sales_and_leases

The Boulder Group Brokers $14M Sale of Building in Milwaukee Net Leased to US Bank

by Christina Cannon September 1, 2016

MILWAUKEE — The Boulder Group has brokered the sale of a 110,636-square-foot office building net leased to US Bank for $14 million. The property, located a 615 E. Michigan St. in Milwaukee, is connected via a sky-walk to US Bank regional headquarters building. A Midwest-based partnership in a 1031 exchange purchased the facility from Oak Street Real Estate Capital. US Bank’s lease expires in December 2026. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction.

September 1, 2016

California Office Top Stories Western

Kilroy Sells Minority Stake in Two Office Towers in San Francisco for $452.9M

by John Nelson September 1, 2016

SAN FRANCISCO — Kilroy Realty LP, the operating arm of Kilroy Realty Corp. (NYSE: KRC), has agreed to sell minority interests in two Class A office towers in San Francisco to Norges Bank Real Estate Management for $452.9 million. Norges Bank is the real estate investment arm of the government pension fund of Norway. Under the terms of the agreement, Norges Bank will invest in a 44 percent common equity interest in two existing companies that own the towers, which are located at 100 First St. and 303 Second St. in San Francisco’s SOMA district. The sales price is based on an appraisal value of $1.16 billion for both assets and includes Norges Bank’s proportionate assumption of the existing mortgage debt, or $55.3 million. Kilroy will remain the majority owner of the two office towers and will continue to provide property management, leasing and construction management services for the properties. The two office towers span approximately 1.2 million square feet combined. The assets were 96.4 percent leased as of July 31. The transaction was structured with a staggered closing, whereby the 100 First St. venture closed on Aug. 30 with a contribution by Norges Bank of $191.4 million. The 303 …

September 1, 2016

Industrial Massachusetts Northeast

Colony Capital Sells 450,000 SF Industrial Facility in Massachusetts for $39.7M

by Amy Works August 31, 2016

LITTLETON, MASS. — Colony Capital has completed the sale of Potpourri | Littleton, a newly completed industrial facility located in Littleton. Gramercy Property Trust acquired the built-to-suit, 450,000-square-foot facility for $39.7 million. The property is fully leased to Potpourri Group on a long-term basis and will serve as the company’s regional fulfillment center. Robert Griffin, Edward Maher and Matthew Pullen of NGKF Capital Markets represented the seller in the deal.

August 31, 2016

California Multifamily Western

IMT Westlake Village Apartment Complex in Los Angeles Sells for $88.2M

by Nellie Day August 31, 2016

LOS ANGELES — A 1031 exchange investor has acquired the 253-unit IMT Westlake Village in Los Angeles for $88.2 million. The community is located at 603 Hampshire Road in the Westlake Village submarket. IMT Westlake Village was built in 1971. Notable employers in the area include Amgen, the Dole Food Co., Kythera Biopharmaceuticals, General Dynamics Corp., J.D. Power & Associates, Teledyne Technologies Inc., ValueClick, Verizon and Volkswagen. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both the buyer and seller, IMT Capital LLC, in this transaction.

August 31, 2016

Michigan Midwest Office

Friedman Arranges 5,319 SF Office Lease Near Detroit

by Christina Cannon August 31, 2016

SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has arranged a 5,319-square-foot office lease in Southfield, approximately 15 miles northwest of Detroit. The landlord, 26711 Office Associates LLC, will lease space to Real Estate Services Solutions Company (RESSCO), which will occupy the space this November. RESSCO will continue to occupy space at its current location in the Omni Officecentre until its lease expires in late 2017. David Friedman and Dan Verderbar of Friedman represented both parties in the transaction.

August 31, 2016

California Retail Western

InvenTrust Buys Old Grove Marketplace in Metro San Diego for $23.3M

by Nellie Day August 31, 2016

OCEANSIDE, CALIF. — InvenTrust Properties Corp. has acquired Old Grove Marketplace, an 81,279-square-foot shopping center located in the San Diego suburb of Oceanside, for $23.3 million. Ralph’s and Lowe’s anchor the 91 percent occupied center, which is also home to tenants including US Bank, Starbucks Coffee, Subway, H&R Block, AT&T, McDonald’s and Shell.

August 31, 2016

California Retail Western

Sterling Organization Acquires Raley’s Plaza in Metro San Francisco for $22.8M

by Nellie Day August 31, 2016

FAIRFIELD, CALIF. — Sterling Organization has acquired Raley’s Plaza, a 95,441-square-foot shopping center located approximately 40 miles northeast of downtown San Francisco in Fairfield, for $22.8 million. Raley’s anchors the 94 percent occupied center, which is also home to tenants including JP Morgan Chase Bank, Starbucks Coffee, Round Table Pizza and Panda Express. The seller was a subsidiary of San Diego-based Gerrity Group.

August 31, 2016

California Retail Western

CBRE Negotiates $12M Sale of Shops at Stonecreek Plaza in Los Banos

by Nellie Day August 31, 2016

LOS BANOS, CALIF. — CBRE’s National Retail Investment Group – West has arranged the sale of Shops at Stonecreek Plaza, a retail strip center located at 1363-1451 W. Pacheco Blvd. in Los Banos. Rich Development Co. sold the 52,171-square-foot property to a Northern California-based private investor for $12 million. Situated on 6.3 acres, the property was 89 percent leased at the time of sale to a variety of tenants, including Petco, Famous Footwear, Dollar Tree, GNC, Metro PCS, Wingstop and Starbucks Coffee. Philip Voorhes, Jimmy Slusher, Megan Wood, Matt Burson, John Read, Kirk Brummer, Preston Fetrow and Richard Rizika of CBRE represented the seller, while a cooperating/selling broker represented the buyer in the deal.

August 31, 2016

Georgia Multifamily Southeast

Federal Capital Partners Buys Apartment Community in Roswell for $29.5M

by John Nelson August 31, 2016

ROSWELL, GA. — Federal Capital Partners (FCP) has purchased River Trace Apartments, a 312-unit apartment community in Roswell, a suburb of Atlanta. The $29.5 million transaction is FCP’s fourth acquisition in the Atlanta area this year. The lakefront property is situated on 34 acres within walking distance of the Chattahoochee River. The one-, two-, three- and four-bedroom apartments feature full-size washer and dryer connections and private balconies or patios. Community amenities include a clubhouse with a fitness center, pool, playground, picnic area and a laundry center. FCP plans to rebrand the asset as River Crossing at Roswell as part of the community’s renovation program.

August 31, 2016

Connecticut Multifamily Northeast

WinnDevelopment Acquires Schoolhouse Apartments in Connecticut for Rehabilitation

by Amy Works August 30, 2016

WATERBURY, CONN. — WinnDevelopment, the development arm of WinnCompanies, has acquired the historic 213-unit Schoolhouse Apartments in Waterbury for an undisclosed price. The company has a $16.4 million rehabilitation project planned for the occupied property, which was converted to residential use in 1982. The rehab project includes a restoration of masonry exteriors; the replacement of exterior lighting; the repair and replacement of roofs, siding and wood trim; new signage and security cameras; and improved handicap accessibility. The apartments will undergo mechanical system upgrades and the installation of new cabinetry, appliances and fixtures in the kitchens and bathrooms. WinnResidential will manage the property, which is slated for completion by fall 2017. The project will utilize an allocation of low income housing tax credits from Connecticut Housing Finance Authority, as well as financing from the Connecticut Department of Housing and federal subsidies from the U.S. Department of Housing and Urban Development. Boston Financial Investment Management is the project’s equity investor, and the design team includes Keith Construction as general contractor and The Architectural Team as project architect.

August 30, 2016

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