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Gemini Rosemont Purchases Four-Building Office Campus in Silicon Valley for $175M

by Amy Works May 14, 2019

SANTA CLARA, CALIF. — Gemini Rosemont Commercial Real Estate has acquired Central Technology Park, an office campus located at 3380-3420 Central Expressway in Santa Clara, from an undisclosed seller for $175 million. Built between 1980 and 1987, the four-building, 368,707-square-foot campus recently underwent a renovation of 90 percent of its square footage. At the time of sale, the property was 100 percent occupied by a variety of tenants, including Cloudinary, Intuitive Surgical Inc., ThermoFisher Scientific Inc. and Nissan. Jason Kuester and Jeremy Wustman of Gemini Rosemont provided in-house representation for the buyer, while Greg Cioth and Nate Jones of Eastdil Secured represented the seller in the transaction.

May 14, 2019

Acquisitions Midwest Office Ohio

Historic Office Property Trades Hands in Downtown Columbus

by Kristin Harlow May 14, 2019

COLUMBUS, OHIO — CBRE has arranged the sale of a historic office building occupied by Carlile Patchen & Murphy LLP in downtown Columbus. The sales price was not disclosed. The new owner, 366 E. Broad LLC, plans to renovate the building, which is located at 366 E. Broad St. The three-story property, built in 1926, was designed by Richards, McCarty and Bulford and originally owned by the Ohio State Life Insurance Co. CPM Investments, an affiliate of Carlile Patchen & Murphy LLP, purchased the 29,672-square-foot building in 1986. Carlile Patchen & Murphy LLP plans to relocate to 950 Goodale Blvd. in the Grandview Yard development in spring 2020. David Hartsook of CBRE represented the seller. Todd Schiff of Robert Weiler Co. represented the buyer.

May 14, 2019

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $4.1M Sale of Retail Center in Buffalo Grove, Illinois

by Kristin Harlow May 13, 2019

BUFFALO GROVE, ILL. — Marcus & Millichap has brokered the sale of Creekside Commons in Buffalo Grove for $4.1 million. The 23,058-square-foot retail center is located at 1101 Weiland Road. Tenants include 7-Eleven, Re/Max, Creekside Dental, Tokyo Nails, Pizanoz Pizza and State Farm Insurance. Mitchell Kiven of Marcus & Millichap marketed the property on behalf of the seller, a Libertyville, Ill.-based partnership of real estate investors. Kiven also sourced the buyer, Shiner Buffalo Creek LLC, a retail developer and investor.

May 13, 2019

Acquisitions California Retail Western

Arroyo Parkway Acquires Whole Foods Market-Occupied Retail Building in Pasadena, California

by Amy Works May 13, 2019

PASADENA, CALIF. — The Arroyo Parkway LLC, a Pasadena-based investment group, has purchased a retail building and two acres of adjoining land in Pasadena from a private family trust for more than $100 million in an off-market transaction. Whole Foods Market has occupied the 80,000-square-foot retail building since it was built in 2007. The assets are located at 465-577 Arroyo Parkway. David Ickovics of Commercial Asset Group represented the seller, while the buyer was self-represented in the transaction.

May 13, 2019

Acquisitions Colorado Office Western

McWhinney Acquires 179,688 SF Office Building in Fort Collins, Colorado

by Amy Works May 10, 2019

FORT COLLINS, COLO. — Colorado-based McWhinney has purchased an office building, located at 3420 E. Harmony Road in Fort Collins, for an undisclosed price. The three-story, 179,688-square-foot building is adjacent to the Arapaho Bend Natural Area. Comcast, Madwire and Micro Focus occupy the property. Peter Kelly of CBRE represented the buyer, while Peter Kast, Alex Sommerville and Chad Flynn of CBRE represented the undisclosed seller in the deal.

May 10, 2019

Acquisitions Michigan Midwest Multifamily

Greystone Bel Brokers $3.9M Sale of Apartment Building in Detroit

by Kristin Harlow May 10, 2019

DETROIT — Greystone Bel has brokered the sale of Wayne Court Apartments in Detroit for $3.9 million. The 45-unit apartment building is located along Cass Avenue near Little Caesars Arena. The property, built in 1925, also includes two retail spaces. Buyer and seller information was not disclosed.

May 10, 2019

Acquisitions Georgia Multifamily Nevada Western

TruAmerica Acquires 608-Unit Multifamily Portfolio in Las Vegas, Metro Atlanta for $97M

by Amy Works May 9, 2019

LAS VEGAS AND LITHIA SPRINGS, GA. — TruAmerica Multifamily, in partnership with an institutional partner, has purchased a two-property apartment portfolio in an off-market transaction valued at $97 million. The properties are Vintage Pointe, a 368-unit community in Las Vegas, and Sweetwater Creek, a 240-unit asset in Lithia Springs, a suburb of Atlanta. Neither property—Vintage Pointe built in 1994, nor Sweetwater Creek built in 2003—have undergone significant renovations. The new ownership plans to invest in a multi-million dollar capital improvement program to reposition both properties.

May 9, 2019

Acquisitions Hospitality Midwest Wisconsin

Hospitality Properties Trust Acquires Milwaukee-Area Hotel for $30M

by Kristin Harlow May 9, 2019

WAUWATOSA, WIS. — Hospitality Properties Trust has acquired the 198-room Crowne Plaza Milwaukee West in Wauwatosa for $30 million. The full-service hotel, built in 2008, includes 6,100 square feet of meeting space, a health and fitness center, indoor pool, restaurant and lounge. IHG operates the property. Atlanta-based Peachtree Hotel Group was the seller, according to local media.

May 9, 2019

Acquisitions Kansas Midwest Multifamily Student Housing

Cushman & Wakefield Negotiates Sale of 888-Bed Student Housing Community Near University of Kansas

by Kristin Harlow May 9, 2019

LAWRENCE, KAN. — Cushman & Wakefield has negotiated the sale of The Connection at Lawrence, an 888-bed student housing community located near the University of Kansas campus in Lawrence. Travis Prince, Victoria Marks, Gib Kerr and Jeffrey Bentz of Cushman & Wakefield represented the unnamed seller in the transaction. University Partners acquired the property for an undisclosed price. The Connection at Lawrence was built in 2010 and features 14 three-story buildings offering one-, two-, three- and four-bedroom, fully furnished units. Shared amenities include a 24-hour fitness center, charcoal grills, lighted basketball and sand volleyball courts, a tanning bed, two resort-style swimming pools, a heated spa, game room, computer lounge, clubhouse, private study rooms, an outdoor fireplace and a private shuttle to campus.

May 9, 2019

Acquisitions Multifamily Nevada Western

Continental Realty Advisors Sells 400-Unit Tesoro Ranch Apartments in Henderson, Nevada

by Amy Works May 8, 2019

HENDERSON, NEV. — Denver-based Continental Realty Advisors (CRA) has completed the disposition of Tesoro Ranch Apartments, a multifamily property in Henderson. CRA improved the property with upgrades to common areas and amenities, as well as a light renovation to most of the units. Constructed in 2007, Tesoro Ranch Apartments features 400 multifamily units and is adjacent to the $1.4 billion Union Village Integrated Health Village development along Boulder Highway in Henderson. CRA renovated the community’s clubhouse/leasing center, fitness center and pool area. Additional details of the transaction were not released.

May 8, 2019

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