe due, in large part, to the highly successful LA Live mixed-use hotel, retail and entertainment development adjacent to Staples Center. A variety of high-rise condominiums and apartments now make it possible to actually live Downtown. With new …

February 3, 2015

Sam Massell Ted Turner Buckhead Coalition

Features Top Stories

Business Tycoon Ted Turner Reflects on His Successes, Sacrifices at Annual Buckhead Coalition Luncheon

by John Nelson January 29, 2015

ATLANTA — Billionaire entrepreneur and legendary media mogul Ted Turner, who along with Coca-Cola and Delta Air Lines helped put Atlanta on the map, captivated a packed house at restaurant 103 West on Wednesday afternoon during the annual luncheon of the Buckhead Coalition. Business and political leaders from across Atlanta and Fulton County gathered to hear the 76-year-old, straight-talking Turner reflect on his life and career during a one-on-one interview with Sam Massell, president of the Buckhead Coalition and former mayor of Atlanta from 1970-74. Turner didn’t disappoint. He and Massell bantered back and forth for 20 minutes, leaving the audience hungry for more. The Background Turner began his career as an account executive with the Turner Advertising Co., which made a substantial profit selling billboard ads. In 1970, he entered the television business when he acquired an independent UHF station. In 1976, Turner purchased Major League Baseball’s Atlanta Braves and launched the TBS Superstation, originating the “superstation” concept. The following year, Turner Broadcasting System Inc. acquired the National Basketball Association’s Atlanta Hawks and in 1980 Turner launched CNN, the world’s first live, 24-hour global news network. Over the next two decades, the company built a portfolio of cable television …

January 29, 2015

Illinois Midwest Retail

Mid-America Real Estate Arranges $2M Sale of Retail Property in Chicago

by Danielle Everson January 20, 2015

CHICAGO — Mid-America Real Estate Corp. has arranged the $2 million sale of The Columbian Retail Shops in Chicago. Chicago-based Newcastle Limited purchased the 6,600-square-foot, two-tenant retail property for $2 million. The Columbian Retail Shops is located at the northwest corner of S. Michigan Ave. and E. Roosevelt Road. The center features retailers Burger Bar and Elements Therapeutic Massage.Joe Girardi and Carly Gallagher of Mid-America were the exclusive brokers in the transaction on behalf of Boston-based Long Wharf Real Estate Partners LLC.

January 20, 2015

Multifamily Texas

IPA Arranges Sale of 149-Unit Apartment Complex in San Antonio

by Haisten Willis January 8, 2015

SAN ANTONIO — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of Castle Hills Townhomes, a 149-unit, townhome-style apartment complex in San Antonio. The property was built in 1998 on eight acres and is located one block east of Northwest Military Highway. The complex is near the South Texas Medical Center and the United Services Automobile Association’s headquarters. Will Balthrope and Drew Kile of IPA represented the seller, Sendera Investment Group LLC of Austin. Hayden Properties, of Oregon, is the buyer. The previous owner completed an exterior renovation and the interiors of 63 percent of the apartments have been upgraded. Castle Hills Townhomes includes one-, two- and three-bedroom floorplans with an average unit size of 1,000 square feet.

January 8, 2015

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