more_sales_and_leases

RADCO Sells Two South Atlanta Apartment Communities for $23.4M

by John Nelson March 23, 2016

UNION CITY AND FAIRBURN, GA. — The RADCO Cos. has sold two Class B apartment communities totaling 392 units for a combined $23.4 million. An Atlanta-based investment firm purchased both assets from RADCO in a deal brokered by Berkadia. RADCO has owned the 260-unit Ashford Oaks in Union City since December 2011 and the 132-unit Ashford Town & Country in Fairburn since November 2012. They were among the first properties RADCO acquired after implementing its value-added strategy in 2011. RADCO invested in property improvements and enhancements at the properties, including building exterior renovations, windows, roofs, extensive lighting upgrades, security enhancements and life safety measures. Interior unit upgrades and community amenity additions were also made. Occupancy exceeded 95 percent at both properties at the time of sale. Since April 2015, the properties have been managed by RADCO Residential, the property management branch of RADCO.

March 23, 2016

Retail Southeast Tennessee

Shopping Center Group Arranges Save-A-Lot Lease in Memphis

by John Nelson March 23, 2016

MEMPHIS, TENN. — The Shopping Center Group has arranged a lease transaction that will bring a Save-A-Lot grocery store to Binghampton Gateway, a 48,500-square-foot neighborhood center in Memphis. Shawn Massey of The Shopping Center Group and Steve Bowie of Cor Mundi Investments represented Binghampton Development Corp., a faith-based, nonprofit organization, in the lease transaction. The $6.5 million retail center will be located on a 4.5-acre site that was previously occupied by an apartment complex, which was demolished in January 2015. Binghampton Gatetway will feature the 16,300-square-foot Save-A-Lot, a 10,000-square-foot junior anchor tenant and 22,200 square feet of small shop space. Construction is expected to begin this summer with an anticipated completion date of spring 2017.

March 23, 2016

Midwest Office Wisconsin

Siegel-Gallagher Arranges Sale of 2,714 SF Office Property in Milwaukee

by Christina Cannon March 23, 2016

MILWAUKEE — Siegel-Gallagher has arranged the sale of a 2,714-square-foot office property in Milwaukee. FM-MKE Wisconsin LLC sold the Commission House, located at 400 N. Broadway (Suite 303), to Richards Pieper Sr. and Sue Pieper for an undisclosed price. John Dulmes, Dan Walsh and Marianne Burish of Siegel-Gallagher brokered the transaction.

March 23, 2016

California Office Western

Lincoln Property Company Reacquires Office Tower in Los Angeles

by Nellie Day March 22, 2016

LOS ANGELES — Lincoln Property Company has purchased a 22-story office tower in Downtown Los Angeles that it had previously sold in 2007. The latest purchase price was not disclosed. The Class A asset is located at 915 Wilshire Blvd. It is situated across the street from the 73-story Wilshire Grand Center. Lincoln plans to renovate 915 Wilshire by updating the ground-floor lobby and valet area. It will also redesign the outdoor patio space, as well as replace elevators and dated building systems. Though the firm previously sold the 390,312-square-foot property to Brickman Associates, it stayed on as the tower’s property manager and leasing agent. The tower was built in 1980. It is currently 88 percent leased. Kevin Shannon of Newmark Grubb Knight Frank executed the deal.

March 22, 2016

Office Texas

Younger Partners Arranges Trio of Office Leases in Metro Dallas

by Haisten Willis March 22, 2016

DALLAS, IRVING and GARLAND, TEXAS — Younger Partners has arranged three office leases in the Dallas area. In the first transaction, Neligan Foley LLP renewed its 11,374-square-foot, full-floor lease at Republic Center, located at 325 N. St. Paul St. in Dallas. Dan Woldert of Swearingen Realty Group represented the tenant. Trae Anderson, Kathy Permenter and Sarah Savage at Younger Partners represented the landlord. In the second transaction, SilverXis leased 4,000 square feet at The Offices at Cimarron Trail, located at 305 Cimmaron Trail in Irving. Byron McCoy and Ally Price at Younger Partners handled the lease negotiations. In the third transaction, Ortiz Law Firm leased 2,243 square feet at 3200 Broadway Blvd. in Garland. Zach Stevens of NAI Robert Lynn represented the tenant. Anderson and Savage of Younger Partners represented the landlord.

March 22, 2016

Retail Texas

Shop Cos. Secures Sale of Three Texas Retail Properties Totaling 55,645 SF

by Haisten Willis March 22, 2016

FORT WORTH, HARLINGEN and SHERMAN, TEXAS — SHOP Cos. Investment Sales has secured the sale of three retail properties in Texas totaling 55,645 square feet. Tommy Tucker and Tim Axilrod of SHOP Cos. represented the sellers in each transaction. The first is Rosedale Plaza, a 21,602-square-foot, newly renovated retail center located in Fort Worth. The property is located 10 miles southeast of downtown Fort Worth at the northeast corner of Rosedale Street and Ayers Avenue. At the time of closing, Rosedale Plaza was 94 percent leased to tenants including Family Dollar, Cricket Wireless, La Familia Insurance, Rosedale Laundry, Hernandez Mexican Food and Dr. Aaron Salmon, D.D.S. SHOP Cos. represented the seller, a Dallas-based limited liability, in the transaction. A private limited liability company from west Texas was the buyer. The second transaction was Ed Carey Plaza, a 23,243-square-foot shopping center located in Harlingen. At the time of closing, the property was 100 percent leased to tenants including T-Mobile, Marble Slab Creamery, Quizno’s, Wing Barn, Advance America, Sun Loan and Sylvan Learning Center. Ed Carey Plaza is located along North Ed Carey Drive. SHOP Cos. represented the seller, a Dallas-based limited liability company, and procured the buyer, a limited partnership from …

March 22, 2016

Bears-Eagles-Riverfront-Stadium-Newark-NJ

New Jersey Northeast Retail

Lotus Equity Group to Acquire Bears & Eagles Stadium in Newark for $23.5M

by Amy Works March 22, 2016

NEWARK, N.J. — Lotus Equity has entered into an agreement to acquire Bears & Eagles Riverfront Stadium, located at 450 Broad St. in Newark. The City of Newark, Essex County and the Essex County Improvement Authority are selling with property for $23.5 million. The sale of the stadium and land to a private developer allows the city and county to increase taxable space and relieve the taxpayers of the stadium’s current $4 million annual debt-service obligation. Lotus is gathering urban planners, designers and engineers to assess the site, which offers 7.5 acres of developable land, to conceptualize and recommend a long-term solution for the site.

March 22, 2016

Massachusetts Northeast Pennsylvania Retail

Modell’s Sporting Goods Opens Two Locations in Boston and Philadelphia

by Amy Works March 22, 2016

BOSTON AND PHILADELPHIA — Modell’s Sporting Goods has opened locations in Boston and Philadelphia. Located at 480 Boylston St. in Boston’s Back Bay area and at 1608 Walnut St. in Philadelphia near Rittenhouse Square, the two 11,000-square-foot stores will be tailored to customers passionate about running, fitness and professional sports teams and will offer elite brands such as Brooks, Asics, The North Face, Nike, Under Armour and adidas.

March 22, 2016

Midwest Multifamily Ohio Seniors Housing

Marcus & Millichap Brokers $4.5M Sale of 183-Unit CCRC in Ohio

by Christina Cannon March 22, 2016

CINCINNATI — Marcus & Millichap has arranged the sale of Scarlet Oaks, a 183-unit continuing care retirement community in Cincinnati. Continuing care retirement communities are comprised of various operational models that include independent living, assisted living, memory care and skilled nursing. An East Coast-based private owner/operator purchased the 75-year-old property from a national owner/operator for $4.5 million, or $25,000 per unit. The names of the parties were not disclosed. Mark Myers, senior vice president of investments, and Joshua Jandris, vice president of investments, along with associates Ryan Fleming, Peyton Stanforth and Charles Hilding, all from Marcus & Millichap’s Chicago office, handled the sale.

March 22, 2016

Illinois Midwest Retail

Baceline Investments Acquires Suburban Chicago Shopping Center for $4M

by Christina Cannon March 22, 2016

HAZEL CREST, ILL. — Baceline Investments LLC has acquired The Commons at Hazel Crest shopping center for $4 million. The Commons at Hazel Crest is located at 18220-18244 Kedzie Ave. in Hazel Crest, approximately 30 miles southwest of Chicago. Dollar Tree and CSL Plasma anchor the 51,222-square-foot shopping center. The property was built in 1972. The seller in the transaction was undisclosed.

March 22, 2016

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