sales_and_leases

HCP Acquires Seniors Housing Portfolio in Mid-Atlantic for $186.3M

by John Nelson October 27, 2016

BALTIMORE AND WASHINGTON, D.C. — An affiliate of HCP Inc. (NYSE: HCP), a seniors housing REIT based in Irvine, Calif., has purchased a portfolio of assisted living and memory care properties in the Mid-Atlantic for approximately $186.3 million. Developed between 1993 and 2013, The Morningside House Mid-Atlantic Portfolio consists of seven seniors housing communities located in the greater Baltimore and Washington, D.C. areas. The seller, a joint venture between Morningside House Senior Living and Harrison Street Real Estate Capital, sold the portfolio for roughly $354,000 per unit. HCP has selected Chicago-based Senior Lifestyle Corp. to operate the assets. The portfolio included: — Morningside House of Ellicott City in Ellicott City, Md. — Morningside House of Friendship in Hanover, Md. — Morningside House of Laurel in Laurel, Md. — Morningside House of Satyr Hill in Parkville, Md. — Morningside House of Leesburg in Leesburg, Va. — Morningside House of Saint Charles in Waldorf, Md. and — Poet’s Walk Memory Care in Fredericksburg, Va. Lisa Widmier and Matthew Whitlock led CBRE Capital Markets’ National Senior Housing team in representing the joint venture in the sale. “This transaction had multiple moving parts, including a new operator — Senior Lifestyle — partnering with a …

October 27, 2016

Delaware Multifamily Northeast

The Galman Group Completes $31.1M Sale of 286-Unit Apartment Building in Claymont, Delaware

by Amy Works October 26, 2016

CLAYMONT, DEL. — The Galman Group has completed the disposition of The Edge at Greentree, a garden-style apartment community located off Namaans Road in Claymont. A joint venture between two private groups acquired the asset free and clear of existing debt for an undisclosed price. The 26-building community features 286 apartments in a mix of one-, two- and three-bedroom units averaging 844 square feet. Community amenities include a state-of-the-art fitness center and tech lounge. Mark Thomson and Carl Fiebig of HFF represented the seller in the transaction.

October 26, 2016

California Industrial Western

Distribution and Marking Services Inc. Leases 350,000 SF at Wonderful Industrial Park Near Bakersfield

by Nellie Day October 26, 2016

SHAFTER, CALIF. — Distribution and Marking Services Inc. has leased 350,000 square feet of industrial space at Wonderful Industrial Park, a 1,625-acre, rail-served industrial development in Shafter. The park is located at 5000 Capital Road, just north of Bakersfield. The outsourced supply chain management solutions provider will use this facility to provide warehouse and distribution services. JLL’s Mike McCrary, Peter McWilliams, Mac Hewett and Nicole Welch represented the landlord, Wonderful Real Estate, in this transaction.

October 26, 2016

Multifamily Nevada Western

Starlight Investments Purchases South Blvd Apartments in Las Vegas for $53.6M

by Nellie Day October 25, 2016

LAS VEGAS — Starlight Investments Ltd. has purchased the 320-unit South Blvd apartment community in Las Vegas for $53.6 million. The community is located at 10200 Giles St. South Blvd is situated 15 minutes from the Las Vegas Strip. Its units feature granite countertops, full-size washer and dryer sets, dark wood cabinetry, stainless steel kitchen appliances and private entries. Community amenities include two resort-style pools, a sun bathing pool, spa, e-lounge, executive business center, movie theater with stadium seating, 24-hour fitness center, designated pet area and complimentary coffee café. JLL’s John Cunningham and Charles Steele represented the seller, the Praedium Group, in this transaction.

October 25, 2016

California Retail Western

Paragon Commercial Acquires Airport Plaza in Burbank for $37M

by Nellie Day October 25, 2016

BURBANK, CALIF. — Paragon Commercial Group has acquired the leasehold and fee interests in Airport Plaza, a 135,039-square-foot shopping center located in Burbank, for $37 million. Tenants at the center include Hobby Lobby, Toys ‘R’ Us, O’Reilly Auto Parts and Burger King. Bill Bauman and Kyle Miller of Savills Studley represented the sellers, Airport Plaza Inc. and Alton Jennings Trust, in the transaction. Savills Studley also represented the buyer, which plans to redevelop and reposition the shopping center.

October 25, 2016

Colorado Retail Western

CraftWorks Purchases Seven Old Chicago Pizza Restaurants

by Nellie Day October 25, 2016

BROOMFIELD, COLO. — CraftWorks Restaurants & Breweries Inc., an operator of brewery restaurant chains, has acquired seven existing Old Chicago Pizza & Taproom locations from longtime franchise partner OCI Enterprises Inc. The locations will remain open for business. In 2015, Old Chicago launched its new restaurant prototype — a 5,000-square-foot build with an additional 1,000 to 1,200 square feet of outdoor patio space, a new kitchen and upgraded bar technology. CraftWorks Restaurants & Breweries Inc. features nearly 200 franchised and company-owned restaurants primarily operating under the Old Chicago Pizza & Taproom, Gordon Biersch Brewery Restaurants, Rock Bottom Restaurants & Breweries and ChopHouse & Brewery brands.

October 25, 2016

New Jersey Northeast Office

Harbor Group Completes $62M Sale of 264,973 SF Office Building in Secaucus, New Jersey

by Amy Works October 25, 2016

SECAUCUS, N.J. — Harbor Group International has completed the sale of an office building located at 100 Plaza Drive in Secaucus. Howard Hershkovich, a private investor from Brooklyn, purchased the property as part of a 1031 exchange for $62 million. The four-story 264,973-square-foot office building is fully leased to a variety of tenants, including NBA Entertainment and Scholastic. Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE Institutional Properties represented the seller in the deal.

October 25, 2016

Office Texas

Bradford Commercial Negotiates 63,055 SF Office Lease in Carrollton

by Haisten Willis October 25, 2016

CARROLLTON, TEXAS — Bradford Commercial Real Estate has negotiated a 63,055-square-foot office lease in Carrollton. In a relocation and expansion of its headquarters, Revolution Retail Systems LLC has backfilled 63,055 square feet of a 99,524-square-foot office/warehouse space in Valwood Industrial Park. The property, known as Valwood 33, is located at 1400 Valwood Parkway and includes 40,000 square feet of built-out office space. Bradford’s Brian Pafford and Jason Miller represented the landlord, RCI Valwood LLC, in the transaction. Revolution Retail has expanded by 53,699 square feet with its relocation from 1400 Hutton Drive, which is located at the rear of its new headquarters office and distribution center. Bob Luttrell of Jackson Cooksey Inc. represented the tenant, which designs and builds hardware and software cash-management solutions.

October 25, 2016

Maryland Multifamily Southeast

IBDAR Bank Acquires Apartment Community in Metro D.C. for $78M

by John Nelson October 25, 2016

MONTGOMERY COUNTY, MD. — Ibdar Bank, a Bahrain-based wholesale Islamic investment bank, has purchased a 326-unit apartment community in Montgomery County for $78 million. Built in 2001, the garden-style property is situated roughly 25 miles from downtown Washington, D.C. Ibdar Bank will renovate the asset, which is expected to yield a more than 9 percent return on investment. The seller and the name of the property were not disclosed.

October 25, 2016

hillcrest-village-apartments-alvin-texas

Multifamily Texas

Hunt Mortgage Group Refinances Four Properties in Metro Houston Totaling $21.8M

by Haisten Willis October 24, 2016

SEALY, HOUSTON and ALVIN, TEXAS — Hunt Mortgage Group has provided four Fannie Mae loans totaling $21.8 million to refinance four multifamily properties in metro Houston for the same sponsor, William Doogan. The properties include: Edgewood Apartments. Hunt Mortgage Group provided a $3.9 million loan facility to refinance Edgewood Apartments. The garden-style property comprises nine two- and three-story residential buildings totaling 136 units. Edgewood Apartments is located in Sealy, about 50 miles west of Houston. Amenities include an outdoor saltwater pool, spa, two playgrounds and a common laundry facility. Savannah Place Apartments. Savannah Place Apartments is located in the Eldridge neighborhood of Houston, 23 miles east of the Houston central business district. Hunt provided a $7 million loan to refinance the property, a garden-style complex with 13 two- and three-story residential buildings plus a single-story leasing office. There are 260 parking spaces on-site, including 152 carport spaces, enabling each unit to have an assigned/reserved covered space. Harpers Mill Apartments. Hunt Mortgage Group provided a $5 million loan to refinance Harpers Mill Apartments, a 130-unit garden-style property with 13 two-story residential buildings and a two-story leasing office. Harpers Mill Apartments has 238 parking spaces. Property amenities include two common laundry facilities …

October 24, 2016

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