sales_and_leases

IPA Brokers $44.5M Sale of Apartment Community in Orlando

by John Nelson July 8, 2016

ORLANDO, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $44.5 million sale of Pine Harbour Apartments, a 366-unit luxury multifamily community located at 10600 Bloomfield Drive in east Orlando. Built in 1990, the gated community features a 24-hour fitness center, indoor racquetball court and a Wi-Fi-enabled clubhouse and business center. Pine Harbour Apartments features one-, two- and three-bedroom units that range in size from 622 square feet to 1,255 square feet. Steve Witten, Still Hunter III and Victor Nolletti of IPA, along with Evan Kristol, Francesco Carriera and Michael Regan of Marcus & Millichap, represented the seller and procured the buyer.

July 8, 2016

Hospitality New Hampshire Northeast

Linchris Hotel Corp. Buys 107-Room Oceanfront Hotel in New Hampshire

by Amy Works July 8, 2016

HAMPTON BEACH, N.H. — Linchris Hotel Corp. has acquired Ashworth by the Sea, a 107-room oceanfront hotel located in Hampton Beach. XSS Hotels sold the property for an undisclosed price. The hotel features three food and beverage outlets, an indoor heated pool, fitness center, sundry shop, business center and more than 6,000 square feet of event space. Denny Meikleham and Alan Suzuki of HFF represented the seller. Greg LaBine of HFF arranged a seven-year, fixed-rate acquisition loan, provided by Middlesex Savings Bank, for the buyer.

July 8, 2016

California Office Top Stories Western

Hudson Pacific Closes on $311 Million Office Acquisition in Los Angeles

by Jeff Shaw July 8, 2016

LOS ANGELES — Hudson Pacific Properties (NYSE: HPP) has closed on its previously announced $311 million acquisition of 11601 Wilshire Boulevard, formerly known as the Wells Fargo Center, in Los Angeles. 11601 Wilshire was built in 1983 and serves as the gateway to the Brentwood/Westside office market, with its location at the corner of San Vicente and Wilshire boulevards. The building has 25 floors totaling 500,475 square feet. HPP bought the property from funds managed by The Blackstone Group. The building was 83 percent occupied at the time of closing. Blackstone bought the building in 2006 for $164 million, according to the Los Angeles Business Journal. HPP plans to renovate and increase occupancy at the building. “We intend to further elevate this asset within the marketplace, spending capital wisely to facilitate lease-up and create value for our stockholders,” says Victor Coleman, chairman and CEO of HPP. HPP is among the tenants in the building, where the REIT has had its headquarters since the company’s initial public offering in July 2010. To build capital for the acquisition, HPP sold One Bay Plaza, a 195,739-square-foot office tower in Burlingame, for $53.4 million in early June. The company also received $28.5 million in proceeds from …

July 8, 2016

California Loans Office Western

Sidra Montgomery Receives $98M Loan to Buy Bank of the West Building in San Francisco

by Nellie Day July 7, 2016

SAN FRANCISCO — Sidra Montgomery LLC has received $98 million in acquisition financing to purchase the Bank of the West building in San Francisco. The 25-story office property is located at 180 Montgomery St. in the Financial District. The property recently underwent a $9 million renovation and holds LEED-Gold Certification. Bank of the West occupies 40 percent of the space. JPMorgan Chase & Co. provided the 10-year loan. It features a fixed rate below 4 percent and full-term, interest-only payments. Tal Bar-Or, Raj Khatiwala and Kyle Kite of Meridian Capital Group negotiated the transaction.

July 7, 2016

Arizona Multifamily Western

TruAmerica Multifamily Purchases Scottsdale Springs Apartments for $81M

by Nellie Day July 7, 2016

SCOTTSDALE, ARIZ. — TruAmerica Multifamily has purchased the 644-unit Scottsdale Springs apartment complex for $81 million. The community is located at 7791 E. Osborn Road in Scottsdale. Scottsdale Springs was built in 1980. TruAmerica plans to renovate the property, which will include the addition of a clubhouse, fitness center, and media and business center. It will also include a new rooftop lounge overlooking a redesigned resort-style pool. CBRE’s Tyler Anderson and Sean Cunningham represented the seller, Abacus Capital Group, in this transaction.

July 7, 2016

Office Oregon Western

KBS Capital Advisors Acquires Commonwealth Building in Portland for $69M

by Nellie Day July 7, 2016

PORTLAND, ORE. — KBS Capital Advisors has purchased the Commonwealth Building, a 216,099-square-foot, creative-tech office tower in Portland, for $69 million. The building is located at 421 S.W. 6th Ave. The space was originally built in 1948. The Commonwealth Building was renovated between 2013 and 2015 when the mid-century building was converted into a creative-tech office tower. HFF secured a $47.4 million, five-year, floating-rate acquisition loan through an insurance company for the buyer. The firm also assisted the seller, Unico Properties LLC, in this transaction.

July 7, 2016

Multifamily Texas

IPA Brokers Sale of 296-Unit Apartment Property in Houston

by Christina Cannon July 7, 2016

HOUSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a 296-unit apartment property in Houston, for an undisclosed price. Retreat at Cypress Station, located at 18200 Westfield Place Drive, features amenities such as a swimming pool, clubhouse, playground, fitness center, business center and picnic area. The undisclosed buyer plans to renovate the property and complete unit renovations such as new vinyl plank flooring, stainless steel appliances, hardware fixtures and lighting. Retreat at Cypress Station was built in 2004. Will Balthrope, Drew Kile, Jennifer Campbell and Jeffrey Fript of Marcus & Millichap represented the undisclosed seller in the transaction and procured the buyer.

July 7, 2016

Industrial Texas

Lee & Associates Brokers 11,209 SF Industrial Lease Renewal in Richardson

by Christina Cannon July 7, 2016

RICHARDSON, TEXAS — Lee & Associates has arranged an 11,209-square-foot industrial lease renewal at 1380 Presidential Drive in Richardson. Nathan Denton of Lee & Associates’ Fort Worth office represented the tenant, Vac-Tech, a vacuum pump servicer, in the lease transaction. Ryan Rubenkoenig represented the landlord, Red Tail, internally.

July 7, 2016

Midwest Ohio Retail

Cooper Commercial Negotiates Sale of Retail Property Near Cleveland for $4M

by Christina Cannon July 7, 2016

STOW, OHIO — The Cooper Commercial Investment Group has negotiated the sale of a 53,191-square-foot retail property in Stow, approximately 35 miles south of Cleveland, for $4 million. Oregon Trails is shadow anchored by Discount DrugMart and was roughly 70 percent occupied at the time of sale. Tenants at the property, which was built in 1988, include Fifth Third Bank, Wing Warehouse, H&R Block, Subway, Edward Jones, Hallmark, Kirbie’s Meats, All About Dance, Sweet Frog Frozen Yogurt and Great Harvest Bread Co. The seller was a California-based private investor, and the undisclosed buyer was also California based. Bob Havasi and Dan Cooper of Cooper Commercial represented the seller in the transaction.

July 7, 2016

Indiana Midwest Retail

The Boulder Group Brokers $1.5M Sale of Building Near Chicago Net Leased to Advance Auto Parts

by Christina Cannon July 7, 2016

EAST CHICAGO, IND. — The Boulder Group has arranged the sale of a retail building net leased to Advance Auto Parts for $1.5 million. The facility is located at 1200 W. Chicago Ave. in East Chicago. A Midwest-based developer sold the asset to an East Coast-based private investor in a 1031 exchange. Advance Auto Parts’ lease expires in 2030 and features 7.5 percent rental escalations each renewal period. The immediate area features retailers such as Walgreens, PNC Bank, Strack & Van Til Grocers, McDonald’s, Dollar General, Burger King and Citizen Financial Bank. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction.

July 7, 2016

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