sales_and_leases

BMC Investments, Oak Coast Properties Buy Timber Lodge Apartments Near Denver for $40.5M

by Nellie Day January 31, 2017

THORNTON, COLO. — A joint venture between BMC Investments and Oak Coast Properties has purchased the 390-unit Timber Lodge Apartments in Thornton for $40.5 million. The asset is located nine miles north of downtown Denver. Timber Lodge was built in 1972. It has recently undergone a $6.9 million capital improvement program that renovated many of the units. The community is currently 94 percent occupied. HFF’s Brock Yaffe and Charles Halladay assisted in securing a $13.8 million supplemental loan for the buyer through Freddie Mac’s CME Program. HFF will service the securitized loan.

January 31, 2017

Colorado Industrial Western

Sierra Pacific Industries Purchases Crossroads Commerce Park in Denver

by Nellie Day January 31, 2017

DENVER — Sierra Pacific Industries has purchased the 52,566-square-foot Crossroads Commerce Park in Denver for an undisclosed sum. The property is located at the northwest corner of 52nd Avenue and Washington Street in unincorporated Adams County. Construction on the facility commenced last summer and was completed this week. Murray & Stafford is the general contractor and Ware Malcomb is the architect. Colorado Business Bank provided financing. The Newmark Grubb Knight Frank team of Mike Wafer, Tim D’Angelo and Mike Wafer Jr. represented the seller, Trammell Crow Co., in this transaction. The team also handled the leasing and marketing for Crossroads.

January 31, 2017

Arizona Retail Western

Cushman & Wakefield Arranges $4.2M Sale of Raising Cane’s Property in Tucson

by Nellie Day January 31, 2017

TUCSON, ARIZ. — Cushman & Wakefield has arranged the $4.2 million sale of a 3,616-square-foot Raising Cane’s restaurant in Tucson. The single-tenant property is occupied under a 20-year, triple-net lease to Micatrotto Holdings DBA Raising Cane’s. Micatrotto Restaurant Group backs the lease. Chris Hollenbeck of Cushman & Wakefield represented the seller, Phoenix-based Eisenberg Co. Chris Rodriguez of Pacific Northwest represented the buyer, Leal 2002 Family Trust.

January 31, 2017

Industrial Texas

Transwestern Development, AEW Capital Sell 339,900 SF Industrial Property in Katy, Texas

by Amy Works January 31, 2017

KATY, TEXAS — Transwestern Development Co., along with AEW Capital Management, has completed the disposition of Mason Creek Business Center, a four-building industrial property located at 21201-21501 Park Row Drive in Katy, for undisclosed price. The 339,900-square-foot property features clear ceiling heights ranging from 24 to 28 feet, truck court depths from 130 to 190 feet and cross dock and rear- and front-load layouts. Rusty Tamlyn and Trent Agnew of HFF represented Transwestern Development and AEW Capital Management in the transaction. The name of the buyer was not released.

January 31, 2017

Florida Multifamily Southeast

Walker & Dunlop Arranges $58.8M Sale of Apartment Community in Broward County

by John Nelson January 31, 2017

DAVIE, FLA. — Walker & Dunlop has arranged the $58.8 million sale of Town University Luxury Apartments, a newly built, 232-unit apartment community in Davie, a suburb of Fort Lauderdale in Broward County. Town University is the first acquisition in the United States for the buyer, Contentus, a Swedish investment firm. In addition to brokering the sale, Walker & Dunlop arranged a $35.4 million acquisition loan on behalf of Contentus. Chris Conklin and Roberto Pesant of Walker & Dunlop’s investment sales team brokered the sale. Al Rex, Marty McGrogan and Niki Preble of Walker & Dunlop arranged the 10-year acquisition loan. Town University’s community amenities include a steam room, cyber café with a coffee bar and a fitness center with cardio equipment, a virtual spin room and yoga.

January 31, 2017

Midwest Ohio Retail

Marcus & Millichap Brokers $4.4M Sale of Shopping Center in Avon, Ohio

by Kristin Harlow January 31, 2017

AVON, OHIO — Marcus & Millichap has brokered the sale of Center Plaza in Avon, about 20 miles west of Cleveland, for $4.4 million. The 25,359-square-foot shopping center is located at 2100 Center Road. Howard Hanna anchors the property, which also includes tenants such as Barry Bagels, Dante Lucci Salon, Math Wizard, Northwest Savings Bank and Zeppe’s Pizza. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap marketed the property on behalf of the seller, an international private fund. A private local buyer purchased the asset.

January 31, 2017

Industrial Midwest Wisconsin

Dickman Co./CORFAC Arranges Sale of 8,700 SF Industrial Building in Pewaukee, Wisconsin

by Kristin Harlow January 31, 2017

PEWAUKEE, WIS. — The Dickman Co. Inc./CORFAC International has arranged the sale of an 8,700-square-foot industrial building in Pewaukee, north of Waukesha. The building is located on Joseph Road. Samuel M. Dickman Jr., Samuel D. Dickman and Nick Keys of the Dickman Co. represented the undisclosed seller. Chris Etmanczyk of Lee & Associates represented the buyer, Joseph Road LLC.

January 31, 2017

Nevada Retail Western

Joint Venture Acquires Town Square in Las Vegas

by Nellie Day January 30, 2017

LAS VEGAS — A joint venture between TH Real Estate and Fairbourne Partners has acquired Town Square, a 1.1 million-square-foot lifestyle center comprised of 26 buildings in Las Vegas. The property is 90 percent occupied by tenants including Apple, Whole Foods Market, H&M, Victoria’s Secret, Saks Off 5th and The Container Store. Solar City, a company led by Elon Musk, also leases approximately 113,000 square feet of office space at the property. TH Real Estate will be the majority holder, taking an 85 percent stake in the property.

January 30, 2017

Arizona Restaurant Retail Western

Marcus & Millichap Arranges $2M Sale of Restaurant Property in Casa Grande

by Nellie Day January 30, 2017

CASA GRANDE, ARIZ. — Marcus & Millichap has arranged the $2 million sale of a 7,441-square-foot Olive Garden located in Casa Grande. Jamie Medress, Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. The buyer was undisclosed.

January 30, 2017

Retail Texas

Hanley Investment Group Arranges Sale of Retail Property in Dallas

by Amy Works January 30, 2017

DALLAS — Hanley Investment Group has brokered the sale of a retail property located at 6530 N. Central Expressway in Dallas. An Austin-based private investor acquired the 3,377-square-foot store from a Chicago-based development firm for an undisclosed price. Just Brakes occupies the building, which was built in 1964 and renovated in 2014. Eric Wohl, Austin Blodgett and Andrew Cunningham of Hanley Investment Group represented the buyer and seller in the deal.

January 30, 2017

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