sales_and_leases

Belvedere Place Office Building in Marin County Changes Hands

by Nellie Day January 12, 2017

MILL VALLEY, CALIF. — A partnership between ScanlanKemperBard and Angelo, Gordon & Co. has acquired the 103,000-square-foot Belvedere Place office building in the Marin County city of Mill Valley for an undisclosed sum. The Class A office building is located at 1 and 2 Belvedere Place, about 14 miles north of San Francisco. It was built in 2000. The partnership plans to update the building’s exterior and landscaping. It will also add a gym with showers, as well as lockers, bike lockers and bike storage. Belvedere Place was 60 percent leased at the time of sale. Notable tenants linclude UBS and Merrill Lynch Wealth Management. Haden Ongaro, Mac Cranford and Mark Carrington of Newmark Cornish & Carey represented both the buyer and the seller, Bently Holdings, in this transaction. The team is also serving as the property’s leasing agents.

January 12, 2017

Multifamily Utah Western

Cobblegate Apartments in Sandy Sells for $93.8M

by Nellie Day January 11, 2017

SANDY, UTAH — Col Rich has acquired the 416-unit Cobblegate Apartments in Sandy for $93.8 million. The community is located at 910 E. 9000 South. Cobblegate Apartments is situated near Dimple Dell Regional Park, the Jordan Commons Megaplex Theatres and South Towne Center, a 1,300,000-square-foot shopping mall. Community amenities include underground parking, attached and detached garages and carports, a swimming pool, hot tub, large fitness center, playground, and clubhouse. Daniel Shin and Brock Zylstra of Marcus & Millichap represented the seller, a local developer, in this trasnsaction.

January 11, 2017

California Multifamily Western

Sentre Purchases Sommerset Suites Hotel in San Diego for Multifamily Conversion

by Nellie Day January 11, 2017

SAN DIEGO — Sentre has purchased the 80-room Sommerset Suites Hotel in San Diego for an undisclosed sum. The asset is located at 606 Washington St. in the Hillcrest submarket. The property was originally designed in the late 1980s as a boutique apartment community. The sellers converted the property into a hotel in the mid-90s, leaving most of the apartment amenities intact. This included a heated pool and spa, barbeque area, dining room and business center. Sentre is repositioning the property into the Whiston, an 80-unit boutique apartment community. Sentre received a five-year, fixed-rate loan that was placed with a life insurance company. Financing will be used to purchase the hotel and fund the repositioning. HFF’s Hunter Combs and Scott Hall executed the transaction. Aldon Cole led HFF’s debt placement team.

January 11, 2017

Multifamily Texas

Greysteel Arranges Sale of 30-Unit Multifamily Property in Irving

by Amy Works January 11, 2017

IRVING, TEXAS — Greysteel has brokered the sale of Radford Place Townhomes, a multifamily property located at 3922 Evergreen St. in Irving. Texas 05 Partners LLC sold the property to Radford PT LLC for an undisclosed sum. Built in 1986, the property features 30 two- and three-bedroom units — 24 of which have been renovated — covered parking, a swimming pool and a hot tub. Boyan Radic, Doug Banerjee, Andrew Mueller, Ryan Hill and Andrew Hanson of Greysteel represented the seller and procured the buyer in the deal.

January 11, 2017

North Carolina Office Southeast

Dilweg Acquires Two-Building Office Complex in Metro Raleigh for $61M

by John Nelson January 11, 2017

CARY, N.C. — The Dilweg Cos. has purchased Regency Lakeview, a two-building, 376,131-square-foot office complex in Cary, a suburb of Raleigh. Boston-based Intercontinental Real Estate Corp. sold the property to Durham, N.C.-based Dilweg for $61 million. The two five-story, Class A buildings were built in 1985 and 1998 and were fully leased at the time of sale to tenants such as Dude Solutions, HCL, Global Knowledge and Black & Veatch. Dilweg plans to invest roughly $4 million to upgrade Regency Lakeview’s operating systems, parking, common areas and tenant amenities. Ben Kilgore, Elliott Brewer and Leslie Holmes of CBRE | Raleigh, along with Patrick Gildea, Matt Smith and Leslie Wooten of CBRE Inc., represented Intercontinental in the transaction.

January 11, 2017

Midwest Ohio Retail

Hines Global REIT II Acquires Retail Properties in Cincinnati for $190M

by Kristin Harlow January 11, 2017

CINCINNATI — Hines Global REIT II has acquired Rookwood Pavilion and Rookwood Commons in Cincinnati. The purchase price was $190 million, excluding transaction costs and working capital reserves, according to an SEC filing. The two shopping centers operate as a single property referred to as Rookwood. Rookwood Pavilion was built in 1993 and Rookwood Commons was built in 2000. The property consists of 600,071 square feet that is 97 percent leased to 73 retailers and restaurants, including Whole Foods, REI, Nordstrom Rack, T.J. Maxx, Joseph-Beth Booksellers, P.F. Chang’s and J. Alexander’s. Hines Global REIT II is a public, non-listed real estate investment trust sponsored by Hines. CLP-SPF Rookwood Commons LLC and CLP-SPF Rookwood Pavilion LLC were the sellers.

January 11, 2017

Illinois Midwest Office

The Missner Group Acquires 138,000 SF Office Property in Chicago Suburb

by Kristin Harlow January 11, 2017

LAKE FOREST, ILL. — The Missner Group has acquired Cadence at Conway Park in the Chicago suburb of Lake Forest. The sales price was not disclosed. The 138,000-square-foot Class A office building is located at 300 N. Field Drive along I-294. The building was originally constructed in 2007 and was developed by Duke Realty. The property features 34,500-square-foot floor plates with layouts including multiple conference and training spaces, a two-story atrium-style lobby, commercial kitchen, game room and Wi-Fi lounge. The Missner Group purchased the property from Hospira, which was acquired by Pfizer in 2015. Hospira purchased the property for $28.8 million in 2007. Jason Simon and Darryl Silverman of Colliers International will market the property on behalf of The Missner Group. Barry Missner and Ed Adler of The Missner Group led the acquisition for the firm. James Ward, Jonathan Metzl and Adam Showalter of Cushman & Wakefield represented the seller in the transaction.

January 11, 2017

Illinois Industrial Midwest

Realty Metrix Brokers Sale of 24,600 SF Industrial Building in West Chicago

by Kristin Harlow January 11, 2017

CHICAGO — Realty Metrix Commercial has brokered the sale of a 24,600-square-foot industrial building located at 450 Wegner Drive in West Chicago. The sales price was not disclosed. The property consists of a 24,600-square-foot industrial building situated on 1.3 acres. Siegwerk Environmental Inks, a German-based manufacturer of water-based inks, occupies the space. Dave Schmidt and Linda Kost of Realty Metrix represented the buyer, LMK LLC. Tom Bosshart of Norwood-O’Hare Realty Group Inc. represented the seller.

January 11, 2017

Multifamily Texas

Greysteel Arranges Sale of Multifamily Property in Dallas

by Amy Works January 10, 2017

DALLAS — Greysteel has brokered the sale of Herschel Manor, a multifamily property located at 4107 Herschel Ave. in Dallas. 4107 Herschel LLC sold the property to WHA Yugen Sekinin Jigyou Kumiai LLP for an undisclosed price. Built in 1930, the property total 12 apartments and underwent a renovation and upgrade in 2015 and 2016. Renovations included upgrades to bathrooms and kitchens, installation of granite countertops and designer backsplashes in kitchens, stainless steel appliance packages throughout, upgraded hardware, fixtures and ceiling fans, refinished original hardwood flooring and new interior paint. Exterior renovations included painting the entire façade, new HVAC units and drought-resistant landscaping. The property also features a cookout area, covered parking and an on-site laundry facility.

January 10, 2017

Massachusetts Northeast Office

Normandy Real Estate Partners Sells Office Building in Concord, Massachusetts, for $63.5M

by Amy Works January 10, 2017

CONCORD, MASS. — Normandy Real Estate Partners has completed the sale of 300 Baker Avenue, an office building located in Concord. Novaya Real Estate Ventures acquired the property for $63.5 million. The 413,415-square-foot office building recently underwent significant renovations, including an updated lobby, common area, amenity and building system upgrades. Amenities at the building include a full-service cafeteria, fitness center, conference center and basketball and volleyball courts. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of NGKF Capital Markets represented the seller in the deal. Additionally, David Douvadjian and Brian Butler of Newmark Grubb Knight Frank arranged acquisition financing for the buyer.

January 10, 2017

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