sales_and_leases

Lexerd Buys Multifamily Community in Tampa Bay Area for $38.7M

by Camren Skelton August 30, 2017

BRADENTON, FLA. — Lexerd Capital Management LLC has acquired Springs at Braden River, a 270-unit apartment community in Bradenton, a city roughly 50 miles south of Tampa. The sales price was not disclosed, but the Bradenton Herald reports Wisconsin-based Continental Properties sold the asset for $38.7 million. Lexerd, a New Jersey-based sponsor of private equity funds, renamed the property The Lory of Braden River. The property comprises 15 buildings on approximately 41 acres and features a swimming pool, dog park, picnic and grilling areas and bike storage.

August 30, 2017

Illinois Industrial Midwest

ML Realty Acquires 70,957 SF Industrial Building in Lincolnshire, Illinois

by Kristin Harlow August 30, 2017

LINCOLNSHIRE, ILL. — ML Realty Partners has acquired a 70,957-square-foot industrial building in Lincolnshire, a northern suburb of Chicago. The purchase price was not disclosed. A single tenant occupies the entire property, located at 500 Bond St. Jeff Devine, Steve Disse and Matthew Stauber of Colliers International represented the undisclosed seller in the transaction.

August 30, 2017

Midwest Missouri Retail

Block & Co. Brokers Sale of 65,000 SF Shopping Center in Raytown, Missouri

by Kristin Harlow August 30, 2017

RAYTOWN, MO. — Block & Co. Inc. Realtors has brokered the sale of Raytown Crossing shopping center in Raytown, a suburb of Kansas City. The sales price was not disclosed. The 65,069-square-foot center is located at 6715-6731 Blue Ridge Blvd. Tenants include Extreme Grand Prix Indoor Go Karting and Lonnie Bush Fitness. Bill Maas and Jay Friedman of Block & Co. negotiated the sale on behalf of the seller, CTA Properties LLC. The buyer was not disclosed.

August 30, 2017

Multifamily Texas

IPA Negotiates Sale of 288-Unit Apartment Complex in Metro Austin

by Taylor Williams August 29, 2017

GEORGETOWN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Vantage at Georgetown, a 288-unit multifamily complex located near Interstate 35 and State Highway 130 in Georgetown, about 25 miles north of Austin. The property is situated within the 284-acre, master-planned Longhorn Junction development. Will Balthrope and Jordan Featherston of IPA represented the seller, Housing Development, and procured the buyer, Pensam Residential.

August 29, 2017

Industrial Office Texas

Coldwell Banker Brokers Sale of 11,679 SF Flex Property in Arlington

by Taylor Williams August 29, 2017

ARLINGTON, TEXAS — Coldwell Banker Commercial Advisors has brokered the sale of an 11,679-square-foot office/warehouse property in Arlington. Roughly two-thirds of the property, which is situated on 1.5 acres at 2309 Superior Drive in the Pantego area of Arlington, is office space and the remainder is warehouse space. Wayne Burgdorf of Coldwell Banker represented the seller, 2309 Properties LLC, and the buyer, 2309 Superior Drive LLC.

August 29, 2017

Office Texas

ECR Secures 6,101 SF Office Lease in Austin

by Taylor Williams August 29, 2017

AUSTIN, TEXAS — Equitable Commercial Realty (ECR) has negotiated a 6,101-square-foot office lease at 12710 Research Blvd. in Austin. Matt Levin, Rebecca Zigterman and Jason Steinberg of ECR represented the landlord in the lease negotiations. Chad Jewell of Austin Office Space represented the undisclosed tenant.

August 29, 2017

North Carolina Retail Southeast

Preferred Apartment Communities Acquires Kroger-Anchored Center in Metro Raleigh

by Camren Skelton August 29, 2017

CARY, N.C. — Preferred Apartment Communities Inc. (PAC) has acquired Maynard Crossing, a 122,781-square-foot, Kroger-anchored shopping center in Cary, roughly 11 miles east of Raleigh. The sales price was not disclosed, but the company financed the acquisition using an $18.5 million, non-recourse loan from Principal Financial Group. The loan features an interest rate of 3.7 percent and matures on Sept. 1, 2032. PAC acquired the asset through its wholly owned subsidiary New Market Properties LLC. The acquisition of Maynard Crossing brings New Market Properties’ portfolio to 35 grocery-anchored shopping centers across seven states.

August 29, 2017

District of Columbia Multifamily Southeast

Greysteel Brokers $34M Sale of Two-Property Multifamily Portfolio in D.C.

by Camren Skelton August 29, 2017

WASHINGTON, D.C. — Greysteel has arranged the $34 million sale of two apartment communities in the Capitol Hill neighborhood of Washington, D.C. — Capitol East Apartments, a 120-unit community located at 518 9th Street. N.E., and Lexington Apartments, a 48-unit property located at 816 E. Street N.E. Ari Firoozabadi, Kyle Tangney, Rawles Wilcox and Herbert Schwat of Greysteel brokered the transaction. Akelius Residential, an international multifamily operator, acquired the properties from Pennsylvania-based Wexford Management. The communities are situated within walking distance to the U.S. Capitol, the Library of Congress and the House and Senate office buildings.

August 29, 2017

Georgia Multifamily Southeast

Cushman & Wakefield Arranges $15M Sale of Multifamily Asset in Augusta, Georgia

by Camren Skelton August 29, 2017

AUGUSTA, GA. — Cushman & Wakefield has brokered the $15 million sale of Woodhill, a 182-unit apartment community in Augusta. Robert Stickel of Cushman & Wakefield represented the sellers, Intermark Management and King Management, in the sale to New York-based JEM Holdings. Constructed in 1986, Woodhill features a resort-style pool, fitness center, tennis courts and a clubhouse. JEM will implement capital improvements including upgraded unit interiors and an enhanced amenity package.

August 29, 2017

Illinois Midwest Retail

Mid-America Brokers Sale of Mariano’s Ground Lease for $20M in Lombard, Illinois

by Kristin Harlow August 29, 2017

LOMBARD, ILL. — Mid-America Real Estate Corp. has brokered the sale of a Mariano’s ground lease in Lombard for $20 million. The 74,000-square-foot property is located at the intersection of Roosevelt and Finley roads. Mariano’s holds a 20-year ground lease corporately guaranteed by Kroger Co. Joe Girardi and Wes Koontz of Mid-America brokered the sale on behalf of the seller, Bradford Real Estate. A private investor purchased the property.

August 29, 2017

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