sales_and_leases

Passco Buys Apartment Community in Charleston for $38.5M

by John Nelson January 10, 2017

CHARLESTON, S.C. — Passco Cos. has purchased Woodfield South Point, a 240-unit apartment community located at 1000 Bonieta Harrold Drive in Charleston’s West Ashley submarket, for $38.5 million. Passco will rebrand the asset to 1000 West. The apartment community is situated within walking distance of the West Ashley Greenway, a 8.3-mile jogging and biking trail. Community amenities include a resort-style saltwater pool, tanning deck, outdoor grills and barbecue areas, clubhouse with an outdoor fireplace, media lounge, cyber café, dog park and a car washing station. Kevin Kempf and Phil Brosseau of CBRE represented the seller, Arsenal Real Estate Funds, in the transaction. Chris Black of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Passco. Including the 1000 West transaction, Passco’s acquisition volume in 2016 exceeded $540 million, and the company plans to eclipse $1 billion in acquisition volume in 2017.

January 10, 2017

Midwest Retail Wisconsin

Mid-America Real Estate Brokers Sale of 90,320 SF Grocery Store in Shorewood, Wisconsin

by Kristin Harlow January 10, 2017

SHOREWOOD, WIS. — Mid-America Real Estate Corp. has brokered the sale of Metro Market in Shorewood, about five miles north of Milwaukee. The sales price was not disclosed. The 90,320-square-foot store is located at 4075 N. Oakland Ave. Metro Market is a grocery chain owned by Kroger. Wes Koontz, Christian Tremblay, Ben Wineman and Dan Rosenfeld of Mid-America Real Estate represented the undisclosed seller. An institutional buyer purchased the property, which includes a parking garage.

January 10, 2017

Kansas Midwest Office

SelectQuote Signs 85,000 SF Office Lease in Overland Park, Kansas

by Kristin Harlow January 10, 2017

OVERLAND PARK, KAN. — SelectQuote has signed an 85,000-square-foot office lease at Overland Park Xchange (OPx) in Overland Park. The San Francisco-based life insurance company will occupy the space beginning in September 2017. Occidental Management, the owner of the Class A office building, added a second floor in the former Expo Hall to create two 55,000-square-foot floor plates to accommodate SelectQuote’s needs. SelectQuote plans to transform the exterior area on the ground floor into a large outdoor recreational space as well as offer amenities such as a coffee bar, fitness center and video games to employees. With the SelectQuote lease, the building is now 83.5 percent leased. Other tenants include UnitedHealth Group and Black & Veatch. SelectQuote currently occupies a Midwest office in Kansas City, Mo. and will consolidate the locations.

January 10, 2017

Midwest Ohio Retail

Cooper Commercial Brokers $1.8M Sale of Property Net Leased to Vitamin Shoppe in Niles, Ohio

by Kristin Harlow January 10, 2017

NILES, OHIO — Cooper Commercial Investment Group has brokered the sale of a single-tenant property net leased to Vitamin Shoppe in Niles, near the border of Pennsylvania, for $1.8 million. The Vitamin Shoppe has approximately six years remaining on its lease. Dan Cooper of Cooper Commercial represented the seller, an Ohio-based private investor. A Minnesota-based fund was the buyer.

January 10, 2017

Arizona Retail Western

Regency Centers Sells Pima Crossing Shopping Center in Arizona for $46.2M

by Nellie Day January 10, 2017

SCOTTSDALE, ARIZ. — Regency Centers L.P. has sold Pima Crossing, a 283,275-square-foot shopping center located in Scottsdale, for $46.2 million. An entity formed by Los Angeles-based Karlin Real Estate bought the property. PGA Superstore anchors the center, which is also home to Pier 1 Imports, Lifetime Fitness, Stein Mart, Scottsdale Beer Co. and Discount Patio. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller in the transaction.

January 10, 2017

Colorado Hospitality Western

Schulte Hospitality Buys Hyatt Place in Colorado Springs

by Nellie Day January 10, 2017

COLORADO SPRINGS, COLO. — Schulte Hospitality has purchased the 126-room Hyatt Place in Colorado Springs for an undisclosed sum. The hotel is located at 503 W. Garden of the Gods Road. CBRE Hotels’ Larry Kaplan and Mark Darrington represented the seller, a joint venture between Sage Hospitality and Whitman Peterson, in this transaction.

January 10, 2017

Northeast Office Pennsylvania

CBRE Global Investors Fund Enters Pittsburgh Market with Office Building Acquisition

by Amy Works January 9, 2017

PITTSBURGH — A fund advised by CBRE Global Investors has acquired Liberty Center, a 27-story Class A office property located in Pittsburgh’s central business district, for an undisclosed price. The property features 529,289 square feet of office space. The buyer plans to enhance the property through implementation of its proprietary 5-Star worldwide service and amenity program.

January 9, 2017

Office Texas

Columbia Property Trust Sells Houston Office Portfolio to Spear Street Capital for $272M

by Amy Works January 9, 2017

HOUSTON — Columbia Property Trust has exited the Houston market with the $272 million sale of its three-property portfolio to Spear Street Capital. Totaling 1.2 million square feet, the assets include 5 Houston Center, a 581,000-square-foot office building at 1401 McKinney St.; Energy Center I, a 332,000-square-foot office building at 585 N. Dairy Ashford Road; and 515 Post Oak Boulevard, a 12-story, 274,000-square-foot office building located in Houston’s Galleria submarket. Atlanta-based Columbia Property Trust will use the proceeds to reinvest in its high-barrier target markets.

January 9, 2017

Mixed-Use Retail Southeast Virginia

Howard Hughes Corp. Acquires Macy’s Store at Landmark Mall in Alexandria

by John Nelson January 9, 2017

ALEXANDRIA, VA. — The Howard Hughes Corp. has purchased a Macy’s store and parking field at Landmark Mall in Alexandria for an undisclosed price. The Macy’s at Landmark Mall is one of 68 stores announced to be closing by Macy’s last week. The company plans to transform the enclosed mall and the Macy’s parcel into an open-air, mixed-use community with retail, residential and entertainment components. The new Landmark will feature multiple plazas and green spaces, outdoor seating, an updated transit center, seasonal entertainment, public art, numerous full-service and fast-casual dining options and an upscale movie theater. The Howard Hughes Corp. is planning to close the interior portion of Landmark Mall at the end of January. A definitive timeline for the redevelopment has not been finalized.

January 9, 2017

Illinois Midwest Multifamily

Origin Investments, Draper and Kramer Acquire Apartment Property in Chicago Suburb for $48M

by Kristin Harlow January 9, 2017

PALATINE, ILL. — Origin Investments, in partnership with Draper and Kramer Inc. and LEM Capital, has acquired Village Park of Palatine in the Chicago suburb of Palatine for $48 million. The 448-unit apartment complex features 15 two- and three-story buildings on a 28-acre site. The unit mix includes 154 studio and one-bedroom units averaging 706 square feet, 195 two-bedroom units averaging 994 square feet and 99 three-bedroom units averaging 1,225 square feet. At the time of acquisition, the property was 92 percent occupied. Over the next 30 months, Origin and its partners plan to upgrade all units in the complex, which was originally developed in 1977 and renovated in 1997. New appliances, cabinets, countertops and hardware will be installed. The partnership will oversee extensive common area upgrades as well.

January 9, 2017

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