more_sales_and_leases

Marcus & Millichap Arranges Sale of Hotel in Washington D.C. Area

by Haisten Willis November 4, 2015

HARPERS FERRY, W.VA. — Marcus & Millichap has arranged the sale of the Quality Hotel and Conference Center, a 100-room hotel located in Harpers Ferry, W.Va. The asset sold for $2.95 million or $29,500 per room. Karianne J. Cibello and Gordon Allred of Marcus & Millichap marketed the hotel along with two retail buildings on nearly 14 acres. Cibello and Allred also secured the buyer, a local business owner who plans to upgrade the property. Ralph Nash served as the broker of record for the transaction. Located at 4328 William L. Wilson Freeway, the Quality Hotel & Conference Center is next to River Riders family adventure resort and one mile from the Hollywood Casino at Charles Town.

November 4, 2015

Retail Texas

Centennial Real Estate Co. Purchases Brazos Mall in Metro Houston

by Haisten Willis November 4, 2015

LAKE JACKSON, TEXAS — Dallas-based Centennial Real Estate Co., in partnership with Atlantic Creek Real Estate Partners and The North Shore Properties Group, have acquired Brazos Mall, a 680,951-square-foot enclosed mall in Lake Jackson, 50 miles south of Houston. Built in 1976, Brazos Mall is the only enclosed retail center in the Brazosport area. The trade area is home to corporations including Dow Chemical, Chevron, Phillips 66 and BASF Corp. Brazos Mall is 92 percent occupied and features retailers such as JC Penney, Victoria’s Secret, Rue 21, Aeropostale, American Eagle Outfitters, Hot Topic, Ross Dress For Less and a new 14-screen Starplex Cinema. Brazos Mall is located at the intersection of Highway 288 and Oyster Creek Drive.

November 4, 2015

Restaurant Retail Texas

Baker Katz Arranges 7,000 SF Lease on Behalf of Uncle Julio’s in Houston

by Haisten Willis November 4, 2015

HOUSTON — Houston-based Baker Katz has completed a 7,000-square-foot lease on behalf of Uncle Julio’s. Uncle Julio’s will be located near the intersection of I-10 West and Westgreen Boulevard. The restaurant serves Mexican food, and the opening is slated for Feb. 15, 2016. Jason Baker of Baker Katz represented Uncle Julio’s in the transaction. Vincent Giammalva of Giammalva Interests represented the undisclosed landlord. Founded in 1986, Uncle Julio’s has grown to include more than 20 locations in the U.S.

November 4, 2015

Multifamily Texas

Westmount Realty Capital Acquires Apartment Community in Metro Dallas

by Haisten Willis November 4, 2015

GRAND PRAIRIE, TEXAS — Westmount Realty Capital has acquired the Colonnade Apartments, a Class A, garden-style apartment property located at 2815 Osler Drive in Grand Prairie. Westmount is rebranding the apartment community as Westmount at the Colonnade. The project, constructed in 2001, consists of 192 units on an 11-acre site, for an average of 17 units per acre. Westmount at the Colonnade is located adjacent to Highway 360. The Colonnade is a mixture of two- and three-story buildings with sizes ranging from one-bedroom units of 772 square feet to three-bedroom units up to 1,258 square feet. The complex includes 382 parking spaces, 9-foot ceilings with crown molding, a clubhouse, swimming pool with fountain, media and business center, fitness center and gated access. FNMA financing for the acquisition was arranged by the Dallas office of Marcus & Millichap.

November 4, 2015

Multifamily Nevada Western

Pathfinder Partners Buys Condos at Sky Las Vegas

by Nellie Day November 4, 2015

LAS VEGAS – Pathfinder Partners has acquired 64 condominium units at Sky Las Vegas on the Las Vegas Strip. The 42-story, 409-unit luxury condo community is located at 2700 Las Vegas Blvd. South. The units were purchased from the property’s original developer, who had previously sold 345 units and was operating the remaining unsold units as rentals. The transaction was executed by CBRE’s Charles Moore and Marlene Fujita.

November 4, 2015

California Multifamily Western

El Dorado Villas in Los Angeles Sells for $19.5M

by Nellie Day November 4, 2015

LOS ANGELES – The 33-unit El Dorado Villas in the Los Angeles submarket of Sherman Oaks has sold to an international buyer for $19.5 million. The community is located at 4510 Murietta Ave. The community contains individually deeded condos that can be sold separately in the future. The buyer owns other properties in the area and wanted to expand his portfolio with this purchase. The Florida-based seller built the property in 2008. It was represented by Brent Sprenkle of Berkadia.

November 4, 2015

California Office Western

El Segundo Office Building Changes Hands

by Nellie Day November 4, 2015

EL SEGUNDO, CALIF. – A 119,484-square-foot office building in El Segundo has sold to a partnership between Roxborough Fund I and Montana Avenue Capital Partners for an undisclosed sum. The property is located at 1700 East Walnut Ave. It is 99 percent leased. The partners plan to reposition the property. It is their first acquisition.

November 4, 2015

Midwest Ohio Retail

Cooper Commercial Brokers $5.5M Sale of Shopping Center in Suburban Cleveland

by Christina Cannon November 4, 2015

ELYRIA, OHIO — The Cooper Commercial Investment Group has brokered the sale of a 179,646-square-foot retail center in Elyria, a southwest suburb of Cleveland, for $5.5 million. Midway Crossing is anchored by Olive Garden, Chipotle, Verizon and Planet Fitness. Bob Havasi and Dan Cooper of Cooper Commercial represented the seller, a New York-based institutional seller. The buyer was an Arizona-based private investment group.

November 4, 2015

Midwest Ohio Retail

Marcus & Millichap Arranges $7.5M Sale of Retail Property in Dayton

by Christina Cannon November 4, 2015

DAYTON, OHIO — Marcus & Millichap has arranged the sale of a 36,756-square-foot retail center for $7.5 million. Sugarcreek Crossing I is comprised of three separate buildings and located at 5800 Wilmington Pike in Dayton. Tenants of the inline strip center include Mattress Firm, The UPS Store, Eagle Loan and Godfather’s Pizza. Tenants in the freestanding buildings include Cracker Barrel and Tire Discounters. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, an Ohio-based developer. They also secured and represented the buyer, a Washington-based private fund.

November 4, 2015

Illinois Midwest

Telos Group Arranges Two Office Leases Totaling 85,907 SF at 111 South Wacker in Chicago

by Christina Cannon November 4, 2015

CHICAGO — The Telos Group has arranged two new leases for 111 South Wacker, a Class A office building in Chicago’s West Loop. Union Investment Real Estate GmbH owns the 51-story office tower, which spans 1.1 million square feet. The Telos Group is the exclusive leasing agent for 111 South Wacker. AXIS Reinsurance, a global insurer, signed an 11-year lease for the entire 35th floor, which is 28,609 rentable square feet. Tom Volini of Colliers International represented AXIS Reinsurance in the transaction. Houlihan Lokey, a global investment banking firm, signed a 15-year lease for floors 37 and 38, which totals 57,298 square feet. Chris Wood, Steve Schneider and Andy Heymann of Cushman & Wakefield represented Houlihan Lokey, and Bill Truszkowski, Jamey Dix and Brian Whiting of Telos Group represented the building’s ownership. The office tower opened in 2005 and was designed by Lohan Caprile Goettsch Architects. Union Investment Real Estate GmbH is investing in building improvements that include an auditorium expansion accommodating 400 people, a fitness center expansion and upgraded elevators.

November 4, 2015

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