sales_and_leases

Agra Culture Kitchen & Press Signs 3,270 SF Lease at The Finn in St. Paul, Minnesota

by Kristin Harlow December 1, 2016

ST. PAUL, MINN. — Agra Culture Kitchen & Press has signed a lease to occupy 3,270 square feet at The Finn, a mixed-use project under construction in St. Paul’s Highland Park neighborhood. The 68,353-square-foot development by Ackerberg is located at 735 Cleveland Ave. South. Agra Culture is a fast-casual restaurant offering breakfast, lunch and dinner with salads, sandwiches, soups, coffee and smoothies with local and organic ingredients. Agra Culture will occupy the northwest corner of the property. Construction began in March 2016 with project completion slated for spring 2017. Other tenants will include Alchemy365, GENT Cuts and Grooming and Edina Realty. Ackerberg and Cleveland Holdings are developing the project. BKV Group is the architect and Big-D Construction is the contractor. Tim and Josh Bloom of Bloom Commercial Real Estate represented Ackerberg in the transaction.

December 1, 2016

Office Texas

Equus Capital Partners Sells 136,444 SF Office Building in Austin

by Amy Works December 1, 2016

AUSTIN, TEXAS — Equus Capital Partners has completed the disposition of Pecan Park, an office property located at 10800 Pecan Park Blvd. in Austin. An affiliate of Mark IV Capital Properties acquired the office building for an undisclosed price. Built in 2009, the four-story, 136,444-square-foot property features a state-of-the-art fitness center and a conference center. Additionally, the building is LEED certified and offers a parking ratio of 4.65 spaces per 1,000 square feet.

December 1, 2016

Illinois Midwest Retail

The Boulder Group Arranges $1M Sale of Net Leased Athletico Property in Chicago

by Kristin Harlow December 1, 2016

CHICAGO — The Boulder Group has arranged the $1 million sale of a single-tenant property net leased to Athletico Physical Therapy in Chicago. The 4,535-square-foot building is located at 8905 S. Commercial Ave. The new Athletico lease is for 10 years and features a 10 percent rental escalation in each of the two five-year renewal option periods. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest real estate investment company. A West Coast-based real estate investment company was the buyer.

December 1, 2016

California Industrial Western

Industrial Property Trust Buys Alessandro Business Center in Riverside for $51.6M

by Nellie Day November 30, 2016

RIVERSIDE, CALIF. — Industrial Property Trust has acquired Alessandro Business Center, a 582,000-square-foot industrial facility in Riverside, for $51.6 million. The facility is located at 7295 San Gorgonio Drive. Ascena Retail Group fully occupies the institutional-quality center. Jeff Chiate, Jeff Cole and Chuck Belden of Cushman & Wakefield, along with James Panting of Commercial Realty Advisors, represented the seller, Western Realco/Cigna, in this transaction.

November 30, 2016

Multifamily New Mexico Seniors Housing Western

Westport, Integro Sell Montecito Santa Fe Seniors Housing Community

by Nellie Day November 30, 2016

SANTA FE, N.M. — A joint venture between Westport Capital Partners and Integro Healthcare Consulting has sold Montecito Santa Fe, a 146-unit independent living and assisted living community in Santa Fe. Sabra Health Care REIT purchased the property for an undisclosed sum. The sellers originally purchased the property out of bankruptcy and repositioned it as a Class A asset. Integro will continue to operate the community after the change in ownership. Richard Swartz, Jay Wagner, Aaron Rosenzweig and Timothy Hosmer of Cushman & Wakefield executed the transaction.

November 30, 2016

Multifamily Texas

Bell Partners Acquires 302-Unit Multifamily Community in Austin

by Amy Works November 30, 2016

AUSTIN, TEXAS — Greensboro, N.C.-based Bell Partners has purchased Aria Steiner Ranch, a multifamily community located in Austin, for an undisclosed price. The 302-unit community has been renamed Bell Steiner Ranch and will be managed by Bell Partners. Built in 2015, the property features 22 three- and four-story garden-style buildings, more than 600 parking spaces, a clubhouse, Full Swing golf simulator, fitness facility, digital café with lounge seating, conference room, resort-style pool, lap pool, an outdoor kitchen and a fenced dog park. The one-, two- and three-bedroom apartments average 1,080 square feet and feature quartz countertops, Energy Star appliances, patios or balconies and full-size washers/dryers. The acquisition is the 34th apartment community in the company’s Texas portfolio. The name of the seller was not released.

November 30, 2016

Illinois Midwest Office

Bradford Allen to Oversee Leasing at CitiBank Office Plaza in Oak Brook, Illinois

by Kristin Harlow November 30, 2016

OAK BROOK, ILL. — Bradford Allen has been named the exclusive leasing agent for 1900 Spring Road, a 107,000-square-foot Class A building in Oak Brook, about 20 miles west of Chicago. The building is also known as Citibank Office Plaza, as Citibank runs a branch on the first floor. Franklin Partners purchased the building from American Realty Advisors in September and plans to relocate its offices to the building as well as handle the property management. John Millner and Ryan Moen of Bradford Allen will handle the leasing management.

November 30, 2016

Midwest Minnesota Multifamily

Marcus & Millichap Arranges $3M Sale of 71-Unit Apartment Building in Milaca, Minnesota

by Kristin Harlow November 30, 2016

MILACA, MINN. — Marcus & Millichap has arranged the sale of Milaca Park Apartments in Milaca, north of Minneapolis, for $3 million. The 71-unit apartment building is located at 240 2nd Ave. SW. Dan Linnell, Mox Gunderson and Josh Talberg of Marcus & Millichap’s Minneapolis office, in conjunction with Paul Davis, Andrew Daitch and Seth Barnett of Marcus & Millichap’s Detroit office, marketed the property on behalf of the seller, a partnership. Dan Linnell, Mox Gunderson and Josh Talberg represented the buyer, a limited liability company. Steven Chaben of Marcus & Millichap assisted in closing the transaction.

November 30, 2016

Florida Office Southeast Top Stories

Lingerfelt CommonWealth Sells Riverplace Tower in Downtown Jacksonville for $53.4M

by John Nelson November 30, 2016

JACKSONVILLE, FLA. — Lingerfelt CommonWealth Partners LLC has sold Riverplace Tower, a 441,000-square-foot office tower located at 1301 Riverplace Blvd. in downtown Jacksonville. The undisclosed buyer purchased the 28-story tower, which is situated along the St. Johns River, for $53.4 million. The new owner has retained Richmond, Va.-based Lingerfelt CommonWealth to operate the asset, which the company purchased in 2014 for $29 million. Ameris Bank has signage on the office tower and occupies the entire 26th floor. The bank also operates a branch in the lobby. Commonwealth Commercial Partners, Lingerfelt CommonWealth’s property management affiliate, will handle day-to-day asset and property management responsibilities at Riverplace Tower. JLL will continue to handle the leasing and marketing of Riverplace Tower on behalf of the new owner. Lingerfelt CommonWealth Partners is a full-service real estate investment management firm with additional offices in Nashville, Jacksonville, Tampa, Charlotte, Raleigh, Greensboro and Hampton Roads. Together with its predecessors in the private sector and public REIT sector, its partners have built, acquired and managed nearly 20 million square feet of commercial real estate valued at approximately $2 billion across the Mid-Atlantic and Southeast. In addition to Riverplace Tower, Lingerfelt CommonWealth recently sold the Bank of America Plaza, a …

November 30, 2016

Multifamily Washington Western

Priderock Buys Arcadia Townhomes in Federal Way for $68.5M

by Jeff Shaw November 29, 2016

FEDERAL WAY, WASH. — Priderock has purchased the 309-unit Arcadia Townhomes in the Seattle submarket of Federal Way for $68.5 million. The community is located at 1300 S.W. Campus Drive. Community amenities include barbeques and a gazebo, fitness center, clubhouse with Wi-Fi, outdoor pool, hot tub, biking and walking paths. JLL’s David Young and Corey Marx represented the seller, a joint venture between TruAmerica Multifamily and Guardian Life Insurance Company of America, in this transaction.

November 29, 2016

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