more_sales_and_leases

Griffin-American Healthcare REIT III Acquires Medical Office Portfolio in Connecticut

by Amy Works January 23, 2017

NORWICH, CONN. — Griffin-American Healthcare REIT III has acquired a two-building medical office portfolio in Norwich for $15.6 million. Totaling 56,265 square feet, the portfolio includes Wawecus Medical Center and a building located at 105 Wawecus St. Yale Cardiovascular, Eastern Connecticut Endoscopy, Connecticut GI and Norwich Ophthalmology occupy the portfolio. Lisa Menin of Jacobson Properties and John LaBella of RE/MAX Right Choice brokered the transaction. The name of the seller was not released.

January 23, 2017

Indiana Midwest Multifamily

UMH Properties Acquires Multifamily Properties in Indiana for $24.4M

by Kristin Harlow January 23, 2017

GARY AND PORTAGE, IND. — UMH Properties Inc. has acquired Boardwalk and Park Place apartment properties in Indiana for $24.4 million. Boardwalk is located in Gary and Parke Place is in Portage. The two communities contain a total of 559 units and are situated on approximately 155 acres. In conjunction with the acquisition, UMH obtained a $14.2 million Freddie Mac mortgage loan with Wells Fargo. The 10-year loan features a 4.5 percent interest rate and a 30-year amortization schedule.

January 23, 2017

Illinois Midwest Office

RPAI Renames Office Property, Signs New Leases in Schaumburg, Illinois

by Kristin Harlow January 23, 2017

SCHAUMBURG, ILL. — Retail Properties of America Inc. (RPAI) has renamed the office property formerly known as Zurich Towers to Schaumburg Towers. RPAI also signed two new leases at the property with Great American Insurance Group and Swiss Re for approximately 78,000 square feet. Schaumburg Towers is an office building with twin 20-story towers totaling approximately 895,000 square feet and is located in Schaumburg, Ill. The property is situated adjacent to Woodfield Mall, a Class A shopping mall. Great American Insurance Group and Swiss Re are both insurance companies. Steven Kling and David Florent of Colliers International are marketing the property for lease. Mark Kolar of JLL represented Great American Insurance Group, while Sven Sykes and Thomas Volini of Colliers International represented Swiss Re. Zurich Insurance relocated to a new 783,000-square-foot headquarters in Schaumburg near the corner of Meacham Road and Interstate 90.

January 23, 2017

Illinois Midwest Mixed-Use

Jameson Brokers $1.7M Sale of Mixed-Use Property in Chicago

by Kristin Harlow January 23, 2017

CHICAGO — Jameson Commercial Real Estate has brokered the sale-leaseback of a mixed-use property in Chicago’s Fulton Market district for $1.7 million. The building, which consists of 6,000 square feet of office and retail space, is located at 1360 W. Lake St. A longtime occupant of the building, the seller was a distributor of medical devices for the orthopedic and arthroscopic markets. An East Coast-based investor was the buyer. Ari Topper of Jameson brokered the transaction.

January 23, 2017

California Industrial Western

Industrial Property Trust Buys Facility in Los Angeles for $12M

by Nellie Day January 23, 2017

LOS ANGELES — Industrial Property Trust (IPT) has purchased a 104,335-square-foot industrial facility in an unincorporated area of Los Angeles for $12 million. The facility is located at 18554 S. Susana Road. IPT plans to carry out a $2 million renovation before offering the property for lease. Michael Collins of Daum Commercial Real Estate represented IPT in the deal. Robert Colacion of Gateway Business Properties represented the seller, the Ahmadinia Family Trust.

January 23, 2017

California Office Western

WeWork to Open in Burbank

by Nellie Day January 23, 2017

BURBANK, CALIF. — Co-working office space provider WeWork will open a 75,000-square-foot location in Burbank. The space will be located at 3900 W. Alameda Ave. in the city’s Media District. It will sit adjacent to the Walt Disney Co., Warner Bros. Studios and ABC Television. The space is located within the 31-story, Class A office building called The Tower, which boasts a renovated lobby, large-scale artwork, cafe, gym and pool table. The co-working space will include shared kitchens, private offices, brainstorming rooms and a green room for editing or filming needs.

January 23, 2017

Florida Office Southeast

Ytech International Buys Office Building in Miami’s Brickell District for $26.5M

by John Nelson January 23, 2017

MIAMI — Ytech-1428 Brickell LLC, an investment affiliate of Ytech International, has acquired the 100,762-square-foot BankUnited Office Building located at 1428 Brickell Ave. in Miami’s Brickell district. The purchase includes $26.5 million for the real estate and “tens of millions of dollars more” to settle claims and non-real estate matters. The transaction also includes development rights for up to 80 stories and 825,000 square feet of mixed-use space. Ytech provided the immediate capital to stave off the impending foreclosure, and in a series of separate transactions and agreements involving both the real estate and non-real estate matters, Ytech and its outside general counsel, Stuart Kapp of Kapp Morrison LLP, negotiated to bring an end to years of litigation that included claims by neighboring property owner Walter DeFortuna, lender ESJ Capital Partners and New York investor Shahab Karmely. Ytech International is a Miami-based real estate investment and development company that has invested in, developed and redeveloped more than 7,000 residential units in the Southeast over the past decade.

January 23, 2017

Georgia Retail Southeast

Avison Young Arranges Sale of Two Shopping Centers in Metro Atlanta

by John Nelson January 23, 2017

MABLETON AND LAWRENCEVILLE, GA. — Avison Young has arranged the sale of two shopping centers located in metro Atlanta. The dispositions include The Village Shoppes at Creekside, a 212,654-square-foot shopping center located in Lawrenceville, which sold for $18.5 million; and The Plaza at Mableton, a 63,367-square-foot shopping center located in Mableton. Theresa Johnson of Avison Young represented the seller, Torchlight Investors, in the Lawrenceville transaction. Johnson also represented the seller, Plaza of Mableton LLC, in the Mableton transaction. The buyers and purchase price of Plaza at Mableton were undisclosed.

January 23, 2017

Florida Multifamily Southeast

Berkadia Brokers $12.8M Sale of Apartment Community in Jacksonville

by John Nelson January 23, 2017

JACKSONVILLE, FLA. — Berkadia has arranged the $12.8 million sale of Avesta Townsend, a 208-unit, garden-style apartment community located at 3450 Townsend Blvd. in Jacksonville’s Arlington neighborhood. HH Townsend LLC purchased the property from 3450 Townsend LLC, an entity controlled by Avesta Communities. Built in 1970, the property features a community swimming pool, laundry facility, clubhouse with a recreation room and fitness center, tennis court and a playground. The seller has invested nearly $3 million in interior and exterior renovations at Avesta Townsend since 2012. Greg Rainey, Cole Whitaker, Tal Frydman and Jason Stanton of Berkadia represented the seller in the transaction. Justin Ownby of Berkadia assisted in the acquisition financing on behalf of the buyer.

January 23, 2017

Georgia Retail Southeast

Bull Realty Brokers $5.5M Sale of Retail Portfolio in Atlanta’s Grant Park Neighborhood

by John Nelson January 23, 2017

ATLANTA — Atlanta-based Bull Realty has brokered the $5.5 million sale of three retail properties totaling nearly 21,000 square feet in Atlanta’s Grant Park neighborhood. Graveyard Retail LLC purchased the assets from Hangar LLC and White Front LLC. Located at 415 and 421 Memorial Drive and 304 Oakland Ave., the properties are leased to tenants such as Tin Lizzy’s, Ria’s Bluebird Café, Java Cat, Express Cleaners, My Friend’s Growler Shop, Mezcalito’s and House of Blended Ink Studios. The properties are situated across the street from the Historic Oakland Cemetery and nearby mixed-use residential developments including The Leonard, Oakland Park and The Jane. Andy Lundsberg of Bull Realty represented the sellers in the transaction.

January 23, 2017

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