sales_and_leases

Cushman & Wakefield Arranges $29.4M Sale of Multifamily Property in Central Florida

by John Nelson February 15, 2017

OCALA, FLA. — Cushman & Wakefield has arranged the $29.4 million sale of Tuscany Place, a 288-unit, value-add apartment community located at 3420 S.W. 34th St. in Ocala. A partnership between Gainesville, Fla.-based The Collier Cos. and Houston-based ApexOne Investment Partners acquired the asset from Richmond, Va.-based GrayCo Inc. Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Orlando Capital Markets Multifamily Advisory Group represented GrayCo in the transaction. Built in 1997, Tuscany Place features one-, two- and three-bedroom units averaging 1,126 square feet. The average rental rate is $858 per month, and the community features a resort-style pool, heated jacuzzi, 24-hour laundry center, pet walk, playground, resident business center, 24-hour fitness center, jogging path, two-car wash areas with vacuums, barbecue grills, lighted tennis court, professional landscaping and two VIP/guest suites.

February 15, 2017

Industrial Massachusetts Northeast

Calare Properties Secures Full Ownership of 552,000 SF Industrial Property in Chicopee, Massachusetts

by Amy Works February 15, 2017

CHICOPEE, MASS. — Calare Properties has acquired full ownership of a two-building industrial property located at 425 Meadow St. in Chicopee. Calare secured full ownership of the asset through a recapitalization. Calare has managed and owned the property with a joint venture majority partner since 2014. Situated on 47 acres, the 552,000-square-foot asset comprises a 402,000-square-foot manufacturing facility and a 150,000-square-foot high-bay warehouse. Along with the acquisition, Calare has finalized two leases at the property. Callaway Golf Co. has signed a 10-year lease extension for the manufacturing facility through 2028, and Granite City Electric signed a long-term lease for 80,000 square feet of the warehouse space.

February 15, 2017

Illinois Midwest Retail

NelsonHill Negotiates $5.8M Sale of Historic Auto Showroom in Chicago

by Kristin Harlow February 15, 2017

CHICAGO — NelsonHill has negotiated the sale of The Hudson Building, a historic auto showroom in Chicago, for $5.8 million. The three-story building, constructed in 1922 as part of Chicago’s Motor Row District, is located at 2222 S. Michigan Ave. The Hudson consists of 115,000 square feet, with the first floor serving as the original auto showroom with 19-foot clear heights. Echelon Capital purchased the building. Michael Nelson and Stevan Arandjelovic of NelsonHill represented ownership in the sale. Motor Row is listed on the National Registry of Historic Places.

February 15, 2017

Illinois Midwest Retail

Quantum Brokers $3M Sale of Shopping Center in Warrenville, Illinois

by Kristin Harlow February 15, 2017

WARRENVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of Cantera Commons in Warrenville, north of Naperville, for $3 million. The retail property is comprised of two multi-tenant buildings located at 28341-28361 Diehl Road. Potbelly Sandwich Shop occupies a 10,431-square-foot building, while Starbucks and Café Zupos occupy a 7,423-square-foot building. The building was approximately 25 percent occupied at the time of sale. The buyer was a private real estate investor based in Chicago. The seller was a special servicer on behalf of a CMBS trust. Chad Firsel of Quantum represented both the seller and purchaser in the transaction.

February 15, 2017

Multifamily Texas

Transwestern Arranges Sales of 1,600 Multifamily Units in Dallas-Fort Worth Area Totaling $85M

by Amy Works February 15, 2017

DALLAS, GARLAND, MESQUITE, FORT WORTH AND TYLER, TEXAS — Tranwestern has brokered the sales of 1,600 multifamily units in the Dallas-Fort Worth area valued at $85 million. Taylor Snoddy, Philip Wiegard and James Roberts of Transwestern represented the seller and sourced the buyers in the five transactions. The acquisition prices for the individual transactions were not released. In the first deal, a New York-based investment group acquired North Park Terrace, a 310-unit property located at 8662 Park Lane in Dallas, and Pecan Tree, a 173-unit community located at 3001 Kendale Drive in Dallas. In the second transaction, an Oregon-based investment group purchased Eastfield Plaza, a 216-unit community located at 2626 John West Road in Mesquite. The buyer plans to renovate the property. In the third deal, a New York-based investment group acquired Parque Del Sol, a 200-unit property located at 238 E. Oates Road in Garland. In the fourth transaction, a Northern California-based investment group purchased Woods of Ridgmar, a 235-unit community located at 2200 Taxco Road and 2200 Ridgmar Plaza in Fort Worth. In the final deal, a Dallas-based investment group acquired 34 Hundred, a 484-unit complex located at 3400 Varsity Drive in Tyler. The buyer plans to renovate the …

February 15, 2017

California Retail Western

Hanley Investment Group Arranges $17.2M Sale of Upland Village Shopping Center

by Nellie Day February 14, 2017

UPLAND, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $17.2 million sale of Upland Village, a 60,857-square-foot shopping center located in Upland. Grocery Outlet and Dollar Tree anchor the fully occupied shopping center. Ed Hanley and Bill Asher of Hanley Investment Group, and Joe Miller of Voit Real Estate Services represented the seller, Outpost Village LLC. Peter Loh and Paul Yang of RE/MAX represented the buyer, a Southern California-based private investor.

February 14, 2017

Nevada Retail Western

Agora Realty Acquires Smart & Final-Anchored Shopping Center in Las Vegas for $10.3M

by Nellie Day February 14, 2017

LAS VEGAS — Agora Realty and Management has acquired a 100,856-square-foot, Smart & Final-anchored shopping center located in Las Vegas for $10.3 million. Tenants at the 71 percent occupied center include Carl’s Jr., Little Caesars Pizza and Cricket Wireless. The seller in the transaction was undisclosed. The firm plans to renovate the façade of the center, and is currently under contract with Metro PCS to occupy 1,229 square feet of space.

February 14, 2017

Office Retail Texas

Marcus & Millichap Negotiates Sale of 6,186 SF Office, Retail Property in Arlington

by Amy Works February 14, 2017

ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of a multi-tenant office and retail property located at 1251 W. Green Oaks Blvd. in Arlington. A developer sold the 6,186-square-foot property to an undisclosed buyer. At the time of sale, the property was fully leased to a mix of tenants including Alamo Title, Farmers Insurance and Edward Jones Investments. Blake Burnett of Marcus & Millichap represented the seller in the deal, while Chris Parker of Mark One Capital arranged financing for the acquisition. The acquisition price was not released.

February 14, 2017

Kansas Loans Midwest Multifamily

Berkadia Arranges Sale and Secures Acquisition Financing for Multifamily Property in Mission, Kansas

by Kristin Harlow February 14, 2017

MISSION, KAN. — Berkadia has arranged the sale of the Bridges at Foxridge in Mission, just north of Overland Park. Berkadia also arranged the acquisition financing for the buyer, Landmark Realty of San Francisco. The seller was New York-based Sterling Equities. The sales price was not disclosed. Constructed between 1966 and 1973, the 317-unit apartment community is located at 5250 Foxridge Drive. Unit sizes average at 1,267 square feet. Community amenities include a swimming pool, fenced dog park, garages and carports, children’s playground, fitness center, tennis court and clubhouse with full kitchen, complimentary computers and Wi-Fi. Michael Sullivan, Grant Kollman, Brett Meinzer and Alex Blagojevich represented the seller in the transaction. John Schorgl originated the acquisition loan with Fannie Mae. The 10-year loan includes 36 months of interest-only payments.

February 14, 2017

Healthcare Kansas Midwest Retail

Block & Co. Brokers Sale of Land Site in Overland Park, Kansas

by Kristin Harlow February 14, 2017

OVERLAND PARK, KAN. — Block & Co. Inc. Realtors has brokered the sale of 1.65 acres of land located at Metcalf 75 Shopping Center in Overland Park. The land was purchased by an undisclosed buyer and will be used to build a 16,870-square-foot medical facility. Metcalf 75 Shopping Center will be torn down to make way for the new medical facility. David M. Block and Darren Siegel brokered the transaction on behalf of the property owners. Cary Fox and Bill Shakelford of AREA Real Estate Advisors represented the buyer. Darren Siegel, David M. Block and Steve Caffey of Block & Co. also handled lease negotiations between the new buyer and the existing tenants to vacate the property. Block & Co. has been the leasing and property management company for Metcalf 75 Shopping Center since the 1970s.

February 14, 2017

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