sales_and_leases

Witham Hill Oaks Apartments in Corvallis Sells for $56M

by Nellie Day August 10, 2017

CORVALLIS, ORE. — An unnamed buyer has acquired the 420-unit Witham Hill Oaks Apartments in Corvallis for $56 million. The community is located at 4275 N.W. Clubhouse Place. The 50-building property was built in three phases in 1968, 1977 and 1998. Witham Hill contains one- to three-bedroom units, with amenities like a fitness center, clubhouse, basketball court, children’s playgrounds, pool, spa, laundry facilities and covered parking. It’s situated less than two miles from the Oregon State University campus, near major employers like Hewlett-Packard and Good Samaritan Regional Medical Center. CBRE’s Phil Oester, Joe Nydahl and Josh McDonald represented the seller, Witham Hill Oaks Apartments LLC, in this transaction.

August 10, 2017

California Office Western

Digital Map Products Leases Office Space at University Research Park in Irvine

by Nellie Day August 10, 2017

IRVINE, CALIF. — Digital Map Products has leased 22,000 square feet of office space at University Research Park in Irvine. The cloud-based location technology and data solutions provider will occupy an entire floor that was formerly home to chipmaker Broadcom. The research park is situated next to UC Irvine. Digital Map Products is working with local universities like UC Irvine to provide free access to the company’s technology. The campus also houses Irvine Co.’s tech incubator, The Vine, where startups have generated more than $24 million in funding, and UCI Applied Innovation.

August 10, 2017

New York Northeast Office

SL Green Sells 317,600 SF Office Building in Brooklyn to CIM Group for $171M

by Amy Works August 10, 2017

NEW YORK CITY — SL Green Realty Corp. has entered into an agreement to sell 16 Court Street, a 317,600-square-foot office building in Brooklyn, for a gross sale price of $171 million. The buyer is CIM Group, a full-service real estate and infrastructure fund manager. The transaction is expected to close during the fourth quarter of this year. The sale will generate net cash proceeds of approximately $164 million. The 36-story building is currently 94 percent occupied. Darcy Stacom of CBRE represented SL Green in the deal.

August 10, 2017

Michigan Midwest Office

CBRE Arranges Sale of Two-Building Office Portfolio in Troy, Michigan

by Kristin Harlow August 10, 2017

TROY, MICH. — CBRE has arranged the sale of Wilshire Plaza North and West in Troy, a northern suburb of Detroit. The sales price was $33 million, according to CoStar Group Inc. The two office buildings, comprising 349,625 square feet, are located at 900 and 1050 Wilshire Drive. The Class A portfolio was 90 percent leased at the time of sale. Tenants include SSOE Group, Meredith Corp., Harvey Kruse PC, Tyco Electronics Corp. and MasterCard, according to CoStar. Anne Galbraith Kohn of CBRE represented the seller, an international institutional owner. Group RMC purchased the portfolio, the company’s first office acquisition in Michigan.

August 10, 2017

Industrial Midwest Wisconsin

Dickman Co. Negotiates Sale of 12,208 SF Industrial Building in Germantown, Wisconsin

by Kristin Harlow August 10, 2017

GERMANTOWN, WIS. — The Dickman Co. Inc. has negotiated the sale of a 12,208-square-foot industrial building in Germantown, about 25 miles northwest of Milwaukee. The sales price was not disclosed. The property is located on Fulton Drive. Price Properties LLC purchased the building from Moldmakers Leasing & Investments LLC. Nick Keys, Samuel M. Dickman Jr. and Samuel D. Dickman brokered the transaction.

August 10, 2017

Midwest Minnesota Net Lease Retail

Marcus & Millichap Arranges $2.2M Sale of Property Net Leased to O’Reilly Auto Parts in Minneapolis

by Kristin Harlow August 10, 2017

MINNEAPOLIS — Marcus & Millichap has arranged the sale of a 7,500-square-foot property net leased to O’Reilly Auto Parts in Minneapolis for $2.2 million. The building is located at 710 E. Lake St. Sean Doyle, Matthew Hazelton, AJ Prins and Cory Villaume of Marcus & Millichap marketed the property on behalf of the seller, an unnamed developer. The team also secured and represented the buyer, a California-based fund manager.

August 10, 2017

Florida Multifamily Southeast

TruAmerica, MSD Capital Acquire Multifamily Property in Fort Myers for $66M

by Camren Skelton August 10, 2017

FORT MYERS, FLA. — TruAmerica Multifamily, in partnership with MSD Capital LP, has acquired Sienna at Vista Lake, a 640-unit apartment community located at 3701 Winkler Ave. in Fort Myers, for approximately $66 million. Constructed as two communities on adjacent parcels in 1991, the property was combined and rebranded in 2010. The garden-style community is situated on 35 acres and offers a mix of one- and two-bedroom units. Amenities include two resident clubhouses, two swimming pools, a spa, fitness center, dog park, basketball court, tennis court, sand volleyball court and a jogging trail. TruAmerica will update the apartment units with stainless steel kitchen appliances, new lighting, plumbing fixtures, countertops and cabinet fronts. HFF secured a seven-year, floating-rate loan through Freddie Mac’s Green Up program for the acquisition. Yitzi Karasick and Ido Gelerman of New Jersey-based Liquid Real Estate Capital were investors in the transaction.

August 10, 2017

Office South Carolina Southeast

Holder Properties Sells 18-Story Office Building in Downtown Columbia for $65M

by Camren Skelton August 10, 2017

COLUMBIA, S.C. — Holder Properties has sold Main and Gervais, an 18-story, 186,000-square-foot office building located at 1221 Main St. in downtown Columbia. The sales price was not disclosed, but The State reports California-based KBS Realty Advisors purchased the asset for $65 million. Patrick Gildea, Matt Smith, Justin Parsonnet, Martin Moore and Aaron Dupree of CBRE represented Holder Properties in the transaction. The Class A office tower is Energy Star-certified and features The Oak Table restaurant and a fitness center. At the time of sale, Main and Gervais was 98 percent leased to tenants including Edens, NBSC/Synovus Bank, McNair Law Firm, Womble Carlyle, Rogers Townsend and Parker Poe. Holder Properties will continue to manage the property and handle the leasing assignment on behalf of KBS Realty Advisors.

August 10, 2017

Maryland Office Southeast

Cushman & Wakefield Completes $30.1M Sale of Four-Building Office Portfolio in Metro Baltimore

by Camren Skelton August 10, 2017

COLUMBIA, MD. — Cushman & Wakefield has arranged the $30.1 million sale of Lakeview I and II, a four-building office portfolio in Columbia, roughly 20 miles southwest of Baltimore. Jonathan Carpenter and Graham Savage of Cushman & Wakefield represented the seller, Goldman Sachs, in the transaction. CSG Partners acquired the buildings, which are situated at 9801, 9821, 9841 and 9861 Broken Land Parkway. The portfolio was 82 percent leased at the time of sale. CSG Partners has retained Cushman & Wakefield’s Andrew Smith and Scott Matthews to handle the property’s leasing assignment.

August 10, 2017

Multifamily Texas

Olympus Property Acquires 282-Unit Apartment Community in Frisco

by Taylor Williams August 10, 2017

FRISCO, TEXAS — Fort Worth-based investment firm Olympus Property has acquired Boulevard at Frisco Square, a 282-unit luxury apartment community in Frisco. The company will rebrand the property, which was built in 2009, as Olympus Boulevard effective immediately. Amenities include a clubhouse, fitness area, pool and a business center. The seller and sale price were not disclosed.

August 10, 2017

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