sales_and_leases

Ray Stone Acquires 102-Unit Independent Living Community in Redding

by Nellie Day November 18, 2016

REDDING, CALIF. — Ray Stone Inc. has acquired River Oaks Retirement Community, a 102-unit independent living community in Redding, approximately 160 miles north of Sacramento. The price was not disclosed. Ray Stone will rebrand the community as River Commons and add it to the Ray Stone Senior Living Portfolio. River Commons was built in 1986 by the Rogers family, which operated the community until the sale. The community featured a stabilized occupancy over 94 percent. The bulk of the apartments have been renovated within two years. Ray Stone, a Sacramento-based investment and management firm, plans to implement $400,000 in aesthetic upgrades during the first two years of ownership. Jason Punzell of Senior Living Investment Brokerage represented the seller, Hartnell Associates, in the transaction.

November 18, 2016

California Retail Western

Cushman & Wakefield Negotiates Sale-Leaseback of Chuze Fitness Property in Metro San Diego

by Nellie Day November 18, 2016

SANTEE, CALIF. — Cushman & Wakefield has negotiated the sale-leaseback of a 21,500-square-foot property occupied by Chuze Fitness in the San Diego suburb of Santee. The price was not disclosed. Paragon Properties acquired the property, located within Santee Town Center, from Chuze Fitness. Chad Lafrate and Kevin Held of Cushman & Wakefield represented Chuze Fitness in both the sale and lease transactions.

November 18, 2016

Restaurant Retail Texas

Baker Katz Facilitates Two Leases to Bring The Melt to Texas

by Amy Works November 18, 2016

HOUSTON — Baker Katz has brokered two leases on behalf of San Francisco-based The Melt, a fast-casual restaurant, for the company’s first-to-market locations in Texas. The restaurant chain will open its first location at The Lawn at Houston’s Baybrook Mall on Nov. 21, and the second location is slated to open in spring 2017 at the Vintage Marketplace Restaurant Village. The locations in Texas mark The Melt’s third market expansion. The restaurant currently has locations in California and Colorado.

November 18, 2016

Industrial New York Northeast

Kalmon Dolgin Affiliates Facilitates Sales of Two Industrial Sites in Staten Island

by Amy Works November 18, 2016

NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has arranged the sales of sites at a sub-divided industrial complex located in Staten Island’s Mariners Harbor district to two Brooklyn-based buyers for a total of $13 million. Gary Mayzlin of KDA represented the seller, 135 Lake Avenue Realty LLC, and buyers in transactions. World Wide Plumbing acquired the property at 125 Lake Avenue, which features seven industrial acres and 100,000 square feet of warehouse buildings; and, Royal Seafood Baza Inc. purchased the property at 175 Lake Avenue, which consists of a 50,000-square-foot industrial warehouse with 40,000 square feet of parking.

November 18, 2016

Midwest Missouri Office

CBRE Arranges Sale of 520,431 SF Office Building in Kansas City

by Kristin Harlow November 18, 2016

KANSAS CITY, MO. — CBRE has arranged the sale of Two Pershing Square, a 520,431-square-foot office building in Kansas City. The sales price was not disclosed. The Class A office building, located at 2300 Main St., is 11 stories and anchored by GSA’s Heartland Region office. VanTrust Real Estate LLC purchased the asset from TA Associates. Gina Anderson and Gary Carr of CBRE arranged the transaction on behalf of TA Associates.

November 18, 2016

Illinois Midwest Retail

Quantum Brokers $4.5M Sale of 42,588 SF Retail Center in Palatine, Illinois

by Kristin Harlow November 18, 2016

PALATINE, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 42,588-square-foot retail center in Palatine, a northwestern suburb of Chicago, for $4.5 million. The multi-tenant center is located at 801-861 N. Quentin Road., and includes tenants such as Anytime Fitness, Papa John’s Pizza and H&R Block. A commercial real estate fund based in Denver was the buyer. Chad Firsel of Quantum Real Estate Advisors represented the seller, a Chicago-based investment group.

November 18, 2016

Michigan Midwest Office

Gerdom Realty Arranges Sale of 19,798 SF Office Building in Walled Lake, Michigan

by Kristin Harlow November 18, 2016

WALLED LAKE, MICH. — Gerdom Realty & Investment has arranged the sale of a 19,798-square-foot office building in Walled Lake, a northern suburb of Detroit. The sales price was not disclosed. The office building is situated on 4.1 acres at Ladd Road, just south of Maple Road. A Detroit-based church was the buyer. Michael Murphy and Tjader Gerdom of Gerdom Realty represented the seller in the transaction.

November 18, 2016

California Multifamily Western

JRK Property Holdings Purchases 168-Unit Apartment Complex in Oxnard for $30.7M

by Nellie Day November 17, 2016

OXNARD, CALIF. — JRK Property Holdings has purchased the 168-unit Rancho Solana apartments in Oxnard for $30.7 million. The community is located at 2444 Alvarado St. Rancho Solana borders RiverPark, a 704-acre master planned community, that includes a mix of housing, schools and 14 community parks. The community was 99 percent leased at closing. Amenities include controlled access, swimming pool and spa, barbecue area, sports court, children’s playground and covered parking. Gregory Harris, Kevin Green and Joseph Grabiec of IPA represented both parties in the transaction. The seller was a private investor.

November 17, 2016

Arizona Multifamily Western

Olympus Property Acquires 194-Unit Vive Apartments in Chandler

by Nellie Day November 17, 2016

CHANDLER, ARIZ. — Olympus Property has purchased the 194-unit Vive in Chandler apartment community for an undisclosed sum. The Class A community is located at 1901 W. Germann Road in the South Price Corridor submarket. Vive was built in 2014. Property amenities include a 24-hour fitness center, resort pool with spa, clubhouse with billiard table, cinema room and an outdoor fireplace with seating. The South Price Corridor features notable employers like Intel, Wells Fargo, Orbital ATK, PayPal, Infusionsoft and GM Financial. The North Price Corridor plays host to Microchip Technology, Bank of America, GM Arizona IT Innovation Center, CVS Health, SanDisk and Pearson Education.

November 17, 2016

Kansas Midwest Multifamily

L5 Investments Partnership Acquires 289-Unit Apartment Community in Lenexa, Kansas for $17.7M

by Kristin Harlow November 17, 2016

LENEXA, KAN. — A partnership between L5 Investments and BH Equities has acquired Lenexa Pointe Apartments, a 289-unit apartment community, for $17.7 million. The property is situated on 20.5 acres at 12000 W. 77th Terrace in Lenexa, approximately 12 miles south of Kansas City, Mo. The community features 145 one-bedroom units and 144 two-bedroom units. The building was originally built in 1972 and renovated in 1992. The partnership is planning a major renovation of the property estimated at more than $6 million, including construction of a new leasing center, business and fitness center, landscaping enhancements and new lighting. BH Equities will manage the property through its property management arm, BH Management Services. Dustin Dulin of JLL arranged the debt on behalf of the partnership. Brandon Grisham of CBRE brokered the deal with both the buyer and the seller, a private investor.

November 17, 2016

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