sales_and_leases

Decron Properties Acquires 220-Unit Apartment Complex in California for $87.4M

by Nellie Day February 12, 2018

EMERYVILLE, CALIF. — Decron Properties Corp. has acquired the 220-unit Bridgecourt apartment complex in Emeryville for $87.4 million. The community is located at 1325 40th St. Bridgecourt contains a mix of one- and two-bedroom units, ranging from 554 square feet to 1,179 square feet. Common area amenities include a pool, spa, sauna, outdoor barbecue with seating area and a dog park. Decron plans to complete a renovation program started by the seller, which included interior upgrades to 126 of the units, featuring black/stainless steel appliances, quartz countertops, tile backsplash, new cabinet doors and drawers, and upgraded lighting. Decron will also perform additional upgrades to the common areas. Moran & Co. represented both Decron and the seller, a joint venture between Bascom Group and Carlyle Group, in this transaction.

February 12, 2018

Midwest Multifamily Nebraska

Lund Co. Brokers Sale of 470-Unit Apartment Property in Omaha

by Kristin Harlow February 12, 2018

OMAHA — Cushman & Wakefield/The Lund Co. has brokered the sale of Grandridge Apartments in Omaha for an undisclosed price. The 470-unit apartment property is located at 5439 N. 100th Plaza along I-680. Scott Koethe of Cushman & Wakefield/The Lund Co. represented the New York-based seller. Monarch Investment & Management Group purchased the asset.

February 12, 2018

Northeast Office Pennsylvania

Laurus Corp. Sells 98,314 SF Office Building in Metro Pittsburgh

by Amy Works February 9, 2018

CANONSBURG, PA. — Laurus Corp., through its affiliate 501 Technology Partners LLC, has completed the disposition of an office building located at 501 Technology Drive within Southpointe Business Park in Canonsburg. The three-story property sold for an undisclosed price. At the time of sale, the 98,314-square-foot office building was fully occupied. The name of the buyer was not released.

February 9, 2018

Multifamily Texas

Berkadia Arranges Sale of 229-Unit Apartment Community in Metro Houston

by Taylor Williams February 9, 2018

RICHMOND, TEXAS — Berkadia has arranged the sale of Grand Mason at Waterside Estates, a 229-unit multifamily community in Richmond, a southwestern suburb of Houston. Built in 2015, the property features a mix of one-, two- and three-bedroom units and amenities such as a pool, fitness center, pet park and media room. Ryan Epstein, Jennifer Ray and Scott Bray of Berkadia represented the seller, Grand Mason Partners Ltd. A Fort Worth-based firm purchased the asset for an undisclosed price.

February 9, 2018

Office Texas

First Tenant Signs 22,761 Office SF Lease at Legacy Central Redevelopment in Plano

by Taylor Williams February 9, 2018

PLANO, TEXAS — Legacy Central, an office redevelopment located in the northern Dallas metro of Plano, has landed its first tenant. Roland Technology Group, an IT consulting firm, leased 22,761 square feet at the property, which features amenities such as nature trails, coffee kiosks, a rotation of food trucks, a fitness center and a 400-seat food hall. Kent Smith and Leslie Wood of NAI Robert Lynn represented Roland in the lease negotiations. Nathan Durham of Transwestern represented the landlord, Regent Properties.

February 9, 2018

Office South Carolina Southeast

Trinity Capital, Durlach Associates Sell Office Building in Charleston for $36.4M

by Camren Skelton February 9, 2018

CHARLESTON, S.C. — Trinity Capital Advisors and Durlach Associates have sold Faber Plaza, a 125,822-square-foot office building located at 4400 Leeds Ave. in Charleston. Hall Capital purchased the asset for $36.4 million. Durlach Associates, which developed the building in a joint venture with Trinity in 2015, will remain an investor in the property under the new ownership. Patrick Gildea, Matt Smith and Charlie Carmody of CBRE arranged the transaction. Faber Plaza is home to tenants including BlueCross BlueShield of South Carolina, Paychex, Cummins, HDR, Sonepar, TranSystems and TY Lin International. The building features 12-foot ceilings, floor-to-ceiling windows and park views.

February 9, 2018

District of Columbia Office Southeast

Meridian Signs Law Firm to 103,300 SF Office Lease at Anthem Row in D.C.’s East End

by Camren Skelton February 9, 2018

WASHINGTON, D.C. — The Meridian Group has signed a 103,300-square-foot office lease with Baker Botts LLP, an international law firm, in Washington D.C.’s East End. The firm’s new office will be located at Anthem Row, a four-building office complex currently under development. The Meridian Group is underway on an extensive renovation of the 12-story building at 800 K St. The original building had a large floor plate with two cores and one main lobby. Upon completion, the property will function as two office buildings with separate main lobbies and separate addresses — 700 K St. and 800 K St. In addition, the buildings will include three levels of retail space totaling 80,000 square feet. Baker Botts, which signed a 17-year lease, will occupy the top four floors of 700 K, beginning March 2020. Evan Behr and Doug Mueller of JLL represented Meridian in the lease transaction, and Randy Harrell and Lara Nealon of CBRE represented Baker Botts. In December, fitness company Equinox announced it will open a 33,817-square-foot full-service health club at Anthem Row. In September, Truluck’s Seafood, Steak & Crab House announced plans to open a 10,313-square-foot restaurant at the project.

February 9, 2018

Multifamily Southeast Virginia

Berkadia Brokers $13.5M Sale of Multifamily Community in Hampton Roads Region

by Camren Skelton February 9, 2018

NEWPORT NEWS, VA. — Berkadia has brokered the $13.5 million sale of Suites at Port Warwick, a 100-unit multifamily community in Newport News. Alan Meetze and David Hudgins of Berkadia arranged the transaction on behalf of the seller, University Suites at Port Warwick LLC. Atlantic Multifamily-Port Warwick LLC acquired the asset. Originally developed as student housing, Suites of Port Warwick now offers a mix of market unit rentals and student “per bed” rentals. The buyer will continue to operate the property as both student housing and market townhouses. The community is located roughly two miles from Christopher Newport University. The property was constructed in 2004 and features three- and four-bedroom townhouse floor plans. Community amenities include a fitness center, pool, volleyball court and a tanning bed.

February 9, 2018

California Retail Western

Marcus & Millichap Arranges $6.6M Sale of Wells Fargo Bank Property in Long Beach

by Nellie Day February 9, 2018

LONG BEACH, CALIF. — Marcus & Millichap has facilitated the sale of a retail property located at 4411 Pacific Coast Highway in Long Beach. A partnership sold the property to an individual/personal trust for $6.6 million. Wells Fargo Bank occupies the 3,479-square-foot property under a 10-year, triple-net lease with five five-year options to renew. Kevin Boeve of Marcus & Millichap represented the seller, while Neema Ahadian, also of Marcus & Milichap, represented the buyer in the transaction.

February 9, 2018

Healthcare Midwest Minnesota

Cushman & Wakefield Arranges Sale of 83,378 SF Medical Office Building in Bloomington, Minnesota

by Kristin Harlow February 9, 2018

BLOOMINGTON, MINN. — Cushman & Wakefield has arranged the sale of TRIA Orthopaedic Center in Bloomington for an undisclosed price. The 83,378-square-foot medical office building is located at 8100 Northland Drive near I-494. The three-story building was constructed in 2004. Scott Pollock, Tom O’Brien, Avery Ticer and Terry Kingston of Cushman & Wakefield represented the seller, United Properties. A private investor acquired the asset.

February 9, 2018

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