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CBRE Negotiates $46.5M Sale of 165,508 SF Shopping Center in Orange County

by Amy Works June 7, 2018

SANTA ANA, CALIF. — CBRE has arranged the sale of Bristol Center, a community shopping center located at 3601-3825 S. Bristol St. in Santa Ana. Dallas-based Sarofim Realty Advisors sold the retail center to Orange County, Calif.-based JH Real Estate Partners for $46.6 million. Preston Fetrow, Kirk Brummer, Megan Wood, Sean Heitzler and Philip Voorhees of CBRE’s National Retail Partners-West represented the seller and buyer in the deal. Built in 1974, Bristol Center features 165,508 square feet of retail space and is situated on 14.2 acres directly across from South Coast Plaza. At the time of sale the property was 97 percent leased to a variety of tenants, including CVS/pharmacy, Michaels, Staples, Party City, Wells Fargo, Buffalo Wild Wings, Chick-fil-A, Chipotle and Firestone Auto Care.

June 7, 2018

Acquisitions Multifamily North Carolina Southeast

Lantower Acquires Newly Constructed Apartment Community in Downtown Durham for $76.3M

by Camren Skelton June 7, 2018

DURHAM, N.C. — Lantower Residential has acquired BullHouse, a 305-unit apartment community located in downtown Durham, for $76.3 million. Woodfield Development, which completed construction on the property earlier this year, sold the asset. BullHouse is located at 504 E. Pettigrew St., roughly three miles from Duke University & Hospital. The community features a mix of studio to three-bedroom units with stainless steel appliances, designer kitchen cabinets, white quartz countertops, USB outlets and floor-to-ceiling windows in select units. Community amenities include a heated saltwater pool, sky terrace, fitness center with separate yoga and massage rooms, electric car charging stations, Amazon Hub package system, dog spa and a clubhouse with entertaining space. Including this acquisition, Lantower Residential’s portfolio features 18 multifamily properties consisting of 5,938 units.

June 7, 2018

Acquisitions Industrial Midwest Ohio

IPB Arranges Sale of 63,742 SF Industrial Building in Cridersville, Ohio

by Kristin Harlow June 7, 2018

CRIDERSVILLE, OHIO — Industrial Property Brokers (IPB) has arranged the sale of the former Endless Endeavors Antiques & Collectibles building in Cridersville in northwest Ohio. The sales price was not disclosed. The buyers, a group of local investors, plan to build a $5 million facility for sports shooting known as Black Rifle Shooting Center. Originally built in 1997 as an entertainment site with a car museum, restaurant and merchandising space, the 63,742-square-foot building sits on nine acres and is currently vacant. The property features 200 car parking spaces, five drive-in doors and 3,450 square feet of office space. Tim Echemann of IPB represented the buyer, M&S Land Development Group LLC, as well as the sellers, Don and Mona Miller.

June 7, 2018

Acquisitions Indiana Midwest Multifamily

Essex Brokers $2.6M Sale of Apartment Property in Valparaiso, Indiana

by Kristin Harlow June 7, 2018

VALPARAISO, IND. — Essex Realty Group Inc. has brokered the $2.6 million sale of Mayfield Apartments in the northwest Indianapolis suburb of Valparaiso. The 52-unit garden apartment complex features 13 buildings with four units each. The property is located at 156-364 Mayfield Ave. Brian Kochendorfer, Brian Karmowski and Troy Beebe of Essex brokered the transaction. Both the buyer and seller are real estate corporations with multiple properties under ownership.

June 7, 2018

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $36M Sale of Apartment Building in Yonkers

by David Cohen June 6, 2018

YONKERS, N.Y. — Rosewood Realty Group has arranged the $36 million sale of a 143-unit multifamily building located at 525-527 Riverdale Ave. in Yonkers. The seven-story, 161,000-square-foot, rent-regulated building was built in 1981 and sold at a 5.3 percent capitalization rate. The property also includes 124 parking spaces and 13 storage units. Aaron Jungreis of Rosewood represented both the buyer, Emerald Equities, and the seller, 525-527 Riverdale Avenue Property LLC, in the transaction.

June 6, 2018

Acquisitions California Multifamily Western

Kidder Mathews Brokers $14.1M Sale of Rimrock Apartments in La Mesa, California

by Amy Works June 6, 2018

LA MESA, CALIF. — Kidder Matthews has arranged the sale of Rimrock Apartments, a multifamily community located at 8420 Buckland St. in La Mesa. Wyoming-based Joehnk LLC acquired the property from Rimrock LP and Partners LLC for $14.1 million. Jim Neil, Eric Comer, Merrick Matricardi and Bryan Calhoun of Kidder Mathews represented the seller in the transaction. Built in 1974, the garden-style community features 62 value-add apartments. The property features 48 one-bedroom/one-bath and 14 two-bedroom/two-bath floor plans. On-site amenities include a pool, spa and shared laundry room.

June 6, 2018

Acquisitions Florida Hospitality Southeast

Tishman Acquires Three Orlando Hotels for $81M

by Camren Skelton June 6, 2018

ORLANDO, FLA. — Tishman Select Partners, an affiliate of New York-based Tishman, has acquired three hotels in Orlando from developer Kalson’s Hospitality. The portfolio sold for $81 million, according to local media reports. The sold portfolio adds 400 rooms to Tishman’s portfolio and includes Homewood Suites Orlando Theme Parks, located at 6940 Westwood Blvd.; Homewood Suites Lake Buena Vista, located at 11428 Palm Parkway; and Hilton Garden Inn Lake Buena Vista, located adjacent to Homewood Suites Lake Buena Vista. All three properties are situated less than five miles from Walt Disney World. Tishman currently owns the nearby Walt Disney World Swan and Walt Disney World Dolphin Resorts.

June 6, 2018

Acquisitions Michigan Midwest Office

Lutz, Northern Equities Acquire Historic Albert Kahn Building in Detroit, Plan Redevelopment

by Kristin Harlow June 6, 2018

DETROIT — Lutz Real Estate Investments and Northern Equities Group have acquired the historic Albert Kahn Building in Detroit’s New Center, a commercial and residential historic district. The price was undisclosed. The 320,000-square-foot office building, once home to Saks Fifth Avenue, will be converted into 200 apartment units and 60,000 square feet of retail and office space. Kraemer Design Group is the design firm and Cunningham Limp is the general contractor. Brian Raznick of Jaffe Raitt Heuer & Weiss represented the partnership in the transaction. Q10 | Lutz Financial Services secured the acquisition and renovation financing from a West Coast-based lender that had been actively looking for Detroit financing opportunities. A.J. Weiner and Anne Knopke of JLL brokered the sale. The Platform acquired the 10-story Albert Kahn Building in 2015 in a package deal with the landmark Fisher Building.

June 6, 2018

Acquisitions Midwest Minnesota Office

LaSalle Acquires 222,000 SF Office Property in Downtown Minneapolis

by Kristin Harlow June 6, 2018

MINNEAPOLIS — LaSalle Investment Management has acquired T3, a 222,000-square-foot office property in downtown Minneapolis. Neither the purchase price nor the seller was disclosed. Built in 2016, T3 is located within the North Loop submarket. Amazon occupies approximately half of the property under a long-term lease.

June 6, 2018

Acquisitions Illinois Midwest Office

NAI Hiffman Arranges Sale of 165,000 SF Office Complex in Chicago

by Kristin Harlow June 6, 2018

CHICAGO — NAI Hiffman has arranged the sale of InterPark Corporate Center in Chicago for an undisclosed price. The 12-building, 165,000-square-foot office complex is situated on seven acres. Jonathan Berger of Berger Asset Management LLC purchased the property from AREI (InterPark) LLC with plans to revitalize and reposition the asset. Plans call for a new fitness center, conference and lounge space and bike share program. The property will be renamed Concourse Chicago and is expected to reopen this fall. John Cash, Art Burrows, David Haigh and Steve Chrastka of NAI Hiffman brokered the transaction.

June 6, 2018

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