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Ackerberg Purchases 26,854 SF Mixed-Use Building in Minneapolis

by Kristin Harlow September 13, 2018

MINNEAPOLIS — Ackerberg has purchased the Williams Pub building in the Uptown neighborhood of Minneapolis for an undisclosed price. The 26,854-square-foot mixed-use building is located at 2909-2911 Hennepin Ave. Ackerberg plans to rename the building The Carling, as the property once housed The Carling Hotel. The new owner plans to renovate the lobby and façade in order to differentiate the office portion from the space occupied by Williams Pub. Mary Burnton and Teresa Lingg of Newmark Knight Frank will handle lease-up of the property’s office component.

September 13, 2018

Acquisitions Midwest Nebraska Retail

Quantum Brokers $3.9M Sale of Retail Center in Bellevue, Nebraska

by Kristin Harlow September 13, 2018

BELLEVUE, NEB. — Quantum Real Estate Advisors Inc. has brokered the $3.9 million sale of Thunderbird Plaza in Bellevue, about eight miles south of Omaha. Built in 2014, the 9,062-square-foot retail center is fully leased to tenants such as Taco Bell, Jersey Mike’s Subs, Generation V, Top Q Nails & Spa, Cricket Wireless and Pinnacle Bank. Zack Hilgendorf of Quantum represented the seller, a Salt Lake City-based private development group. A Midwest-based buyer purchased the asset.

September 13, 2018

Acquisitions Multifamily Texas

Berkadia Negotiates Sale of 346-Unit Apartment Community in Metro Houston

by Taylor Williams September 13, 2018

SPRING, TEXAS — Berkadia has negotiated the sale of Alexan Auburn Lakes, a 346-unit multifamily community in Spring, a northern suburb of Houston. Built in 2015, the property offers one-, two- and three-bedroom units and amenities such as two pools, a dog park, lake and running trails. Ryan Epstein, Jennifer Ray, Wes Breeding and Scott Bray of Berkadia represented the seller, a partnership between Trammell Crow Residential and Prime Property Investors, in the transaction. Tucker Knight and Nick Murphy of Berkadia secured an undisclosed amount of acquisition financing for the deal on behalf of the buyer, Fort Worth-based Olympus Property.

September 13, 2018

Acquisitions Arizona Multifamily Western

Greystar Acquires 376-Unit Flagstone Apartment Homes in Tempe, Arizona

by Amy Works September 13, 2018

TEMPE, ARIZ. — Greystar has purchased Flagstone Apartment Homes, a multifamily asset located 30 W. Carter Drive in Tempe. RedHill Realty Investors and its joint-venture partner sold the asset for an undisclosed price. Situated on nearly 18 acres, the property features 376 units in a mix of studio, one- and two-bedroom layouts. The 248,912-square-foot asset was built in 1985. Cliff David of Marcus & Millichap and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in deal.

September 13, 2018

Acquisitions Illinois Industrial Midwest

Conor Commercial, Globe Corp. Sell Industrial Building in Elgin, Illinois for $29.8M

by Kristin Harlow September 12, 2018

ELGIN, ILL. — Conor Commercial Real Estate and Globe Corp. have sold Northwest Pointe II in Elgin for $29.8 million. Cabot Properties purchased the 385,372-square-foot industrial building. The property, which is fully leased to Box Partners, is situated on a 22-acre parcel within the Northwest Corporate Park. Construction on a third building at the park is expected to begin in spring 2019. John Huguenard and Ed Halaburt of JLL and Ken Franzese and John Cassidy of Lee & Associates represented the seller in the transaction.

September 12, 2018

Acquisitions Hospitality Iowa Midwest

CBRE Arranges Sale of Two Hotels in Coralville, Iowa

by Kristin Harlow September 12, 2018

CORALVILLE, IOWA — In two separate transactions, CBRE has arranged the sales of a Comfort Inn & Suites and a Quality Inn in Coralville, a suburb of Iowa City. The sales prices were not disclosed. The 62-room Comfort Inn & Suites is located at 214 W. 9th St., while the 55-room Quality Inn is located at 209 W. 9th St. Douglas Johnson of CBRE represented the undisclosed sellers. Two different investment groups purchased the assets.

September 12, 2018

Acquisitions Illinois Industrial Midwest

Brown Commercial Brokers $2.6M Sale of Industrial Property in Lake Barrington, Illinois

by Kristin Harlow September 12, 2018

LAKE BARRINGTON, ILL. — Brown Commercial Group has brokered the $2.6 million sale of a 32,000-square-foot industrial property in Lake Barrington, about 40 miles northwest of Chicago. The buyer, PEGA LLC, will use 10,000 square feet of the building for its own industrial business while an existing tenant will lease the remaining 22,000 square feet. Freund Properties LLC was the seller. Jim Pietrarosso represented both the buyer and the seller in the transaction. The fully leased building features four docks and drive-in doors as well as 9,100 square feet of office space.

September 12, 2018

Acquisitions Office Texas

Colliers Arranges Sale of Two Office Assets Totaling Nearly 600,000 SF in Midland

by Taylor Williams September 12, 2018

MIDLAND, TEXAS — Colliers International has arranged the sale of two Class A office properties totaling nearly 600,000 square feet in the West Texas city of Midland. Fasken Center is a 421,546-square-foot property that was built in phases in 1974 and 1982, according to Wikipedia. Frost Bank Tower is a 12-story, 177,952-square-foot building. David Carter and Patrick Duffy of Colliers International brokered the deal. Other terms of sale were not disclosed.

September 12, 2018

Acquisitions Florida Multifamily Southeast

TruAmerica Acquires Class B Multifamily Property in Orlando for $79M

by Camren Skelton September 12, 2018

WINTER PARK, FLA. — TruAmerica Multifamily has acquired Solis at Winter Park, a 596-unit, Class B multifamily community located in Winter Park, roughly eight miles north of Orlando, for $79 million. Constructed in 1986, the property includes one- and two-bedroom apartment homes averaging 862 square feet. Individual units feature stainless steel appliances, walk-in closets, full-size washers and dryers and lake views in select units. Community amenities include two pools, a fitness center, lighted tennis court, sand volleyball court and a fenced dog park. TruAmerica plans to renovate all apartment units with faux-wood floors, stone countertops, cabinet fronts, modern lighting and green plumbing fixtures. Common area improvements will include upgrades to both pool areas, the clubhouse and the fitness center, as well as landscaping and exterior paint. TruAmerica received a Freddie Mac loan and an additional loan arranged by Walker & Dunlop for the acquisition. Shelton Granade, Luke Wickham and Justin Basquill of CBRE arranged the transaction on behalf of the undisclosed seller.

September 12, 2018

Acquisitions Multifamily Oregon Western

Security Properties, Pacific Life Insurance Buy Multifamily Asset in Oregon for $85M

by Amy Works September 12, 2018

HILLSBORO, ORE. — Security Properties and Pacific Life Insurance Co. have acquired Tessera at Orenco Station, a multifamily property located at 6523 NE Cherry Drive in Hillsboro, a suburb of Portland. An undisclosed seller sold the asset for $85 million. Built in 2014, the property features 304 apartment units and is within walking distance of The Orenco Station Town Center, a retail center. The buyers plan to upgrade all eight of the property’s designated common area spaces and renovate the unit interiors with vinyl plank flooring throughout all living areas, under-cabinet access lighting and a technology package. Security Properties Residential, an affiliate of Security Properties, will manage the property.

September 12, 2018

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