sales_and_leases

Faris Lee Arranges $25M Sale of Gateway Center in Escondido

by Nellie Day May 5, 2017

ESCONDIDO, CALIF. — Faris Lee Investments has arranged the $25 million sale of Gateway Center, an 89,625-square-foot shopping center located in Escondido. The property was 95 percent occupied at the time of sale by tenants including Michaels, Barnes & Noble, Fantastic Sam’s, Firehouse Subs, Dickies and H&R Block. Rick Chichester, Donald MacLellan, Patrick Toomey and Tom Chichester of Faris Lee represented the seller, a partnership led by GDA Real Estate Services. Gene Ventura and Jeff Conover, also of Faris Lee, represented the buyer, a private investor from San Diego County.

May 5, 2017

California Retail Western

Colliers International Arranges $1.3M Sale of Retail Property in San Diego

by Nellie Day May 5, 2017

SAN DIEGO — Colliers International has arranged the $1.3 million sale of a 3,044-square-foot, two-unit retail condominium located in San Diego’s Bankers Hill neighborhood. Bill Shrader, David Maxwell and Joe Brady of Colliers International represented the San Diego-based seller, CR 5th & Nutmeg, and San Diego-based buyer The Cohen Family Trust. Shrader, Maxwell and Brady also secured Brooklyn Bicycles as the tenant for one of the units concurrently with the sale of the property. The shell-condition condominium is located at 2655 Fifth Ave. on the ground floor of Vue on 5th, a recently completed 45-unit residential building.

May 5, 2017

Florida Multifamily Southeast

ARA Newmark Brokers $82.4M Sale of Multifamily Community in Metro Tampa

by John Nelson May 5, 2017

PALM HARBOR, FLA. — ARA Newmark has brokered the $82.4 million sale of Lansbrook Village, a 774-unit apartment community located in the Tampa suburb of Palm Harbor. The property features 152 individually owned units that weren’t part of the transaction. Pritzker Realty Group developed Lansbrook Village in three phases — Windsor in 1998, Cambridge in 2002 and Hampton in 2004. The development’s amenities include three swimming pools, two expansive clubhouses and gathering areas, a fitness center, business center, three new outdoor kitchens, two tennis courts, volleyball court, pet playground and a car-care station. Patrick Dufour, Scott Ramey and Ryan Crowley of ARA Newmark represented the sellers, Atlanta-based Carroll Organization and New York-based Bluerock Real Estate, in the transaction, which involved a loan assumption. Carroll Organization decided to buy back into the acquisition by replacing Bluerock as the equity. The company will continue to pursue buying Lansbrook Village’s individually owned units.

May 5, 2017

Midwest Missouri Multifamily

Berkadia Negotiates Sale of 182-Unit Multifamily Property in St. Louis

by Kristin Harlow May 5, 2017

ST. LOUIS — Berkadia has negotiated the sale of Beau Jardin, a multifamily property located at 10347 Sannois Drive in St. Louis, for an undisclosed price. Built in 1963, the 182-unit property features one- and two-bedroom apartments. Community amenities include a resort-style swimming pool, tennis courts, playground, dog park and fitness center. Andrea Kendrick of Berkadia represented the seller, Corbeil Equities LLC. PC Beau-Jardin LLC was the buyer.

May 5, 2017

Illinois Midwest Multifamily

SVN Arranges $1.9M Sale of Multifamily Portfolio in Rockford, Illinois

by Kristin Harlow May 5, 2017

ROCKFORD, ILL. — SVN | Chicago Commercial has arranged the sale of two multifamily buildings in Rockford for $1.9 million. Totaling 41 units, the properties are located at 902 and 948 N. Main St. Reid Bennett of SVN represented the seller, Windsor Apartments Limited Partnerships, while Cody Doran represented the buyer, Illinois FZ Property LLC.

May 5, 2017

Georgia Mixed-Use Southeast

Cousins, Gables Residential Sell Emory Point Development in Atlanta for $199M

by John Nelson May 4, 2017

ATLANTA — Cousins Properties and Gables Residential have sold Emory Point I and II, a mixed-use property in Atlanta’s Druid Hills area comprising the 750-unit Gables Emory Point and 125,000 square feet of retail space. Blackstone purchased the development for a gross price of $199 million. The project was owned through a 75/25 joint venture between Cousins and Gables Residential, and Cousins’ portion of the sales proceeds, before transaction costs and debt payments, was approximately $150 million. Tenants at Emory Point include American Threads, Fab’rik, Francesca’s, Lizard Thicket, Loft, Fresh to Order, Marlow’s Tavern, Tin Lizzy’s, CVS/pharmacy, Earth Fare, Orangetheory Fitness, Empower Yoga and Pink Barre. Paul Berry, John Whitlow, Chris Decoufle and Kevin Hurley of CBRE represented Cousins Properties and Gables Residential in the transaction. CBRE’s Robert Kadoori secured acquisition funding on behalf of Blackstone. Atlanta-based Cousins plans to sell another $150 million to $175 million worth of assets for the remainder of 2017.

May 4, 2017

Colorado Multifamily Western

CBRE Global Investors Fund Buys Alexan CityCenter Apartments in Englewood for $97M

by Nellie Day May 4, 2017

ENGLEWOOD, COLO. — A fund advised by CBRE Global Investors has acquired the 438-unit Alexan CityCenter apartment complex in Englewood for $97 million. The community is located at 801 Englewood Parkway. The garden-style property will be renamed ArtWalk CityCenter. It also features 13,000 square feet of ground-floor retail. The asset is connected to the Englewood Light Rail station, which provides direct access to downtown Denver, Mile High Stadium, Union Station and the airport. CBRE Global Investors has identified Denver has a target market for the group.

May 4, 2017

Industrial Midwest Wisconsin

Marcus & Millichap Brokers $17M Sale of Self-Storage Portfolio in Greater Milwaukee

by Kristin Harlow May 4, 2017

MENOMONEE FALLS AND WAUKESHA, WIS. — Marcus & Millichap has brokered the sale of two self-storage facilities in the greater Milwaukee area for $17 million. The Vault of Menomonee Falls and The Vault of Waukesha are located 15 miles from each other and approximately 20 miles from Milwaukee. The sales price is the highest on record for a self-storage portfolio in the Milwaukee-Waukesha-West Allis metropolitan statistical area, according to a news release. Built in 2016, The Vault of Menomonee Falls opened with a total of 451 units and 39,573 rentable square feet. Phase II construction will be completed over the next 12 months and will expand the property to a total of 80,230 net rentable square feet and 768 units. The Vault of Waukesha was built in 2014. The 582-unit facility expanded to 64,648 rentable square feet in 2015. Sean Delaney and Michael Mele of Marcus & Millichap represented the sellers, private investors, and procured the buyer, the publicly traded parent company of U-Haul.

May 4, 2017

Midwest Missouri Multifamily Seniors Housing

Cushman & Wakefield Negotiates Sale of 80-Unit Seniors Housing Community in Webster Groves, Missouri

by Kristin Harlow May 4, 2017

WEBSTER GROVES, MO. — Cushman & Wakefield has negotiated the sale of Provision Living at Webster Groves, an 80-unit assisted living and memory care community in suburban St. Louis. Built in 2012, the three-story community consists of 62 assisted living units and 18 memory care units. Amenities include a bowling alley, theater, physician’s space and bistro/café. Sunrise Senior Living purchased the property for an undisclosed price. Richard Swartz, Jay Wagner and Jim Dooley of Cushman & Wakefield represented the seller, a joint venture between Provision Living Senior Communities and WellTower.

May 4, 2017

Illinois Midwest Multifamily

Kass Management Negotiates $2.4M Sale of Apartment Building on Chicago’s North Side

by Kristin Harlow May 4, 2017

CHICAGO — Kass Management Services has negotiated the sale of a 32-unit apartment building in Chicago for $2.4 million. The property is located at 1700 W. Juneway Terrace in the Rogers Park neighborhood. Built in 1924, the vintage three-story building includes a mix of one-, two-, three- and four-bedroom apartment units. The property was renovated in 2007 and was 90 percent occupied at the time of sale. Mark Durakovic and Andrew Gruesser of Kass represented the seller, CMHDC, a non-profit housing development corporation serving the Chicago metropolitan area. The buyer was not disclosed. Kass has managed the building since 2006.

May 4, 2017

Newer Posts

Older Posts