sales_and_leases

Continental Realty Purchases Apartment Community in Raleigh for $61M

by John Nelson May 25, 2017

RALEIGH, N.C. — Continental Realty Corp. has acquired The Edison Lofts, a 223-unit apartment community located at 131 E. Davie St. in Raleigh. The Baltimore-based firm purchased the asset from The NRP Group for $61 million. Sean Wood of ARA Newmark’s Charlotte office brokered the off-market transaction. Built in 2016 by NRP, The Edison Lofts is a seven-story midrise community featuring studio, one- and two-bedroom apartments ranging in size from 550 to 1,870 square feet. Community amenities include a garden courtyard, resort-style swimming pool, outdoor kitchen and grilling area, dog park, fitness center and clubroom with a resident lounge and billiards room. A direct access structured parking garage is available for both The Edison Lofts residents and visitors.

May 25, 2017

Illinois Midwest Multifamily

Kiser Group Brokers $29M Sale of Multifamily Portfolio in Chicago

by Kristin Harlow May 25, 2017

CHICAGO — Kiser Group has brokered the sale of a multifamily portfolio on Chicago’s south side for $29 million. The portfolio consists of 21 buildings and 370 units. The properties, which include studios, one-, two-, three- and four-bedroom units, are largely located in Washington Park, East Woodlawn and South Shore. WPD Management sold the portfolio in order to take advantage of high demand and growing interest in the South Side neighborhoods. Noah Birk and Broker Aaron Sklar of Kiser brokered the transaction.

May 25, 2017

Arizona Multifamily Western

P.B. Acquisitions LLC Purchases Club 7 Apartments in Phoenix for $19M

by Nellie Day May 24, 2017

PHOENIX — P.B. Acquisitions LLC has acquired the 219-unit Club 7 Apartments in Phoenix for $19 million. The community is located at 3030 N. 7th St. The property sits on 7.3 acres in the Midtown Phoenix submarket, across the street from the Phoenix Country Club. It underwent a renovation in 2015 and 2016. Todd Braun and Bryson Fricke of Lee & Associates represented the seller, 3030 North Equity LLC, in this transaction.

May 24, 2017

California Office Western

JV Buys Officer Tower Near LAX for $12.5M

by Nellie Day May 24, 2017

LOS ANGELES — A joint venture between Roxborough Fund I and the Ruth Group LLC has purchased a 304,821-square-foot office tower in Los Angeles for $12.5 million. The 15-story tower is located at 9841 Airport Blvd. near Los Angeles International Airport (LAX). The asset is currently 62 percent occupied.

May 24, 2017

California Retail Western

Three New Tenants to Open at Redeveloped Shopping Center in Metro Los Angeles

by Nellie Day May 24, 2017

GLENDORA, CALIF. — Three new tenants are set to open at 655 S. Grand Ave., a 70,500-square-foot shopping center currently undergoing redevelopment in the Los Angeles suburb of Glendora. Creamistry, an ice cream shop, signed a lease for 1,271 square feet; Oke Poke, a fast-casual poke restaurant, signed a lease for 1,289 square feet; and Orangetheory Fitness, a fitness center franchise, signed a lease for 3,497 square feet. All new locations will open in October. Shauna Mattis and Blake Kaplan of JLL represented the landlord, Champion Real Estate Co., in each leasing transaction. Scott Simcik and Shaun Kennedy of FGP Commercial Leasing represented Creamistry. Minerva Baral represented Oke Poke. Jesse Rehmeier of Retail Select Services represented Orangetheory Fitness. The redevelopment is set for completion in July.

May 24, 2017

Texas

APHA Relocates Headquarters to Multimillion Development in Fort Worth

by Taylor Williams May 24, 2017

FORT WORTH, TEXAS — The American Paint Horse Association (APHA), an equine breeding association, has moved its headquarters from the 40,000-square-foot office building at 2800 Meachem Road to the Fort Worth Stockyards Horse and Mule Barns, an 11,252-square-foot build-to-suit property. The APHA is the first tenant to lease space in the redevelopment, which will undergo a $50 million restoration project expected to be complete by the end of 2018. NAI Robert Lynn represented APHA in the lease negotiations.

May 24, 2017

Multifamily Texas

Marcus & Millichap Brokers Sale of 152-Unit Apartment Complex in Dallas

by Taylor Williams May 24, 2017

DALLAS — Marcus & Millichap has brokered the sale of Sienna Creek, a 152-unit apartment complex located at 11601 Audelia Road near Interstate 635 in Dallas. Al Silva of Marcus & Millichap represented the seller, Madera Residential, and procured the buyer, a Dallas-based partnership. The new owner plans to rebrand and make capital investments to the property, which was built in 1980

May 24, 2017

Midwest Multifamily Ohio

Foresite Arranges Sale of 604-Unit Apartment Property in Columbus, Ohio

by Kristin Harlow May 24, 2017

COLUMBUS, OHIO — Foresite Realty OH LLC, an affiliate of Foresite Realty Partners LLC, has arranged the sale of Clearpoint Garden Apartments in Columbus. The sales price was not disclosed. The property consists of 33 buildings totaling 604 units, including 284 one-bedroom, 233 two-bedroom and 87 three-bedroom units. Approximately $5 million in capital expenditures was completed at the property. Jamie Hadac and Kristen Keehnast of Foresite represented the seller in the transaction. A multifamily investment firm, 1699 Shanley Drive LLC, purchased the property.

May 24, 2017

Illinois Industrial Midwest

Flex-N-Gate Signs 288,000 SF Industrial Lease in Chicago

by Kristin Harlow May 24, 2017

CHICAGO — Flex-N-Gate has signed a 288,000-square-foot industrial lease on Chicago’s south side. The property, slated to open early next year, is located at 2924 126th St. The automotive equipment supplier will begin its lease of the facility in January 2018 and will convert the existing warehouse into a modern automotive operation that will serve multiple automakers, including the nearby Ford Chicago Assembly Plant. Conversion of the space is slated for completion by the first quarter of 2019. Flex-N-Gate has entered into a 10-year Economic Development for a Growing Economy (EDGE) partnership with the State of Illinois and the City of Chicago. Through the partnership, Flex-N-Gate has committed to hiring at least 286 full-time employees over the next three years and investing $30 million into the facility over the next 10 years. The firm will receive various tax credits and abatements during the 10-year period. CBRE Asset Services manages the property and surrounding Chicago Manufacturing Campus. Mitch Adams and George Maragos of CBRE represented ownership in the transaction, while Jason West and Mike Magliano of Cushman & Wakefield represented Flex-N-Gate.

May 24, 2017

Midwest Office Ohio

Health Care Company Enters Into 15,000 SF Office Lease in Centerville, Ohio

by Kristin Harlow May 24, 2017

CENTERVILLE, OHIO — Premier Independent Quality Services (PIQS) has entered into a 15,000-square-foot office lease in Centerville, about 20 miles south of Dayton. The property, now fully leased, is located at 6501 Centerville Business Parkway. PIQS is a local health care agency that provides home health care and non-medical transportation to Medicaid recipients and private sectors. Chris Carey and Beau Nimer of CBRE represented the landlord in the lease transaction.

May 24, 2017

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