sales_and_leases

CBRE Global Investors Purchases the Park Square Office Campus in Portland

by Nellie Day November 8, 2016

PORTLAND, ORE. — CBRE Global Investors has purchased the Park Square Campus, a 295,767-square-foot office campus in downtown Portland, for an undisclosed sum. The Class A campus is located at 100 S.W. Market St. The property is 97.5 percent leased to investment-grade tenants with a weighted average lease term of 8.7 years. Park Square contains an 8,000-square-foot great room connecting the two buildings, a patio, onsite restaurant, updated lobby and secure bicycle parking with lockers, as well as 24-hour security and card key access. CBRE purchased the asset on behalf of a European separate account client.

November 8, 2016

Illinois Midwest Retail

The Boulder Group Arranges $6.5M Sale of Net Leased Walgreens Property in Chicago

by Kristin Harlow November 8, 2016

CHICAGO — The Boulder Group has arranged the sale of a single-tenant property net leased to Walgreens in Chicago for $6.5 million. Located at 4385 S. Archer Ave., the property is situated near Interstate 55. There are over 14 years remaining on the lease to Walgreens. The lease expires in 2030. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a Midwest-based private real estate firm. The buyer was a Midwest investment company.

November 8, 2016

Idaho Multifamily Seniors Housing Western

IRET Sells Eight Seniors Housing Communities in Idaho for $43.9M

by Nellie Day November 7, 2016

BOISE, IDAHO — IRET, a REIT based in Minot, N.D., has sold a portfolio of eight seniors housing communities totaling 313 units, all located in Idaho. The current tenants, all affiliates of Edgewood Senior Living, purchased the properties for $43.9 million. After retiring mortgage debt and paying other closing costs, IRET will receive net cash proceeds of approximately $31.2 million. Additionally, IRET intends to redeem all 1.2 million outstanding shares of its 8.25 percent Series A Cumulative Redeemable Preferred Shares (NYSE: IRET PR). The moves are part of what the company calls its “strategic transformation.” As of July 31, IRET owned interests in 146 properties, consisting of 100 multifamily properties totaling 13,012 units, and 47 commercial properties, including 31 healthcare properties, containing a total of approximately 2.8 million square feet of leasable space.

November 7, 2016

Industrial Texas

Lee & Associates Brokers Sale of Industrial Building in Metro Houston

by Jeff Shaw November 7, 2016

MAGNOLIA, TEXAS — Lee & Associates has brokered the sale of a 6,400-square-foot industrial property located at 37825 Spur 149 Road in Magnolia, roughly 40 miles outside Houston. Patrick Wolford of Lee & Associates represented the buyer, TecPac Ventures. Bill Farris of Paradigm Commercial Real Estate represented the seller, Houghtaling & Guthrie GP.

November 7, 2016

Sunburst Court and Lindas Creek, Weatherford, Texas

Multifamily Texas

Marcus & Millichap Brokers Sale of Eight-Unit Apartment Building in Weatherford

by Jeff Shaw November 7, 2016

WEATHERFORD, TEXAS — Marcus & Millichap has arranged the sale of Weatherford Fourplex Portfolio, an eight-unit apartment property located at Sunburst Court and Lindas Creek in Weatherford, about 25 miles west of Fort Worth. The portfolio includes two multifamily properties built in 2008 and 2009, each consisting of four units. John Barker, Trey McGhin and Ron Hebert of Marcus & Millichap represented the seller, an undisclosed personal trust. The buyer was a private investor.

November 7, 2016

Midwest Minnesota Office

Transwestern Arranges 211,000 SF Lease for Select Comfort’s New Headquarters in Downtown Minneapolis

by Kristin Harlow November 7, 2016

MINNEAPOLIS — Transwestern has arranged a 211,000-square-foot office lease at 1001 Third Ave. South in downtown Minneapolis. The property is a five-story, 476,000-square-foot office building. Select Comfort, which manufactures and sells Sleep Number beds, plans to relocate its headquarters from suburban Plymouth to the downtown facility in October 2017. Approximately 900 employees will be based out of the new headquarters. In addition to executive office space, the building will house a call center and research and development lab. In conjunction with the lease, DCI Technology Holdings will complete a multimillion-dollar renovation of the property. Reed Christianson of Transwestern represented DCI Technology in the 15-year lease.

November 7, 2016

Georgia Multifamily Southeast

Pacolet Milliken Acquires Apartment Community in Buckhead for $50.5M

by John Nelson November 7, 2016

ATLANTA — Pacolet Milliken Enterprises Inc. has purchased The Haynes House, a 186-unit luxury apartment community in Atlanta’s Buckhead district. The company bought the Class A asset from a partnership between AIG Global Real Estate Investment Corp. and Alliance Residential Co. for $50.5 million. Built in 2015, The Haynes House is located on a 2.5-acre site on Peachtree Road near Peachtree Battle Avenue at the entrance to Atlanta’s historic Haynes Manor neighborhood. The property features a clubhouse, resort-style swimming pool, fitness studio, library and a lounge. Greg Engler and Kris Mikkelsen led Walker & Dunlop’s investment sales team in representing the sellers in the transaction. Pacolet Milliken was self-represented. Haynes House was more than 90 percent occupied at the time of sale.

November 7, 2016

California Retail Western

Diversified Properties Acquires 34,051 SF Retail Center in San Diego for $8.1M

by Nellie Day November 7, 2016

SAN DIEGO — Diversified Properties has acquired Bay City Plaza, a shopping center located at 1515-1555 Palm Ave. in San Diego. The Lorah Family Trust sold the property for $8.1 million. At the time of sale, the 34,051-square-foot property was fully leased to a variety of tenants, including Rent-A-Center, Advance America, Subway, Little Caesars Pizza, and St Vincent de Paul. Joe Yetter and Chad Iafrate of Cushman & Wakefield represented the seller in the transaction.

November 7, 2016

Massachusetts Multifamily Northeast Seniors Housing

Colliers Facilitates $3.7M Sale of Seniors Housing Property in Quincy, Massachusetts

by Amy Works November 7, 2016

QUINCY, MASS. — The Boston office of Colliers International has arranged the sale of Eventide Home, an independent living and nursing home campus located at 215 Adams St. in Quincy. O’Connell Development acquired the 43,000-square-foot property for $3.7 million. Situated on 6.5 acres, the property features 60 independent and skilled-nursing beds. The buyer plans to reposition the property into a 58-unit seniors housing residential rental property. Robert Cronin of Colliers brokered the transaction, with Peter O’Connell representing O’Connell Development.

November 7, 2016

Restaurant Retail Texas

Sands Investment Group Arranges $2M Sale of Dickey’s Barbecue Pit in Odessa

by Haisten Willis November 4, 2016

ODESSA, TEXAS — Sands Investment Group (SIG), a net-lease brokerage firm, has arranged the $2 million sale of a Dickey’s Barbecue Pit located at 2701 N. County Road in Odessa. Dickey’s Barbecue Pit is a family-owned American barbecue restaurant chain based in Dallas. Max Freedman of SIG’s Austin office represented the seller, Dynamic Development, in the transaction. The 1031 tax-deferred exchange buyer paid cash for the 2,000-square-foot restaurant. Dickey’s has a 15-year lease at the location.

November 4, 2016

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