sales_and_leases

NAI Partners, NAI Robert Lynn Represent Geico in Sale of Former Headquarters

by Haisten Willis July 29, 2016

FARMERS BRANCH, TEXAS — NAI Partners and NAI Robert Lynn represented Geico in the sale of its former regional headquarters, a 240,000-square-foot office building located at 4201 Spring Valley Road in the Dallas suburb of Farmers Branch. Griff Bandy of NAI Partners, along with Tom Lynn and Nick Lee of NAI Robert Lynn, represented Geico during the negotiations. Kent Smith of NAI Robert Lynn represented the buyer, JP Partners. The same NAI team represented Geico in the relocation and leasing of the company’s regional office in August 2015.

July 29, 2016

Hersha Hospitality Trust Acquires The Envoy Hotel in Boston’s Seaport District for $112.5M

by Amy Works July 29, 2016

BOSTON — Hersha Hospitality Trust has acquired the Envoy Hotel, located at 70 Sleeper St. in Boston’s Seaport District, on a fee simple basis. Norwich Partners sold the 136-room boutique hotel for $112.5 million. Completed in June 2015, the full-service hotel features two food and beverage outlets, Outlook Kitchen + Bar and Lookout Rooftop Bar. The AAA-rated hotel is part of Marriott’s Autograph Collection. The acquisition was funded with 1031 exchange proceeds from Hersha’s sale of seven limited-service assets in Manhattan to the company’s joint venture with an affiliate of Cindat Capital Management Limited. Denny Meikleham and Alan Suzuki of HFF represented the seller in the transaction.

July 29, 2016

Illinois Midwest Office

Cushman & Wakefield Arranges 18,044 SF Office Lease in Metro Chicago

by Christina Cannon July 29, 2016

OAKBROOK TERRACE, ILL. — Cushman & Wakefield has arranged an 18,044-square-foot office lease in Oakbrook Terrace, approximately 20 miles west of Chicago. Hyundai Motor America is relocating the office portion of its central regional offices to the top floor of TransAm Plaza Two. Hyundai’s service training center and parts distribution subsidiary, Mobis, will remain at an industrial facility located at 1705 Sequoia Ave. in Aurora, Ill. JBS Commercial represented the landlord, American Landmark Properties, in the transaction.

July 29, 2016

Florida Multifamily Southeast

Continental Realty Purchases Apartment Community in Florida for $38M

by John Nelson July 29, 2016

ROCKLEDGE, FLA. — Continental Realty Corp. has purchased Polo Glen Apartments, a 252-unit, garden-style apartment community located at 3603 Middleburg Lane in Rockledge. The Baltimore-based company acquired the asset from Pollack Shores via its Continental Realty Fund IV for $38 million. Built in 2008, Polo Glen is situated near cities such as Cocoa Beach, Melbourne and Viera and features units averaging 1,200 square feet. Unit interiors feature nine-foot ceilings, screened patios/balconies, cherry cabinetry and full-sized washers and dryers. More than 70 percent of the residences will feature ground-level entries. Community amenities include an interior lake with a lakeside walking path; clubhouse with a swimming pool and fitness center; car wash facility; outdoor barbecue area and fireplace; playground and tennis courts. Patrick Dufour, Scott Ramey, Kevin Judd and Ryan Crowley of ARA represented Pollack Shores in the transaction.

July 29, 2016

California Multifamily Western

MWest Holdings Buys Park Wilshire Apartments in Los Angeles

by Nellie Day July 28, 2016

LOS ANGELES — MWest Holdings has purchased the Park Wilshire Apartments in Los Angeles for an undisclosed sum. The community is located at 2424 Wilshire Blvd. Park Wilshire originally opened in 1924 as a residential hotel. MWest plans to renovate the space. Greg Harris, Ronald Harris, Paul Darrow and Joseph Grabiec of Marcus & Millichap’s Institutional Property Advisors represented the buyer.

July 28, 2016

Colorado Multifamily Western

Cedar Creek Apartment Complex in Lakewood Sells for $2.3M

by Nellie Day July 28, 2016

LAKEWOOD, COLO. — An unnamed buyer has acquired the 12-unit Cedar Creek apartments in Lakewood for $2.3 million. The community is located at 8721- 8761 W. Hampden Ave. Cedar Creek was built in 2007 and 2008. The acquisition equates to $193,833 per unit and $135.29 per square foot. Josh Newell and Connor Knutson represented both the buyer and local seller in this transaction.

July 28, 2016

Kentucky Multifamily Southeast

Passco Acquires Newly Constructed Apartment Community in Metro Louisville for $50.4M

by John Nelson July 28, 2016

PROSPECT, KY. — Passco Cos. LLC has purchased The Veranda, a 236-unit apartment community located at 9506 Civic Way in Prospect, a suburb of Louisville. Passco acquired the property from The Veranda’s developer, Bristol Development, for $50.4 million. Built in 2015, the community is situated within Norton Commons, an upscale master-planned development that features Norton Hospital. The Veranda features 20 different floorplans and unit interiors include wood flooring, gourmet kitchens with granite countertops, stainless steel appliances, ceramic tile backsplashes and custom cabinetry. Craig Collins of Cushman & Wakefield/Commercial Kentucky, along with Mike Kemether of Cushman & Wakefield’s Atlanta office, represented Bristol Development in the transaction.

July 28, 2016

Midwest Missouri Office

CBRE Brokers Sale of Two Office Buildings in Kansas City in Separate Transactions

by Christina Cannon July 28, 2016

KANSAS CITY, MO. — CBRE has brokered the sale of two office buildings in Kansas City in separate transactions. In the first deal, Highwoods Properties Inc. sold an 82,365-square-foot building to Price Brothers Development Co. for an undisclosed price. Park Plaza is located at 801 W. 47th St. In the second deal, a joint venture between Highwoods Properties Inc. and an investment group led by Angelo Mariani sold a 265,000-square-foot, Class A building to Stanton Road Capital LLC. Plaza West, located at 4600 Madison Ave., is currently 91 percent leased. Gina Anderson and Gary Carr of CBRE represented the seller in both transactions. The sales price in both transactions was undisclosed.

July 28, 2016

Illinois Industrial Midwest

Transwestern Brokers Sale of 40,000 SF Industrial Property Near Chicago

by Christina Cannon July 28, 2016

ADDISON, ILL. — Transwestern has brokered the sale of a 40,000-square-foot industrial property in Addison, approximately 25 miles west of Chicago. Venture One Real Estate purchased the property, located at 120 Fairbank St., from a private seller for an undisclosed price. The facility, built in 1979, features six exterior docks, three drive-in doors and 1,500 square feet of office space. Justin Lerner and Joe Karmin of Transwestern represented the seller in the transaction.

July 28, 2016

Illinois Midwest Retail

ALTO Fund II Acquires 235,000 SF Shopping Center in Metro Chicago for $32M

by Christina Cannon July 27, 2016

HOMEWOOD, ILL. — ALTO Fund II, a New York-based real estate investment fund, in a joint venture with Besyata Investment Group, has acquired a 235,000-square-foot shopping center in Homewood, approximately 30 miles south of Chicago, for $32 million. Washington Park Plaza is 95 percent occupied and tenants include Starbucks, TJ Maxx, Ross Dress for Less, Petco and Party City. The seller in the transaction was undisclosed.

July 27, 2016

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