more_sales_and_leases

Forest at Chasewood Apartments Charlotte

Eller Capital Partners Sells Apartment Community in Charlotte for $12.8M

by John Nelson February 10, 2016

CHARLOTTE, N.C. — Eller Capital Partners and its affiliate, PEG Capital Management, have sold the 220-unit Forest at Chasewood Apartments in Charlotte for $12.8 million. Eller Capital sold the asset to a private, out-of-state investor. The property was built in 1985 at 1600 Chasewood Drive off of Monroe Road. The Forest at Chasewood is the second Charlotte apartment community that Eller Capital Partners has sold recently. In August 2015, the Chapel Hill-based multifamily investor and operator sold Laurel Walk Apartments on Providence Road.

February 10, 2016

Midwest Office Ohio

Gramercy Property Trust Sells Office Portfolio in Cincinnati for $87M

by Christina Cannon February 10, 2016

CINCINNATI — Gramercy Property Trust has closed on the sale of a three-building office portfolio in Cincinnati for $87 million, the equivalent of $161 per square foot. McAuley Place and Landings I & II were 96 percent occupied at the time of sale. The exit cap rate was 9 percent based on the existing net operating income. The buyer in the transaction was undisclosed.

February 10, 2016

Midwest Ohio Retail

IPA Brokers $15.8M Sale of 229,142 SF Shopping Center in Lancaster

by Christina Cannon February 10, 2016

LANCASTER, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a 229,142-square-foot shopping center in Lancaster. River Valley Plaza sold for $15.8 million. The seller was a Columbus-based owner, and the buyer was a Canadian investment group. The property is located at 1300 River Valley Blvd. and is 97 percent occupied with 82 tenants. Target, Hobby Lobby and T.J. Maxx anchor River Valley Plaza and collectively occupy 80 percent of the center’s gross leasable area. Target has been a tenant since 1994, and Hobby Lobby recently extended its lease into 2025. T. J. Maxx just signed on for an additional five years. Subway has occupied space in the shopping center since 1990. Erin Patton, Craig Fuller and Scott Wiles represented the seller and procured the buyer.

February 10, 2016

Indiana Industrial Midwest

JLL Arranges 176,000 SF Industrial Lease in Plainfield, Indiana

by Christina Cannon February 10, 2016

PLAINFIELD, IND. — JLL has arranged a 176,000-square-foot industrial lease in Plainfield, approximately 18 miles southwest of Indianapolis. Best Choice Products will occupy space at Building One within the Plainfield Business Park. The lease for Best Choice Products will bring the 352,960-square-foot facility, located at 2370 Perry Road, to full occupancy. The building features a cross-dock configuration, 32-foot clear heights, 26 docks, one drive-in door, 60-foot loading bays, 21 trailer parking spaces and 130 auto parking spaces. Chip Barnes and Matt Dickerson of JLL represented the landlord, Clarion Partners, in the lease transaction. Steve Schwegman of JLL represented Best Choice Products.

February 10, 2016

California Office Western

Newark Arranges $65M in Financing for California Highway Patrol Office Complex in Sacramento

by Nellie Day February 10, 2016

SACRAMENTO, CALIF. — Newmark Realty Capital has arranged $65 million in permanent financing for a 284,000-square-foot office complex in Sacramento that serves as the headquarters for the California Highway Patrol. The facility is situated within the River District Redevelopment Area. The recently renovated property is leased to the State of California. George Mitsanas, Fritz Grim and Armen Hadjimanoukian of Newmark Realty Capital arranged the non-recourse, fixed-rate, term loan. It was placed with one of the firm’s correspondent life insurance company lenders.

February 10, 2016

Industrial Nevada Western

Frito Lay Expands Distribution Center in Las Vegas

by Nellie Day February 9, 2016

LAS VEGAS — Frito Lay is expanding its distribution center in Las Vegas. The center is located at 1209 Trade Drive in North Las Vegas. The company will expand the facility by about 30,000 square feet. The project will take place directly adjacent to an active warehouse. Construction is scheduled for completion this May. William E Franz designed the project. Burke Construction Group will manage the construction, which Burke Construction Group will perform. Con-Real owns the facility.

February 9, 2016

New York Northeast Office

Jamestown Acquires 49 Percent JV Stake in Two Manhattan Office Properties

by Amy Works February 9, 2016

NEW YORK CITY — Jamestown LP, a national real estate investment and management company, has acquired a 49 percent joint venture stake in ownership of two office properties in Manhattan for an undisclosed sum. Under the new partnership agreement, George Comfort & Sons and Loeb Partners Realty will together retain a majority interest in the assets. The properties include 63 Madison Avenue, a 15-story, 870,000-square-foot office building that is fully occupied by notable tenants such as New York Life and CBS; and 200 Madison Avenue, a 26-story, 750,000-square-foot office building that is 99 percent leased to 20 tenants, including Philips-Van Heusen, Roche BoBois and Greater New York Mutual Insurance. Doug Harmon, Adam Spies, Adam Doneger and Josh King of Eastdil Secured provided financial advice for the transaction.

February 9, 2016

Multifamily Northeast Pennsylvania

NGKF Brokers Sale of Multifamily Development Site in Philadelphia

by Amy Works February 9, 2016

PHILADELPHIA — Newmark Grubb Knight Frank (NGKF) Capital Markets has arranged the sale of the SOKO Lofts development site, located at 1300-1354 N. Second St. in Philadelphia’s South Kensington neighborhood. Canus Corp. sold the property to The Klein Company for an undisclosed sum. Scheduled to begin construction later this year, the fully approved development will feature 320 apartments. Brett Segal, Mike Margolis, Dave Dolan and Jeff Mack of NGKF represented the seller in the transaction.

February 9, 2016

Multifamily New York Northeast Retail

Eastern Consolidated Negotiates $9M Sale of Brooklyn Mixed-Use Property

by Amy Works February 9, 2016

NEW YORK CITY — Eastern Consolidated has brokered the sale of a mixed-use property located at 86-90 Bushwick Ave., aka 811 Grand St., in Brooklyn’s East Williamsburg neighborhood. The property sold for $9 million, or $445 per square foot. The four-story building features 12 rent-regulated residential units and four retail units. The apartment units are a mix of one-, two- and three-bedroom layouts. Eskor Edem of Eastern Consolidated represented the seller, a longtime owner, while Jonathan Schwartz, also of Eastern Consolidated, represented the buyer, a local investor, in the transaction.

February 9, 2016

Multifamily Southeast Tennessee

Spirit Bascom Ventures, Oaktree Buy Multifamily Portfolio in Nashville MSA

by John Nelson February 9, 2016

NASHVILLE AND HERMITAGE, TENN. — Spirit Bascom Ventures, an affiliate of Irvine, Calif.-based The Bascom Group, and funds managed by Oaktree Capital Management LP have closed on the purchase of two apartment communities in Nashville totaling 838 units. The portfolio includes the 560-unit Bellevue West at 100 Ridgelake Parkway and the 278-unit Highlands at the Lake at 100 Arbor Lake Blvd. in Hermitage, a suburb of Nashville. Vincent Lefler of JLL represented the seller in the transaction. Brian Eisendrath and Annie Rice of CBRE Capital Markets arranged acquisition financing through San Francisco-based ACORE Capital.

February 9, 2016

Newer Posts

Older Posts