sales_and_leases

CBRE Negotiates 214,536 SF Industrial Lease in Metro San Antonio

by Taylor Williams October 4, 2017

SCHERTZ, TEXAS — CBRE has negotiated a 214,536-square-foot industrial lease at 9850 Doerr Lane in the San Antonio metro of Schertz on behalf of Ace Mart Restaurant Supply. The company will use the cross-dock facility as a distribution center for its 14 Texas stores. Rob Burlingame and Greg Pierce of CBRE represented Ace Mart in the lease negotiations. Joshua Aguilar of CBRE represented the landlord, HPI, which was also represented internally by Jordan Walker. HPI purchased the building in May and has brought it to full occupancy with this signing.

October 4, 2017

RADCO Acquires Multifamily Community in Central Florida for $36M

by Camren Skelton October 4, 2017

CASSELBERRY, FLA. — The RADCO Cos. has purchased Reflections Apartments, a 336-unit multifamily community located 15 miles north of Orlando in Casselberry, for $36 million. Atlanta-based RADCO will rename the property Radius Winter Park, with plans to invest $5 million in capital improvements. Constructed in 1984, Radius Winter Park offers one- and two-bedroom units averaging 792 square feet. Community amenities include a swimming pool, clubhouse, playground and a fitness center. Planned renovations include updated cabinetry, upgraded appliances, new flooring, modern lighting, clubhouse remodel, expansion of fitness center, addition of a fire pit and grilling area and the implementation of a package concierge system. RADCO will also replace all roofs and update the landscaping and exterior of the property. BBVA provided acquisition financing for the transaction. RADCO Residential will manage the property.

October 4, 2017

North Carolina Office Southeast

Somerset, ABR Sell Office Park in Raleigh for $17.8M

by Camren Skelton October 4, 2017

RALEIGH, N.C. — A partnership between Somerset Properties and Alex. Brown Realty Inc. (ABR) has sold Spring Forest Business Center, a three-building flex and office park in Raleigh, for $17.8 million. Chris Norvell, Scot Humphrey and Patrick Nally of HFF represented the seller in the transaction. Stolz Real Estate Fund VI purchased the asset. Located at 3100, 3150 and 3200 Spring Forest Road, the property is within walking distance to more than 15 restaurants and lifestyle amenities. Spring Forest Business Park, constructed between 1984 and 2002, totals 156,036 square feet and features floor-to-ceiling glass windows, patio areas, eight dock doors, four drive-ins and the ability to accommodate uses including office, research and development, showroom, call center or warehouse. The office park was 94.7 percent leased at the time of sale to 10 tenants including Critical Health Systems Inc., Allstate Insurance Co., Adreima and Liberty Home Care.

October 4, 2017

Illinois Midwest Retail

Core Acquisitions Purchases 188,250 SF Shopping Center in Bloomington, Illinois

by Kristin Harlow October 4, 2017

BLOOMINGTON, ILL. — Core Acquisitions LLC has acquired Bloomington Commons shopping center in Bloomington for an undisclosed price. The 188,250-square-foot center is located at the intersection of Veterans Highway and Empire Street. Schnucks grocery store anchors the property. Other tenants include Olive Garden, Chuck E. Cheese’s, Barnes & Noble and Jo-Ann Fabrics. May Real Estate represented the seller, an affiliate of Kimco Realty Corp. Old National Bank financed the acquisition.

October 4, 2017

Illinois Midwest Multifamily

Essex Brokers $7.2M Sale of Apartment Building in Winnetka, Illinois

by Kristin Harlow October 4, 2017

WINNETKA, ILL. — Essex Realty Group Inc. has brokered the sale of 454 Winnetka Ave. in Winnetka, 16 miles north of Chicago, for $7.2 million. The 52-unit apartment building includes two studios, 16 one-bedroom and 7 two-bedroom units. The property also features 6,000 square feet of office suites on the first floor. The building was renovated 10 years ago. Matt Welke of Essex brokered the transaction. Neither the buyer nor the seller was disclosed.

October 4, 2017

Arizona Multifamily Western

Bascom Acquires Apartment Portfolio in Arizona for $70.2M

by Nellie Day October 3, 2017

TUCSON, ARIZ. — Bascom Arizona Ventures has acquired three apartment communities in Tucson and Sierra Vista for $70.2 million. The communities include the 290-unit Springs at Silverbell, the 196-unit Springs at Continental Ranch and the 186-unit La Entrada in Tucson. All three properties offer a resort-style swimming pool, relaxing spa, 24-hour fitness center, business center and private garages. Bascom Arizona Ventures assumed the existing HUD loans for all three properties. Hamid Panahi of Marcus & Millichap represented the buyer and seller in the portfolio transaction. The on-site property management will be overseen by Arizona-based Morrison, Ekre & Bart Management Services.

October 3, 2017

Colorado Multifamily Western

Castle Lanterra Buys Mountain Vista Apartments in Lakewood for $38M

by Nellie Day October 3, 2017

LAKEWOOD, COLO. — Castle Lanterra Properties has purchased Mountain Vista, a 257-unit apartment community located at 474 S. Wright St. in Lakewood, for $38 million. Built in 1973, the property has undergone renovations in 221 units. It is situated near Green Mountain Open Space and Matthews Winters Park, which contains nearly 5,000 acres of open space and 30 miles of hiking and biking trails. Shane Ozment, Terrance Hunt, Jeff Hawks and Doug Andrews of ARA Newmark represented the seller, Jackson Square Properties, in the transaction.

October 3, 2017

Multifamily New York Northeast

Cushman & Wakefield Arranges $80M Sale of Apartment Building in Manhattan

by Amy Works October 3, 2017

NEW YORK CITY — Cushman & Wakefield has brokered the sale of Madison Park Tower, an apartment building located on 34th Street between Madison and Park avenues in Manhattan. Affiliates of CIM Group sold the property to Morgenstern Capital and TLM Equities for $80 million. Constructed in 2009, Madison Park Tower is a 36-story building featuring 110 studio, one- and two-bedroom rental units, a 24-hour attended lobby, fitness center, bike storage and 2,950 square feet of ground-level retail space. Adam Spies, Doug Harmon, Adam Doneger, Kevin Donner and Avery Silverstein of Cushman & Wakefield represented the seller in the transaction. Additionally, Steve Kohn, Gideon Gil, Dave Karson, Alex Hernandez, Chris Moyer and Alex Lapidus of Cushman & Wakefield Equity, Debt and Structured Finance arranged $65 million in acquisition financing for the purchaser. The financing was provided by affiliates of Square Mile Capital Management.

October 3, 2017

Multifamily Oregon Western

Virtu Investments Purchases Barclay Village in Oregon City for $18.7M

by Nellie Day October 3, 2017

OREGON CITY, ORE. — Virtu Investments has purchased the 146-unit Barclay Village apartments in Oregon City for $18.7 million. The community is located at 775 Cascade St., just south of Portland. Built in 1987, Barclay Village features a mix of one- and two-bedroom units with an average size of 989 square feet. The asset was 97 percent occupied at the time of sale. About half of the units have received modest renovations upon turnover. CBRE’s Phil Oester, Joe Nydahl and Josh McDonald represented the seller, Barclay Cascade Investors, in the transaction.

October 3, 2017

Arizona Industrial Western

Pinnacle Peak Commerce Center in Phoenix Sells for $14.1M

by Nellie Day October 3, 2017

PHOENIX — Nicola Crosby has purchased Pinnacle Peak Commerce Center, a 93,725-square-foot flex/industrial property in Phoenix, for $14.1 million. The facility is located at 23751 N. 23rd Ave., near Interstate 17. All the tenants are relatively new occupants of the building, requiring extensive tenant improvements. Darren Tappen, Peter Beauchamp, Mike Ciosek and Eric Bell of Kidder Mathews represented both the buyer and the seller, Orsett Properties, in the transaction.

October 3, 2017

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