more_sales_and_leases

HFF Closes $7M Sale, $4.7M Financing for Office Building in Massachusetts

by Amy Works September 14, 2015

DEDHAM, MASS. — Holliday Fenoglio Fowler (HFF) has brokered the $7 million sale and arranged $4.7 million in acquisition financing for a 39,391-square-foot office building located at 20 Carematrix Drive in Dedham. Coleman Benedict and Ben Sayles of HFF represented the seller, an affiliate of The Bulfinch Companies Inc. Lauren O’Neil, also of HFF, led the debt placement team that arranged the acquisition financing for the buyer, an affiliate of NorthBridge CRE Advisors. The financing was arranged through Country Bank.

September 14, 2015

Northeast Pennsylvania Retail

Marcus & Millichap Arranges $3.6M Sale of Shopping Center in Pennsylvania

by Amy Works September 14, 2015

YORK, PA. — Marcus & Millichap has brokered the sale of Stonybrooke Shopping Center, a retail center located in York. The 63,955-square-foot shopping center sold for $3.6 million, approximately 97 percent of asking price. Situated on 10.4 acres at 3609 E. Market St., the center is occupied by Food Lion, Avis Rent-A-Car, local restaurants and Monro Muffler and Brake. The Food Lion recently underwent a $2 million renovation. Christopher Burnham, Derrick Dougherty and Dean Zang of Marcus & Millichap represented the seller, a group of Baltimore-based investors. The name of the buyer was not released.

September 14, 2015

Michigan Midwest Multifamily

Triton Properties Sells 38-Unit Apartment Complex For $1.9M In Detroit

by Katie Sloan September 14, 2015

DETROIT — Triton Properties has sold The Van Dyke Manor for $1.9 million to Paul Zulewski of 1000 Van Dyke Investments LLC. Commercial Property Advisors was the listing broker for the seller. The Van Dyke Manor features 38 units, which sold for $50,000 per unit.

September 14, 2015

Hospitality Midwest Ohio

HREC Arranges Sale Of The Sheraton Cleveland Airport Hotel

by Katie Sloan September 14, 2015

CLEVELAND, OHIO — HREC Investment Advisors has arranged the sale of the 242-room Sheraton Cleveland Airport Hotel at 5300 Riverside Drive for an undisclosed price. Ted Anka, vice president in HREC Investment Advisors’ Chicago and Miami offices, advised the buyer, Lakshmi Narayan Hospitality Group LLC. Anka also advised the seller, Hopkins Partners. The property contains over 16,000 square feet of meeting and banquet space.

September 14, 2015

Retail Texas

M&M Arranges Sale of Retail Property in Metro Houston

by Haisten Willis September 14, 2015

LEAGUE CITY, TEXAS — Marcus & Millichap has arranged the sale of League City Plaza Shopping Center, a 14,974-square-foot retail property located in League City. Gus Lagos and Alex Bouchard of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Lagos and Bouchard also secured the buyer, a private investor. League City Plaza Shopping Center is located at 250 S. FM 270.

September 14, 2015

Multifamily Texas

HFF Secures Financing for Apartment Complex in Dallas

by Haisten Willis September 14, 2015

DALLAS — HFF has secured financing commitments for The Village Apartments, an apartment complex in Dallas totaling 7,000 units. The financing included a single-sponsor securitization and a floating-rate credit facility. Freddie Mac provided all financing commitments, and the loans will be serviced by HFF through its Freddie Mac Program Plus seller/servicer program. HFF worked on behalf of a joint venture between Lincoln Property Co., Invesco Real Estate (acting on behalf of an institutional client) and Crow Holdings. Financing proceeds were used to retire an existing Freddie Mac loan facility and to provide additional capital for future development. The Village is located at the intersection of Caruth Haven and Greenville Avenue, eight miles northeast of downtown Dallas.

September 14, 2015

Retail Texas

Gault Co., RTG Capital Sell Retail Development in Plano

by Haisten Willis September 14, 2015

PLANO, TEXAS — A partnership controlled by real estate development companies Gault Co. and RTG Capital LLC has sold Willow Bend Crossing to an unnamed Dallas investor. The newly constructed shopping center is located near the southwest corner of the Dallas North Tollway and Park Boulevard in Plano. Shadow-anchored by Costco and The Home Depot, the tenant lineup includes Shell Shack, Jersey Mike’s, Salata, Wok Box, LA Bikini and Torchy’s Tacos. Bryce Gissler and Jason Vitorino of the Marcus & Millichap team The Vitorino Group brokered the sale.

September 14, 2015

Multifamily Texas

SWBC Real Estate Sells Overlook Ranch in Fort Worth

by Haisten Willis September 14, 2015

FORT WORTH, TEXAS — SWBC Real Estate has sold the Overlook Ranch apartment complex. SWBC Real Estate developed the property in a partnership with American National Insurance Co. CAF Capital Partners purchased the property in an off-market transaction for an undisclosed amount. Completed in July 2015, Overlook Ranch is located in the AllianceTexas corridor of north Fort Worth. The Class A complex consists of 318 garden-style units comprising one-, two- and three-bedroom floorplans. Overlook Ranch’s amenities include a Texas ranch-themed clubhouse with a fitness center, resort-style pool, game room and a business center.

September 14, 2015

Mixed-Use Southeast Virginia

Rubenstein Partners Acquire Mixed-Use Development in Northern Virginia

by John Nelson September 14, 2015

ALEXANDRIA, VA. — Rubenstein Partners LP has purchased 2461 Eisenhower Avenue, a 360,000-square-foot mixed-use property in Alexandria. The project comprises a 14-story, 335,000-square-foot office tower wrapped by 25,000 square feet of retail and restaurants. The office building is currently gutted and is undergoing a 15-month transformation into a Class A property with a fitness center and conference facilities. Rubenstein Partners also purchased an adjacent retail pad at 2425 Eisenhower Ave. that is zoned for 7,500 square feet. The properties are located across the street from the National Science Foundation’s new 720,000-square-foot headquarters and the Eisenhower Avenue Station Metro within the 56-acre Hoffman Town Center.

September 14, 2015

Midwest Missouri Office

Griffin-American Buys 210,409 SF Office Building for $36M in St. Louis Suburbs

by Amy Works September 11, 2015

CHESTERFIELD, MO. — Transwestern has brokered the sale of Corporate Plaza, a five-story office building located at 14528 S. Outer 40 Road in Chesterfield, a suburb of St. Louis. Griffin-American Healthcare REIT III Inc. acquired the 210,409-square-foot property for $36 million from an affiliate of Westport Capital Partners LLC. Completed in 1989, the building was 98 percent leased at the time of sale. The property serves as the executive and administrative headquarters of Mercy Health, a private, nonprofit healthcare provider that operates 35 hospitals and has $4.4 billion in revenue. Gary Nussbaum, Mike Donovan and David Matheis of Transwestern represented the seller in the transaction.

September 11, 2015

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