sales_and_leases

Hartman Short Term Income Properties XX Acquires Office Building in Irving

by Haisten Willis June 10, 2016

IRVING, TEXAS — Hartman Westway One LLC, a subsidiary of Hartman Short Term Income Properties XX Inc., has purchased the Westway One office building in Irving. Westway One is a 165,982-square-foot property located off Lyndon B. Johnson Freeway and Olympus Boulevard. Built in 2001, Westway One includes an updated lobby, 55,248-square-foot floor plates and structured parking. The property is 100 percent leased to tenants including Lennar Corp. Kurt Cherry, Brittany Ricketts, Shea Byers and John Dailey with PM Realty Group represented the seller in the transaction, and David Wheeler, Russell Turman and Julian Kwok represented Hartman internally.

June 10, 2016

MWest Holdings Buys San Fernando Building in Los Angeles for $37M

by Nellie Day June 10, 2016

LOS ANGELES — MWest Holdings has purchased the San Fernando Building, an 89,500-square-foot building in the Old Bank District of downtown Los Angeles, for $37 million. The historic building was originally constructed in 1907 as an office building. It was converted into 70 large, loft-style multifamily units with about 11,500 square feet of ground-floor retail and restaurant space in 2000. The San Fernando Building is located at 400 S. Main St. It is currently 92 percent leased. The building has also been featured in several films, including Bull Durham and 500 Days of Summer. Fred Cordova, Lee Shapiro, Ryan Eddy, Justin Weiss, Michael Puleo and Jake Sachse of Kennedy Wilson represented the seller, Gilmore Associates, in this transaction. Mesa West Capital provided the $21.6 million acquisition loan for the property. Sklar Kirsh was the legal representation for MWest Holdings, while Shumaker Mallory represented Gilmore Associates in this transaction.

June 10, 2016

California Retail Western

Charles Dunn Co. Brokers $2.9M Acquisition of Retail Property in Canoga Park

by Nellie Day June 10, 2016

CANOGA PARK, CALIF. — Charles Dunn Co. has arranged the acquisition of a single-tenant retail property located at 8232 De Soto Ave. in Canoga Park. A private investor from Orange County acquired the 3,139-square-foot property from a Los Angeles-based private investor for $2.9 million, or $948 per square foot. Built in 2001, the property is triple-net leased to Wendy’s. Kyle Gulock and Jason Cope of Charles Dunn Co. represented the buyer, while Sands Investments Group represented the seller.

June 10, 2016

California Retail Western

24 Hour Fitness Opens 17,000 SF Gym at Del Amo Crossing in Torrance

by Nellie Day June 10, 2016

TORRANCE, CALIF. — Irvine, Calif.-based The Muller Company has signed 24 Hour Fitness to Del Amo Crossing, a 422,000-square-foot, mixed-use complex located at 21515 Hawthorne Blvd. Designed by Nadel Architects, the two-story 24 Hour Fitness will be located in a new 44,000-square-foot building, which will be adjacent to the existing office structure. The $22 million, 15-year lease will be the chain’s first super sport club in the area. Construction is slated to begin in the first quarter of 2017, the fitness center is slated to open in late 2018. Bryan Norcott of Savills Studley represented 24 Hour Fitness, and Chris Sinfield and Leslie Mayer of Cushman & Wakefield represented The Muller Company.

June 10, 2016

Office Retail Southeast Tennessee

NGKF Secures ServiceMaster’s 315,450 SF Lease Relocation to Downtown Memphis

by Christina Cannon June 9, 2016

MEMPHIS, TENN. — Newmark Grubb Knight Frank (NGKF) has arranged the 315,450-square-foot lease relocation and adaptive reuse project for ServiceMaster, a home and commercial services provider whose products and services include home warranties, home inspections, furniture repair, residential cleaning, disaster restoration and termite and pest control. The publicly traded company plans to transform the former Peabody Place mall in downtown Memphis into Class A office space for its global headquarters. ServiceMaster will consolidate its office operations currently headquartered in four buildings within the suburban Poplar Avenue Corridor in Memphis. Neal Golden and Aaron Sommer of NGKF represented ServiceMaster in the two-year site selection process and lease transaction. ServiceMaster was considering relocating its corporate headquarters to other markets such as Atlanta, Dallas, Austin, Orlando and Tampa before selecting Memphis. The company plans to move approximately 1,200 employees to the renovated building by the end of 2017.

June 9, 2016

Florida Multifamily Southeast

RADCO Acquires Apartment Community in Metro Orlando for $32.1M

by Christina Cannon June 9, 2016

WINTER PARK, FLA. — The RADCO Cos. has purchased The Park at Sutton Place Apartments, a 288-unit apartment community in Winter Park, a suburb of Orlando. RADCO acquired the property for $32.1 million and plans to invest $3.7 million for capital improvements. The Atlanta-based multifamily investor plans to rename the Class B property Lakeside at Winter Park and manage the community under its RADCO Residential management platform. RADCO used private capital and financing from BBVA Compass to fund the acquisition and renovation. CBRE’s Orlando office brokered the transaction. Built in 1986 within walking distance of Full Sail University, the property features three on-site lakes, a clubhouse, business center, fitness center, car care center, swimming pools and racquetball, basketball and volleyball courts. Lakeside at Winter Park is RADCO’s first acquisition in metro Orlando and its fourth in Florida.

June 9, 2016

Arkansas Industrial Southeast

Stan Johnson Brokers $31.6M Sale of FedEx Industrial Facility in Metro Little Rock

by Christina Cannon June 9, 2016

MABELVALE, ARK. — Stan Johnson Co. has brokered the $31.6 million sale of a freestanding, 311,684-square-foot industrial facility located at 8 Industrial Parkway in Mabelvale, roughly 12 miles south of Little Rock. Situated at the I-30 and I-430 interchange, the newly built package sorting and distribution facility is leased to FedEx Ground Package System Inc. and features 34- and 39-foot clear heights and more than 1,000 trailer and auto parking spaces. Britton Burdette and Mollie Alteri of Stan Johnson Co. represented the seller, Saad Development Corp., in the transaction. Todd Blonsley of Marcus & Millichap represented the buyer, WilArk LLC.

June 9, 2016

Retail Washington Western

KLM Equities Acquires the Hard Rock Café Seattle for $20.8M

by Nellie Day June 9, 2016

SEATTLE — KLM Equities Inc. has acquired the Hard Rock Café Seattle near Pike Place Market in Seattle for $20.8 million. The three-story restaurant is fully leased to Hard Rock Café. Gerry Rohm, Nicholas Kucha, Nick Kassab and Danny Reddin of HFF represented the seller, Urban Visions, in the transaction.

June 9, 2016

Arizona California Multifamily Seniors Housing Western

Grace Healthcare Sells Three Skilled Nursing Facilities for $14.7M, Exits California and Arizona

by Nellie Day June 9, 2016

MORAGA, CALIF., PLEASANT HILL, CALIF., AND PHOENIX — Grace Healthcare has sold Grace Healthcare of Moraga, Grace Healthcare of Pleasant Hill and Grace Healthcare of Phoenix for a total of $14.7 million. The dispositions mark the owner-operator’s exit from the states of California and Arizona. Located 20 miles east of San Francisco, Grace Healthcare of Moraga features 49 beds on 1.9 acres. Built in 1965, the 12,484-square-foot community offers dementia care and rehabilitative care. Grace Healthcare of Pleasant Hill is located 10 miles east of the Moraga community and features 51 beds. The community was built in 1958 on one acre, and underwent renovations in 2012. Grace Healthcare of Phoenix features 100 beds in a 26,621-square-foot facility on three acres. A California-based investor bought both California communities for a total of $8.2 million. The new owner will lease the community to a new operator. A regional investment group bought the Phoenix property for $6.5 million. Evans Senior Investments, a seniors housing brokerage firm, represented Grace Healthcare in the three transactions.

June 9, 2016

California Retail Western

CBRE Arranges $1.7 Million Sale of Retail Property in Tempe

by Nellie Day June 9, 2016

TEMPE, ARIZ. — CBRE has arranged the $1.7 million sale of a 3,288-square-foot, freestanding retail property located at 111 W. University Drive in Tempe. Andrew Fosberg, Max Bippus and Bert Kempfert of CBRE represented the seller, Ehrhardt Investment Properties LLC, in the transaction. Greg Saltz with GPS Retail LLC represented the buyer, SimonCRE Alpha LLC. Ehrhardt Bike Shop has occupied the property for 30 years.

June 9, 2016

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