sales_and_leases

The Hotel Group Sells DoubleTree by Hilton in Santa Fe

by Nellie Day June 9, 2016

SANTA FE, N.M. — UJAS Santa Fe LLC has purchased a 130-room DoubleTree by Hilton in Santa Fe for an undisclosed sum. The hotel is located at 4048 Cerrillos Road. It was built in 1986 and renovated in 2012. The DoubleTree also features 4,500 square feet of meeting space, on-site dining, a business center, gift shop and indoor/outdoor pool. Mike Kelly and Brandon Miller of Ten-X and Daniel MacDonnell and Eric Melendez-Lluch of Cushman & Wakefield represented the seller, an affiliate of the Hotel Group, in this transaction.

June 9, 2016

Indiana Midwest Multifamily

CBRE Brokers Sale of 232-Unit Apartment Complex in Indianapolis

by Christina Cannon June 9, 2016

INDIANAPOLIS — CBRE Group Inc. has brokered the sale of a 232-unit trophy apartment community on the north side of Indianapolis. Cityscape Residential, the original developer, sold 82 Flats at the Crossing to a private investor for an undisclosed price. Built in 2013, the property includes amenities such as a saltwater pool, game room, business center, media lounge, grilling cabana and outdoor lounge, cyber café with coffee bar and fitness center.

June 9, 2016

Midwest Ohio Retail

Sands Investment Group Brokers $10.2M Sale of Kroger in Northern Cincinnati Suburb

by Christina Cannon June 9, 2016

HAMILTON, OHIO — Sands Investment Group (SIG) has brokered the $10.2 million sale of a Kroger grocery store in Hamilton, approximately 30 miles north of Cincinnati. HOH Crimson LLC sold the 77,154-square-foot property located at 1450 S. Erie Blvd. to Exchangeright Real Estate LLC. This Kroger has increased sales every year since it opened and has 11 years remaining on its lease. Daniel Hoogesteger and Andrew Chana of SIG represented the seller in the transaction.

June 9, 2016

Hospitality Midwest Nebraska

HREC, Prudential Properties Arrange Sale of 197-Room Holiday Inn in Grand Island, Nebraska

by Christina Cannon June 9, 2016

GRAND ISLAND, NEB. — HREC Investment Advisors and Prudential Properties Inc. have arranged the sale of a 197-room hotel property in Grand Island for an undisclosed price. The Holiday Inn Grand Island Midtown will be renamed the Hotel Grand Conference Center. Amenities at the hotel include a business center, dry cleaning and laundry service, meeting space, fitness center, bar, lounge, indoor pool and free airport transportation. HREC Investment Advisors and Prudential Properties Inc. represented the seller, which has owned the Holiday Inn Grand Island Midtown since 1974. The buyer in the transaction was undisclosed.

June 9, 2016

Illinois Industrial Midwest Office

Power Home Remodeling Signs 31,000 SF Office Lease in Chicago

by Christina Cannon June 9, 2016

CHICAGO — Power Home Remodeling Group has signed a long-term lease for 31,000 square feet at the Bradley Business Center in Chicago. The company is relocating from 9450 W. Bryn Mawr Ave. in Rosemont where it occupied 7,000 square feet. Power Home Remodeling will use 21,000 square feet of space for offices and the remainder of the space will be used as warehouse space. The facility, located at 2500 W. Bradley Place, will serve as the company’s Midwest headquarters when the lease goes into effect this November. The mixed-use building features amenities such as a fitness center, rooftop deck, conference center, event space, bike storage and ample parking. Hansen Realty Services and Centrum Partners own the 500,000-square-foot Bradley Business Center, which is 86 percent occupied. Brett Berlin represented the ownership in-house. Marilyn Lissner and Joseph Gatto of Cushman & Wakefield represented the tenant in the transaction.

June 9, 2016

River Chase Apartments Temple Terrace The Park at Valenza

Florida Multifamily Southeast

Blue Rock Premier Purchases Apartment Community in Metro Tampa for $70M

by John Nelson June 8, 2016

TEMPLE TERRACE, FLA. — Tampa-based Blue Rock Premier Properties LLC has purchased the 776-unit River Chase Apartments in Temple Terrace, a city within Tampa’s metropolitan area. Blue Rock Premier bought the property from CNLKOR River Chase LLC for $70 million. River Chase was roughly 97 percent occupied at the time of sale. The new buyer plans to invest $6.7 million in capital improvements to the exterior and interior of the asset, which will be rebranded as The Park at Valenza. The improvements will include gated entry, clubhouse, fitness center, coffee shop, wood flooring, cabinets, counters, new appliances and washer/dryer units in every residence. Grandbridge Real Estate Capital provided acquisition financing for Blue Rock Premier, a multifamily investment firm led by Randy Ferreira in partnership with Deerfield Beach, Fla.-based Konover South LLC. Jamie May, Edward Yang and Jonathan Barclay of JMB Tampa brokered the transaction.

June 8, 2016

Georgia Office Southeast

Hines, Cousins Sign Microsoft to Lease Office Space in Avalon Development

by John Nelson June 8, 2016

ALPHARETTA, GA. — Hines and Cousins Properties have signed Microsoft Corp. to a 43,000-square-foot office lease at 8000 Avalon, a 224,000-square-foot, Class A office development under construction in Alpharetta. With the Microsoft lease, 8000 Avalon is now 19 percent pre-leased with initial occupancy slated for the second quarter of 2017. Hines and Cousins are co-developing the $72 million project, which is the only office building in Phase II of Avalon. Pete Shelton and Drew Levine of Colliers International’s Atlanta office represented Microsoft in the lease transaction.

June 8, 2016

New Jersey Northeast Office

Bergman Real Estate Group Buys 120,000 SF Office Building in New Jersey

by Amy Works June 8, 2016

LYNDHURST, N.J. — Bergman Real Estate Group has acquired 1099 Wall Street West, an office building located in Lyndhurst’s Meadowlands submarket. A private equity fund sold the property for an undisclosed price. Situated on 7.5 acres, the three-story building comprises 120,000 square feet of office space. At the time of sale, the property was 50 percent leased to more than 30 companies. M&T Bank provided a flexible acquisition loan for the purchase. Rick Steel and Mark Zurlini with M&T Bank arranged the loan. Patrick Arangio and Christopher McGlone of CBRE’s National Loan & Portfolio Advisory Group, in collaboration with Jeffrey Dunne, Kevin Welsh and Brian Schultz of CBRE Institutional Properties, represented the seller in the deal.

June 8, 2016

Illinois Midwest Retail

Cooper Commercial Brokers $4.3M Sale of Retail Property in Huntley, Illinois

by Christina Cannon June 8, 2016

HUNTLEY, ILL. — The Cooper Commercial Investment Group has brokered the sale of a 14,366-square-foot retail property in Huntley, approximately 50 miles northwest of Chicago, for $4.3 million. Huntley Grove, built in 2008, is 93 percent occupied by tenants such as AT&T, The UPS Store, Sprint, Tropical Smoothie, Great Clips and ATI Physical Therapy. Dan Cooper of Cooper Commercial represented the seller, an Ohio-based private investment group, in the transaction. Cooper Commercial also secured the Pennsylvania-based buyer.

June 8, 2016

Multifamily Washington Western

Heitman Sells Overlook at Lakemont Apartments in Bellevue for $118M

by Nellie Day June 8, 2016

BELLEVUE, WASH. — A joint venture between Security Properties and Pacific Life Insurance Co. has purchased the 400-unit Overlook at Lakemont apartment complex in Bellevue for $118 million. The community is located at 5305 Lakemont Blvd. S.E. Overlook at Lakemont was built in 1992. Madrona Ridge Residential, an affiliate of Security Properties, will manage the property. The seller was Heitman. Jeff Williams, Chris Ross and Tim Brown of Moran & Co. executed the sale.

June 8, 2016

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