sales_and_leases

ARA Newmark Brokers Sale of 230-Unit Apartment Community in Austin

by Taylor Williams March 5, 2018

AUSTIN, TEXAS — ARA Newmark has brokered the sale of Lakeshore Pearl, a 230-unit multifamily community located adjacent to Oracle’s office campus in Austin’s East Riverside area. The property, which features a pool, fitness center, business center, theater room and storage space, was 93 percent occupied at the time of sale. Pat Jones of ARA Newmark represented the seller, an affiliate of Chicago-based Inland Private Capital. Austin-based investment firm Cypress Real Estate Advisors acquired the asset for an undisclosed price.

March 5, 2018

Interra Brokers $13.7M Sale of Condo Deconversion in Chicago

by Kristin Harlow March 5, 2018

CHICAGO — Interra Realty has brokered the $13.7 million sale of 3264-70 N. Clark St. in Chicago’s Lakeview neighborhood. The buyer, North Park Ventures, plans to convert the property’s 30 condominium units into apartments, as well as develop a new 22-unit apartment building on an adjacent surface lot. Located at the intersection of School and Clark streets near Wrigley Field, the existing building includes six ground-floor retail spaces comprising 7,600 square feet. The upper residential floors include a mix of one-, two- and three-bedroom units. Residents also have access to a shared dog run, courtyard, bike room and storage lockers. David Goss, Jon Morgan and Joe Smazal of Interra represented both parties in the sales transaction. The seller was not disclosed.

March 5, 2018

Kansas Midwest Retail

NGZ Arranges Sale of 105,000 SF Retail Property Occupied by Kohl’s in Lenexa, Kansas

by Kristin Harlow March 5, 2018

LENEXA, KAN. — Newmark Grubb Zimmer (NGZ) has arranged the sale of a 105,000-square-foot retail property occupied by Kohl’s in Lenexa. The sales price was not disclosed. Originally built in 1994, the property is located at 12381 W. 95th St. near Interstate 35. Michael VanBuskirk and Chris Robertson of NGZ, along with Ferd Niemann Brokerage and Consulting LLC, represented the buyer, Christie Development. Kevin Curtin of Kessinger Hunter and Jeff Dozier of Point Commercial represented the seller, TIC Lenexa LP.

March 5, 2018

North Carolina Retail Southeast

Zapolski Acquires 129,851 SF Shopping Center in Asheville from Edens for $33M

by Camren Skelton March 5, 2018

ASHEVILLE, N.C. — Zapolski Real Estate has acquired Asheville Market, a 129,851-square-foot shopping center located at 4 S. Tunnel Road in Asheville, for $33 million. Alex Quarrier of Berkeley Capital Advisors arranged the transaction on behalf of the seller, Edens. David Vinson and Todd Crouse of NorthMarq Capital arranged acquisition financing through Citigroup Global Markets on behalf of Zapolski. The loan amount was not disclosed. Asheville Market was originally constructed in 1980 as a “Big K” Kmart, but Whole Foods Market replaced the store in 2014 as part of the center’s repositioning. Additional tenants include DSW, Guitar Center, HobbyTown, Chicken Salad Chick, Neo Burrito, Duncan & York and Green4Life.

March 5, 2018

Florida Loans Office Southeast

CBRE Brokers $23.6M Sale, $18.3M Acquisition Financing for Office Portfolio Near Orlando

by Camren Skelton March 5, 2018

ORLANDO, FLA. — CBRE has arranged the $23.6 million sale of and $18.3 million acquisition financing for a 283,292-square-foot office portfolio in the metro Orlando area. Ron Rogg and Chip Wooten of CBRE brokered the sale. In addition, CBRE’s Zac Brumbaugh arranged a five-year loan with 18 months of interest-only payments through a bank on behalf of the borrower, Realty Capital Commercial Real Estate Advisors. The name of the seller was not disclosed. The portfolio includes Interlachen Corporate Center in Casselberry, roughly 13 miles north of Orlando, and 2400 Maitland and 500 Winderley in Maitland, roughly eight miles north of Orlando. The portfolio was 75 percent leased at the time of sale to tenants such as RP Funding’s headquarters, Fidelity National Title Co. and Avant Healthcare.

March 5, 2018

Alabama Mixed-Use Retail Southeast

Dave & Buster’s to Open at $350M MidCity Development in Huntsville

by Camren Skelton March 5, 2018

HUNTSVILLE, ALA. — RCP Cos. has signed Dave & Buster’s to its MidCity project, a $350 million mixed-use development under construction in Huntsville. The 140-acre project is a redevelopment of the former Madison Square Mall. Dave & Buster’s joins tenants such as Topgolf, which opened in December; High Point Climbing and Fitness, currently under construction; and Adrenaline Zone, which is expected to break ground this summer. The 26,500-square-foot Dave & Buster’s is expected to open in July 2019 and will be the entertainment retailer’s second location in Alabama. At full build-out, MidCity will include 345,000 square feet of street-level retail and restaurant space, 200,000 square feet of office space, 500 hotel rooms and 900 residences. In addition, the development will include a 38-acre public park.

March 5, 2018

New York Northeast Office

JPMorgan Chase to Occupy 436,905 SF in Madison Avenue Office Tower

by Amy Works March 2, 2018

NEW YORK CITY — JPMorgan Chase has signed a 10-year lease to occupy 436,905 square feet of space at 390 Madison Ave., a 32-story office building slated to open this summer. L&L Holding Co. is undertaking the redevelopment of the 850,000-square-foot property in conjunction with New York-based Clarion Partners, acting on behalf of the New York State Common Retirement Fund. The lease includes 16 full office floors and two street-level retail spaces. JP Morgan’s office space will include a conference center, multiple outdoor terraces and several double-height amenity areas. The firm will also open a Chase bank branch on the ground floor. David Levinson, David Berkey, Andrew Wiener and Jim Traynor of L&L Holding represented the landlord and tenant in the deal.

March 2, 2018

Illinois Midwest Multifamily

Golub, USAA Real Estate Acquire 292-Unit Condominium Tower in Chicago

by Kristin Harlow March 2, 2018

CHICAGO — Golub & Co. and USAA Real Estate have formed a joint venture to acquire Century Tower in the heart of Chicago’s Loop for an undisclosed price. The 292-unit luxury condominium tower is located at 182 W. Lake St. Built in 1930, the building was converted from office to multifamily units in 2001, and then condominiums in 2006. The buyer plans to renovate the residential units and convert them back to rental apartments. Upgrades will also be made to the amenity spaces, including a fitness center, co-working space, game and lounge room and roof deck. Collin McKenna of Golub led transaction negotiations on behalf of the joint venture. The seller was not disclosed.

March 2, 2018

Illinois Midwest Student Housing

Marcus & Millichap Brokers $29.2M Sale of Student Housing Community Near University of Illinois

by Kristin Harlow March 2, 2018

CHAMPAIGN, ILL. — Marcus & Millichap has brokered the $29.2 million sale of a 400-bed student housing community in Champaign. The property is located at 512 S. Third St., just west of the University of Illinois at Urbana-Champaign. The four-story building features 140 units, in-unit washers and dryers and balconies. Built in 2001, the property includes three shared courtyards and underground parking for 246 vehicles. The community is currently 95 percent preleased for the 2018-2019 school year. Scott Harris and Bryan Kunze of Marcus & Millichap represented the seller, a local private developer. The team also procured the buyer, a Denver-based limited liability company.

March 2, 2018

Industrial Michigan Midwest

NKF Arranges 126,194 SF Industrial Lease for Hydrofarm in Lyon Township, Michigan

by Kristin Harlow March 2, 2018

LYON TOWNSHIP, MICH. — Newmark Knight Frank (NKF) has arranged a 126,194-square-foot industrial lease for Hydrofarm in Lyon Township, which is located in central northern Michigan. The property, situated at 30104 Research Drive, features a clear height of 28 feet. Constructed in 1999, the warehouse originally served as a build-to-suit for Keebler Cookie Co. Geoffrey Kasselman and Geoff Hill of NKF represented Hydrofarm, a wholesaler and manufacturer of hydroponics equipment and high-intensity grow lights, in the lease transaction. Jon Savoy of Lee & Associates represented the undisclosed landlord.

March 2, 2018

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