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M&M Arranges Sale of 24,794 SF Retail Center in The Woodlands

by Haisten Willis January 25, 2016

THE WOODLANDS, TEXAS — Marcus & Millichap has arranged the sale of Terramont Village Shopping Center, a 24,794-square-foot retail property located in Village of Sterling Ridge in The Woodlands. Jerry Goldstein of Marcus & Millichap’s Houston office, along with and Nate Newman of the firm’s The Woodland’s office, marketed the property on behalf of the seller, EDENS, a retail REIT based in Columbia, S.C. Goldstein and Newman also secured and represented the buyer, a private investor. Terramont Village Shopping Center is located at 30340 FM 2978 Road, just south of its intersection with Woodlands Parkway.

January 25, 2016

Berkadia Arranges Sale of Apartment Complexes in College Station

by Haisten Willis January 25, 2016

COLLEGE STATION, TEXAS — Lutz Real Estate Investments, in a joint venture with Harrison Street Real Estate Capital, has sold University Square and Laurel Ridge Apartments located near Texas A&M University in College Station. Kevin Larimer of Berkadia represented the seller in the transaction. Lutz and Harrison Street acquired University Square and Laurel Ridge in December 2012. Upon acquisition, Lutz upgraded the unit interiors, amenities and technology infrastructure, and made cosmetic upgrades at both properties.

January 25, 2016

Maryland Retail Southeast Virginia

Retail Properties of America Buys Two Shopping Centers in Mid-Atlantic for $72.7M

by John Nelson January 25, 2016

FALLS CHURCH, VA. AND HAGERSTOWN, MD. — Retail Properties of America Inc. (RPAI) has acquired a two-property portfolio of shopping centers in the Baltimore-Washington, D.C. corridor for a combined purchase price of $72.7 million. The Oak Brook, Ill.-based shopping center REIT purchased the 138,000-square-foot Merrifield Town Center II in Falls Church for $45.7 million and the 113,000-square-foot Shoppes at Hagerstown in Hagerstown for $27 million. RPAI owns both Merrifield Town Center I and II and plans to redevelop Merrifield II into a mixed-use project that will complement Merrifield I. Shoppes at Hagerstown was 93 percent leased at the time of sale to tenants such as Best Buy, Party City, Dollar Tree, Five Below and Starbucks Coffee.

January 25, 2016

Mixed-Use North Carolina Southeast

Federal Capital Partners Acquires Restored Tobacco Mill Campus in Downtown Durham for $18M

by John Nelson January 25, 2016

DURHAM, N.C. — Federal Capital Partners (FCP) has purchased the Venable Center, a three-property, 85,886-square-foot mixed-use campus located at 303 S. Roxboro St. in downtown Durham, for $18 million. The property comprises three restored tobacco mill office buildings that are listed on the National Register of Historic Places. The buildings include office, retail and lab space. Venable Center was 99 percent leased at the time to tenants including Precision Biosciences, which recently signed a long-term lease to extend and expand its space.

January 25, 2016

Florida Retail Southeast

Marcus & Millichap Brokers Sale of Two Retail Centers in Broward County for $14.2M

by John Nelson January 25, 2016

POMPANO BEACH AND LAUDERHILL, FLA. — Marcus & Millichap has arranged the sales of two shopping centers in Broward County totaling $14.2 million. The properties include the 74,575-square-foot Palm Plaza in Pompano Beach and the 66,103-square-foot Oakbrook Plaza in Lauderhill. Palm Plaza comprises two retail buildings, an Enterprise outparcel, a four-pump gas station and an industrial/flex building. Oakbrook Plaza is leased to a mix of local retailers and Dunkin’ Donuts. A partnership based in Plantation, Fla., purchased Palm Plaza for $7.5 million and Oakbrook Plaza for $6.7 million. Douglas Mandel of Marcus & Millichap represented the sellers in both transactions, and Adam Duncan and Joseph Thomas of Marcus & Millichap represented the buyer in the Palm Plaza transaction.

January 25, 2016

Illinois Midwest Multifamily

The Wernke Team Arranges Sale of Student Housing Property in Urbana

by Christina Cannon January 25, 2016

URBANA, ILL. — The Wernke Team has arranged the sale of Lincoln Place Apartments, a 60-unit, 155-bed student housing community located in Urbana, for an undisclosed price. Lincoln Place Apartments purchased the property from Busboom Investments. Built in 1984, Lincoln Place Apartments encompasses approximately two acres and contains three three-story buildings. The community includes a mixture of one-, two- and three-bedroom apartments. Michael Wernke and Chris Hentschel of RESOURCE Commercial Real Estate, in conjunction with Colliers International, arranged the sale of the property.

January 25, 2016

California Multifamily Student Housing Western

Vertex, Harrison Street Buy Student Housing Project in Sacramento

by Nellie Day January 22, 2016

SACRAMENTO, CALIF. — VerTex Student Housing Partners, a joint venture of Vermilion Development and TEXLA Housing Partners, has acquired The Element, a 288-unit, 792-bed student housing development near Sacramento State University, for an undisclosed price. The acquisition is the fourth transaction in partnership with Chicago-based Harrison Street Real Estate Capital. The Element is located less than one mile from the campus, and was originally constructed in 2004. The garden-style property consists of 18 three-story residential buildings and a clubhouse and leasing office. The partnership will soon implement operational and capital improvements. VerTex Student Housing Management will act as property manager of the asset. All units are fully furnished with amenities such as full-size washers and dryers, microwaves, dishwashers, access to the Internet and digital satellite television. The community amenities include a resort-style swimming pool and hot tub, half-size indoor basketball court, fitness center and sand volleyball court. Additionally, a game room, resident business center, student lounge, private shuttle to campus and other amenities are available to all residents. VerTex has now acquired 3,200 beds with Harrison Street Real Estate Capital. Senior Vice President at TSB Capital Advisors Shawn Sweeney helped arrange the acquisition loan with Capital One.

January 22, 2016

Industrial Massachusetts Northeast Office

R.W. Holmes Realty Co. Brokers $2.3M Sale of 44,950 SF Office/Warehouse Facility in Massachusetts

by Amy Works January 22, 2016

NATICK, MASS. — R.W. Holmes Realty Co. has arranged the sale of a 44,950-square-foot office/warehouse property located at 245 W. Central St. in Natick. Snap-One Corp. sold the property to South Natick Partners LLC for $2.3 million. Situated on 2.5 acres, the property features four tailboard doors, one drive-in loading dock and 100 parking spaces. Craig Johnston of R.W. Holmes Realty represented the seller, while Eric Brosler of MetroWest Commercial Real Estate represented the buyer in the transaction.

January 22, 2016

Massachusetts Northeast Retail

Linear Retail Acquires 7,335 SF Retail Property in Massachusetts for $2.1M

by Amy Works January 22, 2016

WEST ROXBURY, MASS. — Linear Retail Properties has acquired a retail property located at 1869-1881 Centre St. in West Roxbury for $2.1 million. Built in 1920, the 7,335-square-foot property is occupied by Atlas True Value Hardware, Rox Diner, Iron Body Studios and Saigon Nails. The name of the seller was not disclosed.

January 22, 2016

New York Northeast Office

Kalmon Dolgin Affiliates Arranges $1.8M Sale of Commercial Property in Brooklyn

by Amy Works January 22, 2016

NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has arranged the sale of a commercial property located at 384 Hendrix St. in Brooklyn’s Brownsville/East New York neighborhood. HRS NY Realty acquired the 13,200-square-foot property from NY PCC for $1.8 million. The buyer plans to renovated the building, which was most recently used as healthcare offices, for commercial office use. The building features 12-foot ceilings, gas heat and a full sprinkler system. Allison Chambers of KDA represented the seller, while Joel Kohn and Avrum Lieber of KDA represented the buyer in the transaction.

January 22, 2016

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