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Olympus Acquires Two Multifamily Assets Totaling 568 Units in West Texas

by Taylor Williams May 7, 2018

MIDLAND AND ODESSA, TEXAS — Fort Worth-based investment firm Olympus Property has acquired two multifamily properties totaling 568 units in West Texas. The 300-unit Sundance Creek in Midland features one- and two-bedroom units and amenities such as a pool, fitness center, business center, tanning beds, outdoor kitchen and a game room. The 268-unit Sedona Ranch in Odessa also consists of one- and two-bedroom units and offers a similar package of amenities. The seller was San Antonio-based Koontz Corp., which developed the properties and completed them in 2015. Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the deal.

May 7, 2018

Acquisitions California Industrial Western

American Realty Advisors Buys 143,000 SF Industrial Facility in Anaheim

by Amy Works May 7, 2018

ANAHEIM, CALIF. — American Realty Advisors (ARA) has acquired a newly constructed industrial facility located at 1730 S. Anaheim Way in Anaheim. A joint venture between Batcheller Equities and Panattoni Development sold the property for an undisclosed price. The 143,930-square-foot facility features floor-to-ceiling windows, modernized creative office space, a hybrid solar roof system complete with skylights and solar panels, 32-foot clear heights, ESFR sprinklers and a 2.05/1,000 parking ratio. An electrical contractor currently fully occupies the facility on a lease that runs through 2028. ARA represented itself in the transaction, while Bret Hardy and Jeff Read of NKF Capital Markets represented the seller.

May 7, 2018

Acquisitions Illinois Midwest Retail

TEI Acquires 340,849 SF Power Center in McHenry, Illinois for $32M

by Kristin Harlow May 7, 2018

MCHENRY, ILL. — Time Equities Inc. has acquired the Shops at Fox River in McHenry, about 50 miles east of Rockford, for $32 million. The power center, built in 2007, features 340,849 square feet. Tenants include TJ Maxx, Ross Dress for Less, Dick’s Sporting Goods, Bed Bath & Beyond, DSW, Ulta Beauty, Old Navy and PetSmart. A 30,000-square-foot box space and a 12,000-square-foot suite remain available for lease. Additionally, a nearly two-acre out parcel is available for further development. Ben Wineman of Mid-America Real Estate Corp. represented the seller, DDR Corp.

May 7, 2018

Acquisitions Illinois Midwest Multifamily

Interra Negotiates $5.7M Sale of Apartment Building in Chicago

by Kristin Harlow May 7, 2018

CHICAGO — Interra Realty has negotiated the sale of a 32-unit apartment building in Chicago’s Uptown neighborhood for $5.7 million. The three-story property is located at 5022-30 N. Winthrop Ave. Originally constructed in 1916, the building recently underwent a renovation that included new windows, new decks and an intercom entry system. Brad Feldman and Adam Saxon of Interra represented the buyer, 5022 North Winthrop LLC, which was completing a 1031 exchange. Joe Smazal of Interra represented the sellers, 1425 West Chase Associates LLC and 3030 Princeton Associates LLC.

May 7, 2018

Acquisitions Illinois Midwest Office

Podolsky Circle Arranges $2.7M Sale of Office Building in Schaumburg, Illinois

by Kristin Harlow May 7, 2018

SCHAUMBURG, ILL. — Podolsky Circle CORFAC International has arranged the sale of a 43,800-square-foot office building in Schaumburg for $2.7 million. The fully leased property is located at 1000 E. State Parkway within the Woodfield Business Center. Alissa Adler, John Homsher and Paul Tesdal of Podolsky Circle represented the seller, Clear Height Properties. Kelly Joyce of Colliers International represented the buyer, a private investor.

May 7, 2018

Acquisitions Hospitality Illinois Midwest

HREC Arranges Sale of Embassy Suites Hotel in Schaumburg, Illinois

by Kristin Harlow May 4, 2018

SCHAUMBURG, ILL. — HREC Investment Advisors has arranged the sale of the 209-room Embassy Suites by Hilton Chicago in Schaumburg. The sales price was not disclosed. The hotel is located nine miles from Chicago O’Hare International Airport. Scott Kaniewski of HREC represented the seller, a joint venture between Hotel Capital and ORIX Real Estate Americas. Pearlshire Capital Group purchased the asset.

May 4, 2018

Acquisitions Arizona Hospitality Western

Mortenson Sells 210-Key Hampton Inn & Suites in Downtown Phoenix for $44M

by Amy Works May 4, 2018

PHOENIX — Mortenson, a U.S.-based construction and real estate development company, has completed the construction of a Hampton Inn & Suites by Hilton in downtown Phoenix. Located at 77 E. Polk St., the 11-story hotel features 210 guest rooms. Apple Hospitality REIT acquired the newly completed hotel for $44 million, or $210,000 per key. The 123,900-square-foot property offers a bar and lounge, business center, meeting space, fitness center and breakfast room. North Central Group will manage the hotel, which is the first Hampton Inn & Suites hotel in downtown Phoenix. Mortenson served as developer and general contractor, PK Architects provided architectural services, Design Force served as interior designer, and PK Associates, Peterson Associates Consulting Inc. Dibble Engineering provided engineering services for the project.

May 4, 2018

Acquisitions Industrial Self-Storage Texas

LeClaire Group Brokers Sale of 2,627-Unit Self-Storage Portfolio in Southeast Texas

by Taylor Williams May 4, 2018

BEAUMONT, TEXAS — The LeClaire Group, a division of Marcus & Millichap, has brokered the sale of a portfolio of Lisotta’s Self Storage properties in southeast Texas. The seven facilities were constructed in the 1970s and 1980s and total 389,386 net rentable square feet across 2,627 units. Two of the properties are located in Beaumont and two are located in Nederland, with the other facilities located in Groves, Bridge City and Orange. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, an individual/personal trust. An undisclosed limited liability company purchased the portfolio.

May 4, 2018

Acquisitions California Industrial Western

Avison Young Negotiates $4.8M Sale of Multi-Tenant Industrial Building in Cathedral City, California

by Amy Works May 3, 2018

CATHEDRAL CITY, CALIF. — Avison Young has arranged the sale of a multi-tenant industrial building located at 68945 Perez Road in Cathedral City. North First Street Properties LP sold the property to Cathedral City 2 LLC for $4.8 million. Built in 1989, the 29,400-square-foot property is situated on 1.7 acres of land with frontage and access along Perez Road. At the time of sale, the property was full leased to a variety of tenants, including Caliber Collision Centers, Su Casa Imports and additional space entitled for cannabis manufacturing. Keith Kropfl and Michael Ganz of Avison Young, along with Thom Olson of Creatus Properties, represented the buyer, while Coldwell Banker represented the seller in the transaction.

May 3, 2018

Acquisitions Maryland Mixed-Use Southeast

Feldman Bergin, Fortified Property Acquire Mixed-Use Complex in Columbia, Maryland for $25.6M

by Camren Skelton May 3, 2018

COLUMBIA, MD. — Feldman Bergin Properties, in a joint venture with Fortified Property Group, has acquired Columbia Business Center, a nine-building mixed-use complex in Columbia, for $25.6 million. Don Schline of MacKenzie Commercial Real Estate Services arranged the transaction on behalf of the seller, an institutional investor. The single-story portfolio located along Dobbin Road includes 106,255 square feet of office, laboratory, research and development and retail space. The portfolio was 84 percent leased at the time of sale to tenants including Chiron Technology Services, DSM Nutritional Products, the Motor Vehicle Administration, Sherwin-Williams and Sushi King. The new owners plan to immediately execute a capital improvement program, including exterior cosmetic renovations and modernized amenities. David Fritz, Spence Daw and Ryan Minnehan of NAI KLNB will handle Columbia Business Center’s leasing assignment, and MacKenzie Commercial Real Estate Services will manage the property.

May 3, 2018

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