sales_and_leases

Coppergate Apartments in Sandy Sells for $22.5M

by Nellie Day March 1, 2017

SANDY, UTAH — An out-of-state-investment group has acquired the 192-unit Coppergate Apartments in Sandy for $22.5 million. The community is located at 8870 S. State St., approximately 14 miles south of Salt Lake City. The Section 42 Low Income Housing Tax Credit apartment community is composed of seven three-story buildings on almost nine acres. The two- and three-bedroom units range from 866 square feet to 1,068 square feet. Daniel Shin and Brock Zylstra of Marcus & Millichap represented both the buyer and seller, a local developer, in this transaction.

March 1, 2017

Industrial Nevada Western

Zazzle Leases 180,792 SF Industrial Facility in Nevada

by Nellie Day March 1, 2017

RENO, NEV. — Zazzle has leased a 180,792-square-foot industrial facility at the South Valley Commerce Center in Reno. The space is located at 811 Sandhill Road. Zazzle currently operates three facilities in California. The ecommerce company began searching for a new manufacturing facility about a year ago. The landlord is a joint venture between Panattoni and Hillwood Investment Properties. Dave Simonsen of Kidder Mathews and John McKenna of Newmark Cornish & Carey represented Zazzle. Michael Nevis, Michael Hoeck, and Steve Kucera, also of Kidder Mathews represented the landlord.

March 1, 2017

Nevada Retail Western

Hanley Investment Arranges $4.9M Sale of Retail Building in Reno

by Nellie Day March 1, 2017

RENO, NEV. — Hanley Investment Group has arranged the $4.9 million sale of a 7,624-square-foot retail building located in Reno. Jos. A. Bank and Sleep Number occupy the property, located at 6350 S. Virginia St. Hanley Investment represented the buyer, a Los Angeles-based private investor, in the transaction. Pegasus Investments represented the seller, an undisclosed real estate investment and development firm based in Indianapolis. Both tenants are operating under corporate leases.

March 1, 2017

Michigan Midwest Retail

American Dream Home Improvement Signs 2,300 SF Lease for New Location in Grand Rapids, Michigan

by Kristin Harlow March 1, 2017

GRAND RAPIDS, MICH. — American Dream Home Improvement has signed a 2,300-square-foot retail lease near the Gerald R. Ford International Airport in Grand Rapids. This will be the first West Michigan location for the Downers Grove, Ill.-based exterior home repair and storm restoration company. The property is located at 3940 Broadmoor Ave. Southeast. Mary Anne Wisinski-Rosely and Jason Makowski of NAI Wisinski of West Michigan arranged the lease transaction.

March 1, 2017

Illinois Midwest Mixed-Use

SVN Arranges $1.8M Sale of Mixed-Use Property Portfolio in Chicago

by Kristin Harlow March 1, 2017

CHICAGO — SVN has arranged the sale of a mixed-use property portfolio in Chicago’s Pilsen neighborhood for $1.8 million. The portfolio consists of two buildings at the corner of 18th Street and Carpenter Street. The properties include 15 apartment units and two retail storefronts. Angelo Labriola and Paul Cawthon of SVN arranged the sale. Neither the buyer nor the seller was disclosed.

March 1, 2017

Hospitality Washington Western

Hersha Hospitality Trust Purchases Pan Pacific Hotel in Seattle for $79M

by Nellie Day February 28, 2017

SEATTLE — Hersha Hospitality Trust has acquired the 152-room Pan Pacific Hotel in Seattle for $79 million. The hotel is part of the 2200 Westlake mixed-use project in the South Lake Union neighborhood. Pan Pacific Hotel is situated across the street from Amazon’s global headquarters. Other nearby companies include Facebook, Google, Expedia, Microsoft and the Bill & Melinda Gates Foundation. Chris Burdett and Matthew Behrens of CBRE Hotels Northwest represented the seller, Vulcan, in this transaction.

February 28, 2017

Colorado Multifamily Western

BMC Investments Buys Landon Park Apartments in Aurora

by Nellie Day February 28, 2017

AURORA, COLO. — BMC Investments has acquired the 464-unit Landon Park Apartments in Aurora for an undisclosed sum. The community is located at 100 S. Sable Blvd. Landon Park was built in 1978. It is situated one mile from the Aurora Metro Center light rail station, which provides access to Denver Tech Center, Fitzsimons Life Science District, the Stapleton Redevelopment and Denver International Airport. Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews of ARA Newmark represented seller, Bridge Investment Group, in this transaction.

February 28, 2017

California Retail Western

Marcus & Millichap Brokers $2.4M Sale of Chevron Property in Bakersfield

by Nellie Day February 28, 2017

BAKERSFIELD, CALIF. — Marcus & Millichap has brokered the sale of a Chevron-occupied retail property located at 2525 White Lane in Bakersfield. A private investor acquired the property and bulk inventory assets for a total price of $2.4 million, with the real estate selling for $1.8 million. Bennet Pakdaman, Gregory Mills and Bruce Barnhard of Marcus & Millichap represented the seller, while Barnhard and Mills represented the buyer in the deal.

February 28, 2017

Northeast Office Pennsylvania

M&J Wilkow, DRA Advisors Acquire 467,843 SF Office Tower in Pittsburgh

by Amy Works February 28, 2017

PITTSBURGH — M&J Wilkow, in a joint venture partnership with DRA Advisors, has acquired 11 Stanwix Street, an office tower located on the southwest edge of Pittsburgh’s Golden Triangle. The 24-story tower features 467,843 square feet of Class A office space. Commonwealth of Pennsylvania, KeyBank and HDR Engineering, among others, currently occupy the building. M&J Wilkow Properties will serve as the building’s manager, while JLL will represent the new ownership for all leasing activity. The name of the seller and acquisition price were not released.

February 28, 2017

Industrial Texas

Lee & Associates Negotiates Industrial Lease Renewal in Irving

by Taylor Williams February 28, 2017

IRVING, TEXAS — Lee & Associates has completed a lease renewal transaction for a 335,480-square-foot industrial space at 9400 N. Royal Lane in Irving, a city within the Dallas-Fort Worth metroplex. Tom Walrich of Lee & Associates represented the tenant, KGP Telecommunications Inc., a Minnesota-based distributor of telecommunications equipment and solutions. Mitchell Pruitt of Prologis represented the landlord internally in the lease deal.

February 28, 2017

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