more_sales_and_leases

29th Street Capital Acquires Apartment Complex in Houston

by Haisten Willis March 5, 2015

HOUSTON — 29th Street Capital (29SC) has acquired Ashley Park Apartments, a 284-unit, Class B asset located in the Medical Center/University submarket of Houston. The property is located inside of the 610 Loop and is less than two miles from the Texas Medical Center. The property will be re-branded as The Edge at City Centre. 29SC plans to invest $2.17 million, or $7,640 per unit, to improve the quality of the units and common areas while enhancing curb appeal. Amenities will include a new fitness center and upgraded leasing center. New plank siding, landscape improvements and signage will be added to the exteriors. Renovations in the apartment units will include the addition of new appliances, resurfaced countertops and cabinets, upgraded kitchen and bathroom fixtures, modern lighting and new flooring in the living areas.

March 5, 2015

M&M Arranges Sale of Two Retail Properties in Metro Houston

by Haisten Willis March 5, 2015

SUGAR LAND, HUMBLE, TEXAS — Marcus & Millichap has arranged the sale of two retail properties in metro Houston. The first is a 14,641-square-foot CVS drug store located in Sugar Land. James Bell of Marcus & Millichap’s Houston office represented the buyer, a private investor, who utilized a 1031 exchange. The CVS was built in 2014 and is located at 4523 L.J. Parkway. The second transaction was the sale of Plazas at Lake Houston Parkway, a 14,511-square-foot retail property located in Humble. Bell marketed the property on behalf of the seller, a Houston developer. The Plazas at Lake Houston Parkway retail property is located at 20121 W. Lake Houston Pkwy.

March 5, 2015

Healthcare Texas

CBRE Negotiates Medical Village Sale in Austin

by Haisten Willis March 5, 2015

AUSTIN — CBRE has negotiated the sale of Southwest Medical Village, a Class A medical outpatient facility in Austin. Denver-based EverWest Real Estate Partners LLC worked with the buyer to purchase the asset for an undisclosed price. Gary Carr, Eric Mackey, John Alvarado and Robert Hill of CBRE’s Dallas office represented the seller, Harrod Healthcare Development. The fully leased asset has approximately 70,000 square feet of medical office space and offers above-code parking. The property is located at 5625 Eiger Road. Premier Family Physicians, a family medicine practice, anchors the property, which includes 18 other specialty practices.

March 5, 2015

Georgia Multifamily Southeast

Associated Estates Acquires Class A Apartment Community in Metro Atlanta

by John Nelson March 5, 2015

SANDY SPRINGS, GA. — Associated Estates Realty Corp. has acquired 1160 Hammond, a 345-unit apartment community located in Sandy Springs, a suburb of Atlanta. The property is located within walking distance of the Sandy Springs MARTA station. The newly constructed property is in lease up and is currently 44.6 percent leased with rents averaging $1,550 per month. 1160 Hammond features 16,000 square feet of amenity space and its units feature 10-foot ceilings, kitchen islands, granite countertops, tiled backsplashes, upscale cabinetry and plank-style flooring. Associated Estates (NYSE: AEC) is a REIT based in Richmond Heights, Ohio. The company now owns three apartment communities in the Atlanta area.

March 5, 2015

Industrial Southeast

Colliers International Brokers $12.9M Sale of Industrial Portfolio in Metro Atlanta

by John Nelson March 5, 2015

NORCROSS, GA. — Colliers International has brokered the $12.9 million sale of a six-building industrial portfolio totaling 299,174 square feet in Norcross, an eastern suburb of Atlanta in Gwinnett County. The portfolio, located on Oakbrook Drive, is a mix of warehouse and flex product. Dennis Mitchell and Matt Wirth of Colliers International represented the seller, First Industrial Realty Trust Inc., in the transaction.

March 5, 2015

Loans Mixed-Use New York Northeast

HFF Arranges $42M Acquisition Loan for Mixed-Use Property in Manhattan

by Amy Works March 5, 2015

NEW YORK CITY — HFF has arranged $42 million in acquisition financing for a mixed-use property located at 1035 Third Ave. in Manhattan’s Upper East Side. HFF secured the six-year, floating-rate loan from Helaba Bank for Acadia Realty Trust. The funding was used for the acquisition and to reposition the property. The approximately 53,000-square-foot property features retail, office and parking space. Mike Tepedino, Jennifer Keller and Andrew Lane of HFF represented the borrower in the loan transaction.

March 5, 2015

Massachusetts Multifamily Northeast

Berkshire Income Realty Acquires Gatehouse 75 in Boston

by Amy Works March 5, 2015

BOSTON — Berkshire Income Realty has acquired Gatehouse 75, an apartment community located in the Charlestown neighborhood of Boston. Metric Corp. sold the 99-unit Class A apartment community for an undisclosed price. Completed in 2014, Gatehouse 75 features a clubroom, fitness center and roof deck, as well as underground parking. Additionally, the property is located near Boston’s North End, Financial District, Government Center, Cambridge and Somerville neighborhoods.

March 5, 2015

Multifamily New York Northeast

GFI Realty Brokers $4.6M Sale of 18-Unit Multifamily Property in Manhattan

by Amy Works March 5, 2015

NEW YORK CITY — GFI Realty Services has brokered the sale of a five-story apartment building located at 469 West 153rd St., also known as 1881 Amsterdam Avenue, in the Hamilton Heights section of Manhattan. A local investor purchased the property, which features 18 residential units and a retail unit, for $4.6 million. Shawn Sadaghati and Yisroel Pershin of GFI Realty Services represented the seller, a local investor, while Sylvia Spielman of GFI Realty represented the buyer in the transaction.

March 5, 2015

Retail Texas

Venture Arranges New Lease for Northern Tool + Equipment in Metro Dallas

by Haisten Willis March 4, 2015

PLANO, TEXAS — Venture Commercial Real Estate has arranged a long-term lease for Northern Tool + Equipment in Plano. The new lease will add 5,040 square feet to its 15,000-square-foot store at 99 Ranch Marketplace located at 111 W. Spring Creek Pkwy. Venture’s Clay Mote represented the tenant in lease negotiations. Oliver Robinson of Centennial Real Estate Services LLC represented the landlord, Spring Creek Retail LLC.

March 4, 2015

Hospitality Texas

HFF Arranges Sale of Resort and Spa in Austin

by Haisten Willis March 4, 2015

AUSTIN — HFF has arranged the sale of Lakeway Resort and Spa, a 168-room hotel and spa located at Lake Travis in northwest Austin. The property is located at 101 Lakeway Drive and is 21 miles from downtown Austin. HFF marketed the property on behalf of the seller. Ashford Hospitality Trust purchased the property, which was originally built in the 1960s. The Lakeway Resort and Spa was expanded in 1992, 2001 and 2007 and recently underwent renovations in 2014. The four-building property features 24,174 square feet of meeting space, the San Saba Spa and Fitness Center, three swimming pools, a swim-up bar, heated whirlpool, outdoor pool deck with cabanas and lounge chairs, Kid Zone and full-service restaurant. In addition to the 168 rooms, there are eight luxury condominium units available through a rental pool agreement. The property overlooks Lake Travis, is adjacent to the Lakeway Marina and is near four 18-hole championship golf courses. Daniel Peek, John Bourret and Austin Brooks led HFF’s investment sales team.

March 4, 2015

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