sales_and_leases

Madison Capital Purchases Retail, Parking Development in South Beach for $57.3M

by John Nelson October 24, 2016

MIAMI BEACH, FLA. — Madison Capital has acquired a retail and parking development located at 2000 Collins Ave. in Miami Beach’s South Beach district for $57.3 million. The property features a six-story parking deck and about 40,000 square feet of retail space leased to luxury retailers and upscale restaurants. The property is part of a mixed-use development built in 2010 that houses the Boulan South Beach hotel and occupies an entire city block between 20th and 21st streets and Collins and Liberty avenues. Newmark Grubb Knight Frank was the sole broker of the deal. Dockerty Romer arranged a five-year, $30.3 million acquisition loan through Wells Fargo on behalf of Madison Capital.

October 24, 2016

California Retail Western

Marcus & Millichap Arranges Sale of 18,150 SF Retail Property in Sacramento

by Nellie Day October 21, 2016

SACRAMENTO, CALIF. — Marcus & Millichap has brokered the sale of a recently redeveloped multi-tenant retail property located 2654 Marconi Ave. in Sacramento. A partnership sold the 18,510-square-foot retail center for $5.4 million, or $292 per square foot. At the time of sale, the property was 83 percent occupied by Domino’s Pizza, Pacific Dental, Sacramento Auto Insurance, Fabric Garden and CheVeux Salon. The center is part of a larger redeveloped retail center known at Mueller Corner Shopping Center. Edward Nelson of Marcus & Millichap represented the seller in the deal. The name of the buyer was not disclosed.

October 21, 2016

Industrial Midwest Ohio

Hillwood Acquires 717,717 SF Distribution Center in Southeast Columbus Market

by Amy Works October 21, 2016

GROVEPORT, OHIO — Hillwood has acquired Rickenbacker 717, a Class A distribution center located at 3099 Rohr Road in Groveport, south of Columbus, for an undisclosed price. Situated on 35 acres, the 717,717-square-foot building features 32-foot clear heights, a cross-dock configuration, 70 dock doors (expandable to 139), an ESFR fire protection system, 135-foot truck court depths, 50-by-60-foot column spacing, ample auto parking and 68 trailer stalls with land available for an additional 86 stalls. Additionally, the facility is in close proximity to Rickenbacker International Airport, Port Columbus International Airport, the Norfolk Southern intermodal yard and interstates 270, 70 and 71. The name of the seller was not released.

October 21, 2016

Connecticut Northeast Retail

Rouse Properties Acquires 115,000 SF Shopping Center in Glastonbury, Connecticut

by Amy Works October 20, 2016

GLASTONBURY, CONN. — Rouse Properties has acquired The Shops at Somerset Square, a lifestyle retail center located in Glastonbury. The HB Nitkin Group sold the property for $42 million. The 115,000-square-foot center is occupied by Francesca’s, Victoria’s Secret, White House Black Market, Chinos, Talbots, Chipotle, Starbucks Coffee, Lux, Bond & Green Jewelers, Max Fish and Max Amore. Additionally, the center features office and medical space.

October 20, 2016

California Office Western

Inland Empire Health Plan Buys Empire Lakes Corporate Center in Rancho Cucamonga for $44.3M

by Nellie Day October 20, 2016

RANCHO CUCAMONGA, CALIF. — Inland Empire Health Plan (IEHP) has purchased Empire Lakes Corporate Center, a 241,292-square-foot office building in Rancho Cucamonga, for $44.3 million. The Class A building is located at 9500 Cleveland Ave. IEHP also owns the neighboring property, a 400,000-square-foot building at 10801 Sixth St. The new building will allow the nonprofit public health organization to expand. Southern California Edison and State Farm Insurance also occupy the space. Andrew Peake and Tom Pierik of Lee & Associates represented the seller, Utah State Retirement Fund, in this transaction.

October 20, 2016

California Retail Western

Hanley Investment Negotiates $8.5M Sale of Multi-Tenant Retail Pad in Hesperia

by Nellie Day October 20, 2016

HESPERIA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the off-market sale of a multi-tenant retail located at 13325 Main St. in Hesperia. SHA Enterprises Inc. acquired the property from Pacific Development Group for $8.5 million. A new Walmart Supercenter shadow-anchors the 13,940-square-foot property. Pieology Pizzeria, The Habit Burger Grill, Firehouse Subs, Yogurtland, Great Clips, Nutrishop and Metro PCS occupy the property, which was built in 2015. Eric Wohl of Hanley Investment represented the seller, while Patrick Kent, also of Hanley, represented the buyer in the deal.

October 20, 2016

Illinois Midwest Retail

Mid-America Arranges $63.2M Sale of Danada Square East in Wheaton, Illinois

by Amy Works October 20, 2016

WHEATON, ILL. — Mid-America Real Estate Corp. has brokered the sale of Danada Square East, a retail center located at the corner of Butterfield and Naperville roads in Wheaton. LaSalle Investment Management purchased the property for $63.2 million. Whole Foods, Sierra Trading Post, Charter Fitness and Petco anchor the 199,080-square-foot center. Joe Girardi and Ben Wineman of Mid-America Real Estate Corp. represented the seller, Chicago-based Newport Capital Partners, in the deal.

October 20, 2016

Florida Office Southeast

Cushman & Wakefield Brokers $113M Sale of Trophy Office Building in Fort Lauderdale

by John Nelson October 20, 2016

FORT LAUDERDALE, FLA. — Cushman & Wakefield has brokered the $113 million sale of 110 Tower, a 394,830-square-foot trophy office tower located at 110 S.E. 6th St. in Fort Lauderdale’s CBD. Built in 1988, the 30-story, Class A office tower features 22 stories of office space, five stories of structured parking, two levels of mechanical space and ground-floor retail space. Mike Davis, Rick Brugge, Michael Lerner, Scott O’Donnell and Dominic Montazemi of Cushman & Wakefield’s Capital Markets team represented the seller, Dallas-based Genesis Capital Partners XI Ltd., a GenCap Partners Inc. investment fund. Boca Raton-based IP Capital Partners LLC purchased 110 Tower for $286 per square foot. Amenities at 110 Tower include Subway, 110 Fitness, That’s A Wrap, Dunkin’ Donuts, Sabadell Bank, a car wash, wraparound outdoor terrace, ballroom and conference facilities. The previous owner invested $15 million in capital improvements at 110 Tower in 2011.

October 20, 2016

Nevada Retail Western

TriStar Capital, RFR Holding Sell Miracle Mile Shops in Las Vegas

by Nellie Day October 19, 2016

LAS VEGAS — TriStar Capital and RFR Holding have sold Miracle Mile Shops, a 501,522-square-foot retail mall located at the Planet Hollywood Resort & Casino in Las Vegas. An affiliate of Institutional Mall Investors LLC, a venture co-owned by Miller Capital Advisory Inc. and CalPERS, acquired the asset for an undisclosed amount. Axis Theatre — home to residency performers Britney Spears and Jennifer Lopez — anchors the center, which is also home to more than a mile of 200 shops, 13 restaurants and three additional live entertainment theaters. The mall also features direct access to Planet Hollywood’s 100,000-square-foot casino. HFF advised the sellers in the transaction.

October 19, 2016

Multifamily Oregon Western

One Jefferson Parkway Apartments in Lake Oswego Sells for $78M

by Nellie Day October 19, 2016

LAKE OSWEGO, ORE. — Security Properties and Pacific Life Insurance Co. have purchased the 347-unit One Jefferson Parkway apartment community in Lake Oswego for $78 million. The property was built in two phases in 1987 and 1990. One Jefferson was 96 percent occupied at the time of sale. Jon Hallgrimson, Eli Hanacek and Josh McDonald of the CBRE Capital Markets Pacific Northwest Institutional Properties team represented both the buyer and the seller, Jackson Square Properties, in this transaction. Nick Santangelo of CBRE’s Debt & Structured Finance organized financing for the acquisition.

October 19, 2016

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