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Republic-Deer-Creek-Apartments-Fort-Worth

HLC Equity Purchases Apartment Property in Fort Worth for $39.5M

by Taylor Williams September 5, 2018

FORT WORTH, TEXAS — Pittsburgh-based investment firm HLC Equity has purchased Republic Deer Creek Apartments, a 336-unit multifamily community in Fort Worth. The Class A property was built in 2012 and features a mix of one- and two-bedroom units. Amenities include a pool with tanning ledges, fitness center, resident lounge with a coffee bar, a dog park and playground and a business center. Bellwether Enterprise and Maverick Commercial Properties provided financing for the acquisition through Freddie Mac. The seller was not disclosed.

September 5, 2018

Acquisitions Indiana Midwest Office

Holladay Properties Sells 28,674 SF Office Building in South Bend, Indiana

by Kristin Harlow September 5, 2018

SOUTH BEND, IND. — Holladay Properties has sold Colfax Place in downtown South Bend for $1 million. Colfax Place Offices LLC was the buyer. The seven-story, 28,674-square-foot office building is located at 220 W. Colfax Ave. The building is currently 81 percent occupied by tenants such as Michiana Health Information Network, The American National Red Cross, Christopher B. Burke Engineering Ltd. and Vanguard Eldercare Medical Group. Indiana & Michigan Power constructed the building in the 1920s and Holladay has owned the property since 1988. Cressy Commercial Real Estate brokered the transaction.

September 5, 2018

Acquisitions Colorado Multifamily Western

Equity Residential Acquires 372-Unit Alexan Uptown Apartment Tower in Denver

by Amy Works September 5, 2018

DENVER — Equity Residential has acquired Alexan Uptown, a luxury apartment tower located at 1935 Logan St. in Denver’s Uptown neighborhood. Trammel Crow Residential sold the 12-story property for an undisclosed price. Completed in 2017, the tower features 372 units in a mix of studio, one- and two-bedroom floor plans averaging 771 square feet. Individual units feature high-end finishes, including premium cabinetry, quartz countertops, stainless steel appliances, oversized windows, high ceilings, mudrooms, custom closets and balconies. On-site community amenities include a resort-style pool and spa with views of downtown, Coors Field and the Rocky Mountains; a state-of-the-art fitness center with yoga, cross training and spin studios; a fifth-floor games lawn; clubhouse; catering kitchen; resident lounge; business center; pet spa; and electric car charging stations. Jordan Robbins and Anna Stevens of HFF represented the seller and procured the buyer in the deal. The acquisition marks Equity’s re-entry into the Denver market since exiting in area in January 2018.

September 5, 2018

Acquisitions New York Northeast Office Top Stories

Lexington Realty Trust Sells 21 Office Assets for $726M

by David Cohen September 5, 2018

NEW YORK CITY — Lexington Realty Trust (NYSE: LXP) has sold a 21-office asset portfolio for $726 million to a joint venture between affiliates of Davidson Kempner Capital Management LP and Lexington. The office properties are spread across the U.S., with properties in the eastern and western regions, the South and the Midwest. The 3.8 million-square-foot portfolio is currently 98.6 percent leased to a tenant roster that includes Amazon, Experian Holdings, Motel 6 and Nissan. “This transaction marks a major step forward as we execute on our strategy to efficiently recycle capital out of suburban office properties and concentrate our portfolio on single-tenant, net leased industrial properties,” says T. Wilson Eglin, CEO of New York City-based Lexington Realty Trust. We intend to use transaction proceeds to continue to acquire high-quality industrial properties and repay our revolving credit facility and other debt, which we believe is the best path to create meaningful long-term shareholder value.” Following the transaction, Lexington’s percentage of industrial assets based on consolidated revenue is expected to increase to 60 percent from 44 percent at year-end 2017. Lexington received net cash proceeds of approximately $565 million at closing. The joint venture is expected to assume approximately $57 million …

September 5, 2018

Acquisitions Illinois Midwest Retail

Quantum Arranges $1.5M Sale of Retail Building Occupied by Sherwin Williams in Lake Bluff, Illinois

by Kristin Harlow September 4, 2018

LAKE BLUFF, ILL. — Quantum Real Estate Advisors Inc. has arranged the $1.5 million sale of a single-tenant retail building occupied by Sherwin Williams in Lake bluff, about 35 miles north of Chicago. The 3,799-square-foot building is located at 545 Rockland Road. Sherwin Williams has a 10-year lease at the property. A private real estate investor based in suburban Chicago purchased the asset. Chad Firsel of Quantum represented the seller, a Chicago-based acquisition and development company.

September 4, 2018

Acquisitions California Retail Western

El Tigre Holdings Acquires Woodland Crossroads Shopping Center in Sacramento Valley for $18M

by Amy Works September 4, 2018

WOODLAND, CALIF. — Affiliates of El Tigre Holdings has purchased Woodland Crossroads, a shopping center located in Woodland within the Sacramento Valley. Woodland Crossroads TIC – Engstrom Properties sold the asset for $18 million. Originally developed in 1985 with K-Mart as its anchor, the property was substantially redeveloped in 2016 with Grocery Outlet as its new anchor. Current tenants include Ross Dress for Less, Party City, Harbor Freight and Tractor Supply. Dan Wald and Don LeBuhn of Cushman & Wakefield’s The Wald | LeBuhn Team represented the seller, while the Yorba Linda, Calif., office of Keller Williams represented the buyer in the deal.

September 4, 2018

Acquisitions Multifamily Texas

American Landmark Acquires New, 246-Unit Apartment Community in Houston

by Taylor Williams August 31, 2018

HOUSTON — Florida-based multifamily owner-operator American Landmark has acquired Haven at Liberty Hills, a 246-unit multifamily community in Houston. The Class A property was delivered earlier this year and offers one- and two-bedroom units. Amenities include a pool, lifestyle center and resident game lounge. The new ownership plans to add a dog park, summer kitchen and fire pits in the pool area as part of a nearly $1 million capital improvement plan. The seller was not disclosed. The transaction marks American Landmark’s eighth multifamily acquisition in Houston and 18th in Texas.

August 31, 2018

Acquisitions Florida Retail Southeast

Cushman & Wakefield Arranges $27M Sale of Shopping Center in Tampa

by Camren Skelton August 31, 2018

TAMPA, FLA. — Cushman & Wakefield has arranged the $27 million sale of Tampa Bay Center, a 142,350-square-foot shopping center in Tampa. Jason Donald, Patrick Berman and Todd Tolbert of Cushman & Wakefield arranged the transaction on behalf of the seller, Five RE Tampa Bay Center LLC. Equity Management Partners LLC acquired the property. The previous ownership invested $5 million to renovate the center, which was formerly anchored by Kmart. Tampa Bay Center was 97 percent leased at the time of sale to tenants such as Ashley HomeStore, Floor & Décor, The Tile Shop, Dollar Tree, Metro PCS and a freestanding WingHouse restaurant.

August 31, 2018

Acquisitions California Office Western

Ridge Capital Divests 178,694 SF Office Property in Sacramento for $32.2M

by Amy Works August 31, 2018

SACRAMENTO, CALIF. — Ridge Capital has completed the sale of Creekside Oaks, an office complex located at 1740, 1750 and 1760 Creekside Oaks Drive in Sacramento. An undisclosed buyer acquired the property in a 1031 exchange for $32.2 million. Kevin Partington, Ron Thomas, Bruce Hohenhaus, Chris Schwarze, Seth Siegel, Steven Hermann, Eric Fox, Adam Lasoff and George Eckard of Cushman & Wakefield’s Sacramento and Bay Area offices represented the seller in transaction. Originally built in the late 1980s and early 1990s, the three-building property underwent significant interior and exterior renovations within the past decade to include revamped commons areas, high-end tenant improvements, mechanical upgrades and new rooftops on all buildings. At the time of sale, the 178,694-square-foot asset was 99 percent leased to a variety of tenants in healthcare, technology and financial services sectors.

August 31, 2018

Acquisitions California Retail Western

Sterling Organization Buys 86,520 SF Shopping Center in Westlake Village for $35M

by Amy Works August 30, 2018

WESTLAKE VILLAGE, CALIF. — Sterling Organization has purchased North Ranch Gateway, a shopping center located at the intersection of Lindero Canyon Road and Thousand Oaks Boulevard in Westlake Village. The asset was acquired on behalf of Sterling Value Add Partners LLL, one of Sterling’s latest institutional funds, for $35 million Preston Fetrow and Sam Alison of CBRE brokered the transaction. Originally built in 1989, the 86,520-square-foot center recently underwent significant renovations. TJ Maxx, Bank of America, Dunkin’ Donuts, Subway, Baja Fresh Mexican Grill, 9 Round Kickboxing, Mathnasium and Domino’s Pizza are tenants at the property, which was 74 percent occupied at the time of sale.

August 30, 2018

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