sales_and_leases

Equus Acquires Office Building in Charlotte’s SouthPark Submarket for $60M

by John Nelson April 25, 2017

CHARLOTTE, N.C. — Equus Capital Partners Ltd. has purchased the Rotunda Building, a 230,790-square-foot office building located at 4201 Congress St. in Charlotte’s SouthPark submarket. Equus acquired the property from global asset management firm RREEF America for $60 million, according to the Charlotte Business Journal. Situated on 5.3 acres near SouthPark Mall, the office building features a two-story lobby, conference room, water fountain and Village Tavern, a full-service restaurant. HFF represented the seller in the transaction and arranged a $42.4 million acquisition loan through Bank of America Merrill Lynch on behalf of Equus. The property was 91 percent leased at the time of sale to tenants such as JLL, First Bank, Capital South, Development Management and Michelin. Ryan Clutter, Scot Humphrey and Chris Lingerfelt led the HFF investment sales team in the transaction. Brent Bowman and Travis Anderson led HFF’s debt placement team.

April 25, 2017

Florida Retail Southeast

TH Real Estate Purchases Publix-Anchored Shopping Center in South Florida for $49.3M

by John Nelson April 25, 2017

PALM BEACH GARDENS, FLA. — TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA), has acquired the Promenade Shopping Plaza, a 202,696-square-foot, grocery-anchored retail center in Palm Beach Gardens. The seller and sales price were undisclosed, but the South Florida Business Journal reports that TH Real Estate purchased the shopping center from Boca Raton, Fla.-based Woolbright Development for $49.3 million. The property was 97 percent leased at the time of sale to tenants such as Publix, Bealls Outlet, Planet Fitness, Club Outlet Store and CVS. First developed in 1972 and redeveloped in 2015, Promenade Shopping Plaza is the first deal closed by TH Real Estate’s new Miami office, which opened in January. The regional office currently manages a total of $10.5 billion of real estate investments spanning 36 million square feet of office, retail, industrial and multifamily space in the Southeast and Latin America.

April 25, 2017

Illinois Industrial Midwest

CBRE Arranges Sale of 18,000 SF Industrial Building in Aurora, Illinois

by Kristin Harlow April 25, 2017

AURORA, ILL. — CBRE has arranged the sale of an 18,000-square-foot industrial building in Aurora. The sales price was not disclosed. The property is located within the White Oak Business Park at 2505 Diehl Road. David Prioletti of CBRE represented the seller, Video Impressions. The building was constructed as a build-to-suit for Video Impressions, a video and audio company specializing in commercial, training film productions and broadcasting. Corey Chase of NKGF Inc. represented the buyer, Certified Laboratories, which will relocate its Romeoville operations to the facility once building improvements are completed this summer. The company will operate the facility as a quality testing facility for its various clients within the Midwest region.

April 25, 2017

Michigan Midwest Office

Marcus & Millichap Brokers Sale of 10,712 SF Office Property in Wyandotte, Michigan

by Kristin Harlow April 25, 2017

WYANDOTTE, MICH. — Marcus & Millichap has brokered the sale of a 10,712-square-foot office property in Wyandotte. The sales price was not disclosed. The Social Security Administration is the sole occupant of the building, which is located at 3450 Biddle Ave. Justin Fenn and Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Michael Glass assisted in closing the transaction.

April 25, 2017

California Multifamily Western

Colliers Brokers Sale of Desert Oasis Apartments in Indio for $11M

by Nellie Day April 24, 2017

INDIO, CALIF. — An unnamed buyer has purchased the 90-unit Desert Oasis Apartments in the Coachella Valley submarket of Indio for $11 million. The community is located at 46211 Jackson St. The sale set a federal Housing & Urban Development (HUD) record of 17 bids within 24 hours according to Colliers, which brokered the deal. Desert Oasis, which is situated near Highway 111 and Interstate 10, will soon undergo a renovation. John Nguyen and Jesse Elsanhuty of Colliers International represented the seller, WNC & Associates, in this transaction.

April 24, 2017

Arizona Multifamily Western

Canyon North Apartments in Phoenix Sells for $3.2M

by Nellie Day April 24, 2017

PHOENIX — Canyon North Properties has acquired the 50-unit Canyon North apartments in Phoenix for $3.2 million. The community is located at 2339 W. Northern Ave. It was originally built in 1964 and renovated in 2016. Canyon North contains one- and two-bedroom units. The property also has access to I-17 and Valley Metro light rail. CBRE’s Brian Smuckler and Jeff Seaman represented both the buyer and seller, South Sunshine Coast, in this transaction.

April 24, 2017

Office Texas

CBRE Arranges Sale of Two Office Buildings in Houston Totaling 152,304 SF

by Taylor Williams April 24, 2017

HOUSTON — CBRE has arranged the sale of Bellaire Atrium I and II, two six-story office buildings located at 5909 and 5959 W. Loop South near the Texas Medical Center in Bellaire, a neighborhood in west Houston. SLS Properties, a Houston-based development and management firm, purchased both buildings, which total 152,304 square feet and were 91 percent occupied at the time of sale. Todd Casper and Michael Hassler of CBRE represented the seller, 5909-5959 Realty Ltd., in the transaction.

April 24, 2017

Multifamily Texas

Marcus & Millchap Closes Sale of 16-Unit Apartment Complex in Dallas

by Taylor Williams April 24, 2017

DALLAS — Marcus & Millichap has closed the sale of Paradise Manor, a 16-unit apartment complex in Dallas. The Class B property is located at 5317 Junius St. across from Munger Park in the Old East Dallas submarket. Stephen Crittenden of Marcus & Millichap represented the seller, a private investor, in the transaction. An outside broker procured the undisclosed buyer.

April 24, 2017

Midwest Ohio Retail

Marcus & Millichap Brokers $3.6M Sale of Shopping Center in Springfield, Ohio

by Kristin Harlow April 24, 2017

SPRINGFIELD, OHIO — Marcus & Millichap has arranged the sale of Burnett Plaza in Springfield, west of Columbus, for $3.6 million. The 86,335-square-foot shopping center is located at 508 South Burnett Road. The center was built in 1960 and renovated in 1997. The property was 87 percent occupied at the time of sale and is anchored by Family Dollar, AutoZone and Ace Hardware. C.J. Jackson, Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap marketed the property on behalf of the seller, an Ohio-based REIT. The team also secured and represented the buyer, a private out-of-state group.

April 24, 2017

Midwest Office Wisconsin

CBRE Negotiates 11,320 SF Office Lease for Law Firm in Milwaukee Suburb

by Kristin Harlow April 24, 2017

WAUKESHA, WIS. — CBRE has negotiated an 11,320-square-foot office lease for Von Briesen & Roper SC in Waukesha, a suburb of Milwaukee. The law firm will occupy space on the fourth floor of Crossroads Corporate Center VIIA, located at 20975 Swenson Drive. Matt Hunter of CBRE represented Von Briesen in the lease transaction. Alyssa Geisler and John Mazza of CBRE represented the landlord, Somerset Properties.

April 24, 2017

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