sales_and_leases

CBRE Negotiates $10M Sale of Industrial Building in Maple Grove, Minnesota

by Kristin Harlow July 7, 2017

MAPLE GROVE, MINN. — CBRE Capital Markets has negotiated the sale of the Bass Creek Technology Plaza in Maple Grove, about 17 miles northwest of Minneapolis, for $10 million. The 108,628-square-foot industrial building is located at 6250 Sycamore Lane North. The property is fully leased to ZEISS, a technology firm specializing in optics and optoelectronics. Constructed as a build-to-suit for ZEISS in 2001, the building features office space, manufacturing space and a warehouse. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the seller, Interstate Partners. STAG Industrial, an investment firm headquartered in Boston, was the buyer.

July 7, 2017

Midwest Office Wisconsin

Colliers Brokers $1.5M Sale of Office Property in Milwaukee

by Kristin Harlow July 7, 2017

MILWAUKEE — Colliers International | Wisconsin has brokered the sale of a 23,796-square-foot office property in Milwaukee for $1.5 million. The building is located at 600 N. Broadway in the East Side commercial historic district. Anchor tenants at the property include End, Hierseman & Crain LLC, Mahler Enterprises and Bronfman E.L. Rothschild LP. Tom Shepherd and Cory Sovine of Colliers International | Wisconsin represented the seller, 600 North Broadway Partners LLC. Bruce Westling of NAI MLG Commercial represented the buyer, 600 North Broadway LLC, an affiliate of J. Jeffers & Co.

July 7, 2017

Hospitality Indiana Midwest

Mumford Co. Arranges Sale of 64-Room Comfort Inn Hotel in Fremont, Indiana

by Kristin Harlow July 7, 2017

FREMONT, IND. — Mumford Co. has arranged the sale of a 64-room Comfort Inn located in Fremont, about 50 miles north of Fort Wayne. The sales price was not disclosed. The three-story hotel is located at 251 W. State Road. Amenities include a swimming pool and game room. George Arvanitis of Mumford Co. represented the seller, STD Inc. Andrew Smith of Mumford Co. procured the buyer, a Michigan-based hotel owner.

July 7, 2017

Office Texas

DivcoWest Sells Five-Building, 318,534 SF Office Campus in Austin

by Taylor Williams July 6, 2017

AUSTIN, TEXAS — DivcoWest, an investment firm with offices in Boston and San Francisco, has sold The Campus at Arboretum, a five-building, 318,534-square-foot office campus in Austin. The 16.5-acre campus, which offers walking trails, volleyball and basketball courts and picnic areas, is located near several major roads, including U.S. Highway 183 and Loop 360. Collectively, the three-story buildings are 97 percent leased to tenants such as BMC Software Inc. and Trion Worlds Inc. HFF represented DivcoWest in the transaction and procured the buyer, a partnership between Vanderbilt Partners and True North Management Group LLC. The buyer secured an undisclosed amount of acquisition financing from JPMorgan Chase.

July 6, 2017

Office Texas

Lingerfelt Buys 272,941 SF Office Tower in Houston for $52M

by Taylor Williams July 6, 2017

HOUSTON — Lingerfelt CommonWealth Partners LLC, a Richmond, Va.-based investment firm, has purchased 1700 West Loop, a 14-story, 272,941-square-foot office tower in Houston’s Galleria neighborhood for $52 million. The Class A property was 81 percent occupied at the time of sale and is anchored by engineering and consulting firm Burns & McDonnell. The sale includes a 786-space parking garage adjacent to the building. The name of the seller was not disclosed.

July 6, 2017

Multifamily Texas

Waterton Purchases 288-Unit Apartment Community in Dallas

by Taylor Williams July 6, 2017

DALLAS — Waterton, a Chicago-based investment firm, has purchased South Side Flats, a 288-unit apartment community located at 1210 S. Lamar St. in Dallas. Built in 2016, the property offers a mix of one-, two- and three-bedroom units, as well as a rooftop lounge, 24-hour fitness center and business center. The two-building property also features 1,788 square feet of ground-floor retail space. Las Colinas-based developer JPI sold the asset for an undisclosed price.

July 6, 2017

Multifamily Texas

Praedium Group Acquires 288-Unit Apartment Community in Austin

by Taylor Williams July 6, 2017

AUSTIN, TEXAS — The Praedium Group, a New York-based investment firm, has acquired Fox Hill Apartments, a 288-unit, Class A multifamily community located at 8800 U.S. Highway 290 in Austin. Built in 2010, the property consists of one-, two- and three-bedroom units ranging in size from 899 to 1,313 square feet and features amenities such as a pool, outdoor playground, dog park and business center. The Praedium Group will invest in improvements to the unit’s interiors and the property’s common areas.

July 6, 2017

Midwest Ohio Retail

Cooper Commercial Arranges $16.7M Sale of Walmart Supercenter in Alliance, Ohio

by Kristin Harlow July 6, 2017

ALLIANCE, OHIO — Cooper Commercial Investment Group has arranged the sale of a single-tenant Walmart Supercenter in Alliance, about 60 miles south of Cleveland, for $16.7 million. The 200,084-square-foot building is located at 2700 W. State St. Dan Cooper of Cooper Commercial represented the institutional seller and procured the West Coast-based buyer. The property sold for 98 percent of the list price. Walmart recently decided to exercise its first of several five-year renewal option periods.

July 6, 2017

Midwest Ohio Retail

Marcus & Millichap Arranges $1.3M Sale of 8,250 SF Childcare Center in Amelia, Ohio

by Kristin Harlow July 6, 2017

AMELIA, OHIO — Marcus & Millichap has arranged the sale of an 8,250-square-foot property net leased to Rainbow Child Care in Amelia, about 20 miles east of Cincinnati, for $1.3 million. The property is located at 3669 Appomatox Drive. Eric Luhrsen, Chad Lieber and Dominic Sulo of Marcus & Millichap marketed the property on behalf of the seller, a developer. Michael Glass, also of Marcus & Millichap, assisted in closing the transaction. The buyer was not disclosed.

July 6, 2017

California Multifamily Student Housing Washington Western

Berkadia Arranges Sale of Two Student Housing Properties in California, Washington for $146M

by Nellie Day July 6, 2017

SEATTLE AND FULLERTON, CALIF. — Berkadia has arranged the sale of two student housing properties located in Washington and California for an aggregate price of $146 million. The two properties are AVA University District, located near the University of Washington in Seattle, and Fullerton University Village, located near California State University – Fullerton in Fullerton, roughly 26 miles outside Los Angeles. Kevin Larimer, Greg Gonzalez, Kenny Dudunakis, David Sorensen and Ben Johnson of Berkadia represented the seller, Avalon Bay Communities Inc., in the disposition of AVA University District. The same team worked alongside Shane Shafer of Berkadia to represent the seller, an undisclosed local TIC group, in the Fullerton University Village disposition. The buyers in both transactions were undisclosed.

July 6, 2017

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