sales_and_leases

Cushman & Wakefield Arranges $22.6M Sale of Apartment Community in North Charleston

by Camren Skelton August 16, 2017

NORTH CHARLESTON, S.C. — Cushman & Wakefield has brokered the $22.6 million sale of Plantation Flats, a 226-unit multifamily community in North Charleston. Watson Bryant, Tai Cohen and Paul Marley of Cushman & Wakefield represented the seller, URS Capital Partners, in the transaction. Miami-based Monument Real Estate Services acquired the property. Constructed in 1984, Plantation Flats features a swimming pool, business center, tennis court, picnic area and a fitness center. The property was 92 percent occupied at the time of sale.

August 16, 2017

Industrial Maryland Southeast

Finmarc Acquires Industrial Portfolio in Metro DC for $8.6M

by Camren Skelton August 16, 2017

ROCKVILLE, MD. — Finmarc Management Inc. has acquired a four-building warehouse portfolio in Rockville, roughly 17 miles north of Washington, D.C., for $8.6 million. Located at 627, 649 and 655 N. Horners Lane and 202 Mason Drive, the portfolio comprises 123,000 square feet. Jay Clogg of Jay Clogg Realty Group Inc. represented the undisclosed seller in the transaction and will handle the property’s leasing assignment. At the time of sale, the portfolio, known as the EU Services Buildings, was fully leased to Envelopes Unlimited, an envelope printing company. The buildings feature ceiling heights ranging from 14 to 24 feet, multiple loading docks, drive-in doors and a 120-space free-surface parking lot.

August 16, 2017

North Carolina Southeast

Trinity Partners Secures 81,032 SF Lease for Shared Office Space Provider in Raleigh

by Camren Skelton August 16, 2017

RALEIGH, N.C. — Trinity Partners has secured an 81,032-square-foot lease for WeWork, a shared office space provider, at One Glenwood, an $86 million office building under development in Raleigh. William Allen and Alex Dunn of Trinity Partners represented the building’s owner and developer, Heritage Properties Inc., in the lease transaction. Jason High and John Daly of CBRE represented WeWork. Upon completion, One Glenwood will total 227,500 square feet, including 15,000 square feet of street-level retail space. WeWork will be an anchor tenant, occupying floors three through five. One Glenwood will be WeWork’s first location in Raleigh and its second office in the Carolinas. The office building is slated to open in early 2019.

August 16, 2017

Healthcare Texas

IRA Capital Sells 137,686 SF Medical Office Portfolio in Fort Worth, Austin

by Taylor Williams August 16, 2017

FORT WORTH AND AUSTIN, TEXAS — Irvine, Calif.-based investment firm IRA Capital LLC has sold a portfolio of fully leased medical office properties totaling 137,686 square feet in Fort Worth and Austin. The portfolio includes The Center for Cancer & Blood Disorders and Baylor Health Center at Magnolia Greens, both in Fort Worth, and Cedar Park Medical Center in Austin. HFF represented IRA Capital in the transaction and procured the buyer, a publicly traded healthcare REIT.

August 16, 2017

Industrial Texas

JLL Negotiates 349,425 SF Industrial Lease in Metro Fort Worth

by Taylor Williams August 16, 2017

NORTHLAKE, TEXAS — JLL has negotiated a 349,425-square-foot industrial lease at Northport 35 Business Center, a Class A industrial park located at 4250 Dale Earnhardt Way in the Fort Worth metro of Northlake. Elizabeth Jones of JLL represented the tenant, Allen Distribution, a food and beverage services firm. Cannon Green, Bob Hagewood and Forrest Cook of Stream Realty Partners represented the landlord, New York-based Clarion Partners.

August 16, 2017

Multifamily Texas

Carroll Organization Acquires Two Multifamily Properties in Fort Worth

by Taylor Williams August 16, 2017

FORT WORTH, TEXAS — Atlanta-based investment and management firm Carroll Organization has acquired Century Colonial Park and Gallery 1701, two multifamily properties totaling 405 units in the riverfront area of Fort Worth. The properties, both of which were built in 2009, will be rebranded as The Trinity Residences and managed by Carroll Management Group.

August 16, 2017

Illinois Midwest Multifamily

Lowe Enterprises Acquires 239-Unit Apartment Property in Glenview, Illinois

by Kristin Harlow August 16, 2017

GLENVIEW, ILL. — Lowe Enterprises Investors, in a joint venture with an institutional investor, has acquired The Reserve Glenview in suburban Chicago. The purchase price was not disclosed. The 239-unit apartment property is located on 7.6 acres at 195 Waukegan Road. The property features three-story buildings that wrap around a central parking structure. Floor plans range from studio to three-bedroom units. Amenities include a pool, outdoor kitchen and picnic area, courtyard, resident lounge and coffee bar, fitness center and business center. Greystar will manage the property.

August 16, 2017

Mixed-Use Northeast Office Pennsylvania Retail

KeyBank Secures $44.7M in Financing for Mixed-Use Assets in Philadelphia

by Amy Works August 16, 2017

PHILADELPHIA — KeyBank Real Estate Capital has provided a $44.7 million CMBS first mortgage loan for Rodin Place, a mixed-use building, and an adjacent retail property located in Philadelphia. Totaling 241,884 square feet, the assets include a single-story retail building, leased by Target, and one six-story office and retail building. John Christen of Key’s Commercial Mortgage Group arranged the financing with a 10-year term, five-year interest-only period and 30-year amortization schedule. Loan proceeds were used to refinance existing debt.

August 16, 2017

Nevada Retail Western

JLL Income Property Trust Acquires Montecito Marketplace in Las Vegas for $63M

by Nellie Day August 15, 2017

LAS VEGAS — JLL Income Property Trust has acquired Montecito Marketplace, a 190,000-square-foot shopping center located in Las Vegas, for $63 million. Smith’s Grocery and TJ Maxx anchor the fully leased property, which is home to national and regional retailers, restaurants, banks and personal service tenants. The seller in the transaction was undisclosed. Jones Lang LaSalle Income Property Trust Inc. is a REIT that owns and operates a portfolio of high quality office, retail, industrial and apartment properties across the U.S.

August 15, 2017

Kansas Midwest Multifamily

Passco Sells Remaining Interests in 360-Unit Apartment Community in Overland Park, Kansas for $48M

by Kristin Harlow August 15, 2017

OVERLAND PARK, KAN. — Passco Cos. LLC has sold its remaining interest in The Village at Lionsgate in Overland Park for $48 million. The 360-unit apartment community is located at 14631 Broadmoor St. The buyer was a real estate investment firm that already had a partial ownership stake in the asset. During ownership, Passco brought the average occupancy at the property up to approximately 95 percent. Mac Crowther of ARA Newmark represented both the buyer and seller in the transaction.

August 15, 2017

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