sales_and_leases

JLL Arranges Sale of Three Retail Centers Totaling 35,414 SF in Austin Area

by Taylor Williams February 26, 2018

CEDAR PARK AND AUSTIN, TEXAS — JLL has arranged the sale of three retail centers totaling 35,414 square feet in the Austin metropolitan area. The assets include the 19,994-square-foot Cypress Creek Plaza in Cedar Park; the 9,270-square-foot Shops at Silver Creek in the Parmer area of Austin; and the 6,150-square-foot Lamar Point Center on the city’s north side. Tim Allen of JLL represented the sellers in all three transactions. Travis Sawvell and Jon Switzer of JLL also represented the seller of Cypress Creek Plaza. The buyers were not disclosed.

February 26, 2018

Marcus & Millichap Arranges $8.2M Sale of Retail Property in Mount Vernon, Illinois

by Kristin Harlow February 26, 2018

MOUNT VERNON, ILL. — Marcus & Millichap has arranged the sale of Times Square Marketplace in Mount Vernon for $8.2 million. The 263,459-square-foot retail property is located at the southeast corner of Broadway and 42nd streets in southern Illinois. Originally developed in 1974, the property was expanded in 1998 and received $12 million in upgrades to the parking lots, façade and signage in 2013. The center is situated on a 24-acre lot and is surrounded by six anchors including Hobby Lobby, Ross Dress for Less, Big Lots, Peebles, J.C. Penney and Dunham Sports. The property was 92 percent occupied at the time of sale. Sean Sharko, Austin Weisenbeck, Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the buyer, a private investor.

February 26, 2018

Illinois Industrial Midwest

Holly Hunt Enterprises Signs 210,315 SF Industrial Lease in McCook, Illinois

by Kristin Harlow February 26, 2018

MCCOOK, ILL. — Holly Hunt Enterprises Inc. has signed a 210,315-square-foot industrial lease in McCook, a western suburb of Chicago. The designer and manufacturer of furniture, lighting products, textiles and leather products will occupy the space at 9450 Sergo Drive. Vern Schultz and Mike Senner of Colliers International represented Holly Hunt Enterprises in the lease transaction. Jason West, Sean Henrick and Larry Goldwasser of Cushman & Wakefield represented ownership, ML Realty Partners.

February 26, 2018

Illinois Midwest Retail

SVN Brokers $1.7M Sale of Retail Building in Chicago’s Fulton Market

by Kristin Harlow February 26, 2018

CHICAGO — SVN | Chicago Commercial has brokered the sale of a 4,200-square-foot retail building in Chicago’s Fulton Market for $1.7 million. The two-story property is located at 1039 W. Lake St. Scott Maesel and Drew Dillon of SVN | Chicago Commercial represented the seller, Sterling Bay Co. Lee French and Tim Rasmussen represented the undisclosed buyer.

February 26, 2018

Connecticut Northeast Office

Calare Properties Acquires 915,000 SF Office Complex in Wallingford, Connecticut

by Amy Works February 23, 2018

WALLINGFORD, CONN. — Calare Properties has acquired an office and research-and-development complex located at 5 Research Parkway in Wallingford, for an undisclosed price. The undisclosed corporate seller and user will vacate the 915,000-square-foot property this year. Situated on 180 acres, the campus features an 830,000-square-foot main office and lab complex that is supported by outer buildings, including a materials handling facility, a central utility plant and a child development center. Jim Panczykowski of Binswanger Management Corp. represented the seller in the deal.

February 23, 2018

California Retail Western

Faris Lee Brokers $10M Sale of Rite Aid-Occupied Property in Los Angeles

by Nellie Day February 23, 2018

LOS ANGELES — Faris Lee Investments has arranged the sale of a retail property located at 959 Crenshaw Blvd. in Los Angeles. Rite Aid occupies the 12,573-square-foot building, which is situated on 1 acre. A Newport Beach-based private seller sold the property to a Beverly Hills-based private buyer for $10 million. Nicholas Coo, Thomas Chichester, Joseph Chichester and Matt Brooks of Faris Lee represented the seller and buyer in an all-cash 1031 exchange.

February 23, 2018

Florida Multifamily Southeast

Cushman & Wakefield Brokers $53M Sale of New Multifamily Community in Downtown Fort Lauderdale

by Camren Skelton February 23, 2018

FORT LAUDERDALE, FLA. — Cushman & Wakefield has arranged the $53 million sale of The Queue Apartments, a 191-unit multifamily community located at 817 S.E. 2nd Ave. in downtown Fort Lauderdale. Robert Given, Troy Ballard, Zachary Sackley and James Quinn of Cushman & Wakefield arranged the transaction on behalf of the seller and property developer, a joint venture between Urban Street Development and Fazio Properties. Miami-based Boardwalk Properties acquired the asset. The seven-story apartment community offers a mix of studio to three-bedroom units ranging in size from 529 to 1,275 square feet. Community amenities include a courtyard pool, Zen garden, two-story fitness center, dog park, clubroom, outdoor dining area, entertaining suite and an electric car charging station. The property was completed in 2017 and was 95 percent occupied at the time of sale. The project team includes interior designer Big Time Design Studios, general contractor Hooper Construction and architect MSA.

February 23, 2018

Georgia Healthcare Southeast

Grover Corlew Sells Medical Office Buildings, Adjacent Land South of Atlanta for $16.3M

by Camren Skelton February 23, 2018

FAYETTEVILLE, GA. — Grover Corlew has sold Fayette Surgical Building, Fayette Medical Building and a parcel of undeveloped land in Fayetteville, roughly 22 miles south of Atlanta, for $16.3 million. The Florida-based real estate investment group developed the 17,500-square-foot Fayette Medical Building approximately 10 years ago, and completed the 30,195-square-foot Fayette Surgical Building in October. Resurgens Fayette Surgery Center occupies 16,644 square feet in the Fayette Surgical Building, and Resurgens Orthopaedics and Spine Center occupies 13,551 square feet. The Fayette Medical Building is also leased to Resurgens Orthopaedics.

February 23, 2018

Hospitality South Carolina Southeast

Condor Acquires 93-Room Hilton Hotel Near Charleston for $16.3M

by Camren Skelton February 23, 2018

SUMMERVILLE, S.C. — Condor Hospitality Trust Inc. has acquired a 93-room Home2 Suites by Hilton in Summerville, roughly 25 miles northwest of Charleston. The Maryland-based hospitality REIT acquired the asset for $16.3 million. Everest Hotels Group developed the property, according to The Post and Courier. Inn Ventures, Condor’s management partner, will manage the property, which opened in 2017. The hotel features a business center, convenience shop, Spin2Cycle fitness and laundry facility, barbecue grills, a heater indoor pool and a firepit.

February 23, 2018

Retail Texas

Dhanani Acquires 42,000 SF Grocery-Anchored Retail Center in Metro Houston

by Taylor Williams February 23, 2018

SUGAR LAND, TEXAS — Houston-based Dhanani Private Equity Group has acquired Fort Bend Center, a 42,000-square-foot retail center in Sugar Land. Kroger anchors the center, which also houses tenants such as Gyro King and Ritz Nails. Ryan Watson of mortgage banking firm Q10 KDH secured an undisclosed amount of acquisition financing through a CMBS lender for the sale, the seller of which was not disclosed. The non-recourse loan featured a fixed 5.05 percent interest rate, a 30-year amortization schedule and a 75 percent loan-to-cost (LTC) ratio.

February 23, 2018

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