more_sales_and_leases

MHA Brokers Two Apartment Community Sales Totaling $27.7M

by John Nelson October 9, 2014

SUNSET BEACH, N.C. AND NORTH MYRTLE BEACH, S.C. — Multi Housing Advisors (MHA) has brokered the sales of the 168-unit Tides at Calabash in Sunset Beach and the 172-unit Cherry Grove Commons in North Myrtle Beach. Hamilton Point Investments LLC acquired Tides at Calabash from Berkadia for $12.6 million and Cherry Grove Commons from Aspen Square Management for $15.1 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in both transactions. The buyer didn’t use a broker in either transaction. The two properties are approximately 15 miles apart.

October 9, 2014

Florida Office Southeast

Steelbridge Capital Acquires 190,000 SF Office Park in Naples

by John Nelson October 9, 2014

NAPLES, FLA. — Steelbridge Capital has acquired Pelican Bay Executive Center, a three-building, 190,000-square-foot office complex in Naples. The park is located at Pine Ridge Road and Tamiami Trail. Tenants of Pelican Bay Executive Center include Wells Fargo Bank, Hahn Loeser LLP, Newsbank and Fischer International. The park was 71 percent leased at the time of sale. Michael Lynch of MLPA Realty Inc. represented Steelbridge Capital in the transaction. Christian Lee, Charles Foschini, Christopher Apone and Amy Julian of CBRE arranged acquisition financing for the transaction. CRE Consultants will handle the management and leasing of the office park.

October 9, 2014

California Industrial Western

KTR Capital Buys Seven Properties in Hayward Corporate Center

by Nellie Day October 9, 2014

HAYWARD, CALIF. — KTR Capital Partners has acquired seven out of the eight buildings comprising the Hayward Corporate Center for an undisclosed sum. The high-tech R&D/flex space is located at 29902-20991 Cabot Blvd. in Hayward. The transaction contains a total of 208,420 square feet. The unnamed seller was represented by Steve Hermann and Robert Gilley of Cassidy Turley.

October 9, 2014

California Restaurant Retail Western

Fogo de Chao Leases Space in Downtown LA

by Nellie Day October 9, 2014

LOS ANGELES — Fogo de Chao has signed a 15-year lease for 7,414 square feet in Downtown Los Angeles. The Brazilian steakhouse will be located at 800 S. Figueroa Street in the city’s Financial District. It will be situated across the street from the FIGat7th open-air shopping mall. The lease is valued at $6.2 million. The space was previously occupied by Roy’s Hawaiian Fusion. It is currently undergoing tenant improvements. Fogo de Chao is hoping to open in the fourth quarter of this year, in time for the holiday season. The restaurant was represented by Sierra Commercial Real Estate. The landlord, 800 Fig Verona Corp., was represented by Derrick Moore of Avison Young.

October 9, 2014

California Retail Western

Los Gatos Retail Property Sells for $6.1M

by Nellie Day October 9, 2014

LOS GATOS, CALIF. – A 12,800-square-foot retail property in Los Gatos has sold to a limited liability company for $6.1 million. The property is located at 102 South Santa Cruz Ave. It was built in 1974. Notable tenants at the property include 101 Broadway and The Spa. The LLC was represented by Anh Stovall, J.J. Taughinbaugh and Yuri Sergunin of Marcus & Millichap’s Palo Alto office.

October 9, 2014

California Retail Western

San Diego Retail Building Sells for $2.7M

by Nellie Day October 9, 2014

SAN DIEGO – A 9,945-square-foot retail property in San Diego has sold to Howard Park of 1999 Park Family Trust for $2.7 million. The property is located at 7763-67 Balboa Ave. The space was originally built for Color Tile, which occupied the property for more than 20 years. The new owner, which also owns T-Shirt Mart and several related retail stores, will upgrade the property. The trust plans to occupy about 60 percent of the space.

October 9, 2014

Retail Texas

Bellomy & Co. Arranges Sale of Storage Units in Metro Houston

by Haisten Willis October 8, 2014

CONROE, TEXAS — Bellomy & Co. has arranged the sale of Preferred Mini Storage in Conroe, 40 miles north of Houston. The Class A property has 407 climate and non-climate controlled units in 42,240 rentable square feet. It was built in 1995 and 1997 on 3.6 acres and was 95 percent occupied at the time of sale. Bill Bellomy, Michael Johnson and John Owens negotiated the transaction on behalf of the unnamed seller and the buyer, a Houston-based partnership.

October 8, 2014

Multifamily Texas

Dougherty Arranges $5.2M Loan for Apartment Complex in Central Texas

by Haisten Willis October 8, 2014

TEMPLE, TEXAS — Dougherty Mortgage LLC has arranged a $5.2 million Fannie Mae loan for the refinancing of The Bluffs, a 200-unit multifamily housing property located in Temple, midway between Austin and Waco. The loan has a 10-year term and 30-year amortization with one year of interest-only payments. Temple Bluff Apartments Ltd. was the borrower. The complex is located near shopping centers and restaurants, and includes amenities such as a swimming pool and gym.

October 8, 2014

Multifamily Texas

UC Funds Provides $5.3M Acquisition, Rehab Loan in San Antonio

by Haisten Willis October 8, 2014

SAN ANTONIO — UC Funds has provided a $5.3 million acquisition and rehab loan for a 156-unit apartment complex in San Antonio. Renovations will include roof repairs, replacing all in-unit HVAC systems and central boilers and new exterior painting. The property is located eight miles northwest of downtown San Antonio on 7.7 acres. It is located off the I-410 and I-10 exchange near two malls and the South Texas Medical Center.

October 8, 2014

Georgia Retail Southeast

Colliers Brokers Sale of Two Metro Atlanta Shopping Centers Totaling $14.4M

by John Nelson October 8, 2014

MARIETTA, GA. — Colliers International’s Southeast retail investment sales team has brokered the sale of two shopping centers in the Atlanta suburb of Marietta totaling $14.4 million. The two assets include the 88,369-square-foot Home Center Village and the 206,828-square-foot Marietta Plaza. Home Center Village is 90 percent leased to tenants such as Dollar Tree and Anna’s Linens and includes Walmart Supercenter as a shadow anchor. The Geneva Group purchased Home Center Village from Mimms Enterprises for roughly $6.9 million. Marietta Plaza is anchored by Burlington Coat Factory. The Simpson Organization purchased the asset for roughly $7.5 million. Joe Montgomery and Tony D’Ambrosio of Colliers International represented the sellers in both transactions.

October 8, 2014

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