sales_and_leases

Westwood Net Lease Advisors Brokers $92.6M Sale of Office Building in Midland, Michigan

by Kristin Harlow January 18, 2017

MIDLAND, MICH. — Westwood Net Lease Advisors has brokered the sale of an office building in Midland, about 27 miles east of Mt. Pleasant, for $92.6 million. The building serves as the headquarters for Dow Chemical Co., a manufacturer of plastics, chemicals and agricultural products. David Clary of Stan Johnson Co. represented the seller, Wells Fargo. Vince Vatterott and Jason Simon of Westwood Net Lease Advisors represented the buyer, a Northeast-based real estate investor. The transaction was completed as a 1031 exchange.

January 18, 2017

Illinois Midwest Office

Transwestern Arranges $10M Sale of Office Building in Deerfield, Illinois

by Kristin Harlow January 18, 2017

DEERFIELD, ILL. — Transwestern has arranged the sale of a three-story office building in Deerfield for $10 million. The 120,000-square-foot building is located at 155 N. Pfingsten Road. The property is 90 percent leased by 12 tenants and is anchored by NCH Marketing Services. Gary Nussbaum, Michelle Monhaut and Paige Gunn represented the seller, Colony Realty Partners. Brad Nichol of Boxer Property led the transaction on Boxer’s behalf. The company plans to upgrade building systems and add on-site tenant amenities.

January 18, 2017

California Multifamily Seniors Housing Western

IPA Negotiates $46.5M Sale of 135-Unit Active Adult Property in Bay Area

by Nellie Day January 17, 2017

SAN MATEO, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in institutional and major private investors, has negotiated the sale of The Villa at San Mateo for $46.5 million. The mixed-use property includes a 135-unit age-restricted community with six ground floor retail spaces in the Bay Area city of San Mateo. Originally constructed in 1957 as the Villa Hotel, the 4.5-acre property was converted to apartments in 2006. The community is nearby a shopping center currently undergoing a 290,000-square-foot expansion, and is walking distance from the Hillsdale Caltrain Station, which offers express service to both San Francisco and San Jose. The IPA team of Stan Jones, Phil Saglimbeni, Sal Saglimbeni, Mark Myers and Joshua Jandris represented the seller, Acacia Capital. The buyer was Elder Care Alliance. CBRE Capital Markets’ Debt & Structured Finance team arranged $30.4 million in acquisition financing for Elder Care in the transaction. Fannie Mae will provide the 10-year, fixed-rate financing. Elder Care Alliance is a California-based nonprofit seniors housing operator.

January 17, 2017

California Retail Western

California Realty Group Brokers $23M Sale of Shopping Center in Los Angeles

by Nellie Day January 17, 2017

LOS ANGELES — California Realty Group has arranged the $23 million sale of an eight-acre shopping center located in the Los Angeles neighborhood of Granada Hills. Gelb Enterprises sold the property, located at 16225 San Fernando Mission Blvd. The buyer, Harridge Development Group, plans to redevelop the property into a mixed-use project consisting of 440 residential units and 60,000 square feet of retail. Mark Esses of California Realty Group represented the buyer and seller in the off-market transaction.

January 17, 2017

Industrial Office Retail Texas

Gupta Partners Acquires 276,000 SF Flex Property in Houston

by Amy Works January 17, 2017

HOUSTON — Gupta Partners has acquired Beltway 8 Industrial Park, a nine-building flex property located at 5829 W. Sam Houston Parkway North in Houston, for an undisclosed price. The 276,000-square-foot property offers flex space ranging from 2,400 to 12,000 square feet for small businesses. Jace Auto Wheel and Tire Specialists and Lumber Liquidators, as well as retailers, professional offices, healthcare providers, technology/communications firms and wholesale service companies, occupy the property. Bradley Kovach of Moody Rambin represented the buyer, while Jim Authenreith, also of Moody Rambin, represented the seller, a California-based investment group, in the deal.

January 17, 2017

Illinois Midwest Office

FD Stonewater Acquires 164,845 SF Office Building in Evanston, Illinois

by Kristin Harlow January 17, 2017

EVANSTON, ILL. — FD Stonewater has acquired a multi-tenant office building in Evanston, 13 miles north of Chicago. The Class A, 164,845-square-foot building is located at 1007 Church St. Architect Helmut Jahn designed the building. The property was 79 percent leased upon acquisition to tenants in the education, healthcare and technology sectors. The building has been renamed Evanston MetroCenter. FD Stonewater, based in Arlington, Va., plans to make building improvements at Evanston MetroCenter and expand tenant services.

January 17, 2017

Healthcare Illinois Midwest

Baum Arranges $4.1M Sale of Medical Building in Park Ridge, Illinois

by Kristin Harlow January 17, 2017

PARK RIDGE, ILL. — Baum Realty Group LLC has arranged the sale of a medical building in Park Ridge for $4.1 million. The 13,925-square-foot building is located at 101 S. Washington Ave. The property is 100 percent leased. Medical practices have occupied the property for over 20 years. Danny Spitz and Greg Dietz of Baum represented the seller, a national developer. A Chicago-based investment group was the buyer.

January 17, 2017

Midwest Multifamily Ohio

Capstone Brokers Sale of 69-Unit Apartment Building in Dayton, Ohio

by Kristin Harlow January 17, 2017

DAYTON, OHIO — Capstone Apartment Partners has brokered the sale of Claypool Apartments in Dayton. The sales price was not disclosed. The 69-unit building was constructed in 1963. The property was 90 percent occupied at time of sale. The buyer was Pinnacle Dayton LLC. Stasiu Geleszinski, Sherief Gouda and Nathan Murphy of Capstone represented both the buyer and seller, Claypool Apartments LLC.

January 17, 2017

California Retail Western

Lee & Associates Arranges $73.4M Sale of Campus Marketplace in Metro San Diego

by Nellie Day January 16, 2017

SAN MARCOS, CALIF. — Lee & Associates has arranged the $73.4 million sale of Campus Marketplace, a 144,148-square-foot shopping center located roughly 35 miles outside San Diego in San Marcos. Tenants at the center include Ralph’s Grocery, CVS/pharmacy, Starbucks Coffee, Subway, Bank of America, UPS Store and Unleashed by Petco. Jan Fincham and Patrick Dempsey of Lee & Associates brokered the deal on behalf of the buyer, IVT San Marcos Campus LLC, and the sellers, Campus CMH LLC, 36 CMH and Campus BRB LLC. IVT San Marcos Campus LLC is an entity controlled by InvenTrust.

January 16, 2017

Multifamily Oregon Student Housing Western

EdR Acquires 1,016-Bed Student Housing Community Near Oregon State University

by Nellie Day January 16, 2017

CORVALLIS, ORE. — EdR has acquired The Retreat at Corvallis, a 1,016-bed community located near the Oregon State University campus in Corvallis. Built in 2015, the property offers a mix of one-, two-, three-, four- and five-bedroom units in both traditional apartment configurations and cottages. Community amenities include a clubhouse, resort-style pool, cardio room, weight room, yoga studio, bike storage, complimentary coffee bar, indoor golf simulator, game room, computer lab, tanning and green space. The community is 95 percent occupied for the current school year.

January 16, 2017

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