sales_and_leases

Cushman & Wakefield Negotiates $50M Sale of Cottage Cove Apartments in Miami

by Camren Skelton June 16, 2017

MIAMI — Cushman & Wakefield has arranged the $50 million sale of Cottage Cove, a 468-unit apartment complex located at 10 N.E. 188th St. in Miami. Marlin Spring Realty Limited purchased the asset. Cushman & Wakefield’s Robert Given, Calum Weaver, Troy Ballard, Zachary Sackley and Perry Synanidis negotiated the disposition on behalf of the seller, TM Real Estate Group. Cottage Cove features studio, one- and two-bedroom units. Property amenities include a newly renovated laundry building, a swimming pool and an on-site leasing office. The property was 97 percent occupied at the time of sale.

June 16, 2017

Industrial North Carolina Southeast

Griffin Industrial Realty Acquires 277,000 SF Industrial Building in Metro Charlotte for $18.6M

by Camren Skelton June 16, 2017

CONCORD, N.C. — Griffin Industrial Realty has purchased a 277,000-square-foot industrial warehouse near Charlotte for $18.6 million. The property is located at 215 International Drive in Concord. The purchase was paid in cash at closing using approximately $9.7 million of cash held in escrow as part of a 1031 exchange, and $8.9 million of Griffin’s cash on hand. Chris Riley of CBRE represented the sellers, Trinity Capital Advisors and Crow Holdings, and Trinity Partners’ William Maxwell and Terry Brennan represented Griffin. Constructed in 2015, the Class A warehouse features tilt-up concrete wall panels, 32-foot clear heights and the potential for 80 dock doors. At closing, the building was 74 percent leased. This is Griffin’s first property in the Charlotte area.

June 16, 2017

Retail Texas

Coldwell Banker Arranges Sale of 108,326 SF Shopping Center in Lubbock

by Taylor Williams June 16, 2017

LUBBOCK, TEXAS — Coldwell Banker Commercial Capital Advisors has arranged the sale of South Plains Plaza Shopping Center, a 108,326-square-foot retail property located at 6703 Slide Road in Lubbock. The center is currently leased to tenants such as Michaels, Office Max, Mattress Firm and Wing Stop. Eric Eberhardt and Alex Eberhardt of Coldwell Banker represented the buyer in the transaction. Other terms of sale were not released.

June 16, 2017

Office Texas

NETSCOUT to Relocate R&D Office to 145,000 SF Building in Metro Dallas

by Taylor Williams June 16, 2017

ALLEN, TEXAS — Massachusetts-based tech firm NETSCOUT Systems Inc. will relocate its research and development office to One Bethany at Watters Creek in the Dallas metro of Allen. The company will lease a 145,000-square-foot building from Kaizen Development Partners that will house more than 500 employees. The Class A property will feature an outdoor courtyard, fitness center, cafeteria and parking garage exclusively for employees. The relocation is scheduled for summer of 2018.

June 16, 2017

Hospitality Texas

Marcus & Millichap Brokers Sale of 65-Room Hotel in Beaumont

by Taylor Williams June 16, 2017

BEAUMONT, TEXAS — Marcus & Millichap has brokered the sale of La Quinta Inn & Suites Beaumont West, a 65-room hotel located at 5820 Walden Road in Beaumont. Skyler Cooper, Lisa Hankamer, Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a limited liability company. The asset had a list price of $6 million. Other terms of sale were not disclosed.

June 16, 2017

Midwest Ohio Retail

Colliers Arranges $11.5M Sale of Retail Property Near Akron, Ohio

by Kristin Harlow June 16, 2017

CUYAHOGA FALLS, OHIO — Colliers International has arranged the sale of Cuyahoga Falls Market Center in Cuyahoga Falls, about five miles north of Akron, for $11.5 million. The 76,358-square-foot retail center includes tenants such as PetSmart, Big Lots, Five Below, Chipotle, Verizon Wireless and Starbucks. Kevin James and Grant Chaney of Colliers arranged the sale on behalf of the seller, Cuyahoga Falls LLC. A New York City-based private investor purchased the property.

June 16, 2017

Illinois Midwest Multifamily

Interra Brokers $3.7M Sale of Multifamily Property in Chicago

by Kristin Harlow June 16, 2017

CHICAGO — Interra Realty has brokered the sale of a 16-unit multifamily property in Chicago’s Lincoln Park for $3.7 million. The property, located at 1955 N. Lincoln Ave., features four studios and 12 one-bedroom units. Brad Feldman and Adam Saxon of Interra represented the buyer, a local developer, as well as the sellers, Ron and Nancy Hollmeier. The Hollmeiers have owned the property since 1999. The new owner plans to renovate the units to increase rents.

June 16, 2017

Michigan Midwest Retail

NAI Wisinski Negotiates Third Michigan Location for Employment Agency

by Kristin Harlow June 16, 2017

LOWELL, MICH. — NAI Wisinski of West Michigan has negotiated a third Michigan location for Fettig Employment Agency in Lowell, about 18 miles east of Grand Rapids. The agency began occupying the 1,087-square-foot retail storefront at 11635 Fulton St. last month. The company, founded in 1995, also maintains locations in Rockford and Grand Rapids. Todd Leinberger and Doug Taatjes of NAI Wisinski negotiated the two-year lease on behalf of Fettig. Tri-Cord Enterprises is the building landlord.

June 16, 2017

Office Washington Western

Union Investment Acquires Midtown21 Office Building in Seattle for $330M

by Nellie Day June 15, 2017

SEATTLE — Union Investment has purchased the Midtown21 office building in Seattle for approximately $330 million. The 21-story building is located at 1007 Stewart St. in Denny Triangle within the South Lake Union submarket. Amazon is leasing the entire 35,000-square-foot office space. A joint venture between MetLife Real Estate and Trammell Crow Co. developed the property.

June 15, 2017

Arizona Multifamily Western

Bridge Investment Group Buys Onnix Apartments in Tempe for $77M

by Nellie Day June 15, 2017

TEMPE, ARIZ. — Bridge Investment Group has purchased the 659-unit Onnix apartment property in Tempe for $77 million. The community is located at 1440 and 1500 E. Broadway Road. Onnix was built in 1984, one mile from a Valley Metro light rail station. It was developed in two phases as the 375-unit Onnix West and the 284-unit Onnix East. Cliff David and Steve Gebing of Institutional Property Advisors represented both the buyer and institutional seller in this transaction.

June 15, 2017

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