sales_and_leases

Praedium Group Buys Apartment Community in Orlando for $60.4M

by John Nelson June 27, 2016

ORLANDO, FLA. — The Praedium Group has purchased Integra Cove, a newly built, 338-unit apartment community located at 6801 Integra Cove Blvd. in Orlando, for $60.4 million. The property is situated on a 14.5-acre site within walking distance of Sea World. Built in 2016, Integra Cove features a zero-entry salt water pool, poolside grilling station, wireless internet café, 24-hour fitness center, bark park, pet spa, auto detailing station, electric car charging stations and elevator access. Praedium Group purchased the asset from a joint venture between Boston-based Panther Properties and Orlando-based Integra Land Co. Ken Delvillar and Jay Ballard of Cushman & Wakefield represented the joint venture in the transaction.

June 27, 2016

Colorado Office Western

LLC Buys LSI Logic Building in Fort Collins for $5.6M, Plans Conversion to Office Space

by Nellie Day June 27, 2016

FORT COLLINS, COLO. — 2001 Danfield LLC has purchased the LSI Logic building, a 158,000-square-foot office building in Fort Collins, for $5.6 million. The building is located at 2001 Danfield Court. It previously served as a computer chip manufacturing facility for LSI Logic. The LLC plans to convert the space into a multi-tenant office building. CBRE’s Peter Kast and Ham Southworth represented the seller, LSI Corp., in this transaction.

June 27, 2016

Illinois Midwest Multifamily Seniors Housing

IPA Brokers Sale of 188-Unit Seniors Housing Community in Metro Chicago

by Christina Cannon June 24, 2016

CREST HILL, ILL. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Willow Falls Senior Living, a seniors housing community in Crest Hill, approximately 40 miles southwest of Chicago. Dial Retirement Communities bought the property for an undisclosed price in a joint venture with a private equity fund. The seller is a pair of entities controlled by Greg and Renee Wolf, owners of the property since 1994. Dial will operate the community, which consists of 112 assisted living and memory care units and 76 independent living units.

June 24, 2016

Kansas Midwest Retail

Block & Co. Arranges $1.5M Sale of 15,447 SF Strip Center in Chanute, Kansas

by Christina Cannon June 24, 2016

CHANUTE, KAN. — Block & Company Inc. has brokered the sale of a 15,447-square-foot strip center for $1.5 million in Chanute, approximately 110 miles east of Wichita. Bloomfield 2005 LLC and Metcalf Arlington SPE LLC sold the property, located at 2502-2510 Santa Fe Ave., to an undisclosed buyer. The 92 percent occupied center is anchored by a Walmart Supercenter and includes other tenants such as Shoe Department, Billy Sim’s BBQ, Maurices and GNC.

June 24, 2016

Multifamily Texas

Greysteel Arranges Sale of Midpark Towers in Dallas

by Haisten Willis June 24, 2016

DALLAS — Greysteel has arranged the sale of Midpark Towers, a 202-unit multifamily property located in Dallas. Greysteel’s Boyan Radic, Doug Banerjee, Andrew Mueller, Ryan Hill and Andrew Hanson arranged the transaction. Midpark Towers, built in 1978, is a mid-rise property comprising a 10-story tower and an 11-story tower. The property is located at 8550 Midpark Road.

June 24, 2016

Arizona Office Western

Realscape Asset Holdings Buys Office Building in Phoenix for $11.7M

by Nellie Day June 24, 2016

PHOENIX — Realscape Asset Holdings has purchased a 51,809-square-foot office building in Phoenix for $11.7 million. The Class A building is located at 5055 E. Washington St. It was fully occupied at the time of sale. Eric Wichterman, Mike Coover, Bob Buckley, Steve Lindley, Tracy Cartledge and Adam Tolson of Cushman & Wakefield represented both the buyer and the seller, Irgens Development Partners, in this transaction.

June 24, 2016

Florida Hospitality Southeast

DiamondRock Hospitality Sells Orlando Airport Marriott Lakeside for $67M

by John Nelson June 24, 2016

ORLANDO, FLA. — DiamondRock Hospitality Co. has sold the Orlando Airport Marriott Lakeside for approximately $67 million. The 485-room hotel is located at 7499 Augusta National Drive, roughly three miles from Orlando International Airport. The hotel features 29,700 square feet of event space, an indoor pool, outdoor pool, internet TV in every room offering Netflix and Hulu, the Crimson Tavern restaurant and a 24-hour fitness center. In 2015, the hotel generated revenue per available room (RevPAR) of $92, the lowest RevPAR in DiamondRock’s portfolio. DiamondRock Hospitality is a REIT that owns 28 upscale hotels spanning approximately 10,400 rooms.

June 24, 2016

Multifamily New Jersey Northeast

Invesco Sells 316-Unit Multifamily Property in New Jersey for $91M

by Amy Works June 23, 2016

CEDAR KNOLLS, N.J. — Invesco Real Estate has completed the sale of Sterling Parc, a Class A multifamily community in Cedar Knolls. Cornerstone Real Estate Advisers acquired the property for $91 million. Situated on 22.5 acres, the 27-building property features 252 market-rate apartments, 56 age- and income-restricted apartments and eight income-restricted apartments in a mix of one-, two- and three-bedroom layouts. Communities amenities include a central clubhouse with an outdoor swimming pool, patio, grilling area, fitness center, business center and community room with full-size kitchen. At the time of sale, the property was 96 percent leased. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and Marc Duval of HFF represented the seller in the transaction.

June 23, 2016

Illinois Midwest Office

CIM Group Purchases Chicago’s Four40 Office Tower

by Christina Cannon June 23, 2016

CHICAGO — CIM Group has closed on the purchase of a 1 million-square-foot office building at LaSalle Street and Congress Parkway in Chicago’s business and financial district for $191 million. The seller of the 40-story tower known as Four40 was TIER REIT Inc. The tower was built in 1984. The property consists of a 954,000-square-foot office tower with an 83,000-square-foot annex overlooking Congress Parkway, a 45,000-square-foot outdoor plaza with seating, a 5,000-square-foot retail outparcel, and a 325-car underground parking garage. Renovations to the property were completed in 2015 and included the addition of a 25,000-square-foot tenant amenity space on the building’s third floor. Amenities include lounges, conference centers, a cafeteria, restaurants and the Buckingham Club, a fitness center that includes a lap pool, driving range, basketball courts, saunas and racquetball courts. The building also includes the Buckingham Hotel, which is located on the 40th floor and offers 21 hotel rooms.

June 23, 2016

Illinois Midwest Multifamily

Interra Realty Brokers $2.8M Sale of 59-Unit Chicago Apartment Property

by Christina Cannon June 23, 2016

CHICAGO — Interra Realty has brokered the $2.8 million sale of a 59-unit multifamily property in Chicago’s Bronzeville neighborhood. The sale price equates to $47,830 per unit. Bil-Mar Management sold the building to Mark DeAngelis. The property, which is a former retirement home, is located at 4724 S. Vincennes Ave. Over 70 percent of the units are two-bedroom/one-bathroom units. The building includes 70 parking spaces, a social room, recreation room and a gym. Craig Martin of Interra Realty represented both parties in the transaction.

June 23, 2016

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