sales_and_leases

Broder & Sachse to Move Office to Downtown Detroit

by Kristin Harlow March 2, 2018

DETROIT — Broder & Sachse Real Estate has unveiled plans to relocate its office from Birmingham, Mich., to downtown Detroit. The 6,000-square-foot space is located on the third floor of the Arts League Building at 1528 Woodward Ave. The office will be home to the real estate development company’s acquisition, development and property management teams beginning on Monday, March 5. Broder & Sachse has recently developed mixed-use properties in downtown Detroit, including The Scott at Brush Park, The Albert-Capitol Park, The Hamilton Midtown Detroit and Orchestra Place.

March 2, 2018

California Mixed-Use Western

Marcus & Millichap Negotiates $1.8M Sale of Mixed-Use Building in LA

by Nellie Day March 2, 2018

LOS ANGELES — Marcus & Millichap has arranged the sale of a mixed-use property located at 1300 W. 24th St. in Los Angeles. An individual/personal trust sold the asset to an undisclosed buyer for $1.8 million. The property features 6,657 square feet of mixed-use space. Floyd Shaheen of Marcus & Millichap represented the seller, while Sam Liberow, also of Marcus & Millichap, represented the buyer in the transaction.

March 2, 2018

Office Southeast Virginia

Boston Properties Inks 850,000 SF Lease with Fannie Mae at Reston Gateway Project

by Camren Skelton March 2, 2018

RESTON, VA. — Boston Properties Inc. has signed Fannie Mae to an 850,000-square-foot lease at its Reston Gateway project in Reston. The government-sponsored enterprise will lease the space for its new Northern Virginia hub starting in 2022. The first phase of Reston Gateway will span 1 million square feet, but the project could eventually be expanded to include up to 3.5 million square feet of mixed-use, transit-oriented development. The Washington Business Journal reports Reston Gateway could include up to 1,700 residential units, 570 hotel rooms, 200,000 square feet of retail and 1.8 million square feet of office space. The development is located adjacent to the Silver Line’s planned Reston Town Center Metro Station, which is currently under construction and slated to open in early 2020. Fannie Mae’s new national headquarters at Midtown Center in Washington, D.C. is nearing completion and is expected to open later this year.

March 2, 2018

Florida Multifamily Southeast

Cushman & Wakefield Brokers $71.4M Sale of New Multifamily Community in South Florida

by Camren Skelton March 2, 2018

FORT MYERS, FLA. — Cushman & Wakefield has brokered the $71.4 million sale of Spectra Apartments, a 324-unit multifamily community in Fort Myers. Robert Given, Zachary Sackley, Neal Victor, Luis Elorza, Brad Capas and Gary Tasman of Cushman & Wakefield arranged the transaction on behalf of the seller, Naples-based Stock Development, which completed construction on the property in July 2017. Mark Grace and Will Baker of Walker & Dunlop represented the buyer, a joint venture between Coastal Ridge Real Estate and H. Katz Capital, and secured a Freddie Mac loan on behalf of the partnership. The deal marks the 20th joint venture acquisition between the firms, which currently own and operate $867 million of student housing and multifamily properties throughout the U.S. Spectra Apartments offers a mix of one- to three-bedroom units with an average size of 993 square feet. Community amenities include a resort-style pool, cabanas with TVs and wet bar, tennis court, playground, cardio and yoga rooms, fitness center and a dog park.

March 2, 2018

Alabama Retail Southeast

SRS Arranges $10.5M Sale of 97,189 SF Shopping Center in Montgomery

by Camren Skelton March 2, 2018

MONTGOMERY, ALA. — SRS Real Estate Partners has arranged the $10.5 million sale of Twin Oaks, a 97,189-square-foot shopping center located at 2717-2787 Eastern Blvd. in Montgomery. Kyle Stonis and Pierce Mayson of SRS arranged the transaction on behalf of the seller, RCG-Montgomery LLC. PDQ Acquisitions Corp. acquired the asset. At the time of sale, Twin Oaks was 97 percent leased to tenants such as T.J. Maxx, Party City, Dollar General, Hibbett Sports, Catherines, Leslie’s Pool Supplies and Jackson Hewitt.

March 2, 2018

New Jersey Northeast Office

Joint Venture Acquires 340,000 SF Office Property in Parsippany, New Jersey

by Amy Works March 1, 2018

PARSIPPANY, N.J. — A joint venture between Vision Real Estate Partners and Rubenstein Partners has purchased Morris Corporate Center IV, Phase I, from a partnership of Northwestern Mutual and SJP Properties for an undisclosed price. Situated on 14 acres at 389 and 399 Interpace Parkway in Parsippany, the property consists of two interconnected four-story buildings totaling 340,000 square feet of Class A office space. At the time of sale, the property was 71 percent occupied by four tenants, including Reckitt Benckiser and Skanska USA Building Inc. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, Andrew MacDonald and Bill Brown of Cushman & Wakefield represented the seller in the deal.

March 1, 2018

Multifamily Texas

Transwestern Brokers Sale of Two Apartment Communities Totaling 796 Units in Fort Worth Area

by Taylor Williams March 1, 2018

BEDFORD AND FORT WORTH, TEXAS — Transwestern has brokered the sale of two multifamily communities totaling 796 units in the Fort Worth area. An undisclosed local investment partnership purchased the 464-unit Oak Creek in Bedford and the 332-unit Oakland Hills in Fort Worth. Taylor Snoddy, Philip Wiegand and James Roberts of Transwestern represented the seller, Madera Residential, in the portfolio transaction. The new ownership has since rebranded the assets as Morgan Apartments and Asher Apartments, respectively.

March 1, 2018

Industrial Texas

Holt Lunsford Secures 135,405 SF Industrial Lease in South Dallas

by Taylor Williams March 1, 2018

DALLAS — Holt Lunsford Commercial has secured a 135,405-square-foot industrial lease at 8801 Autobahn Drive in south Dallas. Canon Shoults and John Gorman of Holt Lunsford represented the landlord, TA Associates. Michael Chiocca of CBRE represented the tenant, custom cabinet manufacturer Sunrise Wood Designs LLC.

March 1, 2018

Multifamily Texas

CBRE Negotiates Sale of 100-Unit Multifamily Community in Metro Dallas

by Taylor Williams March 1, 2018

FARMERS BRANCH, TEXAS — CBRE has negotiated the sale of Huntington Cove, a 100-unit townhome rental community in Farmers Branch. The property was built in 1982 and was 96 percent occupied at the close of sale. Chris Deuillet, Danny Baker and Chandler Sims of CBRE represented the seller, SPI Advisory, in the transaction. Huntington Cove Townhomes LLC purchased the property for an undisclosed price.

March 1, 2018

Oregon Retail Western

Capital Pacific Arranges Sales of Two Shopping Centers Near Portland for $44M

by Nellie Day March 1, 2018

WOOD VILLAGE AND MCMINNVILLE, ORE. — Capital Pacific has arranged the sales of two shopping centers in the Portland area: Wood Village Town Center in Wood Village, located 15 miles east of Portland, and McMinnville Plaza in McMinnville, 37 miles southwest of Portland. Wood Village Retail I LLC acquired the 139,831-square-foot Wood Village Town Center for $26.6 million. Wood Village GARP LLC sold the asset, which is home to Kohl’s. Fred Meyer and Lowe’s shadow-anchor the property. March Hare LLC, in conjunction with Mcmincenter LLC, purchased the 135,873-square-foot McMinnville Plaza for $17.4 million. REEF McMinnville Plaza LLC sold the property, which is home to tenants such as Ross Dress for Less, Petco, T.J. Maxx and JCPenney. Safeway shadow-anchors the center. Capital Pacific represented the buyers and sellers in both transactions.

March 1, 2018

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