sales_and_leases

Mast Capital Sells Graham Hotel Georgetown in D.C. for $37M

by John Nelson July 11, 2016

WASHINGTON, D.C. — Mast Capital has sold The Graham Hotel Georgetown, a 57-room upscale boutique hotel within Washington, D.C.’s Georgetown Historic District. The Miami-based real estate investment and development firm sold the asset to Legacy Hotel Group LLC for $37 million, or $649,000 per key, one of the highest price per key transactions ever in Washington, D.C. The hotel underwent a multimillion-dollar renovation in 2013, after which the hotel more than quadrupled its profitability, according to Mast Capital. Andy Wimsatt and Ian Banger of CBRE’s Washington, D.C., office, along with Christian Charre, Paul Weimer and Natalie Castillo of the firm’s Miami office, represented Mast Capital in the transaction. Nelson Migdal of Greenberg Traurig LLP executed the deal. Mast Capital originally purchased the hotel in 2011 for $16.4 million.

July 11, 2016

Illinois Midwest

Cushman & Wakefield Negotiates 25,170 SF Lease for Montessori School in Chicago Suburb

by Christina Cannon July 11, 2016

NAPERVILLE, ILL. — Cushman & Wakefield has arranged a 25,170-square-foot lease for DuPage Montessori School in Naperville, approximately 35 miles southwest of Chicago. Calamos Investments owns a vacant office building that will be redeveloped into a Pre-K – 8th grade school complete with an outdoor playground and a turf sports field. Construction will start this summer and is slated for completion by the 2017-2018 school year. The building, located at 111 E. Warrenville Road, is situated on 1.9 acres. The school will occupy the first two floors of the 38,425-square-foot, three-story building, which was the former headquarters for Calamos Investments. Over 220 students are expected to enroll in the private, non-profit school next year. Adam McCostlin and Brian Duffy of Cushman & Wakefield represented the DuPage Montessori School in the transaction.

July 11, 2016

Indiana Midwest Multifamily

RESOURCE Commercial Brokers Sale of 72-Unit Apartment Community in Anderson, Indiana

by Christina Cannon July 11, 2016

ANDERSON, IND. — RESOURCE Commercial Real Estate has brokered the sale of a 72-unit multifamily community in Anderson, approximately 40 miles northeast of Indianapolis. Broadway Park Apartments consists of one-, two- and three-bedroom apartments that range from 550 to 950 square feet. Consolidated Lots LLC sold the property to DWRES LLC for an undisclosed price. Amenities at Broadway Park Apartments, built in 1964, include a courtyard, laundry facility, on-site parking and a playground. Michael Wernke of RESOURCE Commercial Real Estate brokered the transaction.

July 11, 2016

Midwest Multifamily Ohio

Marcus & Millichap Brokers $1.2M Sale of Apartment Property in Columbus

by Christina Cannon July 11, 2016

COLUMBUS — Marcus & Millichap has brokered the sale of a 16-unit apartment property in Columbus for $1.2 million. Moreland Drive Apartments, located at 4831-4873 W. Moreland Drive, is comprised entirely of two-bedroom/1.5-bathroom townhomes. Units feature private patios, eat-in kitchens, full basements and washer and dryer connections. Both the buyer and the seller in the transaction were undisclosed limited liability companies. Jordan Marshall, Richard Lattro, Michael Barron, Dan Burkons and Josh Wintermute of Marcus & Millichap listed the property on behalf of the seller and procured the buyer.

July 11, 2016

California Retail Western

NAI Capital Negotiates $2.1M Sale of Retail Property in Corona

by Nellie Day July 8, 2016

CORONA, CALIF. — NAI Capital has arranged the sale of a freestanding, 9,000-square-foot retail property located within a grocery-anchored shopping center located at 1187 E. Magnolia Ave. in Corona. Boca Raton, Fla.-based KC Propco sold the property to Newport Beach, Calif.-based Corona Temescal Village5 for $2.1 million, or $235 per square foot. By the end of escrow, the property was fully leased. Mario Alvarez and Lidia Talavera of NAI Capital represented the seller.

July 8, 2016

Multifamily Texas

Bell Partners Acquires 357-Unit Apartment Property in Austin

by Christina Cannon July 8, 2016

AUSTIN, TEXAS — Bell Partners Inc. has acquired a 357-unit apartment community in Austin for an undisclosed price. Cielo South Lamar, built in 2015, will be renamed Bell South Lamar. The community offers a mix of studio, one- and two-bedroom apartments and townhomes within seven buildings. Located on South Lamar Boulevard, Bell South Lamar is currently 91 percent occupied. Unit amenities include 9-foot ceilings, modern lighting, granite countertops, walk-in closets, soaking tubs, walk-in showers and wood-style flooring. All units are also pre-wired for high-speed Internet. Community amenities include a swimming pool, grilling stations, a pet park, outdoor yoga area, vegetable garden, fitness center, resident lounge and a business center. Bell Partners will manage the community. The seller in the transaction was undisclosed.

July 8, 2016

Industrial Texas

MIG Real Estate Purchases Three Buildings at Braker Center Business Park in Austin

by Christina Cannon July 8, 2016

AUSTIN — MIG Real Estate, a Newport Beach, Calif.-based real estate investment firm, has purchased three buildings within Braker Center Business Park in Austin. The acquisitions include Buildings 6, 7 and 11 and total more than 218,000 square feet of flex office and light industrial space. All three buildings are single-story and served by dock and semi-dock overhead doors with ramps and feature 16-foot clear heights. The assets were 91 percent leased at the time of sale to tenants including The Carrier Corp., Landis+Gyr Technologies Inc. and DeWalt. Will Nichols, Sam Owen and Caitlyn Ryan of Stream Realty represented the undisclosed seller in the transaction. MIG Real Estate was self-represented.

July 8, 2016

Multifamily Texas

Greysteel Arranges Sale of 20-Unit Apartment Building in Fort Worth

by Christina Cannon July 8, 2016

FORT WORTH, TEXAS — Greysteel has arranged the sale of a 20-unit apartment building in Fort Worth for an undisclosed price. The Edmundton Apartments, located at 5601 Birchman Ave., is a two-story building that was constructed in 1968. The property, which is situated on less than a half acre, has recently undergone renovations including faux wood flooring, brushed nickel features, upgraded bathroom vanities and toilets, upgraded appliance packages, a new irrigation system and the replacement of 15 of the 20 HVAC units. Both the buyer and seller in the transaction were undisclosed. Boyan Radic, Doug Banerjee, Andrew Mueller, Ryan Hill and Andrew Hanson of Greysteel brokered the transaction.

July 8, 2016

Michigan Midwest Office

Friedman Arranges 8,746 SF Office Lease in Southfield, Michigan

by Christina Cannon July 8, 2016

SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has arranged an 8,746-square-foot lease for The Steinberg Law Firm, which will occupy space in the Onyx office building in Southfield, approximately 15 miles northwest of Detroit. The space will serve as the firm’s new headquarters, which was formerly located in Farmington Hills. Located at 29777 Telegraph Road, Onyx is a four-story building situated on 11.9 acres. The recently renovated building features amenities such as a sundry shop, café, conference facility and on-site management. Other new tenants to the building include Fras-le North America, Bogdahn Consulting, Dynamic Wealth Solutions and Szura-Delonis. David Friedman, Jordan Friedman and Greggory Kent of Friedman represented the landlord in the transaction.

July 8, 2016

Florida Mixed-Use Retail Southeast

Swire Properties Announces Five New Retailers Joining Brickell City Centre in Miami

by John Nelson July 8, 2016

MIAMI — Swire Properties Inc. has announced new retailers joining Brickell City Centre’s 500,000-square-foot, open-air shopping center in Miami’s Brickell district. Comprising more than 80 retailers and eateries, the retail development is set to open to the public in November. The new tenants joining the project include Victoria’s Secret, Bath & Body Works, Suit Supply, Stitched and Pinko. Swire Properties is co-developing the shopping center with Whitman Family Development and Simon Property Group. Tenants that have previously signed leases at the $1.05 billion, 4.9 million-square-foot Brickell City Centre include Saks Fifth Avenue, Cinemex, Italian Food Hall, LIVE!, lululemon athletica, Armani Collezioni, Cole Haan, Bally, Coach, Porsche Design, Luke’s Lobster, Taco Chic and AT&T. As part of the center’s design, Swire Properties has integrated the Miami Metromover with a stop that exits directly into the shopping center’s third floor. The project will also feature a two-story underground parking deck.

July 8, 2016

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