sales_and_leases

JRK Acquires 504-Unit Apartment Community in Lombard, Illinois

by Kristin Harlow June 6, 2017

LOMBARD, ILL. — JRK Property Holdings has acquired the Clover Creek apartment complex in Lombard, a suburb of Chicago. The purchase price was not disclosed. The 504-unit community was built in 1986. Clover Creek features a variety of one-, two- and three-bedroom floor plans on a 34-acre site. Common area amenities include a swimming pool, playground, soccer field, volleyball court, bark park and clubhouse with Internet café, fitness center and business center. JRK MF Opportunities II LP fund was used to purchase the property. Sean Fogarty, Marty O’Connell and Amanda Friant of HFF represented both JRK and the undisclosed seller in the transaction.

June 6, 2017

Michigan Midwest Retail

Mid-America Arranges Sale of 141,354 SF Shopping Center in Monroe, Michigan

by Kristin Harlow June 6, 2017

MONROE, MICH. — Mid-America Real Estate Corp. has arranged the sale of Telegraph Plaza in Monroe, about 40 miles south of Detroit. The sales price was not disclosed. The 141,354-square-foot shopping center is located at the northwest corner of Telegraph and Mall roads. Kohl’s, TJ Maxx and PetSmart anchor the center. A private investment group purchased the property. Ben Wineman, Carly Gallagher and Daniel Stern of Mid-America brokered the transaction on behalf of the seller, a public REIT.

June 6, 2017

Multifamily Student Housing Texas

29SC Acquires 488-Bed Student Housing Property in San Marcos, Texas

by Taylor Williams June 6, 2017

SAN MARCOS, TEXAS — 29th Street Capital (29SC) has acquired The Reserve at West Avenue, a 152-unit, 488-bed student housing community in the San Antonio metro of San Marcos. Located at 109 West Ave., approximately two miles from Texas State University, the property consists of one-, two-, three- and four-bedroom units, each fully furnished, including washers and dryers. Amenities include a pool, 24-hour fitness center, private study rooms and a clubhouse with a game room. 29SC will invest roughly $1 million to the unit interiors and the property’s amenities.

June 6, 2017

Retail Texas

HSM Negotiates Sale of 30,200 SF Automotive Facility in Richland Hills, Texas

by Taylor Williams June 6, 2017

RICHLAND HILLS, TEXAS — Henry S. Miller Brokerage (HSM) has negotiated the sale of the former All About Autos & North Hills Body Shop, a 30,2000-square-foot facility in the Fort Worth suburb of Richland Hills. Situated on three acres at 3925 Booth Callloway Road and built in 1986, the property features 36 service bays. Bill Bledsoe of HSM represented the seller, J&H Associates LP, in the transaction. John Lucas of KW Commercial represented the buyer, Steve’s Auto Repair.

June 6, 2017

Industrial Texas

Colliers Arranges Sale of 52,613 SF Industrial Asset in Farmers Branch

by Taylor Williams June 6, 2017

FARMERS BRANCH, TEXAS — Colliers International has arranged the sale of Hutton Court, an industrial property in the Dallas-Fort Worth metro of Farmers Branch. The property, which was 87 percent occupied at the time of sale, features 52,613 square feet of office and warehouse space. Lizzy Blake of Colliers represented the seller, Utah-based Mountain West Industrial LLC. Dallas-based Frontier Equity LLC purchased the asset for an undisclosed price.

June 6, 2017

Retail Texas

STRIVE Brokers Sale of Freestanding Restaurant in Humble, Texas Leased to Taco Cabana

by Taylor Williams June 6, 2017

HUMBLE, TEXAS — Dallas-based investment firm STRIVE has brokered the sale of a 3,583-square-foot retail freestanding retail property in the northern Houston suburb of Humble. Leased to Taco Cabana, the property is an outparcel to a Super Target retail center. Kyle Rozell and Anthony Pucciarello of STRIVE represented the seller, a California-based private investor, and procured the buyer, a Houston-based private investor.

June 6, 2017

California Multifamily Seniors Housing Western

PGIM, Kisco Acquire 187-Unit Bay Area Independent Living Community

by Nellie Day June 5, 2017

WALNUT CREEK, CALIF. — A joint venture between PGIM Real Estate and Kisco Senior Living has acquired Byron Park, a 187-unit independent living and assisted living community in Walnut Creek. Although the purchase price was not disclosed, BMO Harris Bank arranged and was lead lender on $61.8 million in financing in connection with the transaction. The loans were structured as $50.1 million in term loan financing and $11.7 million in construction financing, which will fund the addition of a 40-unit assisted living and memory care building on the campus. Byron Park is PGIM Real Estate’s third joint venture partnership with Kisco Senior Living, which will continue to operate the community. Kisco has owned and operated Byron Park since 2012 as part of a joint venture with an investment partner that sold its stake as part of the transaction.

June 5, 2017

Massachusetts Northeast Office

Rockpoint Group Sells 157,067 SF Office Building in Boston’s Seaport District

by Amy Works June 5, 2017

BOSTON — Rockpoint Group has completed the disposition of Tower Point, an office building located in the Upper Seaport District of Boston. Germany-based Universal-Investment and an institutional account managed by Northwood Investors acquired the 157,067-square-foot asset for an undisclosed price. The sellers rehabilitated the historic manufacturing facility into a first-class office building, which is 100 percent leased. Robert Griffin, Edward Maher, Matthew Pullen and James Tribble of NKF Capital Markets, along with Timothy Bianchi of Newmark Knight Frank, represented the seller in the transaction.

June 5, 2017

Multifamily Texas

Marcus & Millichap Arranges Sale of 240-Unit Apartment Community in Burleson, Texas

by Taylor Williams June 5, 2017

BURLESON, TEXAS — Marcus & Millichap has arranged the sale of Dolce Living Burleson, a 240-unit multifamily community in Burleson, a city roughly 15 miles south of Fort Worth. Built in 2013 on 6.5 acres about five miles west of the Interstate 35 interchange, the property’s units average approximately 1,000 square feet. Will Balthrope, Drew Kile and Joey Tumminello of Marcus & Millichap represented the seller and procured the buyer in the transaction.

June 5, 2017

Retail Texas

STRIVE Brokers Sale of 57,920 SF Retail Center in Canton, Texas

by Taylor Williams June 5, 2017

CANTON, TEXAS — Dallas-based investment firm STRIVE has brokered the sale of Trader’s Square Shopping Center, a 57,920-square-foot retail asset located at 301 State Highway 243 in Canton, a city about 60 miles east of Dallas. The center was 79 percent leased at the time of sale to tenants such as GameStop, Nail Depot and It’s Fashion. Bryce Gissler, Will Merritt and James Mangum of STRIVE represented the seller, a Texas-based investment firm, in the transaction. Other terms of sale were not released.

June 5, 2017

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