sales_and_leases

Marcus & Millichap Negotiates $16.5M Sale of Office Building in Lansing, Michigan

by Kristin Harlow April 14, 2017

LANSING, MICH. — Marcus & Millichap has negotiated the sale of One Michigan Avenue in Lansing for $16.5 million. The 10-story, 154,000-square-foot office building is located at the southeast corner of Washington Square and Ottawa Street. The building was constructed in 1983. At the time of sale, One Michigan Avenue was 98 percent occupied by law firms, a bank, an insurance company and government tenants. John Godwin and Richard O’Connor of Marcus & Millichap represented the seller, a Lansing-based partnership. Godwin procured the buyer, a regional investment group.

April 14, 2017

Midwest Missouri Retail

Hanley Brokers $3.4M Sale of Retail Building on Pad Site in Grandview, Missouri

by Kristin Harlow April 14, 2017

GRANDVIEW, MO. — Hanley Investment Group Real Estate Advisors has brokered the sale of an 8,000-square-foot retail building on a pad site in Grandview, 14 miles south of downtown Kansas City, for $3.4 million. The multi-tenant building is located at 12410 S. U.S. Highway 71 in Truman’s Marketplace shopping center. The building is 100 percent occupied by T-Mobile, McAlister’s Deli and KC Speed Nails. Jeff Lefko and Bill Asher of Hanley Investment Group represented the seller, a private developer based in Kansas City. John Stafford of Colliers International represented the buyer, a Thousand Oaks, Calif.-based private investor.

April 14, 2017

Michigan Midwest Multifamily

Friedman Arranges Sale of 64-Unit Multifamily Building in Mount Clemens, Michigan

by Kristin Harlow April 14, 2017

MOUNT CLEMENS, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of Holiday Garden Apartments in Mount Clemens, about 25 miles north of Detroit. The sales price was not disclosed. The 64-unit property is located at 115 N. River Road. J and G Investments purchased the property from Mt. Clemens Properties LLC. Peter Jankowski of Friedman represented both parties in the transaction.

April 14, 2017

California Multifamily Western

Palmdale Apartments in Long Beach Sells for $3.1M

by Nellie Day April 13, 2017

LONG BEACH, CALIF. — Forward 6th Street Investments LLC has acquired the 24-unit Palmdale Apartments in Long Beach for $3.1 million. The community is located at 845 E. 6th St. It was built in 1924. The property was recently renovated to include hardwood floors and granite countertops in all units. The LLC plans to carry out additional renovations to the exterior common areas, as well as further unit upgrades. Robert Stepp and Michael Toveg of Stepp Commercial represented both the buyer and private seller in this transaction.

April 13, 2017

Industrial Texas

CBRE Negotiates 147,840 SF Industrial Lease in San Antonio

by Taylor Williams April 13, 2017

SAN ANTONIO — CBRE has negotiated a 147,840-square-foot lease at Interchange East Distribution Center, an industrial property located at 5050 Stout Drive in San Antonio. Southern Warehousing and Distribution will occupy the leased space at the facility, which offers parking and a fenced truck court, 22-foot clear height and a sprinkler system. Josh Aguilar and Rob Burlingame of CBRE represented the landlord, Prologis, in the transaction.

April 13, 2017

Office Texas

Colliers Arranges Sale of 59,792 SF Office Complex in Richardson, Texas

by Taylor Williams April 13, 2017

RICHARDSON, TEXAS — Colliers International Inc. has arranged the sale of University Centre, a two-building, 59,792-square-foot office complex located at 1701 and 1801 Gateway Blvd. in the Dallas-Fort Worth metro of Richardson. John Bowles, Bruce Butler and Susan Gwin Burks of Colliers represented the buyers, Symphony Gateway LLC and CIG Retail Properties Inc., in the transaction. Dallas UNC LLC sold the property, which was 90 percent leased at the time of sale.

April 13, 2017

Midwest Missouri Multifamily

TEI Acquires Multifamily Portfolio in St. Joseph, Missouri for $26M

by Kristin Harlow April 13, 2017

ST. JOSEPH, MO. — Time Equities Inc. (TEI) has acquired two multifamily properties in St. Joseph for $26 million. Both properties were formerly industrial facilities converted into residential buildings. Foutch Brothers LLC was the seller. St. Joseph is approximately 55 miles north of Kansas City. Mitchell Park Plaza, located at 1300 S. 11th St., consists of 301 units spanning 271,584 square feet. Located in the former Mead Paper Products Factory, the property offers studio, one-, two- and three-bedroom apartments. Amenities include an indoor pool, jogging track, outdoor movie theater, atrium and laundry facilities. Lofts at 415, located at 415 N. 3rd St., consists of 48 loft units spanning 52,612 square feet. Once home to a Pony Express warehouse, the property offers two- and three-bedroom units up to 1,300 square feet. Clifton Martin of TEI managed the transaction on behalf of TEI. Matt Ledom and Aaron Mesmer of Block Real Estate Services LLC brokered the transaction on behalf of Foutch.

April 13, 2017

Illinois Midwest Multifamily

Essex Brokers $1.7M Sale of Multifamily Property in Chicago

by Kristin Harlow April 13, 2017

CHICAGO — Essex Realty Group Inc. has brokered the sale of a two-building multifamily property in Chicago’s Roscoe Village for $1.7 million. The buildings are located at 2101 W. Fletcher St. The first building consists of three units, including one- and two-bedroom units. The second building includes two four-bedroom units. Both buildings were renovated in 2015. Doug Fisher and Matt Welke of Essex represented the undisclosed seller, while Doug Imber, Kate Varde and Clay Maxfield represented the undisclosed buyer.

April 13, 2017

Arizona Multifamily Western

Resource Real Estate Acquires Indigo Creek Apartments in Arizona for $55.2M

by Nellie Day April 12, 2017

GLENDALE, ARIZ. — Resource Real Estate has purchased the 408-unit Indigo Creek apartment complex in Glendale for $55.2 million. The community is situated on more than 19 acres in the Arrowhead region of Greater Phoenix, about three miles from the Bell Road Retail Corridor. Indigo Creek was built in 1998. Unit amenities include ceramic tile entries and oval, Roman-style soaking tubs. Community amenities include three swimming pools and two spas accented by gas-burning fire pits. Steve Gebing and Cliff David of Marcus & Millichap represented both the buyer and seller, Bascom Arizona Ventures, in this transaction.

April 12, 2017

Arizona Multifamily Western

Del Marco Buys Desert Gardens Apartments in Glendale for $19.5M

by Nellie Day April 12, 2017

GLENDALE, ARIZ. — Del Marco LLC has acquired the 307-unit Desert Gardens apartments in Glendale for $19.5 million. The community is located at 13517 W. Glendale Ave. Desert Gardens was 99 percent leased at the time of the sale. It contains 17 two-story buildings situated on 11.1 acres. Community amenities include a covered playground, basketball court, dog park, tennis court, horseshoe pit, sand volleyball court, fitness center, clubhouse, heated pool, jetted hot tub and barbecue areas. It is situated near Luke Air Force Base, the Westgate Entertainment District, University of Phoenix Stadium and Gila River Arena. Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers International represented both the buyer and seller, Desert Gardens V LLC, in this transaction.

April 12, 2017

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