more_sales_and_leases

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M&M Arranges Sale of 48,229 SF Retail Property in Metro Houston

by Haisten Willis February 22, 2016

LA PORTE, TEXAS — Marcus & Millichap has arranged the sale of Fairporte Green Shopping Center, a 48,229-square-foot retail property located in La Porte. Jerry Goldstein of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a partnership in Washington D.C. It was sold to a 1031 exchange buyer from Southern California who assumed an existing CMBS loan. The property is 80 percent occupied and features national medical tenants including U.S. HealthWorks and Fresenius as well as a freestanding Burger King. Its physical address is located at 1309 Fairmont Parkway in La Porte.

February 22, 2016

Biynah Industrial Partners, Olympus Ventures Acquire Industrial Portfolio in Metro Indianapolis for $167M

by Christina Cannon February 22, 2016

INDIANAPOLIS, PLAINFIELD AND BROWNSBURG, IND. — An entity led by Biynah Industrial Partners and Olympus Ventures has acquired an eight-building industrial portfolio in Indianapolis for $167 million. The Class A portfolio totals nearly 4 million square feet and was purchased from an affiliate of Transpacific Development Co. (TDC). The transaction also includes 42 acres of vacant land in addition to the eight buildings. Each facility is located within a master-planned distribution center. The portfolio is 94 percent occupied. Four buildings, which total 1.5 million square feet, are located in the Airwest Industrial Park in Plainfield. Two buildings, each 281,580 square feet, are situated in the AmeriPlex development in Indianapolis. EaglePoint 3, located at 901 E. Northfield Drive in Brownsburg, totals 396,000 square feet and features 32-foot clear heights. The last property is located at 710 S. Girls School Road in Indianapolis and is 1.3 million square feet and 100 percent leased. John Huguenard, Sean Devaney and Ed Halaburt of JLL represented the seller in the transaction. The buyer was self-represented. HFF placed a $100.2 million 10-year, fixed-rate loan with an international life insurance company on behalf of the joint venture.

February 22, 2016

Illinois Midwest Multifamily

Strategic Properties Acquires 396-Unit Multifamily Complex North of Chicago

by Christina Cannon February 22, 2016

GRAYSLAKE, ILL. — Strategic Properties of North America (SPNA) has acquired a 396-unit multifamily complex in Grayslake, approximately halfway between Chicago and Milwaukee, for an undisclosed price. SPNA plans to make $3 million worth of improvements to Grays Pointe Apartments. SPNA enacted Section 15 of the Condo Act, effectively allowing the company to dissolve the condominium association and apply the current apartment cap rate to the net operating income. The seller in the transaction was undisclosed.

February 22, 2016

Midwest Ohio Retail

Cooper Commercial Brokers $1.9M Sale of 16,820 SF Retail Center in Northeast Ohio

by Christina Cannon February 22, 2016

ASHTABULA, OHIO — The Cooper Commercial Investment Group has brokered the $1.9 million sale of a 16,820-square-foot retail center in Ashtabula, approximately 60 miles northeast of Cleveland. A Cleveland-based private investor sold AT&T Plaza to a Kansas buyer. Tenants at the shopping center include AT&T, Springleaf Financial, Best Cuts and Cashland. Dan Cooper of Cooper Commercial represented the seller in the transaction.

February 22, 2016

Michigan Midwest Office

Friedman Arranges 62,318 SF Office Lease in Troy, Michigan

by Christina Cannon February 22, 2016

TROY, MICH. — Friedman Integrated Real Estate Solutions has arranged a 62,318-square-foot office lease in Troy, approximately 25 miles north of Detroit. Midland Credit Management Inc. will occupy space in Building B of Troy Officentre. Osprey-Troy Officentre LLC owns the building located at 320 E. Big Beaver Road. Glenn DesRosiers of Friedman Integrated Real Estate Solutions represented the landlord in the transaction. Midland Credit Management is a subsidiary of Encore Capital Group, an international specialty finance company that provides debt-recovery solutions for consumers and property owners.

February 22, 2016

Multifamily New Jersey Northeast

Gebroe-Hammer Brokers $47M Sale of Murray Hill Apartments in New Jersey

by Amy Works February 19, 2016

MURRAY HILL, N.J. — Gebroe-Hammer Associates has arranged the sale of Murray Hill Apartments, a garden-style apartment complex located at 48 Southgate Road in Murray Hill, which is an unincorporated community in New Providence and Berkeley Heights, N.J. A private investor acquired the 171-unit property for $47 million. The complex features 12 two-story, walk-up buildings with 72 one-bedroom units and 100 two-bedroom units. On-site amenities include parking and laundry facilities. Greg Pine, David Jarvis and Stephen Tragash of Gebroe-Hammer represented the seller, a private investor, and identified the buyer in the deal.

February 19, 2016

New York Northeast Office

JV Enters into Agreement to Sell 65,600 SF Office Building for $20.7M in White Plains

by Amy Works February 19, 2016

WHITE PLAINS, N.Y. — A joint venture between SL Green and Renaissance Office Partners has entered into an agreement to sell an office building located at 7 Renaissance Square in White Plains. The gross sales price is $20.7 million, or $316 per square foot. Located at the Ritz Carlton complex, the building feature 65,600 square feet of office space. The transaction is expected to close during the second quarter of this year, subject to customary closing conditions. The name of the buyer was not released. Jeff Dunne of CBRE represented the sellers in the deal.

February 19, 2016

Industrial Massachusetts Northeast

The Stubblebine Company Brokers $3.6M Sale of Industrial Building in Massachusetts

by Amy Works February 19, 2016

HANOVER, MASS. — The Stubblebine Company has arranged the sale of an industrial property located at 285 Circuit St. in Hanover. Beech Street Enterprises sold the multi-tenant building to an undisclosed buyer for $3.6 million. The single-story, 76,000-square-foot facility features 20-foot clear heights, no columns and a diverse tenant mix. David Stubblebine and James Stubblebine of The Stubblebine Company/CORFAC International represented the seller and procured the buyer in the deal.

February 19, 2016

Midwest Minnesota Retail

Oppidan Investment Co. Sells 118,627 SF Shopping Center in Minneapolis

by Christina Cannon February 19, 2016

MINNEAPOLIS — Oppidan Investment Co. has sold the White Bear Marketplace in Minneapolis for an undisclosed price. Oppidan developed the 118,627-square-foot shopping center on a site previously occupied by Kmart. Cub Foods, Planet Fitness, Northern Tool and Starbucks co-anchor the newly constructed retail center. Jim Leary and Jeff Budish of CBRE represented Oppidan Investment Co. in the transaction. The buyer was a regional private investor.

February 19, 2016

Indiana Midwest Office

JLL Arranges Sale of 16,500 SF Office Building in Indianapolis

by Christina Cannon February 19, 2016

INDIANAPOLIS — JLL has arranged the sale of a 16,500-square-foot office building in Indianapolis. MID by Design LLC sold the building, located at 9800 Association Court, to CKH Realty for an undisclosed price. The property consists of a 13,900-square-foot open studio with 21-foot ceilings and 2,600 square feet of mezzanine space. Kevin Gillihan of JLL represented the seller in the transaction, and Tim O’Brien of O’Brien Commercial Real Estate represented the buyer.

February 19, 2016

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