sales_and_leases

Pro Football Focus Signs 6,000 SF Office Lease in Cincinnati

by Kristin Harlow April 11, 2017

CINCINNATI — Pro Football Focus (PFF) has signed a 6,000-square-foot office lease at 1208 Central Parkway in Cincinnati. Chris Collinsworth, a former Cincinnati Bengals wide receiver and sports broadcaster, owns PFF. The company will be moving to the new location this summer after renovations are completed. PFF provides football performance data and insights to help teams win their games. Stuffed Realty LLC purchased the 15,000-square-foot building last year with plans to redevelop the property. Travis Likes, Scott Yards and John Eckert of CBRE represented PFF in the lease transaction.

April 11, 2017

Multifamily North Carolina Southeast

TriBridge Residential Purchases Multifamily Community in Charlotte for $31.5M

by John Nelson April 11, 2017

CHARLOTTE, N.C. — Atlanta-based TriBridge Residential LLC has purchased Morehead West, a 211-unit apartment community located at 1932 W. Morehead St. in Charlotte’s FreeMoreWest neighborhood, for $31.5 million. The asset also includes 5,600 square feet of commercial space. The property is TriBridge’s fourth acquisition in Charlotte area. TriBridge will manage the property, and Ligon Commercial Real Estate will lease the asset on behalf of TriBridge.

April 11, 2017

Northeast Office Pennsylvania

CBRE Capital Markets Negotiates Sale of Office Building in Trevose, Pa.

by Haisten Willis April 11, 2017

TREVOSE, PA. — CBRE has arranged the sale of a Class A office building located at 1150 Northbrook Dr. in Trevose. Red River Asset Management, Advalurem Group and Lincoln Property acquired the four-story, 107,742-square-foot property. Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE represented the seller, Rubenstein Partners, during the transaction. Built in 2007, 1150 Northbrook features a two-story atrium lobby and a glass curtain wall. The property, which is located near Neshaminy Mall, is 85 percent leased to tenants including Gamesa, Office of the Comptroller (U.S. Department of the Treasury) and Bracket Global.

April 11, 2017

Multifamily Oregon Western

Modera Goose Hollow Apartment Complex in Portland Sells for $47.5M

by Nellie Day April 10, 2017

PORTLAND, ORE. — An unnamed buyer has acquired the 134-unit Modera Goose Hollow apartments for $47.5 million. The community is located at 2004 S.W. Jefferson St. It was built in 2016. The property sits across the street from a MAX light rail system train station. Pete Shelton and Kim Grant of Institutional Property Advisors represented both the buyer and the seller, a partnership between Millcreek Trust and a Global Real Estate Investment Manager, in this transaction.

April 10, 2017

Multifamily Texas

HLC Equity Buys 192-Unit Multifamily Property in Carrollton for $13.2M

by Taylor Williams April 10, 2017

CARROLLTON, TEXAS — HLC Equity, a Pennsylvania-based investment and management firm, has purchased Toscana Apartments, a 192-unit multifamily community in the Dallas-Fort Worth metro of Carrollton, for roughly $13.2 million. Located at 17910 Kelly Blvd., the Class B property features a business center, 24-hour fitness center and resort-style pool. The property was 96 percent occupied at the time of sale.

April 10, 2017

Multifamily Texas

JLL Brokers Sale of 224-Unit Apartment Complex in Corpus Christi

by Taylor Williams April 10, 2017

CORPUS CHRISTI, TEXAS — JLL has brokered the sale of Sunchase Apartments, a 224-unit, garden-style apartment complex located at 5445 S. Alameda St. in Corpus Christi. Raybec Alameda LLC purchased the property, which features a pool, fitness center and an on-site laundry facility. Scott LaMontagne, Moses Siller and Zar Haro of JLL represented the seller, F1S Sunchase Associates LLC in the transaction. The sale includes the 9.2 acres on which the complex is situated.

April 10, 2017

Industrial Midwest Minnesota

Opus Signs First Tenants at 145,800 SF Industrial Building in Brooklyn Park, Minnesota

by Kristin Harlow April 10, 2017

BROOKLYN PARK, MINN. — The Opus Group has signed the first tenants at its 169 Business Center in Brooklyn Park, about 11 miles north of Minneapolis. Staging Concepts and its sister company SC Railing Co. will occupy 65,000 square feet within the 145,800-square-foot industrial development. The building is located at the intersection of 85th and Wyoming avenues, and features 24-foot clear heights and access to U.S. Highway 169. Staging Concepts, which produces portable staging equipment for venues of all sizes, will use the building as an additional facility to the company’s existing headquarters in Minneapolis. SC Railing, which provides railing systems, will use a small portion of the facility to store finished goods and perform a portion of railing fabrication. A joint venture partnership between Opus Development Co. LLC and Founders Properties LLC owns the development. Opus Development was the developer, Opus Design Build was the design-builder and led the tenant improvement work and Opus AE Group served as architect, structural engineer and interior designer. Jason Meyer, Brent Masica and Kris Smeltzer of Cushman & Wakefield | NorthMarq marketed the property for lease. Tim Carlson of Cresa represented Staging Concepts and SC Railing Company in the lease transaction.

April 10, 2017

Michigan Midwest Retail

Mid-America Brokers Sale of 76,390 SF Shopping Center in Utica, Michigan

by Kristin Harlow April 10, 2017

UTICA, MICH. — Mid-America Real Estate Corp. has brokered the sale of Shelby Corners in Utica, a suburb of Detroit. The sales price was not disclosed. The 76,390-square-foot shopping center is located at the northwest corner of Hall and Schoenherr roads. Tenants include Christmas Tree Shops and BuyBuy Baby, both subsidiaries of Bed Bath & Beyond. Michigan-based Grand Management & Development purchased the property. Ben Wineman, Carly Gallagher and Daniel Stern of Mid-America brokered the transaction.

April 10, 2017

Michigan Midwest Office

NAI Wisinski Arranges $2M Sale of Office Building in Portage, Michigan

by Kristin Harlow April 10, 2017

PORTAGE, MICH. — NAI Wisinski of West Michigan has arranged the sale of a 19,188-square-foot office building in Portage, near Kalamazoo, for $2 million. The fully leased building is located at 5136 Lovers Lane. Bill Tyson of NAI arranged the sale on behalf of the buyer, Jay Kim Enterprises LLC. Marc Tourangeau and Kara Schroer of NAI leased up the property to full occupancy in 2016.

April 10, 2017

Multifamily North Carolina Southeast

Bluerock Residential Growth REIT Buys Charlotte Apartment Community for $56.9M

by John Nelson April 7, 2017

CHARLOTTE, N.C. — Bluerock Residential Growth REIT Inc. has purchased Wesley Village Apartments, a 301-unit, Class A multifamily community located in Charlotte’s FreeMoreWest submarket. The REIT acquired the property from KBS Legacy REIT for $56.9 million using $16.5 million in equity and a Freddie Mac, fixed-rate loan totaling $40.5 million. Built in 2010, Wesley Village features studio, one- two- and three-bedroom units averaging 1,025 square feet. Community amenities include a resort-style saltwater pool with grilling area and wet bar, fitness center, game room with a billiards table, business center with Wi-Fi and a dog park.

April 7, 2017

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