sales_and_leases

Transwestern Arranges Two Industrial Leases Totaling 248,545 SF in Illinois

by Christina Cannon May 27, 2016

WAUKEGAN, ILL. — Transwestern has arranged two industrial leases totaling 248,545 square feet in Waukegan, approximately 40 miles northwest of Chicago. Horizons Window Fashions, a manufacturer of specialty and customized window fashions, signed a long-term lease for 128,296 square feet at two adjacent properties in the Amhurst Lakes Business Center. Constructed in 1999, the 240,500-square-foot center is less than a mile from the I-94/State Route 137 interchange. In a separate transaction, Trifinity Partners Inc., a third-party logistics firm, leased 120,249 square feet of space at the Delany Commerce Center, a 218,500-square-foot facility at 2431 Delany Road. Tom Boyle and Jared Paff of Transwestern represented the tenants in both transactions.

May 27, 2016

Multifamily New York Northeast

IPA Brokers $58M Sale of Three Multifamily Buildings in Manhattan

by Amy Works May 26, 2016

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of three contiguous multifamily buildings located at 50-58 E. Third St. in Manhattan’s East Village neighborhood. The assets sold for $58 million, or $817,000 per unit. The properties feature 51 free-market apartments, 18 rent-stabilized units and two rent-controlled apartments. Some of the apartments were recently renovated to include stainless-steel appliances, wine coolers, Caesarstone countertops, washer/dryers, video-intercom systems, recessed lighting, wide-plank oak flooring, marble-clad bathroom and high-gloss white cabinets. Peter Von Der Ahe, Joe Koicim, David Lloyd and Corey Isdaner of IPA represented the undisclosed seller and procured the undisclosed buyer.

May 26, 2016

Michigan Midwest Multifamily Student Housing

WestPac Campus Communities Sells 376-Bed Student Housing Community Near Michigan State

by Christina Cannon May 26, 2016

EAST LANSING, MICH. — WestPac Campus Communities has sold The Rocks, a 376-bed student housing community located 2.5 miles north of the Michigan State University campus in East Lansing. The project was built in 2015 and is currently over 95 percent pre-leased for the upcoming school year. Triad Real Estate Partners represented the seller in the off-market transaction. An affiliate of TIAA acquired the property.

May 26, 2016

Illinois Midwest Retail

The Boulder Group Brokers $11.2M Sale of Chicago Building Net Leased to Walgreens

by Christina Cannon May 26, 2016

CHICAGO — The Boulder Group has brokered the $11.2 million sale of a retail building net leased to Walgreens. A private investor in a 1031 exchange purchased the asset, located at 2001 Milwaukee Ave. in Chicago, from a Midwest-based private investor. Walgreens’ absolute triple net lease expires Dec. 31, 2031. The Western Chicago Transit Authority Blue Line “L” Station is located one block south of the Walgreens. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction.

May 26, 2016

Georgia Office Southeast

Avison Young Assists Adventus Realty Trust in $38.9M Purchase of Office Building in Atlanta

by John Nelson May 26, 2016

ATLANTA — Avison Young has advised Adventus Realty Trust in its off-market acquisition of 1000 Parkwood, a 212,500-square-foot office building located in Atlanta’s Cumberland/Galleria office submarket. The seller, Atlanta Property Group, sold the 10-story property to Adventus for $38.9 million. Built in 1985, 1000 Parkwood was 92 percent leased at the time of sale to tenants including global chemical company Kemira. Matt Tritschler of Avison Young advised Adventus in the transaction, and CBRE represented Atlanta Property Group.

May 26, 2016

California Multifamily Western

Skya, Gelt Buy Highland Park Apartment Complex in Los Angeles for $14.2M

by Nellie Day May 25, 2016

LOS ANGELES — A joint venture between Skya Ventures and Gelt Ventures has purchased a 60-unit apartment complex in the Highland Park neighborhood of Los Angeles for $14.2 million. The community is located at 5800 to 5820 Marmion Way. It was built in 1987. The property was 91 percent occupied at the time of sale. The JV acquired the asset as a value-add opportunity. It plans to target much of the community’s deferred maintenance. The seller was Azusa Pacific University.

May 25, 2016

California Multifamily Seniors Housing Western

JCH Arranges Sale of 130-Bed Skilled Nursing Facility Near Los Angeles

by Nellie Day May 25, 2016

LYNWOOD, CALIF. — JCH Senior Housing Group has brokered the sale of Bloomfield East, a 130-bed skilled nursing facility in the Los Angeles submarket of Lynwood, for an undisclosed price. A Los Angeles-based real estate investment company purchased the community from an undisclosed for-profit corporation, and immediately triple-net leased it to a new operator, Reliant Management Group. Shep Roylance, senior vice president with JCH, facilitated both the sale and lease transactions.

May 25, 2016

California Industrial Western

Partners Capital Buys Industrial Building in Compton for $5.7M

by Nellie Day May 25, 2016

COMPTON, CALIF. — Partners Capital has purchased a 51,674-square-foot industrial building in Compton for $5.7 million. The fully occupied facility is located at 510 W. Carob St. It was built in 1974. Remington Moses and Trauger Ralston of Lee & Associates LA/Long Beach represented both the buyer and seller, Create & More LLC, in this transaction. The buyer purchased the property as a sale-leaseback.

May 25, 2016

Executive Plaza North Bethesda Abt Associates

Maryland Office Southeast

Monument Realty Inks 155,000 SF Lease at Executive Plaza in Metro D.C.

by John Nelson May 25, 2016

NORTH BETHESDA, MD. — Monument Realty has inked a full-building lease with Abt Associates at 6130 Executive Blvd. in North Bethesda, roughly 12 miles outside of Washington, D.C. The 155,000-square-foot lease is the first of the two-building, 328,000-square-foot Executive Plaza that Monument Realty recently renovated. The $10 million renovation included common area upgrades, new mechanical systems and exterior and interior repairs, as well as the addition of a new fitness center, café and a 3,500-square-foot conference center. Abt Associates is a global research and development firm that has multiple offices in the U.S. and program offices in more than 40 countries. Cushman & Wakefield and Newmark Grubb Knight Frank represented Abt in the lease transaction. Avison Young represented Monument Realty and its partner, Angelo, Gordon & Co.

May 25, 2016

Multifamily Western

Estancia Apartments in Escondido Sells for $16.5M

by Nellie Day May 24, 2016

SAN DIEGO — The 100-unit Estancia Apartments in the San Diego submarket of Escondido has sold to Vista International for $16.5 million. The community is located at 725 N. Fig St. Estancia is situated near Interstate 15 and Highway 78. JLL’s Darcy Miramontes and Kip Malo represented the sellers, Fowler Property Acquisitions and PCCP LLC, in this transaction.

May 24, 2016

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