more_sales_and_leases

O,R&L Commercial Arranges Sale of 28,712 SF Industrial/Office Building in East Haven, Connecticut

by Amy Works October 26, 2016

EAST HAVEN, CONN. — O,R&L Commercial has arranged the sale of the former Connecticut Food Bank building, located at 150 Bradley St. in East Haven. Mario Luciani acquired the 28,712-square-foot industrial and office property for an undisclosed price. The buyer plans to use the building as headquarters for his ServPro franchises. Frank Hird and Tim McMahon of O,R&L Commercial represented the undisclosed seller, while Natuzza Dimasi of William Raveis Real Estate represented the buyer in the transaction.

October 26, 2016

Multifamily Texas

Transwestern Arranges Three Multifamily Sales in Metro Houston Totaling 773 Units

by Haisten Willis October 26, 2016

HOUSTON and GALVESTON, TEXAS — Transwestern has arranged the sale of three multifamily properties in metro Houston totaling 773 units. Transwestern’s Ed Cummins, Tim Gregory, Ryan Mendez, Kenady Davis and Lupe Olivares represented the sellers. The transactions include: Park Hollow, a 172-unit community located at 4343 S. Shaver St. in Houston, was purchased for an undisclosed amount. Transwestern represented the seller, Umbrella Home LLC, in the transaction. Maxey Village, a 409-unit community located at 666 Maxey Road in Houston, was purchased for an undisclosed amount. Transwestern represented the seller, Sintoro Capital LLC, in the transaction. Park at Cedar Lawn, a 192-unit community located at 4400 Ave. N. in Galveston, was purchased for an undisclosed amount. Transwestern represented the seller, Mosaic PCL LP, in the transaction.

October 26, 2016

Multifamily Texas

DCM Acquires 240-Unit Apartment Property in Metro Houston

by Haisten Willis October 26, 2016

BAYTOWN, TEXAS — Drever Capital Management (DCM) has acquired Aria at Rollingbrook, a 240-unit apartment community previously known as Watercolor, in Baytown. DCM purchased the property, located at 1700 Rollingbrook Drive, from The Leyendecker Group of Houston. A renovation program is planned to enhance the community and resident experience. Interior upgrades will include granite kitchen countertops, Energy Star appliances and a washer and dryer in each unit. Clint Duncan of CBRE’s Houston office represented the seller in the transaction. Tom Cabibi of DCM internally represented the buyer.

October 26, 2016

Multifamily Texas

SACA Brokers Sale of Veranda at Landa Apartments in New Braunfels

by Haisten Willis October 26, 2016

NEW BRANFELS, TEXAS — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has brokered the sale of Veranda at Landa, a 61-unit apartment community located near Landa Park in New Braunfels. The property was built in 1964 and renovated in 2013 and 2015. Veranda at Landa sits on 2.8 acres with eight, two-story buildings. Amenities include a swimming pool and dog park. SACA’s Brandon Lo Porto and Scott Weems arranged the transaction on behalf of the seller.

October 26, 2016

Industrial Michigan Midwest

Colliers Arranges 77,500 SF Industrial Lease in Romulus, Michigan

by Katie Sloan October 26, 2016

ROMULUS, MICH. — Colliers International has arranged a 77,500-square-foot industrial lease for third-party logistics provider DB Schenker in Romulus, a western suburb of Detroit. The facility, located at 27501 Hildebrandt St., will serve as a logistics and distribution center for the company. The building was previously home to Nippon Express USA for its logistic services. Christian Hill and Jim Roberts of Colliers represented the landlord, Airport Industry Center LLC, in the transaction.

October 26, 2016

Illinois Industrial Midwest

DFS Signs 62,598 SF Lease at Industrial Complex in Lockport, Illinois

by Katie Sloan October 26, 2016

LOCKPORT, ILL. — DFS Inc., a food and grains supplier, has signed a 62,598-square-foot lease at 355 Corporate Center building No. 2 in Lockport, Ill., about 35 miles southwest of Chicago. The new lease puts Panattoni Development Company’s 228,690-square-foot speculative building at 100 percent occupancy and marks the completion of Phase I, which consisted of two light industrial buildings. UPS leased the first building in its entirety immediately upon completion, and Illinois Industrial Tool took 166,092 square feet in the second building in August. Panattoni recently broke ground on Phase II of the project, a 300,158-square-foot building scheduled for completion in spring 2017. Mark Barbato and Adam Stokes of Nicolson, Porter & List represented Panattoni in the lease transaction with DFS.

October 26, 2016

Multifamily Southeast Tennessee

PointOne Holdings Acquires Apartment Complex in Chattanooga for $31M

by John Nelson October 26, 2016

CHATTANOOGA, TENN. — PointOne Holdings has purchased The Springs at Chattanooga, a 260-unit, garden-style apartment community located in Chattanooga. Built in 2015, The Springs will be rebranded as Hunters Point. Community amenities include a resort-style swimming pool, clubhouse with free Wi-Fi, coffee bar, business center, 24-hour fitness center, outdoor kitchens, dog park, pet spa, car care center and garages. Units average 963 square feet and feature garden tubs, washer/dryer connections, patios or balconies, bay windows and walk-in closets. PointOne plans to invest $650,000 in capital improvements to the property.

October 26, 2016

Retail South Carolina Southeast

Continental Realty Purchases Shopping Center in Charleston for $17.3M

by John Nelson October 26, 2016

CHARLESTON, S.C. — Baltimore-based Continental Realty Corp. has purchased West Ashley Shoppes, a 136,242-square-foot shopping center located at 946 Orleans Road in Charleston. Continental Realty bought the asset through its Continental Realty Fund IV LP fund from T West Ashley SC LLC for $17.3 million. Built in 1987 and renovated in 2003, West Ashley Shoppes was 93 percent leased at the time of sale to tenants such as Bed Bath & Beyond, Cost Plus World Market, Ross Dress for Less and Party City. Kyle Stonis and Pierce Mayson of SRS Real Estate Partners represented the seller in the transaction.

October 26, 2016

California Industrial Western

Principal Real Estate Investors Acquires March Business Center in Moreno Valley for $93M

by Nellie Day October 26, 2016

MORENO VALLEY, CALIF. — Principal Real Estate Investors has purchased March Business Center, a 1.3-million-square-foot industrial portfolio in Moreno Valley, for $93 million. The portfolio includes a recently developed 1.1-million-square-foot industrial distribution facility at 24101 Iris Ave. that is leased to Floor and Décor. The portfolio also includes a newly constructed 277,243-square-foot industrial distribution building at 16415 Cosmos Ave. that is currently available for lease. Both buildings provide easy access to Interstate 215 and neighbor many major industrial corporate users. Chuck Belden, Kyle Kehner and Tim Pimentel of Cushman & Wakefield’s Inland Empire office represented the seller, a joint venture between Penwood Real Estate Capital Management and Western Realco. The team also represented Principal Real Estate Investors in the subsequent lease transaction. CBRE’s Tres Reid and Jay Dick represented Floor and Décor.

October 26, 2016

California Multifamily Western

Bridge Partners Buys Sonoma Ridge Apartments in Santa Rosa for $44.6M

by Nellie Day October 26, 2016

SANTA ROSA, CALIF. — Bridge Partners has purchased the 180-unit Sonoma Ridge Apartments in Santa Rosa for $44.6 million. The community is located at 2900 St. Paul Drive. Sonoma Ridge was built in 1974. The property is adjacent to the Bennett Valley Golf Course and Annadel State Park. Stan Jones, Philip Saglimbeni and Salvatore Saglimbeni of Institutional Property Advisors represented both the buyer and the seller, CORE Realty Holdings Management, in this transaction.

October 26, 2016

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