more_sales_and_leases

Federal Capital Partners Sells Two Apartment Communities in Maryland for $88.7M

by John Nelson December 2, 2015

TEMPLE HILLS AND LAUREL, MD. — Federal Capital Partners (FCP) has sold two apartment communities in Prince George’s County in Maryland for a combined $88.7 million. The properties include the 390-unit South Pointe Apartments in Temple Hills and the 386-unit Montpelier Crossing in Laurel. FCP purchased both assets in 2011 and executed capital improvements to both projects during its ownership. Dean Sigmon and Robin Williams of Transwestern represented FCP in the South Pointe transaction, and Bill Roohan, Mike Muldowney and Martha Hastings of CBRE represented FCP in the Montpelier Crossing deal.

December 2, 2015

District of Columbia Mixed-Use Southeast

Cambridge Property Group Brokers $64M Sale of Mixed-Use Project in D.C.

by John Nelson December 2, 2015

WASHINGTON, D.C. — Cambridge Property Group has brokered the $64 million sale of a 128,571-square-foot mixed-use development located at 1250 23rd St. in Washington, D.C.’s West End submarket. Built in 1989 and renovated in 2010, the property was fully leased at the time of sale with more than 75 percent of the tenants encumbered by leases exceeding 10 years. Galaxy 23rd Street LLC, a joint venture between Hartford Investment Management Co. and Galaxy Investments LLC, purchased the development from W/G 1250 23rd Street NW LLC. Transwestern represented the seller in the transaction. The new ownership has retained Cambridge Property Group to provide property management and leasing services for the project.

December 2, 2015

Lakeshore Business Center Fort Lauderdale

Florida Office Southeast

Morning Calm, Blue Vista Capital Acquire Office Campus in Fort Lauderdale for $18.1M

by John Nelson December 2, 2015

FORT LAUDERDALE, FLA. — Morning Calm Management and joint venture partner Blue Vista Capital Management have purchased Lakeshore Business Center, a four-building, 234,954-square-foot office complex in Fort Lauderdale, for $18.1 million. The office campus is located at 5100 and 5200 N.W. 33rd Ave. and 3201 and 3125 Commercial Blvd. in Fort Lauderdale’s Commercial Boulevard submarket. The joint venture purchased the development from NTS. The campus was 53 percent leased at the time of sale to tenants such as Embry-Riddle Aeronautical University, ECI Telecom and Evolis.

December 2, 2015

California Retail Western

Pita’s Mediterranean Grill Leases Restaurant Space at San Marcos Civic Center Plaza

by Nellie Day December 2, 2015

SAN MARCOS, CALIF. — Halimeh Hamideh has leased 1,142 square feet of restaurant space at 133 N. Twin Oaks Valley Road in San Marcos. The lessee plans to open a Pita’s Mediterranean Grill at the location within San Marcos Civic Center Plaza. The five-year lease has a $189,166 consideration. Bill Thaxton of Flocke & Avoyer Commercial Real Estate represented the lessor in the transaction. The lessee was self-represented.

December 2, 2015

Midwest Missouri Retail

Sansone Group, AIMS Real Estate Acquire Two Retail Centers in St. Louis Suburb

by Christina Cannon December 2, 2015

SUNSET HILLS, MO. — A joint venture between Sansone Group and AIMS Real Estate has purchased two retail centers in Sunset Hills, a southwestern suburb of St. Louis, for an undisclosed price. The Plaza at Sunset Hills and Shoppes at Sunset Hills are both located at the intersection of South Lindberg Boulevard and Watson Road and total 450,000 square feet. Sansone Group originally developed the properties, which were completed in 1996 and 1997. DDR Corp. purchased the centers in 1998 and recently sold them to the joint venture. Tenants at Plaza at Sunset Hills include Home Depot, Bed Bath & Beyond, Marshalls, Party City, Stein Mart, Old Navy, PetSmart, David’s Bridal, Panera Bread, Chick-fil-A, Five Below and Dobb’s Tire & Auto. Tenants at the Shoppes at Sunset Hills include Toys “R” Us, Ross Dress for Less, The Tile Shop and Longhorn Steakhouse. Sansone Group will manage and lease the centers. AIMS Real Estate is a business unit within Goldman Sachs Asset Management. Both parties were self-represented in the transaction.

December 2, 2015

Illinois Midwest Multifamily

Marcus & Millichap Brokers $3M Sale of 12-Unit Apartment Property in Chicago

by Christina Cannon December 2, 2015

CHICAGO — Marcus & Millichap has brokered the $3 million sale of a 12-unit apartment property in Chicago. The property is located at 855 W. Grace St. and is near Wrigleyville, home of the Chicago Cubs. Kyle Stengle listed the property on behalf of the seller, an undisclosed private investor. Stengle also represented the buyer, a limited liability company.

December 2, 2015

Midwest Office Wisconsin

Siegel-Gallagher Arranges 3,255 SF Office Lease Renewal Near Milwaukee

by Christina Cannon December 2, 2015

ELM GROVE, WIS. — Siegel-Gallagher has arranged a 3,255-square-foot office lease renewal in Elm Grove, a western suburb of Milwaukee. Jensen Health & Energy Center will continue to occupy space in The Tradesman Building, located at 500 Elm Grove Road. Building Trades United Pensions Trust Fund is the landlord. John Dulmes and Dan Walsh of Siegel-Gallagher brokered the transaction.

December 2, 2015

Arizona Office Western

Sunquest Buys Former Muscular Dystrophy Association Building in Tucson

by Nellie Day December 1, 2015

TUCSON, ARIZ. — Sunquest Information Systems has purchased the 83,000-square-foot former Muscular Dystrophy Association (MDA) building in Tucson. The price was not disclosed. The building is located at 3300 E. Sunrise Drive. The company plans to relocate to the new space, which will allow for future growth. Mark Irvin of Mark Irvin Commercial Real Estate represented Sunquest.

December 1, 2015

Colorado Multifamily Western

Denver Apartment Complex Sells for $2.5M

by Nellie Day December 1, 2015

DENVER – A local buyer has purchased a 15-unit apartment complex in Denver for $2.5 million. The community is located at 3005-3015 E. 14th Ave. The vintage building is situated in Congress Park. Jim Knowlton of Pinnacle Real Estate Advisors represented both the buyer and seller in this transaction.

December 1, 2015

Office Texas

Accesso Partners Acquires 913,000 SF Office Campus in Austin

by Haisten Willis December 1, 2015

AUSTIN, TEXAS — Accesso Partners has acquired 7700 Parmer Lane, a 913,000-square-foot, 94 percent leased technology office campus in northwest Austin. The property is leased to Google, Oracle, eBay/Pay Pal, Electronic Arts, Polycom and Dun & Bradstreet. The 129-acre, four-building office complex is the second Austin acquisition in the last five months by the Hallandale Beach, Fla.-based real estate investment firm. There are two vacancies in the complex, a 31,436-square-foot space adjacent to Oracle in Guilding B, and 23,693-square-foot space in Building C adjacent next to Electronic Arts. Additionally, there is a value-add opportunity to develop a fifth office building within the campus footprint. Michael McDonald of Eastdil Secured’s Atlanta office represented the seller and procured Accesso Partners. The amenities at 7700 Parmer include an auditorium, full-service cafeteria, baseball field, basketball courts, soccer field, volleyball court and a day care service. Susan Hill of HFF’s Houston office arranged acquisition financing on behalf of Accesso Partners.

December 1, 2015

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