sales_and_leases

ARA Newmark Closes $100.5M Sale of Multifamily Portfolio in Metro D.C.

by Camren Skelton July 25, 2017

FREDERICKSBURG, VA. — ARA Newmark has arranged the $100.5 million sale of two Class B apartment communities in Fredericksburg: the 200-unit Madison Falls Run and the 476-unit Madison England Run. Centrally located between Richmond, Va., and Washington, D.C., the properties were acquired by Newport News, Va.-based Chandler Management. Drew White, Mike Marshall and Jim Pope of ARA Newmark represented the seller, Philadelphia-based Equus Capital Partners, in the transaction. Constructed in 1989, Madison Falls Run includes a mix of one- and two-bedroom floor plans. Madison England Run, built in three phases in 1991, 1999 and 2001, features a mix of one-, two- and three-bedroom units. Together, the portfolio features amenities including a swimming pool, fitness center, tennis courts and sundecks. Both properties were 95 percent occupied at the time of sale.

July 25, 2017

Florida Multifamily Seniors Housing Southeast

Marcus & Millichap Arranges $30M Sale of Seniors Housing Community Near Miami

by Camren Skelton July 25, 2017

CUTLER BAY, FLA. — Marcus & Millichap has brokered the $30 million sale of Cabana Club, a 332-unit, Section 42 Low Income Housing Tax Credit community for seniors in Cutler Bay, roughly 20 miles south of Miami. The independent living community features a pool, fitness center and a clubhouse. Evan Kristol and Felipe Echarte of Marcus & Millichap represented the seller, a New York-based investment group, and procured the undisclosed buyer.

July 25, 2017

Georgia Retail Southeast

Big V Capital Acquires 207,404 SF Shopping Center in South Atlanta

by Camren Skelton July 25, 2017

JONESBORO, GA. — Big V Capital LLC has purchased Crossroads South, a 207,404-square-foot shopping center located at 7965 Tara Blvd. in Jonesboro, roughly 17 miles south of Atlanta. The center was 91 percent leased at the time of sale to tenants including Kroger, Badcock Furniture, Planet Fitness, Roses, Subway, UPS and H&R Block. Big V Properties, the property management affiliate of Big V Capital, will manage the retail center. The sales price and seller were not disclosed.

July 25, 2017

Retail Texas

Stream, Thackery Sell 167,704 SF Retail Power Center in Metro Houston

by Taylor Williams July 25, 2017

PEARLAND, TEXAS — A joint venture between Stream Realty Partners and Thackery Partners has sold The Center at Pearland Parkway I, a 167,704-square-foot retail power center located at the intersection of FM 518 and Pearland Parkway in the Houston metro of Pearland. Completed in 2014, the property was fully leased at the time of sale to tenants such as T.J. Maxx and Ross Dress for Less. Dunhill Partners Inc. purchased the asset for an undisclosed price.

July 25, 2017

Mixed-Use Texas

CIM Group Acquires 322,000 SF Mixed-Use Property in Dallas

by Taylor Williams July 25, 2017

DALLAS — CIM Group has acquired Turtle Creek Village, a mixed-use property in Dallas that includes an 18-story, Class A office property totaling 227,000 square feet and a 95,000-square-foot retail center leased to tenants such as LensCrafters, Tom Thumb and Zoe’s Kitchen. A joint venture involving Lincoln Property Co. sold the asset, which was built in 1973, for an undisclosed price.

July 25, 2017

Industrial Texas

JLL Negotiates 47,500 SF Industrial Lease in Houston

by Taylor Williams July 25, 2017

HOUSTON — JLL has negotiated a 47,500-square-foot industrial lease at 8303 McHard Road in Houston. Built in 2006, the property is situated on 8.5 acres and features 42-foot clear heights, ESFR sprinkler system and Class A office space. Mark Nicholas, Richard Quarles and Joe Berwick of JLL represented the landlord, Schroeder Partnership Ltd. Drew Coupe and Josh Morrow of Stream Realty Partners represented the tenant, ProEnergy Services LLC, a Missouri-based energy solutions provider.

July 25, 2017

Multifamily Oregon Western

JLL Income Property Trust Purchases Jory Trail at the Grove Apartments in Portland for $75M

by Nellie Day July 24, 2017

PORTLAND, ORE. — JLL Income Property Trust has purchased the 324-unit Jory Trail at the Grove apartment complex in Portland for $75 million. The Class A community is situated along Interstate 5 in the submarket of Wilsonville. Jory Trail is situated near major employers like Xerox, Mentor Graphics, Rockwell Collins and Tyco. The acquisition is in line with JLL’s strategy to invest in high-quality apartment assets in strong-performing areas that boast a combination of top incomes and school districts.

July 24, 2017

Office Washington Western

MRM Capital Buys The Plaza at North Creek in Bothell

by Nellie Day July 24, 2017

BOTHELL, WASH. — MRM Capital has purchased the Plaza at North Creek, a 194,074-square-foot office campus in the Seattle submarket of Bothell, for an undisclosed sum. The flagship campus is located at 18911 and 19015 North Creek Parkway, about 13 miles northeast of downtown Seattle. The Plaza at North Creek is 80.7 percent leased to tenants like Allstate and SNC-Lavalin. It has a 10-year historical average occupancy of 92 percent. HFF’s Nick Kucha and Dave Otis represented both the buyer and unnamed seller in this transaction.

July 24, 2017

New Jersey Northeast Office

Cushman & Wakefield Negotiates $15.8M Sale of Office Building in Princeton, New Jersey

by Amy Works July 24, 2017

PRINCETON, N.J. — Cushman & Wakefield has arranged the sale of an office building, located at 103 Carnegie Center Drive in Princeton. Boston Properties acquired the 96,000-square-foot building from Mack-Cali Realty Corp. for $15.8 million. The three-story building features flexible floor plans accommodating tenants from 500 square feet to 15,000 square feet. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso II and Andrew Schwartz of Cushman & Wakefield brokered the transaction.

July 24, 2017

Industrial Midwest Wisconsin

Dickman Co. Brokers Sale of 117,546 SF Industrial Building in Milwaukee Suburb

by Kristin Harlow July 24, 2017

BROWN DEER, WIS. — The Dickman Co. Inc./CORFAC International has brokered the sale of a 117,546-square-foot industrial building in Brown Deer, a suburb of Milwaukee. The sales price was not disclosed. The property is located at 8900 N. 55th St. STAG III Milwaukee 2 LLC purchased the property from 55th Street Industrial LLC. Samuel M. Dickman Jr., Samuel D. Dickman and Roger B. Siegel of Dickman Co. brokered the transaction.

July 24, 2017

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