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NKF Arranges $33.1M Sale of 177,312 SF Office Property in Phoenix

by Amy Works July 30, 2018

PHOENIX — NKF Capital Markets has brokered the sale of The Madison, an office property located at 5343 and 5353 S. 16th St. in Phoenix’s Camelback Corridor. A joint venture between EverWest Real Estate Investors and CenterSquare Investment Management sold the asset to Admiral Capital Group for $33.1 million. Paul Jones, Kevin Shannon, Rick Stumm, Ken White, Brunson Howard and CJ Osbrink of NKF Capital Markets represented the seller, while the buyer was self-represented in the transaction. Situated on 2.8 acres and renovated in 2017, The Madison includes two four-story office buildings, totaling 177,312 square feet, and subterranean parking. At the time of sale, the property was 93 percent occupied by a diverse mix of tenants.

July 30, 2018

Acquisitions Illinois Midwest Net Lease Restaurant Retail

Baum Brokers $1.8M Sale of Property Net Leased to Chipotle in Effingham, Illinois

by Kristin Harlow July 30, 2018

EFFINGHAM, ILL. — Baum Realty Group LLC has brokered the $1.8 million sale of a single-tenant restaurant property net leased to Chipotle Mexican Grill in Effingham in southwest Illinois. The property, located at 1207 N. Keller Drive, is near Panera Bread, Panda Express, Steak ’n Shake and two hotels. Patrick Forkin of Baum represented the seller, a Midwest-based developer. A regional investor purchased the asset.

July 30, 2018

Acquisitions Michigan Midwest Retail

Marcus & Millichap Brokers $8.1M Sale of Shopping Center in Clarkston, Michigan

by Kristin Harlow July 27, 2018

CLARKSTON, MICH. — Marcus & Millichap has brokered the $8.1 million sale of White Lake Commons in Clarkston, about 35 miles northwest of downtown Detroit. Neiman’s Family Market anchors the 151,201-square-foot shopping center. Other tenants include CVS, Office Depot, Anytime Fitness, Enterprise Rent-A-Car, The UPS Store and Wendy’s. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap marketed the property on behalf of the seller, a publicly traded REIT. A local private buyer purchased the asset.

July 27, 2018

Acquisitions Office Washington Western

Unico Properties Purchases Two Office Buildings in Seattle’s CBD for $359M

by Amy Works July 27, 2018

SEATTLE — Unico Properties has purchased two office properties located in Seattle’s southern central business district (CBD). According to Puget Sound Business Journal, the acquisition price was $359 million. Comprising the entire 1100 block of Second Avenue and totaling 705,868 square feet, the asset consists of adjoining buildings: 1111 Third and 2nd & Spring. At the time of sale, the buildings were collectively 95 percent leased following a $65 million renovation completed in 2017. Built in 1980 by Wright Runstad, the 33-story, 705,868-square-foot 111 Third includes a 358-stall, six-level, subterranean parking garage, a fitness center, bike storage, showers, locker rooms, an expanded modern lobby, an outdoor plaza, and updated exterior façades and store fronts. The name of the seller was not released.

July 27, 2018

Acquisitions Florida Office Southeast

Transwestern Arranges $24.5M Sale of Office Tower in Downtown Jacksonville

by Camren Skelton July 27, 2018

JACKSONVILLE, FLA. — Transwestern has arranged the $24.5 million sale of BB&T Tower, a 285,497-square-foot office building located at 200 W. Forsyth St. in downtown Jacksonville. John Bell of Transwestern arranged the transaction on behalf of the seller, special servicer LNR Partners. Talara Investment Group LLC acquired the 18-story tower through the Ten-X auction platform. The prior owners invested $3.9 million in property upgrades, including an elevator modernization program. BB&T Tower was 63 percent leased at the time of sale.

July 27, 2018

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Negotiates Sale of 71-Unit Multifamily Portfolio in Brooklyn for $15.9M

by David Cohen July 26, 2018

NEW YORK CITY — Ariel Property Advisors has negotiated the $15.9 million sale of a 71-unit multifamily portfolio in the Flatbush neighborhood of Brooklyn. The portfolio is made up of nine buildings and spans 79,932 square feet. Victor Sozio, Alexander McGee and Michael A. Tortorici of Ariel Property Advisors represented the undisclosed seller in the transaction. The buyer was also undisclosed. The properties in the portfolio are located at 90-92 E. 18th St.; 25 E. 21st St.; 369 E. 21st St.; 600 E. 22nd St.; 2102, 2108, 2112 and 2116 Regent Place; and 2322 Bedford Ave.

July 26, 2018

Acquisitions Indiana Midwest Office

Joint Venture Acquires 50,000 SF Office Building in Indianapolis

by Kristin Harlow July 26, 2018

INDIANAPOLIS — A joint venture between Integris Ventures and Starlight Equity Partners has acquired 50 South Meridian, a 50,000-square-foot office building in the heart of downtown Indianapolis. The purchase price was not disclosed. The new owners plan to renovate the main elevator lobby, common corridors and signage. Rich Forslund and Matt Langfeldt of Colliers are marketing the property for lease. Originally constructed in 1985, the property was 75 percent occupied at the time of acquisition.

July 26, 2018

Acquisitions Maryland Retail Southeast

GBT, Partners Acquire Retail, Entertainment Center in Metro D.C. for $92M

by Camren Skelton July 26, 2018

SILVER SPRING, MD. — GBT Realty Corp., in partnership with Equity Resource Investments and Avante Financial Group, has acquired Ellsworth Place, a five-story retail and entertainment center in Silver Spring, for $92 million. Newmark Knight Frank arranged the transaction on behalf of the seller, a joint venture between Rockwood Capital and Petrie Richardson Ventures. Rialto provided acquisition financing. The 350,000-square-foot property spans a city block and is bordered by Fenton Street, Ellsworth Drive and Colesville Road, roughly six miles north of Washington, D.C. Ellsworth Place was 93 percent leased at the time of sale to tenants such as Marshalls, T.J. Maxx, Ross Dress for Less, Burlington, Five Below, Forever 21 Red, Foot Locker, Chipotle Mexican Grill, MOD Pizza and Ben & Jerry’s. Dave & Buster’s tops the building. The acquisition also includes air rights approved for up to 250,000 square feet of office space. Ellsworth Place features direct access to public parking via a pedestrian bridge and is located three blocks from the Silver Spring Metro station.

July 26, 2018

The-Forum-at-Sam-Houston-Huntsville-Texas

Acquisitions Multifamily Student Housing Texas

Preiss, TH Real Estate Acquire 450-Bed Student Housing Property Near Sam Houston State

by Taylor Williams July 26, 2018

HUNTSVILLE, TEXAS — A joint venture between The Preiss Co. and TH Real Estate has acquired The Forum at Sam Houston, a 450-bed student housing property serving Sam Houston State University in Huntsville. The community offers one-, two- and three-bedroom units and amenities such as a pool, basketball and volleyball courts, fitness center, outdoor lounge and two pet parks. The new ownership will renovate the property this fall. The seller was not disclosed.

July 26, 2018

Acquisitions Arizona Multifamily Student Housing Western

Harrison Street Acquires 318-Bed Residence Hall at Arizona State University Polytechnic for $27M

by Amy Works July 26, 2018

MESA, ARIZ. — Harrison Street Real Estate Capital has acquired Century Hall, a 318-bed residence hall located on the Arizona State University Polytechnic campus in Mesa, for $27 million. Built in 2012, the community is located at the heart of campus adjacent to the university’s student union building, dining and recreational facilities. The property offers shared amenities including two multi-purpose rooms, a resident community kitchen, group study rooms, student activity lounges on each floor, and on-site classroom space. Capstone Management Partners will manage the property in collaboration with the university. “We are excited to partner with Arizona State University and support the university’s efforts to provide their students with much needed high-quality student accommodations,” says Christopher Merrill, CEO of Harrison Street.

July 26, 2018

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