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sales_and_leases

MultifamilyNevadaWestern

Farnam Realty Acquires 430-Unit Veritas Apartments in Las Vegas

by Nellie Day

LAS VEGAS — Farnam Realty has acquired the 430-unit Veritas Apartments in the Las Vegas submarket of Henderson for an undisclosed sum. The Class A community is located at 3370 St. Rose Parkway. Veritas Apartments was built in 2010. It offers one- to three-bedroom units. The building features four swimming pools, a covered patio with an outdoor kitchen, barbecue grills, a fitness center with a yoga room, and a clubhouse with gaming room and cyber café. JLL’s John Cunningham and Charles Steele represented executed the sale. The seller was Monogram Residential Trust.

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CaliforniaMultifamilySeniors HousingWestern

CBRE Brokers $6.8M Sale of 28-Unit Seniors Housing Community in Brea

by Nellie Day

BREA, CALIF. — CBRE has arranged the sale of Williams Senior Apartments, a 28-unit age-restricted community in the Los Angeles suburb of Brea, for $6.8 million. Restoration Enhancement acquired the property from a private seller in a 1031-exchange transaction. The property was recently upgraded and is located near the Brea Downtown entertainment center, which features 350,000 square feet of retail, shops, restaurants, entertainment and nightlife.

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MarylandMultifamilySoutheast

New York Investors Purchase Multifamily Portfolio in Metro D.C. for $90M

by Camren Skelton

ADELPHI, MD. — Besyata Investment Group and The Scharf Group, two New York-based single-family offices, have acquired The Communities at Arbor Vista, a 675-unit multifamily portfolio in Adelphi, roughly nine miles north of Washington, D.C., for $90 million. Jeff Seidenfeld of Eastern Union Funding arranged acquisition financing on behalf of the buyers. Constructed in 1960, the Class B, garden-style apartment development comprises three communities: Arbor Vista, Sienna Creek and Sienna Gardens. The portfolio features a swimming pool, playgrounds, fitness and business centers, laundry facilities and a soccer field. BH Management will manage the property and handle ongoing leasing.

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GeorgiaMultifamilySoutheast

JLL Income Property Trust Acquires Multifamily Community in Metro Atlanta for $47M

by Camren Skelton

JOHNS CREEK, GA. — JLL Income Property Trust has purchased The Reserve at Johns Creek Walk, a 210-unit apartment complex in Johns Creek, roughly 27 miles north of Atlanta, for $47 million. The seller was not disclosed. The property includes a mix of one-, two- and three-bedroom units, and features a fitness center, conference room, swimming pool, outdoor kitchen, pet spa, playground and a car care center.

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FloridaMultifamilySoutheast

CBRE Arranges $28.3M Sale of Multifamily Asset in Jacksonville

by Camren Skelton

JACKSONVILLE, FLA. — CBRE has arranged the $28.3 million sale of Bay Club Apartments, a 220-unit multifamily property located at 9009 Western Lake Drive in Jacksonville. Shelton Granade, Luke Wickham, Justin Basquill, Cliff Taylor and Joe Ayers of CBRE represented the seller, an affiliate of The Milestone Group LLC, in the sale to Resource Apartment OP III LP. Constructed in 1990, Bay Club features a swimming pool, clubhouse, pet park and private patio or balcony with each unit. The property was 96 percent occupied at the time of sale.

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IllinoisMidwestOffice

GGP to Relocate Corporate Headquarters to River North Point in 2018

by Kristin Harlow

CHICAGO — GGP Inc. (NYSE: GGP) has unveiled plans to relocate its headquarters to River North Point in Chicago during the first quarter of 2018. The 24-story mixed-use building is located at 350 N. Orleans St. The lease totals 168,000 square feet of office space and equates to two full floors. With over 700 employees working in the corporate office, GGP will occupy the entire fourth floor and a portion of the third and fifth floors of the building. The real estate investment trust, which owns and manages shopping malls throughout the United States, currently operates out of 110 N. Wacker Drive in Chicago. New amenities at River North Point will include a fitness center, 10,000-square-foot tenant lounge, conference center and 5,000-square-foot rooftop deck. Michael Kazmierczak, Ron Lakin and Ellen Zalatoris of CBRE represented the landlord, Equity Office, in the lease transaction. Vineet Sahgal and Meredith O’Connor of JLL represented GGP.  

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RetailTexas

Weitzman Brokers Sale of 106,537 SF Retail Center in Lewisville

by Taylor Williams

LEWISVILLE, TEXAS — Weitzman has brokered the sale of Valley Square Shopping Center, a 106,537-square-foot retail center located at 722-724 Main St. in Lewisville. Dallas-based LRIC Properties LLC acquired the property from a Florida-based investment firm for an undisclosed price. The property was 93 percent leased at the time of sale to tenants such as 24 Hour Fitness, Chipotle Mexican Grill, T-Mobile and Sherwin Williams. Matthew Rosenfeld, Mike Allen, Stephen Wise and Gretchen Miller of Weitzman represented the seller in the transaction.  

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MichiganMidwestRetail

9Round Fitness to Open 1,330 SF Location in Grand Rapids

by Kristin Harlow

GRAND RAPIDS, MICH. — 9Round Fitness, an international kickboxing and gym franchise with more than 500 locations across 11 countries, will open a 1,330-square-foot location at 8233 Byron Center Ave. in Grand Rapids on Sept. 1. Hillary Taatjes Woznick and Rod Alderink of NAI Wisinski of West Michigan represented 9Round in the negotiations for the 62-month lease. The landlord is Dara Realty LLC.

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RetailTexasUncategorized

NAI RGV Arranges Sale of 44,041 SF Retail Property in McAllen

by Taylor Williams

MCALLEN, TEXAS — NAI Rio Grande Valley (RGV) has arranged the sale of The District at McAllen, a 44,041-square-foot retail property located at 3300 N. McColl Road in McAllen. Laura Liza Paz of NAI RGV represented the undisclosed seller in the transaction. Daniel Galvan of Coldwell Banker Commercial La Mansion represented the buyer, Keller, Texas-based Ryan Investments. Built in 2006, The District at McAllen will house a 20,000-square-foot UFC Gym as the new owner rebrands it from an entertainment venue into a retail and office development.  

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