sales_and_leases

Summit Management Services Buys Stonegate Apartments in Colorado for $86M

by Nellie Day March 14, 2017

BROOMFIELD, COLO. — Summit Management Services has acquired the 350-unit Stonegate apartments in Broomfield for $86 million. The community is located at 11815 Ridge Parkway, halfway between Denver and Boulder. The property is just west of Interlocken Business Park, which is northwest Denver’s most prominent office park with more than 4 million square feet of office space, and Flatiron Crossing, which comprises more than 2 million square feet of retail, dining, hotel and entertainment options. Stonegate’s community amenities include a resort-style swimming pool, hot tub, grilling area, playground, dog park, 24-hour fitness center, resident lounge with full kitchen and fireplace, and views of the Rocky Mountains. The property is 95 percent occupied. HFF’s Jordan Robbins and Jeff Haag represented the seller in this transaction.

March 14, 2017

Industrial Office Texas

Bradford Commercial Secures Sport Supplier’s Headquarters in Grand Prairie

by Taylor Williams March 14, 2017

GRAND PRAIRIE, TEXAS — Bradford Commercial Real Estate Services has secured a new office hub and industrial distribution center for FloorballPlanet, a supplier of equipment and accessories for floorball, an indoor sport similar to field hockey, in Grand Prairie, a city in the Dallas-Fort Worth metroplex. The company has selected Woodlands Business Center, located at 2005 108th St., as its operating base and has leased 12,818 square feet, including 3,700 square feet for office space. Michael Spain, Brock Wilson and Joe Santaularia of Bradford Commercial represented the landlord, Woodlands Business Center LLC, in the transaction. Bob Gibbons of REATA Commercial Realty LLC represented FloorballPlanet.

March 14, 2017

Georgia Hospitality Southeast

Arden Group Acquires Sheraton Atlanta Hotel for $64.2M

by John Nelson March 14, 2017

ATLANTA — Arden Group has purchased the Sheraton Atlanta Hotel, a 763-room hotel located at 165 Courtland St. N.E. in downtown Atlanta. The Philadelphia-based investment firm purchased the hotel through its discretionary fund affiliate, Arden Real Estate Partners II LP, for $64.2 million, according to the Atlanta Business Chronicle. JLL represented the sellers, affiliates of Amerimar Enterprises and Contrarian Capital, in the transaction. The previous ownership group wrapped up a $15 million renovation of the hotel last year. Arden Group is planning an additional $7 million of renovations for the hotel’s guest rooms, lobby, meeting rooms and the Collage restaurant. Arden Group and HEI Hotels & Resorts will co-manage the hotel.

March 14, 2017

Midwest Missouri Multifamily

CBRE Brokers Sale of Two Apartment Properties in Downtown St. Louis

by Kristin Harlow March 14, 2017

ST. LOUIS — CBRE has brokered the sale of The Tower at OPOP and The Lofts at OPOP in downtown St. Louis in the Old Post Office Plaza (OPOP). North American Properties and Urban Street Group sold the buildings to Strategic Properties of North America for an undisclosed price. The Tower consists of 128 units and is located at 411 N. 8th St. The Lofts consists of 53 units and is located at 911 Locust St. The buildings have occupancy rates of 96 and 94 percent, respectively. Matt Bukhshtaber of CBRE represented the seller in the transaction.

March 14, 2017

Multifamily New Jersey Northeast

Gebroe-Hammer Associates Arranges $23.5M Sale of Carriage Club Apartments in Mount Arlington, N.J.

by Haisten Willis March 14, 2017

ARLINGTON, N.J. — Gebroe-Hammer Associates has arranged the $23.5 million sale of The Carriage Club, a 106-unit multifamily property located at 1 Hillside Dr. in Mt. Arlington. Gebroe-Hammer’s Adam Zweibel and Stephen Tragash secured the seller, Carriage Club Associates LLC, and procured the unnamed buyer, a private investment group, in the transaction. Built in 2003, Carriage Club is a Class A, 55-and-over apartment community offering one- and two-bedroom units, the latter of which offer a choice of one or two baths. Carriage Club was 98 percent occupied at the time of sale. The complex offers access to I-80, I-287 and the Garden State Parkway, and is within walking distance to NJ Transit service at Mount Arlington Station. Community amenities include a clubhouse with a heated indoor pool, billiards room, fitness center, golf putting green, outdoor sundecks and a grill and picnic area.

March 14, 2017

Illinois Midwest Retail

Adelphia Properties Arranges $3.4M Sale of Retail Property in Chicago Suburb

by Kristin Harlow March 14, 2017

MOUNT PROSPECT, ILL. — Adelphia Properties has arranged the sale of a newly constructed retail property in Mount Prospect, a northwest suburb of Chicago, for $3.4 million. The 5,904-square-foot building is located at 100 W. Rand Road across from Randhurst Village. Potbelly Sandwich Shop and American Mattress occupy the building. A Chicago-based developer was the seller. Simeon Spirrison and George Spirrison of Adelphia Properties represented the buyer, a private real estate investor.

March 14, 2017

Midwest Retail Wisconsin

Baceline Acquires Two Retail Properties in Milwaukee for $2.8M

by Kristin Harlow March 14, 2017

MILWAUKEE — Baceline Investments LLC has acquired two retail centers in the North Shore of Milwaukee for $2.8 million. Point Plaza is a 13,840-square-foot shopping center located at 8333 W. Appleton Ave. Baceline purchased the property from R&D Point Plaza LLC for $900,000. Glendale Square is a 17,880-square-foot center located at the corner of N. Green Bay Avenue and W. Green Tree Road. Baceline purchased Glendale Square for $1.9 million from Buckmann LLC. Both sellers are Wisconsin-based companies. Combined, the properties are currently 86 percent occupied. Baceline is based in Denver.

March 14, 2017

Michigan Midwest Retail

Cherry Republic to Open 2,745 SF Retail Location in Holland, Michigan

by Kristin Harlow March 14, 2017

HOLLAND, MICH. — Cherry Republic, a Michigan-based retailer of cherry food creations, will open a 2,745-square-foot store in Holland this month. The store is located at 29 W. 8th St., about 28 miles southwest of Grand Rapids. This is the sixth location for Cherry Republic in Michigan. The company operates other locations in Glen Arbor, Traverse City, Charlevoix, Ann Arbor and Frankenmuth. Todd Leinberger of NAI Wisinski of West Michigan assisted Cherry Republic in securing the Holland location.

March 14, 2017

Midwest Minnesota Retail

Gander Mountain, Subsidiaries File for Chapter 11 Reorganization

by Kristin Harlow March 13, 2017

ST. PAUL, MINN. — Gander Mountain Co. and its subsidiaries have filed for Chapter 11 bankruptcy protection. The decision is the result of an in-depth review of the company’s strategic options undertaken in recent months to preserve the value of the company and position it for long-term success, according to a news release. St. Paul-based Gander Mountain, an outdoor retail network with stores across 26 states, will sell the company while continuing operations. An auction will be held in late April and the sale is expected to be complete by May 15. The company generally expects to conduct normal business operations during the restructuring period, but 32 underperforming retail locations will begin a shutdown process in the next several weeks. The company has obtained a committed debtor-in-possession (DIP) financing facility underwritten by Wells Fargo. Subject to court approval, this DIP financing, combined with cash from operations, is expected to provide sufficient liquidity to support the company’s continuing business operations and to minimize any disruption during the reorganization process. The petitions were filed in the U.S. Bankruptcy Court for the District of Minnesota. Houlihan Lokey Capital Inc. is serving as financial advisor and investment banker to Gander Moutain. Lighthouse Management Group …

March 13, 2017

Illinois Midwest Retail

Marcus & Millichap Brokers $6.4M Sale of Retail Property in Orland Park, Illinois

by Kristin Harlow March 13, 2017

ORLAND PARK, ILL. — Marcus & Millichap has brokered the sale of a Mattress Firm regional mall outparcel center in Orland Park, a suburb of Chicago, for $6.4 million. The 10,000-square-foot retail property is located at 29 Orland Square Drive. Mattress Firm and State & Main Kitchen and Bar occupy the property. Austin Weisenbeck and Sean R. Sharko of Marcus & Millichap marketed the property on behalf of the seller, an out-of-state developer. The duo also secured and represented the buyer, a private investor.

March 13, 2017

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