sales_and_leases

The Boulder Group Arranges $4.8M Sale of Property Net Leased to Shopko in Stanley, North Dakota

by Kristin Harlow August 29, 2017

STANLEY, N.D. — The Boulder Group has arranged the sale of a single-tenant property net leased to Shopko Hometown in Stanley, located in northwestern North Dakota, for $4.8 million. The 26,004-square-foot property is located at 702 Westview Lane. There are over 13 years remaining on the Shopko lease, which expires in November 2030. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate institution. A Southwest-based real estate investment firm purchased the property.

August 29, 2017

Illinois Midwest Mixed-Use

Interra Brokers $3.1M Sale of Mixed-Use Property in Chicago

by Kristin Harlow August 29, 2017

CHICAGO — Interra Realty has brokered the sale of a 13-unit mixed-use property in Chicago’s Pilsen neighborhood for $3.1 million. The property, which comprises 12 residential units and one street-level retail space, is located at 1157 W. 18th St. The building underwent a full renovation in 2016, including all new kitchens and baths. The 2,300-square-foot retail space has a new facade with large windows, exposed brick walls, high ceilings and access to additional basement storage. Jeremy Morton and Ted Stratman of Interra represented both the undisclosed buyer and the seller, a local development group. At $238,462 per unit, this was the second highest price-per-unit sale in Pilsen history, according to Interra.

August 29, 2017

Multifamily Nevada Western

Tanglewood Village Apartments in Carson City Changes Hands

by Nellie Day August 29, 2017

CARSON CITY, NEV. — A limited liability company has acquired the 130-unit Tanglewood Village Apartments in Carson City for an undisclosed sum. The community is located at 919 S. Roop St. It is situated near Interstate 580 and U.S. Route 50. Amenities include a swimming pool, sundeck, tennis courts and a fitness center. It was built in 1978 to condominium specifications. Kenneth Blomsterberg, Ryan Rife and Benjamin Nelson of Marcus & Millichap represented both the buyer and seller, another LLC, in this transaction.

August 29, 2017

Multifamily Texas

ARA Newmark Brokers Sale of Apartment Community in East Austin

by John Nelson August 28, 2017

AUSTIN, TEXAS — ARA Newmark has arranged the sale of 7East, a new 186-room midrise apartment community in east Austin. Pat Jones of ARA Newmark represented the sellers, Stonelake Capital Partners and Ardent Residential, in the transaction. The buyer was GF Properties Group, a wholly owned subsidiary of the Southern Ute Indian Tribe Growth Fund. Situated on 1.9 acres near downtown Austin, 7East includes a rooftop lounge and clubroom, resort-style pool, 24-hour fitness center, business center with Apple computers and conference room and a leash-free dog park. Unit interiors feature up to 10-foot ceilings, open-concept gourmet kitchens, spa-inspired bathrooms, oversized walk-in closets and downtown views in select units.

August 28, 2017

Office Oregon Western

Bentall Kennedy Acquires Oregon Clinic Gateway Medical Office Building in Portland

by Nellie Day August 28, 2017

PORTLAND, ORE. — Bentall Kennedy has purchased the Oregon Clinic Gateway Medical Office Building in Portland for an undisclosed sum. The 101,299-square-foot building is located at 1111 N.E. 99th Ave. It was built in 2006. The facility is fully leased as medical offices, day surgery, on-site diagnostic imaging and laboratory centers. This is the firm’s first medical office building investment in Portland.

August 28, 2017

Arizona Multifamily Western

Henley USA, Modern Residential Co. Buy 216-Unit Sonoma Pines in Peoria for $19M

by Nellie Day August 28, 2017

PEORIA, ARIZ. — A joint venture between Henley USA and Modern Residential Co. has purchased the 216-unit Sonoma Pines apartments in Peoria for $19 million. The community is located at 8650 W. Peoria Ave. It was built in 1984. David and Steve Gebing of Institutional Property Advisors represented the buyer and seller, Mentor Properties, in this transaction.

August 28, 2017

Nevada Office Western

GLVAR Sells Las Vegas Headquarters for $2.7M

by Nellie Day August 28, 2017

LAS VEGAS — The Greater Las Vegas Association of Realtors (GLVAR) has sold its local headquarters for $2.7 million. The office is located at 1750 E. Sahara Ave. GLVAR has leased the space back from the new owner, Laborers’ International Union North America (LIUNA), until its new facility is built on Rainbow Boulevard, just north of Sunset Road. David R. Scherer of Newmark Grubb Knight Frank represented GLVAR, while Peter Guzman represented LIUNA.

August 28, 2017

Arkansas Hospitality Southeast

HREC Arranges Sale of 150-Room Hotel in Hot Springs, Arkansas

by Camren Skelton August 28, 2017

HOT SPRINGS, ARK. — HREC Investment Advisors has arranged the sale of Clarion on the Lake, a 150-room hotel in Hot Springs. A regional hotel owner/operator purchased the asset for an undisclosed price. Kevin Hanley and Patrick Culligan of HREC represented the undisclosed seller in the transaction. The hotel is located on the shore of Lake Hamilton and features a swimming pool, outdoor cabana bar, volleyball court, picnic area and a playground.

August 28, 2017

Iowa Midwest Retail

Developer Unveils Main Retailers at Outlets of Des Moines, Preps for October Opening

by Kristin Harlow August 28, 2017

DES MOINES, IOWA — Outlets of Des Moines has unveiled its tenant list leading up to the grand opening on Oct. 20. Notable tenants include Nike Factory Store, LOFT Outlet, Tommy Hilfiger, Bath & Body Works, Toys “R” Us Express, Under Armour, Famous Footwear and Levi’s Outlet Store. A list of retailers was announced each day last week, along with a $1,000 sweepstakes contest. By entering the contest on the shopping center’s Facebook page, shoppers will have the opportunity to win the $1,000 now through Sept. 21. New England Development is the project developer.

August 28, 2017

Arizona Industrial Western

Nicola Crosby Real Estate Acquires Cabot Business Center in Phoenix for $11.3M

by Nellie Day August 25, 2017

PHOENIX — Nicola Crosby Real Estate has acquired Cabot Business Center, a 109,805-square-foot industrial/flex business center in Phoenix, for $11.3 million. The multi-tenant property is located at 3802-3922 E. University Drive. This is the first Phoenix-based asset for Nicola Crosby, a subsidiary of Nicola Wealth Management Ltd., a real estate asset management company that acquires and manages properties for the SPIRE Real Estate Portfolios. Darren Tappen, Peter Beauchamp, Aric Adams, Mike Kasulaitis, and Matthew Ault of Kidder Mathews represented the seller, Dunbar CBC, in this transaction. The firm will also manage the property.

August 25, 2017

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