more_sales_and_leases

UIP Acquires Multifamily Community in D.C. for $7.6M

by John Nelson August 5, 2015

WASHINGTON, D.C. — Urban Investment Partners (UIP) has purchased Rhode Island Gardens, a 81-unit apartment community located at 230 Rhode Island Ave. N.E. in Washington, D.C. UIP purchased the asset from Roydun Corp., an affiliate of DARO Realty, for $7.6 million. CBRE represented the seller in the transaction. Originally built in 1931, the apartment property is located in Washington’s Edgewood neighborhood a half mile from the Rhode Island Avenue Metro station. UIP coordinated the acquisition with the Rhode Island Gardens Tenant Association, and the two entities are planning a $7 million renovation that will be performed by UIP General Contracting Inc., a subsidiary of UIP.

August 5, 2015

Office Texas

Brandywine Realty Trust Acquires 1.1M SF Broadmoor Campus in Austin

by Haisten Willis August 4, 2015

AUSTIN, TEXAS — Brandywine Realty Trust has acquired the remaining interest in the Broadmoor campus located at 11501 Burnet Road in Austin. The acquisition provides full ownership of the seven-building, 66-acre, 1.1 million-square-foot office campus located directly adjacent to The Domain. The Broadmoor campus was developed for IBM, which has been the sole occupant and a joint venture partner with Brandywine and its predecessor company since the campus was developed in 1991. Brandywine has started developing a master plan to ensure an accelerated transition to a mixed-use, multi-tenant destination that will offer new amenities for workers in and around the campus. Brandywine has also launched the marketing campaign for two established buildings that will be available for lease by April 2016, providing 345,000 square feet of Class A office space for Austin’s new and expanding businesses.

August 4, 2015

Multifamily Texas

Henry S. Miller Arranges Sale of Multifamily Property in Metro Dallas

by Haisten Willis August 4, 2015

RICHARDSON, TEXAS — Henry S. Miller Brokerage’s urban multifamily team has arranged the sale of Parkside Towns. Lew Wood, Andrew Doster and Darden Orand of Henry S. Miller Brokerage represented the townhome community in the transaction. Balynally LLC purchased the 135-unit community located at 2300 Hibiscus Ave. in Richardson. Built in 2014 through a joint effort by the Henry S. Miller Cos., Atticus Real Estate and their partners, the community contains 135 units in 41 total buildings with an average unit size of 1,346 square feet. The community is located in the northeast quadrant of Coit Road and Campbell Road in west Richardson. Humphreys & Partners Architects was the architect.

August 4, 2015

Loans Office Texas

HFF Arranges Sale, Financing of Energy Square in Dallas

by Haisten Willis August 4, 2015

DALLAS — HFF has arranged the sale of and arranged financing for Energy Square, a 948,678-square-foot, Class A office project in Dallas. HFF marketed the property on behalf of the sellers, Lincoln Property Co., Champion Partners and Long Wharf Real Estate Partners. Energy Square was purchased by a partnership between GlenStar Properties and USAA Real Estate Co. The new owner was also assisted in securing floating-rate financing through Wells Fargo Bank by HFF. Energy Square consists of a 10.3-acre site containing three buildings, plus a one-acre development site zoned for a mixed-use development. The properties feature a fitness center, three conference centers, multiple food service options, Grub Burger Bar restaurant, an outdoor plaza and direct access to the DART Light Rail. Energy Square is 82 percent leased to tenants including New York Life Insurance Co., Davaco and Advanced Homecare. Located at 4925 and 4849 Greenville Ave. and 6688 N. Central Expressway, respectively, Energy Square is situated just off the North Central Expressway near Southern Methodist University north of downtown Dallas.

August 4, 2015

California Industrial Western

Ancon Marine Leases Industrial Space in Carson

by Nellie Day August 4, 2015

CARSON, CALIF. — Ancon Marine has leased a 108,400-square-foot industrial building in Carson. The lease is valued at $12.4 million. The building is located at 22707 S. Wilmington Ave. It features 11,067 square feet of office space with dock-high and grade-level loading. Ancon Marine will use the space as its corporate headquarters. Marc Bonando of Heger Industrial represented Ancon in the deal. The landlord was not named.

August 4, 2015

Massachusetts Multifamily Northeast

CBRE/New England Arranges Sale of 115-Unit Apartment Community in Brookline

by Amy Works August 4, 2015

BROOKLINE, MASS. — CBRE/New England has brokered the sale of 1443 Beacon Street, an apartment community located in Brookline, a southwest suburb of Boston. Brookline Associates LP sold the 115-unit property to 1443 Beacon LLC, an affiliate of Boston-based Chestnut Hill Realty, for an undisclosed sum. Built in 1979, the market-rate property offers a mix of one-, two-, three- and four-bedroom layouts, with an average apartment size of 928 square feet. The property also features two commercial medical suites, 122 garage parking spaces, a community room, patio area, sundeck, pool and fitness center. Simon Butler and Biria St. John of CBRE/NE represented the seller in the transaction.

August 4, 2015

New Jersey Northeast Retail

HFF Arranges Sale of 140,000 SF Retail Center in New Jersey

by Amy Works August 4, 2015

LIVINGSTON, N.J. — HFF has brokered the sale of Livingston Shopping Center located at 530 W. Mount Pleasant Ave. in Livingston. The two-building, 140,000-square-foot power center is 97 percent leased to six national tenants that include Nordstrom Rack, TJ Maxx, Buy Buy Baby, DSW, Cost Plus World Market and Ulta Beauty. Situated on 20 acres, the property was fully repositioned in 2014. A partnership between KABR Group and G&G Investors sold the property to Kite Realty Group for an undisclosed price. Jose Cruz, Kevin O’Hearn and Michael Oliver of HFF represented the seller in the transaction.

August 4, 2015

Hampton Inn & Suites Greenville/Spartanburg

Hospitality South Carolina Southeast

Marcus & Millichap Brokers $11.3M Sale of Hotel in Metro Greenville

by John Nelson August 4, 2015

DUNCAN, S.C. — Marcus & Millichap has brokered the $11.3 million sale of the 133-room Hampton Inn & Suites Greenville/Spartanburg. The five-story hotel is located at 108 Spartangreen Blvd. in Duncan, a suburb of Greenville. The hotel is located near I-85, Tyger River Park, the headquarters of Denny’s and the BMW manufacturing plant. David Greenberg and Robert Hunter of Marcus & Millichap’s Fort Lauderdale office represented both the buyer and seller in the transaction. Raj Ravi is Marcus & Millichap’s broker of record in South Carolina.

August 4, 2015

Office South Carolina Southeast

DTZ Brokers Sale of Office Building in Columbia

by John Nelson August 4, 2015

COLUMBIA, S.C. — DTZ has brokered the sale of Crown Pointe, a Class A office building in Columbia. The property was fully leased at the time of sale to Allstate, CGI Technologies and Sharp Corp. Rob Cochran and Jared Londry of DTZ represented the seller, Charleston, S.C.-based Durlach Associates, in the transaction. The buyer, East West Capital, purchased the office building for an undisclosed amount. Crown Pointe is East West Capital’s first purchase in South Carolina.

August 4, 2015

Healthcare Illinois Midwest

I.M. Construction Group Completes Construction of Illinois Bone and Joint Institute

by Jonathan Mehall August 3, 2015

LIBERTYVILLE, ILL. — I.M. Construction Group (IMCG) has completed the construction of a 7,500-square-foot, single-story building for the Illinois Bone & Joint Institute (IBJI) located at 724 Florsheim Drive in Libertyville, a northern suburb of Chicago. Construction included the demolition of the existing interior and the build-out of new medical office space with therapy areas and exam rooms. IBJI is relocating its physical and occupational therapy space to the new building from an adjacent location at 720 Florsheim Drive, where it will also continue to maintain operations. Brubaker Architects provided architectural services for the project.

August 3, 2015

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