sales_and_leases

Pollack Shores Buys 512-Unit Multifamily Asset in Broward County for $119.8M

by Camren Skelton October 11, 2017

MIRAMAR, FLA. — Pollack Shores Real Estate Group has acquired Solano at Miramar, a 512-unit apartment community in the South Florida city of Miramar. South Florida Business Journal reports the Atlanta-based firm acquired the asset from TPF Equity REIT for $119.8 million. Constructed in 2008, Solano at Miramar comprises 364 apartment units and 148 townhomes that range in size from 823 to 1,677 square feet, with rents ranging from $1,961 to $3,185 per month. Community amenities include a resort-style pool with a sundeck, business center and a lakeside jogging trail. Pollack Shores will implement capital improvements including new granite countertops, vinyl plank wood flooring, white shaker cabinets and new plumbing and light fixtures. Amenity enhancements will include a full renovation to the clubhouse, conversion of an indoor basketball court into a fitness center and the addition of an outdoor lounge to the pool area. ARA Newmark brokered the transaction. Matrix Residential, a subsidiary of Pollack Shores, will manage the property.

October 11, 2017

District of Columbia Office Southeast

DivcoWest Acquires Office Building in D.C. for $100.5M

by Camren Skelton October 11, 2017

WASHINGTON, D.C. — DivcoWest has acquired 1133 15th St. N.W., a 213,000-square-foot office building located on the border of the Central Business District and East End submarkets of Washington, D.C. The sales price was not disclosed, but the Washington Business Journal reports DivcoWest acquired the asset from an affiliate of Clark Enterprises for $100.5 million. The 12-story building is across the street from Midtown Center, the future headquarters of Fannie Mae, and was 90 percent leased at the time of sale. The LEED Gold-certified building features underground parking, a conference facility, fitness center and an on-site deli. DivcoWest will implement a capital improvement program to further upgrade the building’s lobby and common areas.

October 11, 2017

Georgia Multifamily Southeast

Greystone Arranges $18.1M Sale of Multifamily Asset Near Savannah

by Camren Skelton October 11, 2017

POOLER, GA. — Greystone Brown Real Estate Advisors has arranged the $18.1 million sale of Oglethorpe Square, a 160-unit multifamily community in Pooler, located 10 miles west of Savannah. Bo Brown and Steve Mack of Greystone represented the buyer, New York-based URS Capital Partners, and the undisclosed seller. URS will rebrand the property as Pooler Station. Constructed in 2006, the property features a swimming pool, fitness center, clubhouse, barbeque area and walking paths.

October 11, 2017

Multifamily Northeast Pennsylvania

Equus Capital Partners Sells 22-Property Multifamily Portfolio in Pennsylvania for $467M

by Amy Works October 11, 2017

PHILADELPHIA, PA. — Equus Capital Partners has completed disposition of a 22-property multifamily portfolio totaling 3,426 units across Pennsylvania in a series of transactions totaling $467 million. Mark Thomson, Carl Fiebig and Francis Coyne of HFF marketed the properties on behalf of the seller in six sub-portfolios. The properties sold in phases to different buyers throughout the year with the most recent closing at the end of September. The properties are located in suburban Philadelphia, Northeastern Pennsylvania, Lancaster, Harrisburg, Wyomissing and Lehigh Valley, Pa. The properties range in size from 50 units to 400 units and were built between the early 1960s through the mid-2000s.

October 11, 2017

Office Texas

CBRE Brokers Sale of 168,189 SF Office Property in North Dallas

by Taylor Williams October 11, 2017

DALLAS — CBRE has brokered the sale of Hillcrest Tower, a 168,189-square-foot office property located at the intersection of the LBJ Freeway and Hillcrest Road in North Dallas. The property, which was more than 90 percent leased at the time of sale, offers amenities such as a full-service deli, conference room and tenant suites with private balconies. Eric Mackey, Gary Carr, John Alvarado, Evan Stone, Jared Chua and Robert Hill of CBRE represented the undisclosed seller in the transaction. Boston-based Albany Road Real Estate Partners purchased the asset for an undisclosed price.

October 11, 2017

Office Texas

Accesso Partners Acquires 150,506 SF Office Building in Metro Dallas

by Taylor Williams October 11, 2017

ALLEN, TEXAS — Accesso Partners LLC, a South Florida-based real estate investment manager, has acquired One Allen Center, a 150,506-square-foot, Class A office building located in the Dallas metro of Allen. Situated on 7.2 acres at 700 Central Expressway S., adjacent to the 700,000-square-foot Watters Creek mixed-use development, the property was 90 percent leased at the time of sale. The new ownership will upgrade all common areas and create move-in-ready suites on a speculative basis. The seller and sales price were not disclosed.

October 11, 2017

Industrial Texas

NAI Partners Negotiates 51,824 SF Industrial Lease in West Houston

by Taylor Williams October 11, 2017

HOUSTON — NAI Partners has negotiated a 51,824-square-foot industrial lease at 16390 Park Row Drive in west Houston. Built in 1978, the single-tenant warehouse features 28-foot clear heights, three dock-high loading doors and a parking ratio of 0.57 spaces per 1,000 square feet. Darren O’Conor and Jake Wilkinson of NAI Partners represented the landlord, FMFV Warehousing Inc., in the lease negotiations. The tenant was not disclosed.

October 11, 2017

Midwest Office Ohio

90 North Acquires Two Office Buildings in Ohio for $140M

by Kristin Harlow October 11, 2017

CINCINNATI AND EASTON, OHIO — 90 North Real Estate Partners LLC has acquired two office properties in Cincinnati and Easton for $140 million. 90 North partnered with Sidra Capital for the acquisition of Mercy Health’s corporate headquarters in the Bond Hill neighborhood of Cincinnati. The 368,447-square-foot building, completed in April 2016, is located at 1701 Mercy Health Place. Chicago-based Verus Partners was the developer and the seller of the property. In partnership with KAMCO Investment Co., 90 North also acquired a 215,000-square-foot office building in Easton, a suburb of Columbus. Abbott Nutrition, a pharmaceutical company and division of Abbott Laboratories, leases the Class A property on a triple net lease for 15 years. The building, located at 2900 Easton Square Place, features 54,000-square-foot floor plates, parking for 1,075 vehicles and a cafeteria. The Georgetown Group was the seller.

October 11, 2017

Healthcare Illinois Midwest

Advocate Health Care Leases Former Sports Authority Space in Lakeview, Illinois

by Kristin Harlow October 11, 2017

LAKEVIEW, ILL. — Advocate Health Care has leased a former Sports Authority property in Lakeview. The healthcare company plans to convert the space, located at 3154 N. Clark St., into a new medical office center. Advocate has leased the entire property, which includes 40,400 square feet of ground-floor space, 10,100 square feet of basement space and a two-story parking facility for 115 vehicles. The new location will house clinical and ancillary operations including internal medicine, cardiology, cardiac testing, obstetrics, endocrinology, neurology, X-ray and laboratory services. Demolition and construction is underway, with completion slated for early 2018. Next Realty LLC is the property landlord. Amy Levin of Next represented the real estate investment firm in the lease transaction. Gary Fazzio and Sharon Kahan of CBRE represented Advocate.

October 11, 2017

California Office Western

Plaza Del Norte Buys The Courtyard I Office Building in San Diego for $9.2M

by Nellie Day October 11, 2017

SAN DIEGO — Plaza Del Norte has acquired The Courtyard I, a 50,405-square-foot office building in the Sorrento Mesa submarket of San Diego, for $9.2 million. The asset is located at 6480 Weathers Place. It was 68 percent leased at the time of sale. The three-story office building was built in 1989. Peter Curry and Brooks Campbell of Cushman & Wakefield represented the 1031 buyer. The firm’s Mark Avilla, Bill Cavanaugh and Mike Novkov represented the seller, Courtyard Mira Mesa LLC, in this transaction.

October 11, 2017

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