sales_and_leases

Passco Acquires Apartment Community in Southwest Florida for $53.5M

by John Nelson May 4, 2017

ESTERO, FLA. — Passco Cos. has purchased Springs at Estero, a 260-unit, Class A apartment community located at 11221 Everblades Parkway in Estero, a town in southwest Florida near Fort Myers. Passco acquired the newly built property from Continental Properties for $53.5 million with plans to rebrand the community as Longitude 81. Built in 2016, the property features a 24-hour fitness center, resort-style swimming pool with a sundeck and poolside summer kitchen and a community clubhouse featuring Wi-Fi, coffee bar, fireplace and a catering kitchen. James May of JBM Institutional Multifamily Advisors represented the seller in the transaction. Chris Black of KeyBank Real Estate Capital arranged a Fannie Mae acquisition loan on behalf of Passco.

May 4, 2017

Illinois Industrial Midwest

Entre Arranges Sale of Two Industrial Buildings in Streamwood, Illinois

by Kristin Harlow May 3, 2017

STREAMWOOD, ILL. — Entre Commerical Realty LLC has arranged the sale of two industrial buildings totaling 40,170 square feet in Streamwood, a northwest suburb of Chicago. The sales price was not disclosed. The buildings are located on 2.8 acres at 350-380 Roma Jean Parkway. The property includes a 15,000-square-foot oﬃce/warehouse building and a 25,000-square-foot warehouse building on two separate land parcels. Torque Parts, a truck parts distribution company, has purchased the buildings and will be relocating its operations from Mount Prospect, Ill. Dan Benassi, Mike DeSerto and Cory Kay of Entre represented the seller, Toryon Technologies, a supplier of wide format printers, laminators and routers.

May 3, 2017

Healthcare Office Texas

Marcus & Millichap Brokers Sale of 173,790 SF Office/Medical Complex in Dallas

by Taylor Williams May 3, 2017

DALLAS — Marcus & Millichap has brokered the sale of Forest Green Office/Medical Complex, a four-building, 173,790-square-foot asset located along Greenville Avenue near Interstate 635 and the LBJ Freeway in Dallas. Ron Hebert and Michael Lawrence of Marcus & Millichap represented the seller, a California-based investment group. The property, which was built in 1985, was 82 percent leased at the time of sale.

May 3, 2017

Office Texas

Colliers Secures 88,084 SF Office Lease for Marketing Firm in North Dallas

by Taylor Williams May 3, 2017

DALLAS — Colliers International has secured an 88, 084-square-foot office lease on behalf of marketing agency Ansira Partners at Three Galleria Tower in north Dallas. Daniel Rudd and Billy Vahrenkamp of Colliers represented Ansira in the lease negotiations. Shannon Brown, Kenzie Killgore and Celeste Fowden of CBRE represented Galleria Towers. Ansira employees are scheduled to move into the property, which is located at 13155 Noel Road, in November.

May 3, 2017

New York Northeast Office

Cushman & Wakefield Arranges Sale of Heritage Corporate Park in Elmsford, N.Y.

by Haisten Willis May 3, 2017

ELMSFORD, N.Y. — Cushman & Wakefield has arranged the sale of Heritage Corporate Park, a 100-percent occupied flex/office property in Elmsford. PAG Investments acquired the 155,033-square-foot asset from an entity controlled by RNY Property Trust. Located at 80 and 100 Grasslands Road, Heritage Corporate Park sits on 8.5 acres in Westchester County’s commercial and industrial corridor. A 67,454-square-foot flex building at 100 Grasslands Road features a three-bay loading dock, 24-foot clear height, and showroom and warehouse space. It is complemented by a three-story, 87,579-square-foot office building at 80 Grasslands Road. Amenities include parking, on-site cafeteria service and a yoga and fitness studio. The property has served as the headquarters location for Amscan Inc. for more than 20 years and also serves as home to several other tenants. Cushman & Wakefield’s Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Al Mirin led the transaction.

May 3, 2017

California Office Western

Manchester Capital Management Buys Fine Arts Building in LA for $43M

by Nellie Day May 3, 2017

LOS ANGELES — Manchester Capital Management has purchased the Fine Arts Building, a 115,902-square-foot creative office building in downtown Los Angeles, for $43 million. The historic building is located at 811 W. 7th St. The Fine Arts Building was built in 1927 and renovated in 2016. It is 87.5 percent leased to tenants like WeWork, Pfeiffer Partners Architects, LTK Consulting Services, Hypothesis and SWA. NGKF’s Kevin Shannon, Ken White, Laura Stumm and Gibran Begum represented the buyer and seller, Sorgente Group of America, in this transaction.

May 3, 2017

California Office Western

Mariner Court Office Building in Torrance Sells for $24M

by Nellie Day May 3, 2017

TORRANCE, CALIF. — A private, locally based commercial real estate entity has acquired the 109,841-square-foot Mariner Court office building in Torrance for $24 million. The Class B building is located at 3625 Del Amo Blvd. Mariner Court is situated near the 405, 91 and 110 freeways, and near to Los Angeles International Airport. Derek Caldwell of Institutional Property Advisors represented the buyer, while the firm’s Michael Lawrence and David Black represented the seller, an Orange County-based private commercial real estate company.

May 3, 2017

Arizona Retail Western

CBRE Arranges Sale of Scottsdale Towne Square in Arizona

by Nellie Day May 3, 2017

SCOTTSDALE, ARIZ. — CBRE Group Inc. has arranged the sale of Scottsdale Towne Square, a 162,259-square-foot shopping center located in Arizona. The property was 95.7 percent occupied at the time of sale by tenants including Natural Grocers, Ra Sushi and First Watch. Bob Young, Glenn Smigiel, Steve Brabant and Rick Abraham of CBRE represented the seller, Holualoa Scottsdale Retail LLC. Woodbury Corp. acquired the property. The sale price was not disclosed.

May 3, 2017

Office Texas

Granite Properties Acquires 163,861 SF Office Building in North Dallas

by Taylor Williams May 2, 2017

DALLAS — Granite Properties has acquired a 163,861-square-foot, Class A office building located at 8235 Douglas Ave. in the University Park neighborhood of north Dallas. The 13-story building, which will be rebranded “The Douglas,” was built in 1980 and recently received $3 million in interior renovations and $1.5 million in system upgrades. Granite plans to develop a customer lounge and conference center that will feature a coffee bar, grab-and-go food service and a putting green. Transwestern Investment Group sold the property to Granite for an undisclosed price.

May 2, 2017

Office Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $57M Sale of ADP Building in Downtown Norfolk

by John Nelson May 2, 2017

NORFOLK, VA. — Cushman & Wakefield | Thalhimer has arranged the $57 million sale of The ADP Building, a 288,662-square-foot, Class A office building located at 2 Commercial Place in downtown Norfolk. ADP, a human resources management software firm, fully leases the building and has invested more than $32 million to establish the property as its “Small Business Headquarters.” The Hampton Roads Economic Development Authority calculates that ADP will generate $1 billion in economic activity each year for Virginia’s Hampton Roads region. The seller, developer Buddy Gadams of Marathon Development Group, also invested $16.5 million in capital improvements after acquiring the asset in 2016. An unnamed REIT based in Boston purchased The ADP Building. Eric Robison of Cushman & Wakefield | Thalhimer, along with Eric Berkman of Cushman & Wakefield’s Washington, D.C., office, represented the seller in the transaction.

May 2, 2017

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