sales_and_leases

BH Equities Buys Arcadia Cove Apartments in Phoenix for $71.5M

by Nellie Day July 13, 2017

PHOENIX — BH Equities has acquired the 432-unit Arcadia Cove Apartments in Phoenix for $71.5 million. The community is located at 2252 N. 44th St. Arcadia Cove was built in 1996. It recently underwent a renovation that includes exterior upgrades to the pool and spas. Barbecue pits, outdoor television monitors and Wi-Fi connections were also installed. Upgrades also occurred in the fitness room, Internet café and clubhouse, which now includes iPad stations. Cindy and Brad Cooke of Colliers International represented the seller, Bascom Arizona Ventures (Bascom Group), in this transaction.

July 13, 2017

District of Columbia Office Southeast Top Stories

Ocean West Capital, Hana Asset Management Purchase NASA Headquarters Building in D.C. for $360M

by John Nelson July 13, 2017

WASHINGTON, D.C. — An investment group led by Ocean West Capital Partners and Hana Asset Management Co. Ltd. has purchased Two Independence Square in Washington, D.C. The seller, Piedmont Office Realty Trust (NYSE: PDM), has invested roughly $50 million to renovate the building. Constructed in 1992 as the headquarters for NASA, the nine-story, 606,000-square-foot property is located at 300 E St. S.W., about three blocks off the National Mall in Washington’s Southwest submarket. Two Independence Square houses NASA leadership, who provide overall guidance and direction to the U.S. government. The building’s James E. Webb Memorial Auditorium hosts agency news conferences and social events. Designed by Kohn Pederson Fox Associates, NASA’s headquarters also feature a lending library, NASA Exchange store, the history office and archives and production facilities for NASA TV. The agency occupies 99 percent of the building and renewed its lease in 2011 with a lease term running through 2028. Hana Asset Management, a subsidiary of Hana Financial Group, is the largest financial group in Korea. The firm comprises 21 subsidiaries, including banks, securities, trusts, asset management firms, investment banks and life insurance companies. The company employs 23,000 professionals worldwide and manages $5 billion of assets throughout Asia, the …

July 13, 2017

California Retail Western

Donahue Schriber Acquires Grocery-Anchored Shopping Center in San Luis Obispo for $43.6M

by Nellie Day July 12, 2017

SAN LUIS OBISPO, CALIF. — Donahue Schriber has acquired Marigold Center, a 174,428-square-foot shopping center located in San Luis Obispo, for $43.6 million. The 89-percent leased center is anchored by Vons and home to tenants including Michaels, CVS/pharmacy, Starbucks Coffee, Carl’s Jr., Wild Birds Unlimited, T-Mobile, Fantastic Sams, Tuesday Morning and Dollar Tree. Gleb Lvovich, Bryan Ley and Eric Kathrein of HFF marketed the property on behalf of the seller, Kimco Realty Corp. Donahue Schriber purchased the asset free and clear of existing debt.

July 12, 2017

Colorado Multifamily New Mexico Seniors Housing Western

Confluent Sells Two MorningStar-Operated Seniors Housing Communities in Southwest

by Nellie Day July 12, 2017

WHEAT RIDGE, COLO., AND ALBUQUERQUE, N.M. — Confluent Senior Living, a subsidiary of Denver-based Confluent Development, has sold two of its seniors housing communities, MorningStar of Wheat Ridge and MorningStar of Albuquerque. Denver-based MorningStar Senior Living co-developed and will continue to operate both communities. Holliday Fenoglio Fowler (HFF) brokered the deal on behalf of the buyer, Harbert Seniors Housing Fund I LP. The price was not disclosed. Located in the Denver suburb of Wheat Ridge, MorningStar of Wheat Ridge was completed in March 2016. The 58,000-square-foot development includes 64 assisted living and memory care units. The project was fully leased by February 2017, less than a year after completion, and is currently 96.9 percent occupied. Located in northwest Albuquerque, MorningStar of Albuquerque opened in February 2016. The 61,000-square-foot development includes 69 assisted living and memory care units. The project is currently 95.6 percent occupied. The communities represent Confluent’s first sale of senior living assets to Harbert Seniors Housing Fund. Ryan Maconachy and Chad Lavender led the HFF investment sales team. Sarah Anderson led HFF’s debt placement team.

July 12, 2017

Idaho Multifamily Seniors Housing Western

Lancaster Pollard Fund Acquires 38-Unit Memory Care Community in Idaho for $9.3M

by Nellie Day July 12, 2017

COEUR D’ALENE, Idaho — Lancaster Pollard’s Propero Seniors Housing Equity Fund II has acquired Creekside Inn, a 38-unit, 65-bed memory care facility in Coeur d’Alene, approximately 30 miles east of Spokane, Wash., for $9.3 million. Koelsch Communities built the property in 2008, and will continue to operate it under a sale-leaseback transaction. Koelsch currently operates 23 communities with 1,974 beds in Arizona, California, Colorado, Idaho, Illinois, Montana, Texas and Washington. The sale-leaseback allows Koelsch to recapture some of its investment costs and retire the existing debt on the facility that was due to mature in the near term. The deal includes a purchase option schedule, beginning in the second year of the lease, at predetermined prices at specific time periods.

July 12, 2017

New York Northeast Retail

HFF Arranges $38M Sale of Retail Property in Midtown Manhattan

by Amy Works July 12, 2017

NEW YORK CITY — HFF has brokered the sale of a fully leased retail property and parking garage located at 325 Fifth Ave. in Midtown Manhattan. HUBB NYC Properties acquired the property from an undisclosed seller for $38 million. Completed in 2005, the 35,262-square-foot features a 5,972-square-foot ground-floor retail condominium leased to Bonchon Chicken, I Love Souvenirs and Hanmi Bank, and a 174-space, 29,290-square-foot below-grade parking garage leased to GGMC Parking. Andrew Scandalios and Rob Rizzi of HFF represented the seller in the deal. Additionally, Michael Gigliotti and Scott Aiese, also of HFF, arranged a 10-year, fixed-rate loan with Allianz Real Estate of America for the acquisition of the property.

July 12, 2017

Illinois Midwest Multifamily

Interra Brokers $16.2M Sale of Condominium Deconversion in Chicago

by Kristin Harlow July 12, 2017

CHICAGO — Interra Realty has brokered the sale of a 101-unit condominium property in Chicago for $16.2 million. The sale of the property is a deconversion to rental units. The building, which consists of 63 one-bedroom units and 38 studio units, is located at 732 W. Bittersweet Place in the Buena Park neighborhood. The purchase price amounts to $160,742 per unit. Patrick Kennelly, Joe Smazal and Paul Waterloo of Interra represented the buyer, Skiritai Bittersweet LLC. Kennelly and Waterloo, along with Interra’s Jon Morgan and David Goss, represented the condominium association. The deconversion occurred because of the high percentage of rentals in the building and the rising rental rates in Chicago, according to Interra. Under the Condominium Property Act in Illinois, unit owners can elect to sell a condo property if 75 percent or more are in agreement. Owners then have the option to either move out or to leaseback from the new owner.

July 12, 2017

Midwest Nebraska Office

Medical Solutions Signs 49,983 SF Office Lease Renewal in Omaha, Nebraska

by Kristin Harlow July 12, 2017

OMAHA, NEB. — Medical Solutions has signed a 49,983-square-foot office lease renewal at Westroads Business Park in Omaha. As part of the renewal, Medical Solutions expanded its office space, located at 1010 N. 102nd Court, by 8,902 square feet. Steven Edlefsen and Johnny Dorn of Cresa represented the national healthcare staffing provider in the lease transaction. Dale Scott of CBRE-Mega represented the landlord, Westplex Limited Partnership IV.

July 12, 2017

District of Columbia Office Southeast

Trammell Crow Co. to Redevelop Motion Picture Association of America Building in D.C.

by Camren Skelton July 12, 2017

WASHINGTON, D.C. — Trammell Crow Co. (TCC), in partnership with Meadow Partners, has acquired an 80 percent condominium interest in the Motion Picture Association of America (MPAA) Building in Washington, D.C. Located at 888 16th St., the building sits adjacent to the Hay Adams Hotel and one block from the White House. TCC plans to transform the 50-year old property into a 150,000-square-foot office building featuring a rooftop lounge, fitness center and a terrace with views of the Washington Monument. The MPAA represents the six major Hollywood studios and administers the motion picture rating system. The organization retained a 20 percent condominium interest in the building and will occupy two of the eight floors upon completion of the renovation. The MPAA floors will feature modernized offices and a new theater and event space. Completed in 1969, the MPAA Building was designed by Vastimil Koubeck. Savills Studley brokered the transaction. Renovation on the property is slated for completion in summer 2019.

July 12, 2017

Office South Carolina Southeast

Colliers International Arranges $29M Sale of Office Tower in Columbia

by Camren Skelton July 12, 2017

COLUMBIA, S.C. — Colliers International has arranged the $29 million sale of Wells Fargo Tower, a 264,857-square-foot office tower located at 1441 Main St. in Columbia. Mark De Riemer of Colliers International brokered the sale to Atlanta-based Glenfield Capital on behalf of the seller, Franklin Street Properties Corp. The Class A building was 79 percent leased at the time of sale to 17 tenants including Wells Fargo, GSA, Centene and Accenture. Glenfield Capital has retained Tommy Johnson and David Lockwood of Colliers International to handle the leasing assignment for Wells Fargo Tower.

July 12, 2017

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