more_sales_and_leases

KDC, Harbert Sell Three-Building Industrial Project in Houston

by Haisten Willis August 19, 2016

HOUSTON — KDC and Harbert Real Estate Fund III LLC have sold Ellington Trade Center, a three-building industrial project totaling 513,800 square feet and 18.2 acres of developable land in southeast Houston. HFF represented the sellers in the transaction. Lincoln Property Co., through its investment advisory affiliate, Lincoln Advisory Group, purchased the property on behalf of an institutional client. Situated on more than 36 acres at 12552, 12554 and 12556 Highway 3, Ellington Trade Center is located across the street from Ellington Airport. The 98.6 percent leased center is home to tenants including FedEx, Lennox Industrial, Goodman Distribution, SCP Distributors, E&G, Patrician Window Coverings and Houston Chronicle Publishing. Ellington Trade Center features 24- and 28-foot minimum clear heights, dock high configuration and 200 shared truck courts. HFF’s Rusty Tamlyn and Trent Agnew led the investment sales team.

August 19, 2016

Boxer Property Negotiates Lease Renewal at Arena Theatre in Houston

by Haisten Willis August 19, 2016

HOUSTON — Boxer Property has extended a lease with movie theater operator Multi-Events Arena Ltd. at Arena Theatre in Houston. Multi-Events has extended its lease for an additional nine years. As part of the renewal, Arena Theatre will receive updated seating and improved audio and visual equipment. Boxer Property’s Trey Miller, Brian Hines and Melissa Kennedy worked with Multi-Events both on the lease extension and the plans for the upcoming renovations, which will exceed $500,000. Located at 7322-7326 Southwest Freeway, Arena Theatre is located within Arena Place, which features two 20-story office buildings adjoining the movie theater on either side.

August 19, 2016

Hospitality Texas

MJ Rome Arranges Sale of Holiday Inn Express & Suites Irving

by Haisten Willis August 19, 2016

IRVING, TEXAS — MJ Rome has advised the seller in the recent sale of the 163-room Holiday Inn Express & Suites located in Irving near the DFW International Airport. MJ Rome, a Dallas-based hotel broker, represented Atlas Hospitality Ltd., a local investment group, in the sale. Built in 1989, the three-story Holiday Inn Express and Suites offers oversize, one- and two-room suites, complimentary airport shuttle, 2,500 square feet of meeting space, an outdoor pool and spa, fitness room and a business center.

August 19, 2016

14141-Southwest-Freeway-sugar-land-texas

Office Texas

JLL Negotiates Two Office Subleases in Sugar Land

by Haisten Willis August 19, 2016

SUGAR LAND, TEXAS — JLL has negotiated two office subleases totaling more than 20,000 square feet at Sugar Creek on the Lake, located at 14141 Southwest Freeway in the Houston suburb of Sugar Land. JLL’s Edward Prejean negotiated the terms on behalf of the sub landlord, Money Management International Inc., a nonprofit credit counseling agency based in Houston. US Money Reserve Inc., an Austin-based rare coin seller, has leased 10,331 square feet on the second floor of the building. John Hanley of Commercial Real Estate Solutions LLC represented the subtenant in the transaction. Industrial Info Resources Inc., a Houston-based database solutions provider, has leased 10,200 square feet also on the second floor of the building. Marcus & Millichap’s Keith Lloyd represented the subtenant in the transaction. Sugar Creek on the Lake is a Class A office building located 20 miles southwest of Houston’s central business district. The property was built in 1982 and renovated in 2013.

August 19, 2016

District of Columbia Office Southeast

Akridge, Western Development Acquire Former Coast Guard Headquarters in D.C. for $49.3M

by John Nelson August 19, 2016

WASHINGTON, D.C. — Western Development Corp. and Akridge have led a consortium of real estate developers and investors, including Orr Partners, Redbrick LMD LLC and Jefferson Apartment Group, to acquire 2100 Second St. S.W. in Washington, D.C., the site of the former U.S. Coast Guard headquarters at Buzzard Point. The sales price was undisclosed, but the Washington Business Journal reports the sales price to be $49.3 million. The team will redevelop the site into Riverpoint, a mixed-use development comprising 80,000 square feet of restaurant and retail space, more than 450 apartment and condominium units and waterfront activities with new piers, floating restaurants and the continuation of the Anacostia Riverwalk Trail. EagleBank and Greenfield Partners provided financing for Riverpoint, which will feature three sides of unobstructed water views. Orr Partners and Jefferson Apartment Group will co-develop the property, and Western will lead the development and leasing of the retail and waterfront portions of the project. Washington, D.C.-based Redbrick sourced, capitalize, and structured the transaction.

August 19, 2016

Florida Industrial Southeast

Cushman & Wakefield Arranges $23.6M Sale of Distribution Facility in Broward County

by John Nelson August 19, 2016

POMPANO BEACH, FLA. — Cushman & Wakefield has brokered the $23.6 million sale of Pompano Distribution Center I, a Class A, 202,210-square-foot distribution warehouse located at 3901 N.E. 12th Ave. in Pompano Beach. Built in 2014 by Atlanta-based Weeks Robinson Partners, the rear-load facility was fully leased at the time of sale to tenants such as Restoration Hardware, Sunbelt Marketing and RWC Inc. The property features 32-foot clear heights, 125-foot truck courts, 60-foot concrete aprons, ESFR sprinklers, T-5 lighting and trailer storage. Mike Davis, Rick Brugge, Michael Lerner and Richard Etner of Cushman & Wakefield represented Robinson Weeks in the sale. A member company of Zurich North America, advised by Zurich Alternative Asset Management LLC, purchased the facility for roughly $117 per square foot.

August 19, 2016

Kentucky Retail Southeast

Gibson Co. Brokers $7.3M Sale of Retail Center in Lexington

by John Nelson August 19, 2016

LEXINGTON, KY. — The Gibson Co. has arranged the $7.3 million sale of South Elkhorn Village, a 55,000-square-foot retail center located on 6.2 acres at 4379 Old Harrodsburg Road in Lexington. Billy Smith of Gibson Co. represented the seller, South Elkhorn Village LLC, and Ernie Arnold, also with Gibson, procured the buyers, Compass Capital LLC and its partners.

August 19, 2016

Midwest Missouri Multifamily Seniors Housing

SLIB Arranges $2M Sale of Skilled Nursing Facility in Missouri

by Christina Cannon August 19, 2016

LIBERTY, MO. — Senior Living Investment Brokerage has arranged the $2 million sale of an undisclosed skilled nursing facility in the Kansas City suburb of Liberty. The facility is currently vacant, having been closed by the Centers for Medicare & Medicaid Services in 2015. It was built in 1992 and features 143 beds. The buyer is a private equity group that partnered with a regional operator. Matthew Alley, Patrick Byrne and Toby Seifert of Senior Living Investment Brokerage arranged the transaction.

August 19, 2016

California Retail Western

Three New Retailers Sign Leases at Riverside Plaza

by Nellie Day August 19, 2016

RIVERSIDE, CALIF. — Three new retailers have signed leases to move into Riverside Plaza, a retail center in Riverside. Carter’s Babies & Kids signed a lease for 4,200 square feet; Ono Hawaiian BBQ inked a deal for 3,005 square feet; and Great Shakes leased 1,193 square feet of space at the center. Existing tenants at Riverside Plaza include Marshalls, Chico’s, Regal Stadium Plaza 16, Trader Joe’s, The Sleep Train, The Coffee Bean & Tea Leaf, Home Care Assistance, Wang Cho Korean BBQ, Charter Communications and Nothing Bundt Cakes.

August 19, 2016

Retail Texas

Broe Real Estate Group Sells Dallas Retail Property for $19.5M

by Haisten Willis August 18, 2016

DALLAS — Broe Real Estate Group, an investment manager of commercial real estate assets affiliated with The Broe Group, has completed the $19.5 million sale of a retail property located at 2800 Forest Lane in Dallas. The 163,545-square-foot building is leased to The Home Depot on a triple-net basis under a long-term lease. Broe acquired the building and an adjacent office building in 1998. In 2014, the property was subdivided to sever off the office building and the Home Depot lease was subsequently restructured to extend the lease term.

August 18, 2016

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