sales_and_leases

ARA Newmark Closes $60.5M Sale of Oklahoma’s Largest Apartment Community

by Taylor Williams June 28, 2017

OKLAHOMA CITY — ARA Newmark has closed the $60.5 million sale of Brookwood Village, a 1,128-unit apartment community located at 9401 S. Shartel Drive in Oklahoma City. The property, which was 94 percent occupied at the time of sale, is the largest apartment community in the state. Built in 1970 and renovated in 2015 and 2016, the garden-style property features nine pools, six tennis courts and a 20-acre park. Tim McKay, David Burnett, Brandon Lamb and Justin Wilson of ARA Newmark represented the seller, Tulsa-based Brookwood Village Apartments LLC. Washington state-based Weidner Apartment Homes purchased the property

June 28, 2017

Industrial Texas

McCord Development Leases 143,500 SF Within Generation Park in Houston

by Taylor Williams June 28, 2017

HOUSTON — McCord Development has leased 143,500 square feet within the 4,000-acre Generation Park in Houston to energy equipment producer GHX Industrial LLC. The company will serve as the anchor tenant of Lockwood Business Park, a 25-acre development within Generation Park. The facility will feature 121,000 square feet of warehouse and shop space and 22,500 square feet of office space. GHX Industrial expects to occupy the facility by the end of the year.

June 28, 2017

Florida Hospitality Southeast

Cambridge Landmark Acquires Hotel Near Orlando for $31.2M

by Camren Skelton June 28, 2017

MAITLAND, FLA. — Cambridge Landmark has purchased the Sheraton Orlando North Hotel, a 389-room hotel located at 600 N. Lake Destiny Road in Maitland, roughly eight miles north of Orlando. Michael Weinberg and Preston Reid of HFF brokered the $31.2 million transaction on behalf of the seller, a partnership between Värde Partners, Interstate Hotels Corp. and Waramaug Hospitality Asset Management. The hotel features approximately 15,000 square feet of meeting space, an outdoor pool with a hot tub, fitness center, business center, on-site rental care services, lounge and a café.

June 28, 2017

Michigan Midwest Office

Hayman Co. Acquires 732,000 SF Office Property in Troy, Michigan for $55M

by Kristin Harlow June 28, 2017

TROY, MICH. — Hayman Co. has acquired the Troy Officentre in Troy for $55 million. The 732,000-square-foot, five-building office property is located along East Big Beaver Road about 22 miles north of Detroit. Hayman Co. will manage and lease the building, as well as serve as construction manager for the nearly $10 million building enhancements, signage improvements and exterior property upgrades. Planned improvements to the property include new elevators, roof replacements, upgrades to the parking deck and landscaping enhancements. The company is also planning additional amenities, including a dog day care and food and beverage options. The complex is 83 percent occupied and home to tenants such as J.D. Power & Associates, St. John Providence, Urban Fulfillment Services, General Physics Corp. and Dialog Direct. A subsidiary of Osprey S.A. Ltd. was the seller.

June 28, 2017

Indiana Midwest Office

Colliers Brokers Sale of Two Office Buildings in Indianapolis

by Kristin Harlow June 28, 2017

INDIANAPOLIS — Colliers International has brokered the sale of Corporate Center North Buildings 4 and 6 in Indianapolis for an undisclosed price. Totaling 101,727 square feet, the two office buildings are located at 6026–6036 Lakeside Blvd. and 5915–5935 Lakeside Blvd. The buildings are 100 percent leased to four tenants, including Stericycle. Alex Cantu of Colliers marketed the property on behalf of the sellers, Building 4 LLC and Building 6 LLC. Tower Investments, an investment manager based out of Woodland, California, purchased the asset.

June 28, 2017

Georgia Industrial Southeast

Core5 Industrial Partners Sells Logistics Center in Metro Atlanta for $62M

by Camren Skelton June 27, 2017

FAIRBURN, GA. — Core5 Industrial Partners has sold Core5 Logistics Center at Shugart Farms, an 873,800-square-foot industrial facility located in Fairburn, roughly 20 miles south of Atlanta, for $62 million. Chris Riley, Frank Fallon and Trey Barry of CBRE represented Atlanta-based Core5 in the sale to a private institutional investor. The logistics facility was constructed in early 2017 and was fully leased to The Duracell Co. at the time of sale.

June 27, 2017

California Retail Western

Hanley Investment Group Arranges $8.9M Sale of Retail Building in La Quinta

by Nellie Day June 27, 2017

LA QUINTA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a two-tenant retail building occupied by TJ Maxx and ULTA Beauty in La Quinta. The 33,708-square–foot building is within Washington Park Shopping Center, which houses Target, Lowe’s, Trader Joe’s, ALDI, Stein Mart and Century Theatres. Hanley Investment Group’s Bill Asher represented the undisclosed seller in the $8.9 million transaction. Steven Gelber of Gelber Realty Corp. represented the buyer, a private investor from Los Angeles.

June 27, 2017

North Carolina Retail Southeast

Westwood Financial Acquires Trader Joe’s-Anchored Shopping Center in Charlotte for $25.1M

by Camren Skelton June 27, 2017

CHARLOTTE, N.C. — Westwood Financial LLC has acquired The Arbors at Mallard Creek, a 55,323-square-foot, Trader Joe’s-anchored shopping center in Charlotte’s University City neighborhood. CBRE’s Mike Burkard and Casey Rosen represented the buyer, Los Angeles-based Westwood Financial, and the undisclosed seller in the $25.1 million transaction. Located at 2121 E. Arbors Drive, the property sits approximately four miles from University of North Carolina at Charlotte and is home to tenants including Petco, Massage Envy, Hickory Tavern and Zoë’s Kitchen. The center was 98 percent leased at the time of sale.

June 27, 2017

Arkansas Retail Southeast

Ziff Properties Acquires Shopping Center in Little Rock for $7.1M

by Camren Skelton June 27, 2017

LITTLE ROCK, ARK. — Ziff Properties Inc. has purchased Bowman Curve Shopping Center, an 81,271-square-foot retail development located near the intersection of North Bowman Road and West Markham Street in west Little Rock. Mason Lewis and Todd Rice of Colliers International represented the buyer and seller in the $7.1 million transaction. The company plans to invest in cosmetic and structural renovations for the center.

June 27, 2017

Industrial Texas

TDC Acquires 713,000 SF Distribution Center in Fort Worth

by Taylor Williams June 27, 2017

FORT WORTH, TEXAS — Transpacific Development Co. (TDC) has acquired a 713,000-square-foot, Class A distribution center currently under construction at 3000 Cantrell Sansom Road in Fort Worth. DHL Real Estate Solutions is developing the property, which is scheduled for an early August completion and is 80 percent preleased to anchor tenant Campbell Soup Supply Co. Nathan Lawrence, Ryan Keiser, Seth Kelly, Jon Sarkisian and Bill Wolf of CBRE represented Campbell Soup in its 578,000-square-foot lease at the center.

June 27, 2017

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