sales_and_leases

Cobalt Partners Breaks Ground on $160M Mixed-Use Development in Metro Milwaukee

by John Nelson November 10, 2016

GREENFIELD, WIS. — Cobalt Partners LLC, a commercial real estate development firm based in Milwaukee, has begun construction on 84South, a 48-acre, $160 million mixed-use development in Greenfield, approximately 10 miles southwest of Milwaukee. Designed by Milwaukee-based Rinka Chung Architecture, 84South will feature 375,000 square feet of retail and restaurant space, a full-service health club, office space and 360 apartment residences. The development is situated along I-894 at the interchange of 84th Street and Forest Home Avenue, less than a mile from Southridge Mall, the largest enclosed regional mall in the state. Cobalt Partners has selected Mid-America Real Estate-Wisconsin as leasing agents for 84South, and the firm has already signed a slate of retailers to open in Phase I, which is scheduled for a summer 2017 completion. “84South is going to expand the Southridge regional trade area and provide retailers an opportunity to locate stores within a submarket that has proven challenging to land within,” says Scott Satula, vice president of Mid-America. “We’re excited to be a part of the 84South development team and are pleased to bring quality shopping and dining options to Greenfield and the neighboring communities.” The retailers opening in Phase I of 84South include Fresh Thyme …

November 10, 2016

California Office Western

Swift Real Estate Partners Purchases HP Campus in San Diego

by Nellie Day November 9, 2016

SAN DIEGO — Swift Real Estate Partners has purchased HP’s 782,211-square-foot San Diego campus for an undisclosed sum. The campus is located at 16399 W. Bernardo Drive in the Rancho Bernardo submarket. The property contains seven office/R&D buildings and one Class A office building. HP has owned and occupied the campus since the first building was constructed in 1970. The information technology company will lease back 79 percent of the campus. CBRE’s Louay Alsadek, Alex Somerville, Hunter Rowe and Brad Black represented HP, while Swift represented itself in this transaction.

November 9, 2016

California Multifamily Western

TruAmerica Multifamily, Investcorp Buy The Highlands Apartments Near Loma Linda for $92M

by Nellie Day November 9, 2016

GRAND TERRACE, CALIF. — TruAmerica Multifamily and Investcorp have acquired The Highlands, a 556-unit garden-style apartment community near Loma Linda, for $92 million. The community is located at 11750 Mt. Vernon Ave. in Grand Terrace, about 60 miles east of downtown Los Angeles. The Highlands was built in two phases between 1986 and 1988. It features a mix of one- and two-bedroom floor plans, each with a patio or balcony. The new owners plan to upgrade the unit interiors, exteriors and common area amenities. HFF’s Charles Halladay and Mike Gigliotti arranged financing.

November 9, 2016

California Retail Western

Long Market, Paragon Acquire Shops at Todos Santos in Concord

by Nellie Day November 9, 2016

CONCORD, CALIF. — A joint venture between Long Market Property Partners LLC and Paragon Commercial Group LLC has acquired Shops at Todos Santos, a full city block of retail located in downtown Concord, for an undisclosed price. The 40,000-square-foot property is fully occupied by tenants including Peet’s Coffee, The Old Spaghetti Factory, CREAM Inc., Capriotti’s, Bollinger Nail Salon, Naan ’n’ Curry, Half Price Books and Chevron. Forrest Gherlone, Mike Zylstra, Keith Marr and Zachary LeBeouf of Newmark Cornish & Carey handled the disposition on behalf of the seller, an undisclosed private family.

November 9, 2016

California Retail Western

NAI San Diego Negotiates $2.2M Sale of 10,000 SF Retail Property in San Diego

by Nellie Day November 9, 2016

SAN DIEGO — NAI San Diego has arranged the sale of a retail/office property located at 2176-2180 Chatsworth Blvd. in San Diego’s Ocean Beach/Point Loma neighborhood. Fig Tree LLC acquired the 10,000-square-foot property from Wilson Trust for $2.2 million. Built in 1943, the property is currently occupied by a gym/martial arts studio, an English-style tea shop, an acupuncturist, nail and hair salons, a real estate office and a residential unit on the upper floor. Michael Glickstein of NAI San Diego represented the seller in the transaction.

November 9, 2016

Illinois Midwest Office

KIG Brokers $86M Portfolio Sale of Office Buildings, Land Sites in Downtown Chicago

by Kristin Harlow November 9, 2016

CHICAGO — KIG has brokered an $86 million portfolio sale of six vintage office buildings and three land sites in downtown Chicago. R2 Cos. purchased the properties, located throughout the West Loop, Greektown, River North and Printers Row. Built between 1883 and 1904, the properties are collectively 90.8 percent occupied, with an average of 3.9 years remaining on existing leases. The properties included the Pontiac Building; 118 S. Clinton St.; 130 S. Jefferson St.; 901 W. Jackson Blvd.; 641 W. Lake St. and 445 W. Erie St. The land sites included are Randolph/Desplaines, 708 W. Wayman St. and Peoria/Green. Susan Tjarksen of KIG represented the seller, Chicago-based Loft Development Corp.

November 9, 2016

Midwest Missouri Retail

Hilliker Corp. Brokers Sale of 5,000 SF Retail Property in St. Louis

by Kristin Harlow November 9, 2016

ST. LOUIS, MO. — Hilliker Corp. has brokered the sale of a 5,000-square-foot retail property at 1716 S. Broadway in the Soulard area of St. Louis for $400,000. Grateful Pets purchased the property for its daycare facility, pet training area and grooming room. Rebecca Suen of Hilliker Corp. represented the buyer. Dan Lesinski and Brandon Wappelhorst of Sansone Group represented the seller, 1716 S. Broadway LLC.

November 9, 2016

Massachusetts Multifamily Northeast

CBRE/NE Brokers $29M Sale of Apartment Community in Boston

by Amy Works November 9, 2016

BOSTON — CBRE/New England has arranged the sale of Rockingham Glen, an affordable apartment community located in Boston’s West Roxbury neighborhood. Beacon Communities acquired the 143-unit property for an undisclosed sum. Built in 1974, the community features one studio apartment, 94 one-bedroom units and 48 two-bedroom units, with an average size of 786 square feet. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the deal.

November 9, 2016

Multifamily Northeast Office Pennsylvania

Coretrust Capital Partners Buys Controlling Interest of Office Portion of Two Liberty Place in Philadelphia

by Amy Works November 8, 2016

PHILADELPHIA — An affiliate of Coretrust Capital Partners has acquired controlling interests in Two Liberty Place, an office and residential tower located in Philadelphia’s Center City, for an undisclosed price. Coretrust Capital Partners will own the 940,000-square-foot office portion, floors one to 37, of the property. The 57-story tower features 1.2 million square feet of office and residential condominium space. The office space is currently 89 percent leased to Cigna, Buchanan Ingersoll & Rooney and Eckert Seamans. Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE Capital Markets represented the undisclosed selling partnership in the deal.

November 8, 2016

Arizona Multifamily Western

Broadstone Sixteen 75 Apartments in Phoenix Sells for $60M

by Nellie Day November 8, 2016

PHOENIX — ConAm Asset Management Corp. has acquired Broadstone Sixteen 75, a 225-unit apartment complex in Phoenix, for $60 million. The Class A community is located at 1675 E. Morten Ave. Broadstone Sixteen 75 was built in 2015. Amenities include a two-story fitness center with an indoor bike maintenance shop, private pool and spa with cabanas, outdoor gaming area, and direct-access podium-style parking garage. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller, Alliance Residential, in this transaction.

November 8, 2016

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