sales_and_leases

CBRE Arranges $222.5M Sale of Luxury Apartment Tower in Chicago

by Kristin Harlow July 20, 2017

CHICAGO — CBRE has arranged the sale of Coast at Lakeshore East in Chicago for $222.5 million. The 515-unit luxury apartment tower is located at 345 E. Wacker Drive. The 45-story property offers studios, one-, two- and three-bedroom units. Amenities include a fitness center, outdoor heated pool, indoor spa and a sky garden lounge. John Jaeger, Dan Cohen and MJ Zaring of CBRE represented the sellers, Magellan Development Group and institutional investors advised by J.P. Morgan Asset Management. Morguard Corp. purchased the property.

July 20, 2017

Office Southeast Virginia

Hogan Lovells to Relocate to New Office Tower in Northern Virginia

by Camren Skelton July 20, 2017

TYSONS, VA. — Hogan Lovells, an international law firm, will relocate its Northern Virginia office to Boro Tower, a new 20-story office tower under construction at The Boro, a planned 15-acre mixed-use development in Tysons. The first phase of The Boro will deliver 700 residential units, 260,000 square feet of retail space and Boro Tower. The Meridian Group and Rockefeller group are codeveloping the project, with the first phase slated for completion in 2019. Rob Faktorow and Terry Reiley of CBRE represented The Meridian Group in the lease transaction, and Rick Rome and Alexandra deVilliers of Savills Studley represented Hogan Lovells. The law firm will relocate from Park Place II in McLean, Va., and will occupy 44,500 square feet of office space at the new building beginning in June 2019. TEGNA, a digital media company, will lease approximately 46,000 square feet at Boro Tower as well.

July 20, 2017

Maryland Mixed-Use Southeast

Kimco Signs Cinépolis USA to Mixed-Use Development in Metro D.C.

by Camren Skelton July 20, 2017

GAITHERSBURG, MD. — Kimco Realty Corp. has signed a lease with Cinépolis USA, a Dallas-based movie theater chain, to bring its luxury theater concept to Kentlands Market Square in Gaithersburg, roughly 20 miles north of Washington, D.C. Kimco acquired the 250,000-square-foot, Whole Foods-anchored development in 2016 and has unveiled plans for redevelopment, including renovated facades, improved pedestrian access, upgraded lighting and landscaping and revitalization of the community’s main street. The 34,000-square-foot Cinépolis USA is the first step in the redevelopment process, and will feature 540 seats, fully reclining leather seat auditoriums, lounge-style lobby space, in-theater waiter service and a selection of beer, wine and liquor. Cinépolis Luxury Cinemas — Gaithersburg is slated to open in 2019 and will mark Cinépolis USA’s debut in the Maryland market. Cinépolis, the theater’s Mexico-based parent company, is the fourth largest movie theater exhibitor in the world.

July 20, 2017

Midwest Missouri Retail

Hawthorn Bank Signs 9,000 SF Lease for New Branch in Columbia, Missouri

by Kristin Harlow July 20, 2017

COLUMBIA, MO. — Hawthorn Bank has signed a 9,000-square-foot lease for a new bank branch in downtown Columbia. The bank will occupy the first two floors of the Plaza 807 office building once construction is complete on the new property. The five-story building, located at 807 E. Walnut St., will total 36,000 square feet. East 280 LLC owns the property. Professional Contractors & Engineers Inc. is the general contractor, while Simon Oswald Architecture is providing architectural services. Completion is slated for March 2018.

July 20, 2017

Multifamily Texas

Keener Acquires 321-Unit Apartment Community in Metro Houston

by Taylor Williams July 20, 2017

PASADENA, TEXAS — Keener Investments, a Houston-based investment firm, has acquired Parkside Place, a 321-unit apartment community located at 3101 Spencer Highway in the Houston metro of Pasadena. The company plans to renovate the interiors of the units, which range in size from 963 to 1,256 square feet. The property offers a pool, clubhouse, storage space and a laundry facility. The name of the seller was not disclosed.

July 20, 2017

Retail Texas

Inland Purchases of 46,300 SF Shopping Center in Denton

by Taylor Williams July 20, 2017

DENTON, TEXAS — Inland Real Estate Acquisitions Inc. has purchased Denton Village, a 46,300-square-foot shopping center located at 2341 Hickory Creek Road in Denton. Built in 2016 and anchored by Sprouts Farmers Market, the center also houses tenants such as Pet Supermarket, T-Mobile and Domino’s Pizza. Matt Tice and David Neboyskey of Inland negotiated the transaction on behalf of an institutional fund advised by Inland Institutional Capital LLC. Inland Real Estate Acquisitions is the purchasing arm for various entities that are part of The Inland Real Estate Group of Cos. Inc.

July 20, 2017

New Jersey Northeast Office

Simone Development Enters Northern New Jersey Market with Office Building Acquisition

by Amy Works July 19, 2017

HACKENSACK, N.J. — Simone Development Cos. has entered the Northern New Jersey market with the acquisition of Prospect Plaza, a medical office building located at 385 Prospect Ave. in Hackensack. The company purchased the property in a bank auction for an undisclosed price. Simone plans to renovate the three-story, 62,000-square-foot property, which was built in 1983, to upgrade the lobbies and common areas, as well as complete façade work and energy management systems updates. The property is 52 percent occupied by medical tenants, including New Jersey Imaging Network. Joseph Simone and Joseph Deglomini of Simone arranged the acquisition.

July 19, 2017

Office Oregon Western

LaSalle Investment Management Buys Pearl West Office Tower in Portland

by Nellie Day July 19, 2017

PORTLAND, ORE. — LaSalle Investment Management has purchased Pearl West, a 155,465-rentable-square-foot office tower in Portland, for an undisclosed sum. The Class A tower is situated in the Pearl District within a quarter mile of more than 2,200 apartment units, 1.5 million square feet of office space and 1 million square feet of retail space. The mid-rise creative office tower was built in 2016. It is currently 89 percent leased to tenants like Wacom, Zoom+, Regus and Howard S. Wright. HFF’s Nick Kucha, James Childress and Logan Greer represented the seller, BPM Real Estate Investments, in this transaction.

July 19, 2017

California Retail Western

Hanley Investment Group Arranges $28.6M Sale of Grocery-Anchored Center in Corona

by Nellie Day July 19, 2017

CORONA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $28.6 million sale of Sierra Del Oro Towne Centre, a 110,004-square-foot shopping center located in Corona, roughly 48 miles outside Los Angeles. Ralphs anchors the center, which is home to tenants including Dollar Tree, Anytime Fitness, Bank of America, Jack in the Box, Domino’s Pizza, Children’s Montessori Center, Kumon Math and Reading Center, Mercury Insurance and Postal Annex. Pat Kent, Ed Hanley and Corey Olson of Hanley Investment Group represented the seller, Cornerstone Development Partners. Phillips Edison & Co. purchased the property, and was self-represented in the transaction.

July 19, 2017

Idaho Multifamily Seniors Housing Western

SLIB Brokers Sale of 48-Unit Assisted Living Community in Idaho

by Nellie Day July 19, 2017

RATHDRUM, IDAHO — Senior Living Investment Brokerage has arranged the sale of Generations Assisted Living and Wellness, a 48-unit assisted living community in Rathdrum, for an undisclosed price. Rathdrum is located in the panhandle of Northern Idaho, 12 miles northwest of Coeur d’Alene and 25 miles east of Spokane, Wash. The community was originally built in 2005 with expansions in 2007 and 2013. It now totals 28,472 square feet on just over two acres of land. The seller is a local owner/operator and this is their only facility. The buyer is an investment group located in Northern California and has leased the facility to Senior Services of America. Jason Punzel and Brad Goodsell of Senior Living Investment Brokerage handled the transaction.

July 19, 2017

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